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H&R's property portfolio is dominated by creditworthy tenants signed to accretive long-term leases, with contractual rental increases throughout the lease period. Terms on the mortgages are matched with the terms of the leases where appropriate. Capitalizing on management's extensive expertise, including the construction of more than three million square feet of commercial properties, the REIT has moved conservatively into development by providing mezzanine financing to selected development projects and receiving options to purchase the properties upon completion. The REIT will only provide construction financing after 70% of the commercial space is pre-leased.H&R REIT has maintained a payout ratio of approximately 87% of distributable income. This ratio is among the most conservative in the industry. |
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