H&R’s objective is to maximize NAV per Unit through ongoing active management of H&R’s assets and the development and construction of projects.
H&R’s Office portfolio is comprised of 23 properties throughout Canada and four properties in select markets in the United States, aggregating 7.3 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 8.8 years as at March 31, 2022. The Office portfolio is leased on a long-term basis to creditworthy tenants, with 80.7% 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 40 properties throughout Canada which includes grocery-anchored and single-tenant retail properties as well as 15 automotive-tenanted retail properties and one multi-tenant retail property in the United States. In addition, it also holds a 33.7% 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 40 properties in Canada and 254 properties in the United States comprising 6.1 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 8.7 years as at March 31, 2022.
The Industrial segment consists of 69 industrial properties throughout Canada and three properties in the United States comprising 8.6 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 5.4 years as at March 31, 2022.
The Residential segment, operating as Lantower Residential, consists of 23 residential properties in select markets in the United States comprising 8,305 residential rental units, at H&R’s ownership interest, as at March 31, 2022. 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
- Philippe Lapointe
- Larry Froom
- Robyn Kestenberg
- Cheryl Fried
- Blair Kundell
- Matt Kingston
- Jason Birken
- Schuyler Levine
Thomas J. Hofstedter
Executive Chairman and Chief Executive Officer
Tom Hofstedter has more than 40 years of experience in the commercial and residential real estate sector in North America. Since becoming 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 of $3.9 billion and total assets of $11.4 billion.
Philippe Lapointe is the President of H&R REIT and the founder of H&R’s Lantower Residential platform. As President, Mr. Lapointe is involved in investment strategy, capital redeployment and investor relations for H&R and he also oversees Lantower Residential , including 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.
Larry Froom, CPA, CA
Chief Financial Officer
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 and financial reporting. Prior to this, he was VP Finance at H&R Developments, overseeing financing and accounting of every division including residential apartments, condo developments and single family construction. 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.
Executive Vice President, Office & Industrial
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.
Cheryl Fried, CPA, CA
Executive Vice President, Finance
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
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.
Executive Vice President, Development & Construction
Matt Kingston joined H&R REIT in 2018 to lead the Canadian Development and Construction Department. Prior to joining H&R, Mr. Kingston held a number of senior roles for prominent Canadian Real Estate Companies – most recently, he was the Vice President, Development for Minto Properties (now Minto Apartment REIT) where he oversaw the development approvals and construction for the entire new development platform. Mr. Kingston has an Undergraduate Degree in Economics from Western University and has taken post graduate studies in Law at the London School of Economics and Leadership Training at Harvard Business School.
Jason Birken, CPA, CA
Vice President, Finance
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
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.
Mark Cowie is a Trustee of H&R REIT and is a member of the Investment Committee. Mr. Cowie has over 40 years of experience in the commercial real estate industry. His experience extends through a broad range of categories including management, advisory, principal and partner in a multiple of platforms within the commercial real estate space, including office, industrial, investment, retail, residential and self-storage. Mr. Cowie is currently a Principal with Cowie Capital Partners, a Toronto based investment platform focused primarily on commercial real estate and other private company equity investments. Prior to Cowie Capital, Mr. Cowie held numerous senior management and advisory roles with Colliers International and its predecessor firm Leasco Realty which he joined in 1980 and was often recognized as one of the top advisors at the firm and in the industry across Canada. Mr. Cowie is a graduate of the Richard Ivey School of Business, London, Ontario and resides in Toronto.
Jennifer Chasson is a Trustee of H&R REIT and is a member of the Audit Committee. Ms. Chasson is a partner at Zeifmans LLP and the founder and President of Springbank Capital Corporation (previously Chasson Financial). Established in 2004, Springbank Capital is a boutique corporate finance advisory firm bringing investment banking to entrepreneurs in the Canadian mid-market. Having led and advised on more than 100 financings and corporate sale transactions, including a number of real estate related mandates, Jennifer brings a wealth of experience in business valuation, strategy, structuring and negotiation, navigating clients from the planning stage through to close. Her 25+ year career began at Coopers & Lybrand where she was first exposed to M&A performing due diligence for large corporate acquisitions. Jennifer’s experience also includes underwriting term and mezzanine debt financings for Roynat Capital and originating and executing corporate acquisitions as Managing Director for Counsel Corporation. She has sat on the board of directors for Big Brothers Big Sisters of Canada and Women Entrepreneurs of Canada. Jennifer earned her CPA, CA and CBV designations in 1996 and 2006, respectively.
Stephen Gross is a Trustee of H&R REIT and is a member of the Investment Committee. Mr. Gross graduated from Brooklyn College of the City University of New York in 1993 with a B.Sc. in Accounting and received his LL.B/J.D. from Osgoode Hall Law School in 1996. Mr. Gross is a Principal of Initial Corporation, which is a private real estate investment company located in Toronto, Ontario focused on the seniors housing/retirement home and multi-family industries in Ontario and Québec. Mr. Gross is also a director of Cross River Bank, a New Jersey chartered bank located in Teaneck, New Jersey, and is a member of its lending/credit and compensation committees. Prior to this, Mr. Gross was a lawyer with the firm of Minden Gross LLP, a law firm located in Toronto, Ontario. Mr. Gross also previously served on the board of trustees of H&R Finance Trust from 2008 until its dissolution in 2018.
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 Executive Chairman and Chief Executive Officer of H&R REIT and has been the Chief Executive Officer 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.
Juli Morrow is a Trustee of H&R REIT. Ms. Morrow is Counsel 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 and is a member of the Audit and Investment Committees. 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 Vice-Chair and independent Lead Trustee of H&R REIT and is a member of the Audit and 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.