Q4 2025 H&R Real Estate Investment Trust Earnings Call Transcript
Key Points
- H&R Real Estate Investment Trust (HRUFF) reported a 1.6% growth in same-property net operating income on a cash basis for the year ended December 31, 2025.
- Funds from Operations (FFO) increased by 1.4% to $1.21 per unit for the year ended December 31, 2025.
- The retail segment saw a significant increase in same-property net operating income, up 7% for the year compared to 2024.
- The office segment maintained a high occupancy rate of 96% at the end of 2025, with an average remaining lease term of 5.2 years.
- Lantower Residential's new developments in Dallas are progressing well, with high occupancy rates and outperforming market absorption rates.
- The industrial segment experienced a decrease in same-property net operating income, down 9% for Q4 2025 compared to Q4 2024.
- Industrial occupancy decreased from 98.9% at the end of 2024 to 90.7% at the end of 2025.
- The office market is expected to face increased vacancy in 2026 due to the expiration of RBC's lease at 330 Front Street.
- The residential segment in the Sunbelt markets faced pricing pressure due to elevated supply and slower job growth.
- H&R Real Estate Investment Trust (HRUFF) recorded fair value reductions in Long Island City, impacting financial results.
Good morning, and welcome to H&R Real Estate Investment Trust's 2025 fourth quarter earnings conference call. Before beginning the H&R would like to remind listeners that certain statements, which may include predictions, conclusions, forecasts or projections and the remarks that follow may contain forward-looking information which reflect the current expectations of management regarding future events and performance and speak only as of today's date.
Forward-looking information requires management to make assumptions or rely on certain material factors and is subject to inherent risks and uncertainties, and actual results could differ materially from the statements in the forward-looking information. In discussing H&R's financial and operating performance and in responding to your questions, we may reference certain financial measures, which do not have a meaning recognized or standardized under IFRS or Canadian generally accepted accounting principles and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers.
Non-GAAP measures
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