H&R’s objective is to maximize NAV per Unit through ongoing active management of H&R’s assets, acquisition of additional properties and the development and construction of projects.
H&R’s Office portfolio is comprised of 28 properties throughout Canada and five properties in select markets in the United States, aggregating 10.7 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 12.2 years as at December 31, 2020. The Office portfolio is leased on a long-term basis to creditworthy tenants, with 85.5% of office revenue from tenants with investment grade ratings. With a very long average lease term and high credit tenants, this segment tends to generate very stable, gradual growth in property operating income driven by contractual rental rate increases, and to a lesser extent, lease renewals.
The Retail segment consists of a portfolio of 67 properties throughout Canada which includes enclosed shopping centres, single-tenant retail properties and multi-tenant retail plazas throughout Canada and 16 single-tenant retail properties in the United States. In addition, it also holds a 33.6% interest in ECHO, a privately held real estate and development company which focuses on developing and owning a core portfolio of grocery anchored shopping centres in the United States. In total, this segment includes 67 properties in Canada and 260 properties in the United States comprising 13.7 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 6.9 years as at December 31, 2020.
The Industrial segment consists of 84 industrial properties throughout Canada and three properties in the United States comprising 9.3 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 6.4 years as at December 31, 2020.
The Residential segment, operating as Lantower Residential, consists of 23 residential properties in select markets in the United States comprising 7,831 residential rental units, at H&R’s ownership interest, as at December 31, 2020. The investment policy of Lantower Residential is to acquire or develop class A properties in U.S. Sun Belt cities where there is strong population and employment growth and to develop properties with partners in gateway cities.
- Thomas J. Hofstedter
- Larry Froom
- Alex Avery
- Robyn Kestenberg
- Philippe Lapointe
- Patrick Sullivan
- Cheryl Fried
- Blair Kundell
- Jason Birken
- Schuyler Levine
Thomas J. Hofstedter
President and Chief Executive Officer, H&R Real Estate Investment Trust
Tom Hofstedter has more than 40 years of experience in the commercial and residential real estate sector in North America. Since becoming President and Chief Executive Officer of H&R REIT at its creation in December 1996, H&R has been among the fastest growing REITs in Canada. Applying a disciplined strategy to acquisition and selective development under Tom’s leadership, H&R REIT is one of the largest REIT’s in Canada with a market capitalization in excess of $4.0 billion and total assets of approximately $13.4 billion.
Larry Froom, CPA, CA
Chief Financial Officer, H&R Real Estate Investment Trust
Larry Froom has been with the H&R group since 1997 and has served as CFO of the REIT since September 2006. Mr. Froom is responsible for overseeing all transactions, corporate finance, financial reporting and investor relations. Prior to joining H&R, Mr. Froom was a manager at Ernst & Young where he serviced clients in the real estate industry. Mr. Froom earned a Bachelor of Accounting at the University of Witwatersrand in South Africa and holds a Chartered Accountant designation.
Alex Avery, Executive Vice President, Asset Management & Strategic Initiatives, H&R Real Estate Investment Trust
Mr. Avery is responsible for the REIT’s asset management activities and strategy, and brings over 20 years of experience in real estate and capital markets, with a focus on investment strategy, capital allocation and capital structure. His experience includes portfolio management of real estate securities with FrontFour Real Asset Alternatives, sell-side research at CIBC Capital Markets and consulting and advisory work at Altus Group. Mr. Avery earned his CFA designation, holds both a Master of Business Administration and a Bachelor of Engineering & Management from McMaster University, and is a Chartered Surveyor and Member of the Royal Institution of Charted Surveyors.
Executive Vice President, Corporate Development, H&R Real Estate Investment Trust
Robyn Kestenberg joined H&R REIT in 2010 and plays a key role in acquisitions, dispositions and leasing across H&R’s office, industrial and retail segments. Prior to joining H&R, Ms. Kestenberg was a Senior Partner in the Commercial Leasing and Real Estate Group at Minden Gross LLP’s Toronto office, focusing on all matters of real estate, including leasing, acquisitions and dispositions, financing, property management agreements and joint ventures. Ms. Kestenberg represented developers, landlords and tenants of all sizes, including REITs and Pension Funds with national property holdings, as well as national and regional retailers. Ms. Kestenberg was admitted to the Ontario Bar in 1990.
