Latest news with #H&R
Cision Canada
12 hours ago
- Business
- Cision Canada
H&R Announces Date of Second Quarter 2025 Earnings Release, Conference Call and Webcast and Declares June 2025 Distribution
TORONTO, June 19, 2025 /CNW/ - H&R Real Estate Investment Trust ("H&R" or the "REIT") (TSX: HR. UN) today announced that it will release its financial results for the three and six months ended June 30, 2025 on Wednesday, August 13, 2025. Management will host a conference call to discuss the financial results for H&R REIT on Thursday, August 14, 2025 at 9.30 a.m. Eastern Time. Conference Call Participants can join the call by dialing 1–800–717–1738 or 1–289–514–5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1–289–819–1325 or 1–888–660–6264 and enter the passcode 00890 followed by the "#" key. The telephone replay will be available until Thursday, August 21, 2025 at midnight. Webcast A live audio webcast will be available through Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date. Monthly Distribution Declared H&R today declared a distribution for the month of June scheduled as follows: About H&R REIT H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.5 billion as at March 31, 2025. H&R REIT has ownership interests in a Canadian and U.S. portfolio comprised of high-quality residential, industrial, office and retail properties comprising over 25.6 million square feet. H&R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long-term value for unitholders. H&R plans to sell its office and retail properties as market conditions permit. H&R's target is to be a leading owner, operator and developer of residential and industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto and high growth U.S. sunbelt and gateway cities. Forward-Looking Disclaimer Certain statements in this news release contain forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements). These forward-looking statements include, but are not limited to, H&R's plans, objectives, expectations and intentions, including with respect to the timing of release of financial results and the payment of distributions. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks and uncertainties, including those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. Although the forward-looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of today and H&R, except as required by applicable law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.
Yahoo
14-05-2025
- Business
- Yahoo
H&R REIT Reports First Quarter 2025 Results
TORONTO, May 14, 2025 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: is pleased to announce its financial results for the three months ended March 31, 2025. Tom Hofstedter, Executive Chair and Chief Executive Officer said "During 2024, we sold $429.0 million of real estate assets and sold a further $59.9 million during the first quarter of 2025. While we would like to see more transaction volume, we are very pleased with our first quarter's operating results for 2025. Overall occupancy was at 95.6%, total Same-Property net operating income (cash basis) grew by 4.4% and FFO was $0.30 per unit." (1) At the REIT's proportionate share. Refer to the "Non-GAAP Measures" section of this news release. (2) June 30, 2021 has been used as a benchmark since H&R's Strategic Repositioning Plan was announced prior to the release of H&R's Q3 2021 results. (3) Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively. (4) Includes four office properties advancing through the process of rezoning into residential properties FINANCIAL HIGHLIGHTSMarch 31 December 31 December 31 2025 2024 2023 Total assets (in thousands) $10,460,327 $10,620,487 $10,777,643 Debt to total assets per the REIT's Financial Statements(1) 33.8 % 33.4 % 34.2 % Debt to total assets at the REIT's proportionate share(1)(2) 44.1 % 43.7 % 44.0 % Debt to Adjusted EBITDA at the REIT's proportionate share(1)(2)(3) 9.3x 9.4x 8.5x Unitholders' equity (in thousands) $5,192,448 $5,278,743 $5,192,375 Units outstanding (in thousands) 262,566 262,016 261,868 Exchangeable units outstanding (in thousands) 17,424 17,974 17,974 Unitholders' equity per Unit $19.78 $20.15 $19.83 Net Asset Value ("NAV") per Unit(2)(4) $20.62 $20.92 $20.75 Three months ended March 31 (in thousands except for per Unit amounts) 2025 2024 Rentals from investment properties $205,639 $209,521 Net operating income $82,963 $94,187 Same-Property net operating income (cash basis)(5) $126,469 $121,183 Net income (loss) from equity accounted investments ($10,082) $12,550 Fair value adjustment on real estate assets ($52,698) ($44,167) Net income (loss) ($52,018) $31,792 Funds from Operations ("FFO")(5) $83,098 $83,066 Adjusted