This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ 9/30/11
H & R Real Estate Trust HR.UN www.hr-reit.com Fiscal Yr: Dec 31
Year 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12 #Y
Accting Rules C GAAP IFRS
Revenue* $136.09 $157.02 $213.11 $296.50 $333.87 $410.52 $488.17 $529.29 $582.14 $611.85 $611.39 $618.16 $646.75 $778.20 108.49% <-Total Growth 9 Revenue
Increase 34.00% 15.38% 35.72% 39.13% 12.60% 22.96% 18.91% 8.42% 9.98% 5.10% -0.08% 1.11% 4.62% 20.32% 14.69% <-IRR #YR-> 10 Revenue
Rev per Share $3.00 $3.20 $3.05 $4.18 $3.87 $4.26 $4.41 $4.50 $4.53 $4.32 $4.25 $4.23 $4.10 $4.94 4.83% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 3.46 3.74 4.52 3.19 4.10 4.45 4.75 5.35 4.38 1.72 3.63 4.59 5.64 4.69 2.84% <-IRR #YR-> 10 Rev per share
*Property Rental Revenue in M CDN $  P/S 10 yr  4.42 5 yr  4.38 -0.84% <-IRR #YR-> 5 Rev per share
-$157.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $618.16
-$488.17 $0.00 $0.00 $0.00 $0.00 $618.16
-$3.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.23
-$4.41 $0.00 $0.00 $0.00 $0.00 $4.23
Distri Inc Yr 2011 Yr 2012
Distri Cash $1.24 $1.28 $1.34 $1.39 $1.45 $1.44 $1.46 $1.49 $1.57 $1.57 $1.52 $1.19 $1.51 $1.56 -7.03% <-Total Growth 11 AFFO
Increase 7.83% 3.23% 4.69% 3.73% 4.32% -0.69% 1.39% 2.05% 5.37% -0.32% -2.88% -21.71% 26.89% 3.31% 1.72% <-Median 10 AFFO
Payout R. Dis 89.0% 86.6% 86.9% 86.3% 84.4% 86.4% 89.3% 89.3% 87.3% 92.0% 47.4% 66.2% 64.3% 67.3% 86.63% <-Median 10 AFFO Payout
P/DC 8.39 9.34 10.30 9.60 10.96 13.19 14.35 16.17 12.64 4.76 10.16 16.33 15.33 14.84 11.80 <-Median-> 10 Price/AFFO
Trailing P/DC  9.04 9.64 10.78 9.96 11.43 13.10 14.55 16.50 13.32 4.75 9.87 12.78 19.45 15.33 12.11 <-Median-> 10 Price/AFFO
High P/FFO 9.44 9.34 10.30 10.43 11.03 13.19 14.38 16.91 16.94 13.32 10.49 17.50 13.26 <-Median-> 10 Price/AFFO
Low P/FFO 8.06 7.15 8.96 9.44 9.38 10.38 12.36 13.36 12.12 3.00 4.12 12.92 9.91 <-Median-> 10 Price/AFFO
Median 5 Yr Payout 87.26% P/E: H/L 16.91 12.12 -0.73% <-IRR #YR-> 10 AFFO
Funds from Operations per share -4.01% <-IRR #YR-> 5 AFFO
-$1.46 $0.00 $0.00 $0.00 $0.00 $1.19
$0.22 <-12 mths
EPS* $1.16 $1.17 $1.18 $1.19 $1.20 $1.00 $0.90 $0.78 -$0.02 $0.72 $0.56 $1.19 $0.29 $0.23 0.00% <-Total Growth 9 Dividends
Increase 6.42% 0.86% 0.85% 0.85% 0.84% -16.67% -10.00% -13.33% -103% -7.69% -22.22% 112.50% -75.63% -20.69% 0.17% <-IRR #YR-> 10 Earnings
5 yr Running Ave. $1.17 $1.18 $1.18 $1.15 $1.09 $1.01 $0.77 $0.68 $0.59 $0.65 $0.55 $0.60 5.75% <-IRR #YR-> 5 Earnings
