H&R Real Estate ate Staple (HR.UN) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 20, 2026

TBA (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

―

Last Year’s EPS

-0.2

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 3 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 12, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed but broadly balanced picture: modest positive operational and financial results (1.6% same-property NOI growth, FFO +1.4%, strong retail performance, Lantower stabilization and development momentum, and disciplined payout ratios) were offset by material challenges in industrial (sharp NOI and occupancy declines), near-term multifamily leasing/occupancy pressure in some Sunbelt markets, fair value markdowns in Long Island City, and leverage/execution risks tied to continued dispositions and a relatively high pro forma debt-to-EBITDA figure. Management conveyed cautious optimism and active balance-sheet management while acknowledging market headwinds.

Company Guidance

Management guided that H&R delivered FFO of $1.21 per unit for 2025 (up 1.4% YoY) and same‑property NOI growth of 1.6% on a cash basis for the year, with FFO and AFFO payout ratios of 50% and 60% and about $527M of property sales completed in 2024–25 (proceeds used to repay debt). By segment, residential same‑property NOI rose 1.1% in Q4 and 1.2% for 2025 with same‑asset occupancy at 92.8% (‑2.2% YoY), Sunbelt blended trade‑outs −3.2% in Q4 (new leases −12.4%, renewals +4%, January blended −3.6%), a Sunbelt weighted cap rate of 4.9%, and 9 Sunbelt developments totaling ~2,900 suites at H&R’s share (West Love 90% occupied, Midtown 84%); office same‑property NOI +1.5% with 96% occupancy and a 5.2‑year average lease term but an expected 2026 vacancy increase tied to an ~189,000 sq ft RBC lease maturing (pro forma office will be ~12% of assets after four planned sales); retail NOI +4.4% Q4/+7% FY with remaining River Landing commercial expected to be ~4% of assets; industrial NOI fell 9% in Q4 and 3.7% for the year with occupancy down to 90.7% (from 98.9%), although three industrial developments (~360,000 sq ft at H&R’s share) are fully leased (two leases ~204,000 sq ft commencing Q1 2026, the third in Q4 2026). Pro forma leverage targets are ~41.8% debt to total assets and ~8.7x debt-to-EBITDA, management is not targeting material new acquisitions given cost of capital (only potential 1031 exchanges), and Lantower will transition to third‑party property management (Greystar) on April 1, 2026.

Same-Property NOI and FFO Growth

Same-property net operating income (cash basis) grew 1.6% for the year ended Dec 31, 2025 vs. 2024. Funds from operations (FFO) were $1.21 per unit, a 1.4% increase from $1.20 in 2024.

Residential (Lantower) Operational Strength and Development Progress

Residential same-property NOI (cash basis) rose 1.1% in Q4 2025 and 1.2% for the year. Collections remained strong, resident retention high, wage growth >3%, and average rent-to-income ratios ~20%. Fewer than 10% of move-outs were tied to home purchases. Development updates: Lantower West Love 90% occupied, Lantower Midtown 84% occupied, REDT projects on budget, first move-ins at Bayside (Tampa) expected March 2026 and Sunrise (Orlando) expected April 2026. Pipeline of 9 Sunbelt developments ~2,900 suites at H&R ownership share. Market supply forecasted to decline 36% in 2026 vs. 2025, supporting future stabilization.

Retail Segment Outperformance and Asset Monetization

Retail same-property NOI (cash basis) increased 4.4% in Q4 2025 and 7% for the year, driven by occupancy gains at River Landing and ForEx. Significant monetizations: net investment in ECHO and 23 Canadian retail properties sold in January 2026; remaining retail limited to River Landing commercial (~4% of total real estate assets).

Office Same-Property NOI and Strong Occupancy

Office same-property NOI (cash basis) increased 1.5% for Q4 2025 and for the year. Office occupancy was 96% at Dec 31, 2025 with an average remaining lease term of 5.2 years. After planned sales, the pro forma office segment is expected to comprise ~12% of total real estate assets.

Industrial Development Leasing Success

All three industrial developments (totaling ~360,000 sq ft at H&R ownership share) have been fully leased; two leases (~204,000 sq ft) commence in Q1 2026 and the third in Q4 2026, supporting forward cash flow from new developments.

Healthy Payout Ratios and Use of Sale Proceeds

FFO and AFFO payout ratios were 50% and 60%, respectively, for the year ended Dec 31, 2025. Proceeds from announced sales have been used to repay debt, signaling active balance sheet management.

Operational Scalability Move: Outsourcing to Greystar

Beginning Apr 1, 2026, property management for the residential platform will transition to Greystar to improve operating leverage, reduce fixed overhead and capture procurement efficiencies (example cited: paint discount improvement). Management expects this to enable more efficient scaling and cost savings across line items.

Quarterly NOI Pickup and Leasing Momentum

Same-store assets increased NOI by approximately $3.2 million in USD in Q4 vs Q3 2025 due to Sunbelt improvements, Jackson Park contributions, realty tax true-ups, and ramping occupancy at Midtown and West Love.

H&R Real Estate ate Staple (TSE:HR.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:HR.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 20, 2026	2026 (Q1)	- / -	-0.198	―	―	―
Feb 12, 2026	2025 (Q4)	- / -0.95	0.5	-290.60% (-1.45)		―
Nov 14, 2025	2025 (Q3)	- / -1.23	-0.037	-3224.32% (-1.19)	―	―
Aug 13, 2025	2025 (Q2)	- / -0.63	-1.041	39.10% (+0.41)	―	―
May 14, 2025	2025 (Q1)	- / -0.20	0.121	-263.64% (-0.32)	―	―
Feb 12, 2025	2024 (Q4)	- / 0.50	-0.043	1262.79% (+0.54)	―	―
Nov 12, 2024	2024 (Q3)	- / -0.04	0.143	-125.87% (-0.18)	―	―
Aug 14, 2024	2024 (Q2)	- / -1.04	-0.224	-364.73% (-0.82)	―	―
May 14, 2024	2024 (Q1)	- / 0.12	0.356	-66.01% (-0.23)	―	―
Feb 13, 2024	2023 (Q4)	- / -0.04	-0.437	90.16% (+0.39)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:HR.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2026	C$10.45	C$10.40	-0.48%
Nov 14, 2025	C$10.86	C$9.80	-9.75%
Aug 13, 2025	C$11.43	C$11.55	+1.10%
May 14, 2025	C$9.77	C$9.68	-0.98%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does H&R Real Estate ate Staple (TSE:HR.UN) report earnings?

H&R Real Estate ate Staple (TSE:HR.UN) is schdueled to report earning on May 20, 2026, TBA (Confirmed).

What is H&R Real Estate ate Staple (TSE:HR.UN) earnings time?

H&R Real Estate ate Staple (TSE:HR.UN) earnings time is at May 20, 2026, TBA (Confirmed).

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