Funds from Operations ("AFFO")(5) $68,013 $68,787 Weighted average number of Units and exchangeable units 279,990 279,847 FFO per basic and diluted Unit(2) $0.297 $0.297 AFFO per basic and diluted Unit(2) $0.243 $0.246 Cash distributions per Unit $0.150 $0.150 Payout ratio as a % of FFO(2) 50.5 % 50.5 % Payout ratio as a % of AFFO(2) 61.7 % 61.0 % (1) Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale. (2) These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release. (3) Adjusted EBITDA is based on the trailing 12 months and is defined in the "Debt" section of this news release. (4) See page 9 of this news release for a detailed calculation of NAV per Unit. (5) These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release. SUMMARY OF SIGNIFICANT Q1 2025 ACTIVITY 2025 Net Operating Income HighlightsThree months ended March 31 (in thousands of Canadian dollars) 2025 2024 % Change Operating Segment:Same-Property net operating income (cash basis) - Residential(1) $44,483 $42,340 5.1 % Same-Property net operating income (cash basis) - Industrial(1) 17,181 16,435 4.5 % Same-Property net operating income (cash basis) - Office(1) 39,358 38,883 1.2 % Same-Property net operating income (cash basis) - Retail(1) 25,447 23,525 8.2 % Same-Property net operating income (cash basis)(1) 126,469 121,183 4.4 % Net operating income (cash basis) from Transactions at the REIT's proportionate share(1)(2) 28,874 36,645 (21.2) % Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1)(3) (49,194) (43,821) 12.3 % Straight-lining of contractual rent at the REIT's proportionate share(1) 3,658 4,976 (26.5) % Net operating income from equity accounted investments(1) (26,844) (24,796) 8.3 % Net operating income per the REIT's Financial Statements $82,963 $94,187 (11.9) % (1) These are non-generally accepted accounting principles ("GAAP") measures. Refer to the "Non-GAAP Measures" section of this news release. (2) Transactions includes acquisitions, dispositions, and transfers of investment properties to or from properties under development during the 15-month period ended March 31, 2025. (3) Realty taxes in accordance with IFRS Interpretations Committee Interpretation 21, Levies ("IFRIC 21") relates to the timing of the liability recognition for U.S. realty taxes. By excluding the impact of IFRIC 21, U.S. realty tax expenses are evenly matched with realty tax recoveries received from tenants throughout the period. Transaction Highlights Property Dispositions In January 2025, H&R sold its ownership interests in three Canadian retail properties and its 50% interest in four Canadian retail properties, which were classified as held for sale as at December 31, 2024, totalling 336,695 square feet for gross proceeds of $49.8 million. In March 2025, H&R sold one automotive-tenanted retail property in Puyallup, WA, which was classified as held for sale as at December 31, 2024, totalling 10,102 square feet for approximately $10.1 million (U.S. $7.0 million). Leasing Update On March 7, 2025, Hudson's Bay Company ("HBC") applied for protection from their creditors under the Companies' Creditors Arrangement Act (Canada). HBC is only a tenant at one REIT property, being 100 Metropolitan Rd., an industrial property in Toronto, ON, where HBC currently occupies 369,051 square feet at H&R's 50% ownership interest. HBC's base rent is currently $5.25 per square foot and market rent is approximately $14 per square foot. Development Update Canadian Properties under Development In January 2024, H&R received approval from the City of Mississauga to replace the existing 104,689 square foot office building at 6900 Maritz Drive in Mississauga, ON with a new 122,367 square foot industrial building. Construction commenced in 2024 and practical completion is expected in Q2 2025. The property will include sustainability elements such as EV charging stations and solar panel readiness and is targeted to achieve LEED Gold certification. As at March 31, 2025, the total development budget for this property was approximately $43.6 million with costs remaining to complete the new building of approximately $5.5 million. Equity Accounted Investments H&R has a 50% managing ownership interest in 560 & 600 Slate Drive, a 26.6 acre land site in Mississauga, ON, located next to Toronto Pearson International Airport and in close proximity to access points on the 410, 401 and 407 Highways. In 2024, construction commenced on two single storey industrial buildings totalling 309,727 square feet and 160,485 square feet, respectively at the 100% level. Both buildings have been designed with flexibility such that they can accommodate either single or multiple tenants. Both will include sustainability