Earnings Yield 11.2% 9.8% 8.6% 8.9% 7.6% 5.3% 4.3% 3.2% -0.1% 9.7% 3.6% 6.1% 1.3% 1.0%
* Net Income per share (Cdn GAAP) E/P 10 Yrs 5.70% 5Yrs 3.62%
-$1.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.19
-$0.90 $0.00 $0.00 $0.00 $0.00 $1.19
Div* $1.10 $1.11 $1.16 $1.20 $1.22 $1.24 $1.30 $1.33 $1.37 $1.44 $0.72 $0.79 $0.97 $1.05 -28.99% <-Total Growth 10 Dividends
Increase 7.18% 0.45% 4.96% 3.01% 2.09% 1.63% 4.86% 1.96% 3.01% 5.11% -50.00% 9.38% 23.28% 8.15% 3.01% <-Median 10 Dividends
Yield H/L Pr 10.18% 10.51% 9.02% 8.68% 8.27% 7.33% 6.68% 5.90% 6.01% 11.27% 6.49% 4.35% 7.01% <-Median 10 Dividends
Yield on High Pr 9.44% 9.28% 8.43% 8.27% 7.65% 6.55% 6.21% 5.28% 5.15% 6.91% 4.52% 3.78% 6.38% <-Median 10 Dividends
Yield on Low Pr 11.04% 12.12% 9.70% 9.14% 9.00% 8.32% 7.23% 6.68% 7.20% 30.64% 11.50% 5.12% 8.66% <-Median 10 Dividends
Yield on Cl Pr 10.62% 9.28% 8.43% 8.98% 7.70% 6.55% 6.23% 5.52% 6.91% 19.33% 4.66% 4.05% 4.19% 4.54% 6.73% <-Median 10 Dividends
Payout Ratio 95.2% 94.8% 98.6% 100.8% 102.0% 124.4% 144.9% 170.5% -6850.0% 200.0% 128.6% 66.2% 334.8% 456.5% 113.20% <-Median 10 Dividends
Payout Ratio CF 89.1% 94.4% 106.7% 96.3% 103.8% 90.7% 135.6% 92.4% 89.5% 86.7% 36.5% 47.3% 37.0% <-12 mths 91.58% <-Median 10 Dividends
Payout Ratio CF NC 80.5% 97.8% 99.5% 83.3% 95.7% 76.1% 80.2% 76.1% 75.5% 84.5% 36.0% 47.5% 37.3% <-12 mths 78.18% <-Median 10 Dividends
Median 5 Yr Div Yd 4.86% 5 5.64% 10 Yield  6.01% 5.52% Payout 128.57% 86.72% -3.37% <-IRR #YR-> 10 Dividends
* Distributions per share  3.0% Years 3.0% Years Last Div Inc ---> $0.08 $0.09 5.0% -9.60% <-IRR #YR-> 5 Dividends
-$1.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.79
-$1.30 $0.00 $0.00 $0.00 $0.00 $0.79
H/LYield held 5 yrs 10.73% 11.57% 11.47% 12.36% 10.31% 9.92% 9.73% 4.24% 4.03% 4.31% 4.60% 10.31% <-Median-> 9 Dividends
H/LYield held 10 yrs 12.26% 13.62% 6.64% 7.46% 7.53% 7.60% 9.86% <-Median-> 4 Dividends
H/LYield held 15 yrs 9.40% #NUM! <-Median-> 0 Dividends
Graham No. $16.40 $16.55 $16.95 $17.03 $17.41 $16.01 $15.47 $14.61 $13.55 $13.78 $11.52 $17.16 $9.40 $8.37 3.67% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -33.83% -36.26% -23.88% -18.88% -15.01% 6.02% 26.16% 54.32% 68.31% -7.29% -3.61% 5.49% 0.94% <-Median 10 Graham Price
Prem /Disc. High -28.65% -27.80% -18.57% -14.83% -8.12% 18.64% 35.73% 72.45% 96.20% 51.30% 38.42% 21.40% 28.56% <-Median 10 Graham Price
