The following is a summary of the H&R Real Estate Investment Trust (HRUFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• H&R reported property sales totalling $411.7 million, on top of a previous $2.5 billion in property sales.

• Net operating income increased by 1.4%, driven by a 3.2% increase in the residential division and a 5.1% increase in the industrial sector.

• Funds from operations in Q1 2024 was $0.297 per unit, compared to $0.31 per unit in Q1 of 2023.

• The company's debt to total assets was 44.5% as of the end of Q1, 2024 and distributed $0.15 per unit for the quarter resulting in an FFO payout ratio of 50.5% and an AFFO payout ratio of 61%.

Business Progress:

• H&R plans to continue realizing value through the sale of its office properties. Six of these properties have the potential for redevelopment into residential properties.

• New industrial developments in Mississauga have tenants in place and rent-free fixed period ends in Q2 and Q3 2024.

• The company is converting a 105,000 square feet office property, for which it received a lease termination payment, into a new 122,000 square foot industrial building.

• The firm is set to accelerate investments in real estate development with completion of key multifamily projects targeted for 2026.

More details: H&R REAL ESTATE INVESTMENT TRUST IR

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