elements such as EV charging stations and solar panel readiness and are targeted to achieve LEED Gold certification. As at March 31, 2025, the total budget for 560 & 600 Slate Drive was approximately $66.3 million with costs remaining to complete of $20.7 million, all at H&R's ownership interest. The yield on cost for the overall project is expected to be approximately 6.6% with completion expected in Q3 2025. In February 2025, the partnership owning the site obtained a $32.5 million construction financing facility, at H&R's ownership interest. As at March 31, 2025, the available balance was approximately $26.5 million, at H&R's ownership interest. In February 2024, the REIT created Lantower Residential Real Estate Development Trust (No. 1) (the "REDT") which completed an initial public offering in April 2024. The REDT raised U.S. $52.0 million of equity capital from investors to acquire an interest in and fund the development of two residential development projects (the "REDT Projects") in Florida totalling 601 residential rental units. The REIT contributed the land to Lantower Residential REDT (No.1) JV LP ("REDT JV LP"), in exchange for a 29.1% ownership interest in the REDT JV LP. The REIT is accounting for its ownership interest in the REDT Projects as an equity accounted investment. H&R is earning a development fee of 4% of the total hard and soft costs of the REDT Projects (excluding land and financing costs) and is expecting to earn a 1% asset management fee on gross proceeds raised by the REDT. H&R will also be entitled to 20% of the distribution proceeds over and above its pro-rata share of the equity after investors receive an 8% internal rate of return and 30% after investors receive a 15% internal rate of return. As at March 31, 2025, H&R's share of the total budget for the REDT Projects was approximately $87.8 million (U.S. $61.0 million) with costs remaining to complete of $57.4 million (U.S. $39.8 million), all at H&R's ownership interest. The REDT Projects are expected to be completed in mid-2026. Debt & Liquidity Highlights Liquidity As at March 31, 2025, H&R had cash and cash equivalents of $69.9 million, $803.3 million available under its unused lines of credit and an unencumbered property pool of approximately $4.5 billion. As at March 31, 2025, debt to total assets per the REIT's Financial Statements was 33.8% compared to 33.4% as at December 31, 2024. As at March 31, 2025, debt to total assets at the REIT's proportionate share (a non-GAAP ratio, refer to the "Non-GAAP Measures" section of this news release) was 44.1% compared to 43.7% as at December 31, 2024. MONTHLY DISTRIBUTION DECLARED H&R today declared a distribution for the month of May scheduled as follows: Distribution per Unit Annualized Record date Distribution date May 2025 $0.05 $0.60 May 30, 2025 June 13, 2025 CONFERENCE CALL AND WEBCAST Management will host a conference call to discuss the financial results of the REIT on Thursday, May 15, 2025 at 9.30 a.m. Eastern Time. Participants can join the call by dialing 1‐800‐717‐1738 or 1‐289‐514‐5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1‐289‐819‐1325 or 1‐888‐660‐6264 and enter the passcode 05267 followed by the "#" key. The telephone replay will be available until Thursday, May 22, 2025 at midnight. A live audio webcast will be available through Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date. The investor presentation is available on H&R's website at 2025 ANNUAL UNITHOLDERS' MEETING H&R will host its annual Unitholders' meeting on Friday, June 27, 2025 at 10.30 a.m. Eastern Time (by virtual meeting only via live audio webcast at About H&R REIT H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.5 billion as at March 31, 2025. H&R REIT has ownership interests in a Canadian and U.S. portfolio comprised of high-quality residential, industrial, office and retail properties comprising over 25.6 million square feet. H&R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long-term value for unitholders. H&R plans to sell its office and retail properties as market conditions permit. H&R's target is to be a leading owner, operator and developer of residential and industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto and high growth U.S. sunbelt and gateway cities. Forward-Looking Disclaimer Certain information in this news release contains forward‐looking information within the meaning of applicable securities laws (also known as forward‐looking statements) including, among others, statements relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to H&R's future plans and targets, the REIT's strategic repositioning plan to create sustainable long-term value for