Prem /Disc. Low -39.02% -44.72% -29.19% -22.94% -21.90% -6.60% 16.60% 36.18% 40.42% -65.89% -45.64% -10.42% -16.16% <-Median 10 Graham Price
Prem /Disc. Cl -36.58% -27.80% -18.57% -21.59% -8.75% 18.64% 35.41% 64.86% 46.39% -45.94% 34.17% 13.24% 146.26% 176.52% 15.94% <-Median 10 Graham Price
Price Cl $10.40 $11.95 $13.80 $13.35 $15.89 $18.99 $20.95 $24.09 $19.84 $7.45 $15.45 $19.43 $23.15 $23.15 40.80% <-Total Growth 10 Stock Price
Increase 1.96% 14.90% 15.48% -3.26% 19.03% 19.51% 10.32% 14.99% -17.64% -62.45% 107.38% 25.76% 19.15% 0.00% 4.98% <-IRR #YR-> 10 Stock Price
P/E 8.97 10.21 11.69 11.22 13.24 18.99 23.28 30.88 -992.00 10.35 27.59 16.33 79.83 100.65 -1.50% <-IRR #YR-> 5 Stock Price
Trailing P/E 9.54 10.30 11.79 11.31 13.35 15.83 20.95 26.77 25.44 -372.50 21.46 34.70 19.45 79.83 13.40% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 8.42% 5.62% Div %  Ret. Price Inc 14.99% P/E:  14.78 16.33 4.12% <-IRR #YR-> 5 Price & Div
-$11.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.43
-$20.95 $0.00 $0.00 $0.00 $0.00 $19.43
-$11.95 $1.16 $1.20 $1.22 $1.24 $1.30 $1.33 $1.37 $1.44 $0.72 $20.22
-$20.95 $1.33 $1.37 $1.44 $0.72 $20.22
Price Average H/L $10.85 $10.55 $12.90 $13.81 $14.80 $16.97 $19.52 $22.55 $22.81 $12.78 $11.10 $18.10 40.31% <-Total Growth 10 Stock Price
Increase 2.60% -2.76% 22.27% 7.05% 7.17% 14.66% 15.03% 15.52% 1.15% -43.99% -13.11% 63.06% 5.55% <-IRR #YR-> 10 Stock Price
P/E 9.35 9.02 10.93 11.61 12.33 16.97 21.69 28.91 -1140.50 17.74 19.82 15.21 -1.50% <-IRR #YR-> 5 Stock Price
Trailing P/E 111.40 103.68 122.72 153.05 170.47 205.19 266.28 337.45 386.74 212.70 98.47 279.04 14.95% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 9.40% 6.03% Div %  Ret. Price Inc 1.15% P/E:  16.09 17.74 4.54% <-IRR #YR-> 5 Price & Div
-$10.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.10
-$19.52 $0.00 $0.00 $0.00 $0.00 $18.10
-$10.55 $1.16 $1.20 $1.22 $1.24 $1.30 $1.33 $1.37 $1.44 $0.72 $18.89
-$19.52 $1.33 $1.37 $1.44 $0.72 $18.89
High Months Oct Dec Sep Dec Feb Feb Dec Oct
Price Hi $11.70 $11.95 $13.80 $14.50 $16.00 $18.99 $21.00 $25.20 $26.59 $20.85 $15.94 $20.83 43.66% <-Total Growth 10 Stock Price
Increase -2.50% 2.14% 15.48% 5.07% 10.34% 18.69% 10.58% 20.00% 5.52% -21.59% -23.55% 30.68% 5.71% <-IRR #YR-> 10 Stock Price
P/E 10.09 10.21 11.69 12.18 13.33 18.99 23.33 32.31 -1329.50 28.96 28.46 17.50 -0.16% <-IRR #YR-> 5 Stock Price
Trailing P/E 10.73 10.30 11.79 12.29 13.45 15.83 21.00 28.00 34.09 -1042.50 22.14 37.20
Median 10, 5 Yrs Price Inc 5.52% P/E:  18.25 28.46
