Pounding the table on H&R REIT

It’s been about 10-months since NCP first identified H&R REIT as a top idea. The recent pullback in the unit price has been a bit surprising, but has allowed us to significantly increase our position amidst potential catalysts being unlocked from the current strategic review which is now on its 8th month. It seems likely that the recent selling and weakness was triggered by those investors who bought solely for the purpose of speculation and felt that no deal would likely materialize. H&R strikes me as an exceptional risk-reward opportunity due to the high quality nature of the portfolio, confirmed status of a strategic review, very wide margin of error to private market valuations, involvement of activist funds in the name and the fact that H&R has very liquid asset classes such as US multifamily which have a good set of comparatives from recent market transactions in both Canada and the United States.

Under media pressure, H&R REIT put out a release in July confirming the status of a strategic review and noting there were incremental buyers since the first offer was made back in February 2025. Source: H&R REIT