unitholders, H&R's strategy to grow its exposure to residential assets in U.S. sunbelt and gateway cities, H&R's expectations with respect to the activities of its development properties, including the building of new properties and the redevelopment of existing properties, the use of such properties, the timing of construction and completion, expected construction plans and costs, yield on cost, anticipated square footage, future intensification opportunities, expectations with respect to the REDT and the REDT Projects, management's expectations regarding future distributions by the REIT, and management's expectation to be able to meet all of the REIT's ongoing obligations. Forward‐looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", "budget" or "continue" or similar expressions suggesting future outcomes or events. Such forward‐looking statements reflect H&R's current beliefs and are based on information currently available to management. Forward‐looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward‐looking statements contained in this news release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward‐looking statements include assumptions relating to the general economy, including the continuing effects of inflation; debt markets continue to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, risks related to: real property ownership; the current economic environment, including the impact of any tariffs and retaliatory tariffs on the economy; strategic transformational repositioning plan; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk; financing credit risk; ESG and climate change risk; risks associated with disease outbreaks; co-ownership interest in properties; general uninsured losses; joint arrangement and investment risks; dependence on key personnel and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward‐looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward‐looking statements. Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward‐looking statements contained in this news release. All forward‐looking statements contained in this news release are qualified by these cautionary statements. These forward‐looking statements are made as of May 14, 2025 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances. Non‐GAAP Measures The unaudited condensed consolidated financial statements of the REIT and related notes for the three months ended March 31, 2025 (the "REIT's Financial Statements") were prepared in accordance with International Financial Reporting Standards ("IFRS"). However, H&R's management uses a number of measures, including NAV per Unit, FFO, AFFO, FFO and AFFO per basic and diluted Unit, payout ratio as a % of FFO, payout ratio as a % of AFFO, debt to total assets at the REIT's proportionate share, debt to Adjusted EBITDA at the REIT's proportionate share, Same‐Property net operating income (cash basis) and the REIT's proportionate share, which do not have meanings recognized or standardized under IFRS or GAAP. These non‐GAAP measures and non‐GAAP ratios should not be construed as alternatives to financial measures calculated in accordance with GAAP. Further, H&R's method of calculating these supplemental non‐GAAP measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess H&R's underlying performance and provides these additional measures so that investors may do the same. For information on the most directly comparable GAAP measures, composition of the measures, a description of how the REIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non‐GAAP Measures" section of the REIT's management's discussion and analysis as at and for the three months ended March 31, 2025 available at and on the REIT's profile on SEDAR at which is incorporated by reference into this news release. Financial Position The following table reconciles the REIT's Statement of Financial Position from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):March 31, 2025 December 31, 2024 (in thousands of Canadian dollars) REIT's Financial Statements Equity accounted investments REIT's proportionateshare REIT's Financial Statements Equity accounted investments REIT's proportionateshare Assets Real estate assets Investment properties $7,955,321 $2,242,671 $10,197,992 $7,996,810 $2,275,559 $10,272,369 Properties under development 995,298 224,564 1,219,862 1,010,648 208,898 1,219,5468,950,619 2,467,235 11,417,854 9,007,458 2,484,457 11,491,915 Equity accounted investments 1,253,232 (1,253,232) — 1,275,549 (1,275,549) — Assets classified as held for sale 4,777 — 4,777 59,880 — 59,880 Other assets 181,847 34,960 216,807 177,246 34,758 212,004 Cash and cash equivalents 69,852 28,028 97,880 100,354 41,000 