-$11.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.83
-$21.00 $0.00 $0.00 $0.00 $0.00 $20.83
Jan Apr Mar/Oct Jun Dec Nov Mar Jan
Price Low $10.00 $9.15 $12.00 $13.12 $13.60 $14.95 $18.04 $19.90 $19.03 $4.70 $6.26 $15.37 17.15% <-Total Growth 10 Stock Price
Increase 9.29% -8.50% 31.15% 9.33% 3.66% 9.93% 20.67% 10.31% -4.37% -75.30% 33.19% 145.53% 5.32% <-IRR #YR-> 10 Stock Price
P/E 8.62 7.82 10.17 11.03 11.33 14.95 20.04 25.51 -951.50 6.53 11.18 12.92 -3.15% <-IRR #YR-> 5 Stock Price
Trailing P/E 9.17 7.89 10.26 11.12 11.43 12.46 18.04 22.11 24.40 -235.00 8.69 27.45
Median 10, 5 Yrs Price Inc 10.31% P/E:  11.26 11.18
-$9.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.37
-$18.04 $0.00 $0.00 $0.00 $0.00 $15.37
Market Cap $471 $587 $963 $947 $1,370 $1,829 $2,318 $2,833 $2,549 $1,055 $2,222 $2,839 $3,650
# of Shares 45.29 49.09 69.77 70.91 86.20 96.31 110.62 117.61 128.48 141.60 143.83 146.12 157.68 157.68 Unitholder's Equity Shares
Increase 16.23% 8.39% 42.12% 1.63% 21.56% 11.73% 14.87% 6.31% 9.24% 10.21% 1.57% 1.60% 7.91% 0.00% 9.73% <-Median-> 10 Shares
OCF $56.11 $57.68 $76.11 $88.26 $101.64 $132.04 $106.38 $169.23 $196.59 $235.12 $283.94 $243.18 $413.29 <-12 mths 175.52% <-Total Growth 10 Cash Flow
OPS $1.24 $1.17 $1.09 $1.24 $1.18 $1.37 $0.96 $1.44 $1.53 $1.66 $1.97 $1.66 $2.62 33.71% <-Total Growth 10 Cash Flow
Increase 50.90% -5.15% -7.16% 14.10% -5.26% 16.27% -29.86% 49.64% 6.34% 8.52% 18.89% -15.70% 57.50% 7.43% <-Median-> 10 Cash Flow
Non-cash $M $5.98 -$2.02 $5.48 $13.81 $8.60 $25.48 $73.49 $36.21 $36.50 $6.26 $3.48 -$0.82 -$2.44 <-12 mths 3.54% <-IRR #YR-> 10 Cash Flow
OPS Less Non-Cash $1.37 $1.13 $1.17 $1.44 $1.28 $1.64 $1.63 $1.75 $1.81 $1.70 $2.00 $1.66 $2.61 <-12 mths 11.59% <-IRR #YR-> 5 Cash Flow
Increase -17.28% 3.13% 23.09% -11.15% 27.89% -0.59% 7.44% 3.86% -6.04% 17.23% -17.00% 57.10% 3.88% <-IRR #YR-> 10 CF - non-cash
P/C on Cl 7.59 10.54 11.80 9.27 12.42 11.61 12.89 13.79 10.94 4.37 7.73 11.71 8.88 0.40% <-IRR #YR-> 5 CF - non-cash
*Operational Cash Flow per share  P/CF 10 Yrs 10.65 5 Yrs 9.71
-$1.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.66
-$0.96 $0.00 $0.00 $0.00 $0.00 $1.66
-$1.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.66
-$1.63 $0.00 $0.00 $0.00 $0.00 $1.66
OPM 41.2% 36.7% 35.7% 29.8% 30.4% 32.2% 21.8% 32.0% 33.8% 38.4% 46.4% 39.3% 63.9% should be zero, it is a check on calculations
Diff from Ave. 25.1% 11.4% 8.3% -9.7% -7.7% -2.4% -33.9% -3.0% 2.4% 16.6% 40.9% 19.3% 93.8% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 32.97% 5 Yrs 38.43%
