Cash Man
Long/short equity, deep value, special situations, contrarian

H&R REIT: Dividend Behemoth With 30% Upside

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H&R REIT (OTCPK:HRUFF) is one of Canada's largest REITs with a focus on commercial, retail and industrial properties. Through acquisitions and internal development, it has built up what I believe to be one of the highest quality real estate portfolios in all of North America. The stock has recently sold off over 15% in the past month and over 20% from its 52-week high due to fears of interest rates moving higher which has impacted many rate-sensitive assets. At current levels, I believe H&R offers very compelling value as it currently trades at an implied cap rate of 6.8%, a 13.4x PF AFFO (7.5% free cash flow yield) and has a fully covered dividend yield...

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