Chief Operating Officer, Lantower Residential
Philippe Lapointe is the Chief Operating Officer of Lantower Residential and has led the company since its inception in 2014. Mr. Lapointe is responsible for the firm’s day-to-day operations in addition to overseeing the acquisition, development and financing of all Lantower Residential investments. Prior to Lantower Residential, Mr. Lapointe was the Executive Vice President of a Dallas-based investment company, where he oversaw the firm’s capital deployment and day-to-day operations in addition to establishing direction for the firm’s business planning and strategy. Mr. Lapointe holds a Law degree from Laval University and a Master of Business Administration from INSEAD. He is currently an active member of Young Presidents Organization (YPO), the National Multifamily Housing Council (NMHC) as well as the Urban Land Institute (ULI) and is based in Dallas, Texas.
Chief Operating Officer, Primaris Management Inc.
Patrick Sullivan leads the senior management group at Primaris and is responsible for strategic and operational aspects for the company. Prior to this appointment, Mr. Sullivan served as Primaris’ Senior Vice President, Portfolio Management since 2011, where he had overall responsibility of operations and leasing for Primaris’ portfolio of properties. Previously, he was Vice-President, Portfolio Management for Western Canada. Mr. Sullivan holds a Bachelor of Commerce degree from the University of British Columbia.
Cheryl Fried, CPA, CA
Executive Vice President, Finance, H&R Real Estate Investment Trust
Cheryl Fried joined H&R REIT in 2006 as Controller, was promoted to Vice President, Accounting in 2010 and Executive Vice President, Finance in 2014. As Executive Vice President, Finance, Ms. Fried is responsible for overseeing corporate finance, accounting and public reporting. Prior to joining H&R, Ms. Fried was a manager at KPMG where she serviced clients in the real estate industry. Ms. Fried earned a Bachelor of Arts at The City University of New York and holds a Chartered Accountant designation.
Executive Vice President, Operations, H&R Real Estate Investment Trust
Blair Kundell is responsible for building operations, tenant services and joint health and safety. Mr. Kundell was previously H&R REIT’s General Manager, Operations and was promoted to Vice President, Operations in 2014. Mr. Kundell holds a Bachelor of Arts (Economics) from the University of Western Ontario.
Jason Birken, CPA, CA
Vice President, Finance, H&R Real Estate Investment Trust
Mr. Birken joined H&R REIT in 2011 as Controller, and was promoted to Vice President, Finance in 2014. As Vice President, Finance, Mr. Birken is involved in financial reporting, finance and compliance functions, treasury management and investor relations. Prior to joining H&R REIT, Mr. Birken was a Senior Associate at PricewaterhouseCoopers LLP where he served clients in a variety of industries including real estate. Mr. Birken holds a Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Accountant.
Schuyler Levine, CPA, CA
Vice President, Taxation, H&R Real Estate Investment Trust
Mr. Levine joined H&R REIT in 2018. As Vice President, Taxation, Mr. Levine is responsible for overseeing all tax matters and plays a key role in many other areas including financial reporting and transactions. Prior to joining H&R REIT, Mr. Levine was a senior manager at KPMG LLP where he specialized in advising REITs and real estate developers. Mr. Levine earned an Honors Business Administration degree from the Richard Ivey School of Business and is a Chartered Accountant.
Alex Avery is a Trustee of H&R REIT and is Executive Vice President, Asset Management & Strategic Initiatives. Mr. Avery’s experience includes a broad variety of roles including portfolio management of real estate securities, with FrontFour Real Asset Alternatives, 12 years with CIBC Capital Markets, where he was Managing Director and led its North American real estate research team, and appraisal and valuation consulting with Altus Group, as well as consulting engagements. He has been consistently recognized as a thought leader in real estate strategy, leadership and governance by institutional investors, as a TopGun Analysis by Brendan Wood International. Mr. Avery earned his CFA designation, holds both a Master of Business Administration and a Bachelor of Engineering & Management from McMaster University, and is a Chartered Surveyor and Member of the Royal Institution of Chartered Surveyors.