Curr Assets $121.4 $131.2 $231.3 $304.7 $157.6 $198.0 Liq ratio of 1.5 and up, best Assets From
Curr Liab. $130.4 $400.0 $242.1 $180.3 $259.4 $443.3 0.93 <-Median-> 5 Liabilities G&M
Liquidity 0.93 0.33 0.96 1.69 0.61 0.45 0.93 <-Median-> 5 Ratio
Liq. with CF aft div 1.03 0.38 1.08 2.69 1.10 1.03 1.08 <-Median-> 5 Ratio
Assets $941.4 $1,099.8 $1,534.9 $2,050.9 $2,681.8 $3,300.9 $3,826.8 $4,779.0 $5,050.8 $5,440.0 $5,351.1 $5,531.5 $6,803.5 A/L ratio of 1.5 and up, best Assets
Liab. $474.8 $589.0 $780.1 $1,283.2 $1,713.6 $2,204.3 $2,519.1 $3,235.2 $3,490.9 $3,704.3 $3,762.3 $3,847.6 $4,553.5 1.49 <-Median-> 10 Liabilities
Liquidity 1.98 1.87 1.97 1.60 1.56 1.50 1.52 1.48 1.45 1.47 1.42 1.44 1.49 1.45 <-Median-> 5 Ratio
Non-Contro. Int. $103.21 $75.80 $75.1 $77.3 $114.5
Book Value $466.6 $510.8 $754.7 $767.6 $968.2 $1,096.6 $1,307.7 $1,430.9 $1,456.6 $1,659.8 $1,513.7 $1,606.7 $2,135.5 109.30% <-Total Growth 10 Book Value
BV per share $10.30 $10.41 $10.82 $10.83 $11.23 $11.39 $11.82 $12.17 $11.34 $11.72 $10.52 $11.00 $13.54 $13.54 1.57% <-Total Growth 10 Book Value
Change 1.07% 1.01% 3.96% 0.08% 3.75% 1.38% 3.82% 2.92% -6.81% 3.39% -10.22% 4.48% 23.18% 1.0902 Current/Historical Book Value
P/BV (CL) 1.01 1.15 1.28 1.23 1.41 1.67 1.77 1.98 1.75 0.64 1.47 1.77 1.71 0.55% <-IRR #YR-> 10 Book Value
Change 0.88% 13.76% 11.09% -3.33% 14.72% 17.89% 6.26% 11.72% -11.62% -63.68% 130.98% 20.37% -3.27% -1.44% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.02 2.15 2.03 2.67 2.77 3.01 2.93 3.34 3.47 3.28 3.54 3.44 3.19 3.14 <-Median-> 10 A/BV
Debt/Equity Ratio 1.02 1.15 1.03 1.67 1.77 2.01 1.93 2.26 2.40 2.23 2.49 2.39 2.13 2.12 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.57 5 yr Med 1.75
-$10.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.00
-$11.82 $0.00 $0.00 $0.00 $0.00 $11.00
ROE 6.4% -4.0% 9.9% 5.0% 10.3% 6.36% <-Median-> 5 Compreh. Inc
Comprehensive Inc $90.94 -$58.82 $164.54 $75.35 $165.72 Compreh. Inc
2.1% <-estimate
ROE 10.3% 10.7% 9.1% 10.9% 9.4% 8.1% 6.6% 6.0% -0.2% 5.9% 5.7% 10.7% 1.7% Net Income/Shareholders' equity
5Yr Median 10.3% 10.3% 10.3% 10.3% 9.4% 9.1% 8.1% 6.6% 6.0% 5.9% 5.9% 5.7%
$0.29
Net Income $48.3 $54.5 $68.7 $84.0 $90.6 $88.8 $86.7 $86.4 -$2.2 $98.5 $86.5 $172.3 $35.32 <-12 mths 216.48% <-Total Growth 10 Net Income
Oper C. F. $56.1 $57.7 $76.1 $88.3 $101.6 $132.0 $106.4 $169.2 $196.6 $235.1 $283.9 $243.2 C F Statement  Oper C. F.
