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.
The Residential segment, operating as Lantower Residential, consists of 24 residential properties in select markets in the United States comprising 8,166 residential rental units, at H&R’s ownership interest, as at June 30, 2023. 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.
The Industrial segment consists of 69 industrial properties throughout Canada and three properties in the United States comprising 8.7 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 5.2 years as at June 30, 2023.
The Office segment is comprised of 18 properties throughout Canada and five properties in select markets in the United States, aggregating 5.8 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 7.1 years as at June 30, 2023. The Office portfolio is leased on a long-term basis to creditworthy tenants, with 81.1% 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 38 properties throughout Canada which includes grocery-anchored and single-tenant retail properties as well as 5 automotive-tenanted retail properties and one multi-tenant retail property in the United States. In addition, it also holds a 33.1% interest in ECHO, a privately held real estate and development company consisting of 234 properties, which focuses on developing and owning a core portfolio of grocery anchored shopping centres in the United States. In total, this segment includes 38 properties in Canada and 240 properties in the United States comprising 5.7 million square feet, at H&R’s ownership interest, with an average lease term to maturity of 8.3 years as at June 30, 2023.
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 $2.9 billion and total assets of $11.1 billion.
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.
Chief Operating Officer
Emily Watson is the Chief Operating Officer, bringing over 25 years of multifamily experience in operations, training and asset management. Emily is responsible for driving operational execution and performance, talent management, marketing and revenue management.
Prior to joining Lantower Residential, Emily was Managing Director for Berkshire Residential, overseeing over 21,000 units in 20 major markets throughout the United States. Previously, she held senior roles at Equity Residential, McDowell Properties and Buckingham Companies.
President, Property Management
Colleen is the President of Property Management and brings over 30 years of experience in operations, development and training. At Lantower, Colleen is responsible for the oversight of day-to-day operations of the entire portfolio. Additionally, Colleen sits on the Executive Committee for the Texas Apartment Association and is a past President of the Austin Apartment Association.
Prior to joining Lantower, Colleen held the position of President at CREA Management, where she successfully built a full-service management company specializing in new development lease-ups. Colleen has also worked for Berkshire Residential, Stream, Gables Residential and Equity Residential.
She graduated from the University of Texas at Dallas with a BBA in Business Management and holds her CAPS certification.
Executive Vice President, Development
Hunter is the Executive Vice President of Development and oversees the acquisitions and development departments. To date, he has participated in over $2 billion of Lantower's multifamily acquisitions. Additionally, Hunter is responsible for the site selection and process for all new developments.
Prior to joining Lantower Residential, Hunter worked in asset management and acquisitions for U. L. Coleman Companies, where he was responsible for underwriting, analytics, and financing of multifamily investments.
Hunter graduated with an MBA from Northwestern University, Kellogg School of Management. He is a member of the Urban Land Institute (ULI) and the National Multifamily Housing Council (NMHC).
Executive Vice President, Portfolio Management
Tony Duplisse is the Executive Vice President of Portfolio Management at Lantower Residential. He is responsible for providing market expertise and strategic direction for future portfolio growth and in the development and execution of operations and capital plans for all Lantower Residential investments.
Prior to Lantower Residential, Tony was the founder of a Scottsdale-based investment company, where he oversaw the firm's capital deployment and day-to-day operations. Tony has over 25 years of multifamily industry experience with public REITS and private equity including Equity Residential, Associated Estates and Fairfield Residential.
Tony holds a Master of Business Administration from the University of Oklahoma and is a Certified Commercial Investment Member (CCIM). He is a member of the National Multifamily Housing Council (NMHC).
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.
Executive Vice President - Accounting
Audrey oversees Lantower Residential's accounting department. Prior to joining Lantower, Audrey was a controller for Invitation Homes, a Blackstone real estate portfolio company and among the largest single-family rental companies in the United States. Previously, she was a corporate accounting manager for Tarragon Corporation, a public company that owned multifamily apartment communities, commercial properties, and developments. Audrey has over twenty years of accounting experience, most of which in the area of real estate.
Audrey graduated from The University of Texas at San Antonio.