141,354$10,460,327 $1,276,991 $11,737,318 $10,620,487 $1,284,666 $11,905,153 Liabilities and Unitholders' Equity Liabilities Debt $3,533,076 $1,194,204 $4,727,280 $3,537,384 $1,199,391 $4,736,775 Exchangeable units 175,113 — 175,113 166,800 — 166,800 Deferred Revenue 895,619 — 895,619 906,363 — 906,363 Deferred tax liability 405,638 — 405,638 413,186 — 413,186 Accounts payable and accrued liabilities 258,433 62,142 320,575 304,978 64,744 369,722 Liabilities classified as held for sale — — — 13,033 — 13,033 Non-controlling interest — 20,645 20,645 — 20,531 20,5315,267,879 1,276,991 6,544,870 5,341,744 1,284,666 6,626,410 Unitholders' equity 5,192,448 — 5,192,448 5,278,743 — 5,278,743$10,460,327 $1,276,991 $11,737,318 $10,620,487 $1,284,666 $11,905,153 Debt to Adjusted EBITDA at the REIT's Proportionate Share The following table provides a reconciliation of Debt to Adjusted EBITDA at the REIT's proportionate share (a non-GAAP ratio):March 31 December 31 (in thousands of Canadian dollars) 2025 2024 Debt per the REIT's Financial Statements(1) $3,533,076 $3,550,417 Debt - REIT's proportionate share of equity accounted investments(1) 1,194,204 1,199,391 Debt at the REIT's proportionate share(1) 4,727,280 4,749,808(Figures below are for the trailing 12 months) Net loss per the REIT's Financial Statements (203,524) (119,714) Net income from equity accounted investments (within equity accounted investments) (555) (430) Finance costs - operations 295,101 296,538 Fair value adjustments on financial instruments and real estate assets 567,144 491,319 Loss on sale of real estate assets, net of related costs 12,543 12,156 Gain on foreign exchange (within equity accounted investments) (856) (856) Income tax recovery (59,050) (58,951) Non-controlling interest 1,253 1,256 Adjustments: The Bow and 100 Wynford non-cash rental income adjustments (93,940) (93,736) Straight-lining of contractual rent (16,938) (18,256) IFRIC 21 - realty tax adjustment 5,373 — Fair value adjustment to unit-based compensation 245 (1,791) Adjusted EBITDA at the REIT's proportionate share $506,796 $507,535 Debt to Adjusted EBITDA at the REIT's proportionate share(1) 9.3x 9.4x (1) Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale. RESULTS OF OPERATIONS The following table reconciles the REIT's Results of Operations from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):Three months ended March 31, 2025 Three months ended March 31, 2024 (in thousands of Canadian dollars) REIT's Financial Statements Equity accounted investments REIT's proportionateshare REIT's Financial Statements Equity accounted investments REIT's proportionateshare Rentals from investment properties $205,639 $41,566 $247,205 $209,521 $37,975 $247,496 Property operating costs (122,676) (14,722) (137,398) (115,334) (13,179) (128,513) Net operating income 82,963 26,844 109,807 94,187 24,796 118,983 Net income (loss) from equity accounted investments (10,082) 10,136 54 12,550 (12,621) (71) Finance costs - operations (52,009) (12,388) (64,397) (53,514) (12,320) (65,834) Finance income 3,190 222 3,412 2,346 115 2,461 Trust expenses (7,237) (2,045) (9,282) (6,414) (1,831) (8,245) Fair value adjustment on financial instruments (22,105) (96) (22,201) 18,890 (22) 18,868 Fair value adjustment on real estate assets (52,698) (23,885) (76,583) (44,167) 2,340 (41,827) Gain (loss) on sale of real estate assets, net of related costs (1,103) 1,592 489 866 10 876 Net income (loss) before income taxes and non-controlling interest (59,081) 380 (58,701) 24,744 467 25,211 Income tax (expense) recovery 7,063 (19) 7,044 7,048 (103) 6,945 Net income (loss) before non-controlling interest (52,018) 361 (51,657) 31,792 364 32,156 Non-controlling interest — (361) (361) — (364) (364) Net income (loss) (52,018) — (52,018) 31,792 — 31,792 Other comprehensive income (loss): Items that are or may be reclassified subsequently to net income (loss) (62) — (62) 98,578 — 98,578 Total comprehensive income (loss) attributable to unitholders ($52,080) $— ($52,080) $130,370 $— $130,370 Same-Property net operating income (cash basis) The following table reconciles net operating income per the REIT's Financial Statements to Same-Property net operating income (cash basis) (a non-GAAP measure):Three months ended March 31 (in thousands of Canadian dollars) 2025 2024 Change Rentals from investment properties $205,639 $209,521 ($3,882) Property operating costs (122,676) (115,334) (7,342) Net operating income per the REIT's Financial Statements 82,963 94,187 (11,224) Adjusted for:Net operating income from equity accounted investments 26,844 24,796 2,048 Straight-lining of contractual rent at the REIT's proportionate share (3,658) (4,976) 1,318 Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share 49,194 43,821 5,373 Net operating income (cash basis) from Transactions at the REIT's proportionate share (28,874) (36,645) 7,771 Same-Property net operating income (cash basis) $126,469 $121,183 $5,286 NAV per Unit (a non-GAAP Ratio) The following table reconciles Unitholders' equity per Unit to NAV per Unit: Unitholders' Equity per Unit and NAV per Unit March 31 December 31 (in thousands except for per Unit amounts) 2025 2024 Unitholders' equity $5,192,448 $5,278,743 Exchangeable units 175,113 166,800 Deferred tax liability 405,638 413,186 Total $5,773,199 $5,858,729Units outstanding 262,566 262,016 Exchangeable units outstanding 17,424 17,974 Total 279,990 279,990 Unitholders' equity per Unit(1) $19.78 $20.15 NAV per Unit $20.62 $20.92 (1) Unitholders' equity per Unit is calculated by dividing unitholders' equity by Units outstanding. Funds from Operations and Adjusted Funds from Operations The following table reconciles net income (loss) per the REIT's Financial Statements to FFO and AFFO (non-GAAP measures): FFO AND AFFO Three months ended March 31 (in thousands of Canadian dollars except per Unit amounts) 2025 2024 Net income (loss) per the REIT's Financial Statements ($52,018) $31,792 Realty taxes in accordance with IFRIC 21 45,354 40,221 FFO adjustments from equity accounted investments 27,110 1,272 Exchangeable unit distributions 2,614 2,696 Non-cash loss on mortgages receivable 268 — Fair value adjustments on financial instruments and real estate assets 74,803 25,277 Fair value adjustment to unit-based compensation 1,514 (522) (Gain) loss on sale of real estate assets, net of related costs 1,103 (866) Deferred income tax recovery applicable to U.S. Holdco (7,495) (7,387) Incremental leasing costs 589 615 The Bow and 100 Wynford non-cash rental income and accretion adjustments (10,744) (10,032) FFO $83,098 $83,066 Straight-lining of contractual rent (3,612) (4,829) Rent amortization of tenant inducements 1,150 1,130 Capital expenditures (10,357) (8,583) Leasing expenses and tenant inducements (657) (215) Incremental leasing costs (589) (615) AFFO adjustments from equity accounted investments (1,020) (1,167) AFFO $68,013 $68,787 Basic and diluted weighted average number of Units and exchangeable units (in thousands of Units)(1) 279,990 279,847 FFO per basic and diluted Unit $0.297 $0.297 AFFO per basic and diluted Unit $0.243 $0.246 Cash distributions per Unit $0.150 $0.150 Payout ratio as a % of FFO 50.5 % 50.5 % Payout ratio as a % of AFFO 61.7 % 61.0 % (1) For the three months ended March 31, 2025 and 2024, included in the weighted average and diluted weighted average number of Units are the weighted average number exchangeable units of 17,473,075 and 17,974,186, respectively. Additional information regarding H&R is available at and on SOURCE H&R Real Estate Investment Trust View original content to download multimedia: Sign in to access your portfolio
Buzz Feed
06-04-2025
- Entertainment
- Buzz Feed
Bill Murray Finally Addressed The 2022 Alleged Misconduct Incident That Shut Down "Being Mortal"
You might remember that Bill Murray faced misconduct allegations in 2022 that eventually resulted in the shutdown of Aziz Ansari's directorial debut Being Mortal. At the time, the actor briefly addressed the allegations in an interview with CNBC. "I had a difference of opinion with a woman I'm working with. I did something I thought was funny, and it wasn't taken that way,' he said. 'The company, the movie studio, wanted to do the right thing, so they wanted to check it all out, investigate it, and so they stopped the production." Bill is currently doing press for his new film The Friend, and in an interview with the New York Times, he addressed his side of the alleged in greater detail for the first time. 'I was wearing a mask, and I gave her a kiss, and she was wearing a mask," he claimed. 'It wasn't like I touched her, but it was just, I gave her a kiss through a mask. And she wasn't a stranger.' Bill went on to claim that the incident took place 'someone that I worked with, that I had had lunch with on various days of the week,' and he specified that he was unsure what "prompted" him to kiss the person in question — only that it took place while 'we were all stranded in this one room listening to this crazy scene.' He also attempted to justify his behavior as 'something that I had done to someone else before.' 'I thought it was funny, and every time it happened, it was funny," he said. 'It was a great disappointment, because I thought I knew someone, and I did not,' he continued. 'I certainly thought it was light. I thought it was funny. To me it's still funny, the idea that you could give someone a kiss with a mask on. It's still stupid. It's all it was.' 