Invest. C. F -$160.4 $15.0 -$173.8 -$381.7 -$393.4 -$455.4 -$367.2 -$817.3 -$519.6 -$228.9 -$227.0 -$227.0 C F Statement  Invest. C. F
Total Accrual $152.51 -$18.19 $166.34 $377.41 $382.29 $412.10 $347.52 $734.46 $320.85 $92.28 $29.60 $156.19 Accruals
Total Assets $941.4 $1,099.8 $1,534.9 $2,050.9 $2,681.8 $3,300.9 $3,826.8 $4,779.0 $5,050.8 $5,440.0 $5,351.1 $5,531.5 Balance Sheet Assets
Accruals Ratio 16.20% -1.65% 10.84% 18.40% 14.26% 12.48% 9.08% 15.37% 6.35% 1.70% 0.55% 2.82% <----- Ratio
Fin. C. F $105.96 -$72.34 $119.49 $279.27 $301.07 $310.40 $263.54 $654.54 $331.91 -$8.76 $79.90 $79.90 C F Statement  Fin. C. F
Total Accruals $46.55 $54.15 $46.86 $98.15 $81.22 $101.69 $83.98 $79.92 -$11.06 $101.04 -$50.30 $76.29 Accruals
Accruals Ratio 4.94% 4.92% 3.05% 4.79% 3.03% 3.08% 2.19% 1.67% -0.22% 1.86% -0.94% 1.38% Ratio
Taxes
Foreign 0.00% 0.00% 0.00% 2.24% 8.17% 9.11% 10.15% 13.12% 12.69% 8.87% 0.00% 0.00% 6.43% <-Average 10
Dividends 0.00% 0.00% 0.00% 0.00% 3.82% 0.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.41% <-Average 10
Cap Gain 0.78% 1.71% 0.25% 53.26% 7.15% 0.97% 3.93% 5.44% 4.38% 11.00% 22.13% 11.87% 12.04% <-Average 10
Other Income 47.05% 46.91% 35.87% 44.55% 32.61% 24.76% 24.29% 35.66% 38.52% 39.80% 77.78% 54.02% 40.79% <-Average 10
Ret of Cap. 52.17% 51.38% 63.88% 0.00% 48.25% 64.95% 61.62% 45.78% 44.41% 40.33% 0.09% 34.04% 40.33% <-Average 10
Total 100.00% 100.00% 100.00% 100% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Dec 4, 2011.  Last estimates I got for 2010 and 2011 were $1.27 and $1.51 for FFO, $.54 and $.58 for EPS.  Company lost money in March 2011 and this accts for low EPS for 2011.
Concerning earning estimates.  It would appear that a tax write off will increase the earnings for 2010 up to about $1.22, which does not really reflect what they will earn.  I have lowered estimate
Nov 29, 2010.  When I last looked at this stock, I got 2009 and 2010 estimates of $1.47 for 1.53 for FFO, $.50 and $.52 for earnings $1.21 and $1.08 for Cash Flow.
The REIT announced it will reduce its monthly cash distributions to unitholders by half to $0.06 per unit  commencing with the January 2009 distribution. The cashflow retained from the reduced 
distribution will be used to finance construction of The Bow, an H&R's development project in Calgary.  The Bow is a 58 storey office tower.
2006.  Does not seem like a bad stock.  Return over last 5 years is good.  OPM is really down in 2005 and this does not look good.
H&R Real Estate Investment trust is an open-ended real estate investment trust.
They have a portfolio of office properties, single-tenant industrial properties, retail properties and development projects. They operate across Canada and US.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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