Robert E. Dickson
Rob Dickson is a Trustee of H&R REIT and is a member of the Audit, and Compensation, Governance and Nominating Committees. Since June 2011, Mr. Dickson has been a strategic mergers and acquisitions advisor in the marketing and communications industry and is the Founder and Managing Director of R&D Venture Partners. Prior to that, from 2000, Mr. Dickson was Managing Director, MDC Partners Inc., a global marketing and business transformation organization, and Executive Vice-President, Corporate Development, Maxxcom Inc., a marketing communications organization, both public companies. Prior to that time, Mr. Dickson practiced corporate law at Fraser Milner Casgrain LLP (now Dentons LLP) where he specialized in mergers and acquisitions and financing transactions. Mr. Dickson’s academic and professional experience demonstrates expertise in the areas of law and finance. Mr. Dickson was a trustee of Edgefront (Nexus) REIT and director of Invesque Inc. and is currently a director of Trillium Acquisition Corp. (a capital pool company). Mr. Dickson graduated from University College, Oxford in 1980 with a B.A. (Jurisprudence) and graduated from the University of Toronto Law School in 1982 with an LL.B.
Brenna Haysom is a Trustee of H&R REIT and is a member of the Compensation, Governance and Nominating Committee. Ms. Haysom is the Chief Executive Officer of Rally Labs. Prior to founding Rally Labs in 2010, Ms. Haysom worked in the Private Equity Group at Apollo Global Management, Inc., where she focused on both equity and credit investing across a range of industries. She started her career at Lazard Frères & Co in New York where she worked in both the Mergers & Acquisitions and Restructuring groups. Ms. Haysom serves on the board of directors of Venerable Insurance and Annuity Company, an Iowa insurance company focused on the consolidation of variable annuity blocks. Ms. Haysom also serves on the board of directors of Apollo Commercial Real Estate Finance Inc. (NYSE: ARI). Ms. Haysom has an AB with honors in Social Studies from Harvard College and an MBA from Harvard Business School.
Thomas J. Hofstedter
Tom Hofstedter is the President and Chief Executive Officer of H&R REIT and has been since its creation in December 1996. Mr. Hofstedter is also a member of the Investment Committee. Prior to joining the REIT, Mr. Hofstedter was head of H&R Development’s commercial division. Mr. Hofstedter attended the University of Toronto and became a member of The Institute of Chartered Accountants in 1978.
Laurence A. Lebovic
Laurence Lebovic is a Trustee of H&R REIT and is a member of the Investment Committee. Mr. Lebovic is currently the Chief Executive Officer of Runnymede Development Corporation Ltd., a real estate development corporation, and has been since 1993. Mr. Lebovic was formerly a partner at the law firm of Minden Gross LLP. and is also the investment advisor to a non-profit foundation managing assets in excess of $120 million. Mr. Lebovic graduated cum laude with a B.Sc. from John Hopkins University in 1966 and received his LL.B. from Osgoode Hall Law School in 1971.
Juli Morrow is a Trustee of H&R REIT. Ms. Morrow is a partner at Goodmans LLP, one of Canada’s premier transaction law firms, and is one of Canada’s preeminent real estate lawyers. Ms. Morrow’s practice focuses commercial real estate transactions, including acquisitions, dispositions, mortgage financing, leasing, management agreements and joint ventures. Ms. Morrow has been recognized as one of Canada’s leading real estate lawyers by Chambers Global and a number of other sources. Ms. Morrow earned a B.C.L. from McGill University in 1975, an LL.B from McGill University in 1976 and a LL.M from the University of Toronto in 1979. Ms. Morrow joined Goodmans LLP in 1977.
Marvin Rubner is a Trustee of H&R REIT. Since 1982, Mr. Rubner has been the manager and founder of YAD Investments Limited, which is a private investment corporation located in Toronto, Ontario which invests in, manages and develop commercial, retail and residential apartment buildings primarily in Canada and the United States.
Ronald Rutman is the Chairman of the Board of Trustees of H&R REIT and is a member of the Investment, Compensation, Governance and Nominating Committees. Mr. Rutman has been a partner at Zeifmans LLP, Chartered Accountants (formerly Zeifman & Company, Chartered Accountants) for over 40 years and has substantial real estate experience. Mr. Rutman graduated from the Commerce and Finance Program of the University of Toronto in 1975 and received his designation as a Chartered Accountant in 1976.