Leonard Abramsky is a Trustee of H&R REIT and is a member of the Investment Committee. Mr. Abramsky is a real estate investor and advisor. He has over 38 years of experience in the commercial real estate industry. Mr. Abramsky is currently the President of The Dunloe Group Inc., a Toronto-based real estate investment company. In his current role, he actively oversees investments in private equity, real estate assets and private debt. Along with founding The Dunloe Group Inc., Mr. Abramsky was Managing Partner of Brookfield Financial Corp. (“BFIN”). From 2005 to 2018, he held positions of increasing responsibility with BFIN in a number of areas including the active trading and financing of all forms of commercial property (with a particular focus on retail assets) and overseeing the global expansion of the firm to 9 countries and 15 offices. During this time, he also served on the board of directors of Rouse Properties Inc., a United States public retail company which was privatized by Brookfield in 2016. Mr. Abramsky is a trustee of First Capital REIT (TSX:FCR.UN) where he also serves as a member of the audit and compensation committees. Mr. Abramsky is also a trustee of Dream Residential REIT (TSX:DDR.U), where he also serves as the chair of the governance, compensation and environmental committee and a member of the audit committee. Mr. Abramsky presently serves as Chair and member of the Investment Committee of the Jewish Foundation of Greater Toronto. He is former Co-Chair of the 2020 Annual UJA Campaign.
Lindsay Brand is a Trustee of H&R REIT and is a member of the Compensation, Environmental, Social & Governance Committee. Ms. Brand most recently served as the Chief Investment Officer of TSX-listed Dream Unlimited Corp., and Dream Hard Asset Alternatives Trust (now Dream Impact Trust) from May 2018 to February 2021. Prior to this, Ms. Brand served as the VP of Investments of TSX-listed Dream Unlimited Corp. and Dream Hard Assets Alternatives Trust (now Dream Impact Trust) from August 2014 to August 2018. In addition, Ms. Brand served as the Senior Analyst for Dream Global REIT (which was purchased by Blackstone in 2019) from April 2011 to May 2013. Ms. Brand originally joined Dream Office REIT in 2011 when it was one public company and over the 10 years she spent at the Dream Group of Companies, she participated in the growth of five public companies. In her role as Chief Investment Officer, Ms. Brand led over $2 billion of acquisitions and structured over $3 billion of development partnerships. Prior to the Dream Group of Companies, Ms. Brand was employed by Canadian Imperial Bank of Commerce holding positions in their Real Estate Commercial Banking Group and their Corporate Development Group. Ms. Brand holds a Bachelor of Arts & Honours Business of Administration (HBA) from the Richard Ivey School of Business in London, Ontario. In addition, Ms. Brand holds a Masters of Science in Real Estate Development from Columbia University in New York City. Ms. Brand is currently a trustee of True North Commercial REIT (TSX:TNT.UN) and a member of the audit committee. She is also a trustee of the Jewish Foundation of Greater Toronto, a member of the Canadian Advisory Committee and finance committee for Neuchatel Junior College and a member of the programs committee for NAIOP.
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.
Donald E. Clow
Donald Clow is the Independent Lead Trustee of H&R REIT and is a member of the Audit, Compensation, Environmental, Social & Governance and Nominating & Investment Committees. Mr. Clow was President and CEO of Crombie REIT from 2009 until 2023. Crombie REIT is a Canadian Real Estate Investment Trust that owns and operates 290 grocery anchored plazas, grocery stores, retail related industrial and mixed-use residential properties across Canada totaling over 18 million square feet with an enterprise value of approximately $6 billion, a market capitalization of approximately $3 billion and an urban mixed-use development pipeline of approximately $5-7 billion. Prior to joining Crombie REIT, Mr. Clow held the position of President, ECL Developments Ltd, the real estate development subsidiary of Empire Company Ltd. Before Empire he was President and minority owner of Southwest Properties Ltd., a residential and commercial real estate development company in Halifax. Mr. Clow was named Waterstone’s Most Admired CEO in Canada (Mid-Market) in 2023. Mr. Clow has been inducted into Atlantic Canada’s Top 50 CEOs Hall of Fame. Mr. Clow is a member of the Nova Scotia Sports Hall of Fame as a member of the 1981 Acadia Axemen Football team. Mr. Clow graduated from Acadia University with a BBA, earned his CA (now CPA) designation and was designated a Fellow Chartered Accountant (now FCPA) in 2002. In addition to leadership programs at the Harvard Business School and the Ivey School of Business, he is a graduate of the DEP at the Rotman School of Business and is a member of WPO, CEO and the Business Council of Canada. Mr. Clow was a trustee of Granite REIT from 2016-2019, a governor on Acadia University’s Board of Governors from 2012 to 2021 and is a Director on the Board of the QEII Health Sciences Centre Foundation.
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.
Stephen Gross is a Trustee of H&R REIT and is a member of the Investment and Compensation, Environmental, Social & Governance and Nominating Committees. 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, Environmental, Social & 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.