H&R REIT (HR-U) fell 10% after announcing a conclusion to its review with no viable bids. Instead of a takeout, the portfolio will get carved up - with management highlighting $2.6B of potential sales in the coming weeks…

… likely reducing its Canadian footprint, given 3.4M square feet of retail and office exposure was moved to held for sale - attracting a $482M write down. The sales should tighten H&R’s focus on the U.S. residential and industrial markets…

… and give the company the liquidity it needs to meet >$2B of debt maturities through 2027 and return capital to shareholders.