Q2 2025 H&R Real Estate Investment Trust Earnings Call Transcript

Aug 14, 2025 / 01:30 PM GMT

Release Date Price: C$11.93 (+1.10%)

Transcript

Key Points

Positve

H&R Real Estate Investment Trust (HRUFF) achieved a 3.4% growth in same property net operating income on a cash basis for the first half of 2025 compared to the same period last year.
The office segment reported a 2% increase in same property net operating income, with 87.6% of office revenues coming from investment-grade tenants.
The retail segment saw an 8.2% increase in same property net operating income due to occupancy gains and foreign exchange differences.
The residential segment demonstrated resilience with strong resident retention and steady occupancy, despite elevated supply in several Sunbelt markets.
H&R Real Estate Investment Trust (HRUFF) maintained a strong balance sheet with a debt to total assets ratio of 45.5% and an unencumbered property pool totaling approximately $4.3 billion.

Negative

The industrial segment experienced a 2.4% decrease in same property net operating income, with occupancy dropping from 98.9% to 89.9% due to three properties becoming available for rent.
The company incurred $8.7 million in transaction costs related to a potential transaction, primarily consisting of legal and advisor fees.
There was a 9% drop in IFRS NAV, largely attributed to a $280 million fair value adjustment down, primarily affecting office properties.
The special committee process evaluating value-maximizing alternatives has incurred significant costs and remains ongoing with no defined timeline for conclusion.
The industrial portfolio in Canada faces slower market conditions, impacting leasing progress and requiring strategic tenant acquisition efforts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HR_u.TO - H&R Real Estate Investment Trust
Q2 2025 H&R Real Estate Investment Trust Earnings Call
Aug 14, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to H&R Real Estate Investment Trust 2025 2nd quarter earnings conference call.

Before beginning the call, 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 reflects 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 and the

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