'It still bothers me because that movie was stopped by the human rights or 'H&R' of the Disney corporation,' he continued. 'It turned out there were pre-existing conditions and all this kind of stuff. I'm like, what? How was anyone supposed to know anything like that? There was no conversation, there was nothing. There was no peacemaking, nothing.' Bill went on to say that he doesn't 'go too many days or weeks without thinking of what happened in Being Mortal.' He also had strong words for the arbitration process that took place after the film was shut down: 'If anyone ever suggests you go to arbitration: Don't do it. Never ever do it. Because you think it's justice, and it isn't.' Which, fine. But — and this is one's man opinion here — it's worth taking Bill's version of what took place with a grain of salt, especially since he doesn't seem to have much remorse for the incident at large. A clear missing component to this story is the contents of the actual complaint itself, and without the perspective of the person who made the complaint in the first place, all you have is the side of the story from the person who was alleged to have been the offending party to begin with. It's worth keeping in mind!
The Independent
05-04-2025
- Entertainment
- The Independent
Bill Murray sheds light on ‘inappropriate misconduct' allegations that led to film's suspension
Bill Murray has shared further insight into his alleged inappropriate misconduct on the set of Aziz Ansari 's directorial debut that prompted an internal investigation and ultimately led to the movie's indefinite suspension. In 2022, a female crew member filed a complaint against the Lost in Translation star, accusing him of straddling and kissing her through a mask. At the time, Murray described the incident as a 'difference in opinion,' saying that he had done 'something I thought was funny and it wasn't taken that way.' It was reported that the actor eventually entered mediation with the woman and ended up paying a settlement of just over $100,000. Reflecting on the incident in a new interview with the New York Times, Murray, 74, admitted that he's still bothered by the way it was handled. 'I tried to make peace. I thought I was trying to make peace. I ended up being, to my mind, barbecued,' the Groundhog Day actor recalled of the backlash he faced. 'But someone that I worked with, that I had had lunch with on various days of the week — it was Covid, we were all wearing masks, and we were all stranded in this one room listening to this crazy scene. I dunno what prompted me to do it,' he admitted. 'It's something that I had done to someone else before, and I thought it was funny, and every time it happened, it was funny. I was wearing a mask, and I gave her a kiss, and she was wearing a mask. It wasn't like I touched her, but it was just, I gave her a kiss through a mask. And she wasn't a stranger,' Murray added. 'It still bothers me,' he continued, 'because that movie was stopped by the human rights or 'H & R' of the Disney corporation, which is probably a little bit more strident than some other countries'. It turned out there were pre-existing conditions and all this kind of stuff. I'm like, what? How was anyone supposed to know anything like that? There was no conversation, there was nothing. There was no peacemaking, nothing. It went to this lunatic arbitration, which, if anyone ever suggests you go to arbitration: Don't do it. Never ever do it. Because you think it's justice, and it isn't.' Of whether he feels he learned something from the experience, the Caddyshack actor replied: 'I think so. You can teach an old dog new tricks. But it was a great disappointment, because I thought I knew someone, and I did not. I certainly thought it was light. I thought it was funny. To me it's still funny, the idea that you could give someone a kiss with a mask on. It's still stupid. It's all it was.' Murray, who currently co-stars alongside Naomi Watts in the new movie The Friend, recently surprised Watch What Happens Live viewers after he kissed Watts during last week's episode. At one point in the show, Watts, who's married to Billy Crudup, was asked about the best movie or TV kiss of her career, after which Murray quickly grabbed her face and kissed her. While Watts, 56, appeared visibly shocked, placing her face in her hands and shaking her head, she took the moment, which was intended to be a joke, in stride. 'You've got lipstick on her face,' she told Murray, asking: 'Did I go red?' Murray, who previously starred opposite Watts in the 2014 film looked into the camera and put his thumb up.
