02:22 PM EST, 02/12/2025 (MT Newswires) -- H&R Real Estate Investment Trust (HR-UN.TO) Wednesday announced its financial results for the three months and year ended Dec. 31, featuring reduced debt ratios dating back to 2021.

H&R's cash distributions amounted to $0.72 per unit during 2024 (2023-$0.70 per Unit) comprised of monthly cash distributions in aggregate of $0.60 per unit (2023-$0.60 per unit); and a special cash distribution of $0.12 per unit (2023-$0.10 per unit).

For the year ended Dec. 31, H&R's payout ratio as a percentage of Adjusted Funds from Operations (AFFO) was 75.5% (2023-63.0%).

H&R reduced debt per the REIT's financial statements from approximately $6.1 billion as at June 30, 2021 to approximately $3.6 billion as at Dec. 31, 2024; and improved debt to total assets at the REIT's proportionate share from 50% at June 30, 2021 to 43.7% as at Dec. 31, 2024.

H&R improved debt to adjusted EBITDA (based on trailing 12 months) at the REIT's proportionate share from 10.4x at June 30, 2021 to 9.4x as at Dec.31, 2024.

"We continue to successfully execute our strategic plan to reposition H&R to be a more simplified growth and income-oriented REIT focused on residential and industrial properties," said Executive Chair Tom Hofstedter. "Since the announcement of this plan, H&R completed the spin-off of the REIT's 27 enclosed shopping centres and sold ownership interests in 58 properties totaling approximately $5.3 billion. As a result of these sales, H&R's residential and industrial segments combined have grown from 35% of the total portfolio to 67% and geographically, our real estate assets in the United States have grown from 44% of the total portfolio to 70%. In 2024, properties sold together with properties under contract to be sold, totaled approximately $488.9 million."

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