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![tsxman Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::47828050.png) Chris in Canada 🍁 [@tsxman](/creator/twitter/tsxman) on x 10.5K followers
Created: 2025-07-14 22:51:23 UTC

$HR.UN still trading at a ~40% discount to IFRS NAV. Their current EV is around ~$5bn. If they sold the US residential and industrial assets to Blackstone at FMV it would be ~$5.8bn and you'd still have ~$3bn of retail/office assets left over plus $800mn if sold at NAV. R/R still very good. On previous calls H&R CEO described his retail assets as easily sellable and said they could be sold "anytime." H&R has better offices in better US markets then Canadian names so likely more liquid if they chose to sell them. Low quality/unaligned board seems to be the biggest risk. CEO has a lot of units creating a source of alignment.

![](https://pbs.twimg.com/media/Gv2kHTOW8AAZs3V.jpg)

XXXXXX engagements

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