![]() | |
Company type | Public |
---|---|
TSX: HR.UN S&P/TSX Composite Component | |
Industry | REIT - Commercial |
Founded | 1996 |
Founder | Thomas J. Hofstedter |
Headquarters | Toronto, Ontario , Canada |
Key people | Thomas J. Hofstedter (President and Chief executive officer) |
Website | http://www.hr-reit.com |
H&R Real Estate Investment Trust is a Canadian open-ended real estate investment trust, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization (after RioCan and Choice Properties). H&R's portfolio includes 40 office properties, 161 retail properties, and 105 industrial properties and 11 other properties, with a total value of $13 billion. [1] It is listed on the Toronto Stock Exchange.
H&R was founded in 1996 by Thomas J. Hofstedter, through a $173 million IPO on the Toronto Stock Exchange. [2] The original assets of the trust were office buildings owned by Hofstedter's family firm. [2]
In February 2007, H&R agreed to become the developer and owner of The Bow, Encana's new Calgary headquarters complex. [3] It paid $70 million for the land, and Encana signed a 25-year lease. Construction was briefly halted in December 2008 due to a $400 million shortage of financing needed to finish the job. [4] The project continued to move forward, despite the unresolved financing issues. [5] In April 2009, a secondary tower in the project, the 200,000-square-foot (19,000 m2) building planned for a block south of the main tower, was put on hold for at least two years. Construction on the main tower, however, continued, having secured the remaining $475 million required for completion of the structure. [6] H&R had to cut its monthly distribution by half as a result of the financing. [2]
In May 2012, the trust purchased 1/3 of Scotia Plaza, in co-ordination with Dundee REIT, who purchased the other 2/3. The total purchase price was $1.27 billion. [7] In June 2016, H&R sold its stake in Scotia Plaza. [8]
In January 2013, H&R offered to purchase Primaris REIT, a Canadian REIT primarily owning enclosed shopping malls, for $2.7 billion, or $27.5 a share. [9] Primaris had previously received a hostile takeover offer led by KingSett Capital for $26 a share. [9] Primaris, originally called Borealis Retail REIT, had been founded through a spin-off of several retail properties owned by the Ontario Municipal Employees System in 2003. [10] It owned 43 enclosed shopping malls at the time of the proposed acquisition, while H&R primarily owned office buildings and power centres. [2] H&R and KingSett eventually agreed to split Primaris between them, with H&R getting approximately 25 properties worth $3.1 billion and rights to the Primaris name, while the KingSett group received 18 properties worth $1.8 billion. [11] With the reduced deal, H&R failed to become the largest Canadian REIT, as it would have been under the initial deal. [11]
In November 2023, Primaris REIT acquired Halifax Shopping Centre for $370 million. [12]
In December 2014, the company sold 50% ownership in a portfolio of industrial properties for $731 million. [13] In November 2017, the company announced that it planned to sell 91 of its US retail and industrial properties, for a total of US$895 million. [14] [15] Money from the sales would go in part to buy US residential properties. In recent years, the company has experienced poor financial results, due in part to the closures of Target Canada and Sears Canada. [16]
H&R has a diversified portfolio of properties. Multi-residential properties accounted for 23% of its portfolio, up from 1% in 2014. Over the same period, retail decreased from 39% to 28%, office decreased from 51% to 41%, and industrial has remained at approximately 8%. [17] United States market exposure increased to 42%, up from 23% in 2014. Canadian markets declined from 77% to 58%, with Ontario accounting for 28% as of 2019. [17] [ needs update ]
Prominent office properties owned by H&R include The Bow (Calgary), the TransCanada Tower (Calgary), the Atrium (Toronto), and Hess Tower (Houston). [18] Corus Quay was sold to George Brown College and Halmont Properties Corp. in 2023. [19]
Most of H&R's Canadian retail properties are in its Primaris subsidiary. Notable malls owned by Primaris include Sunridge Mall (Calgary), Orchard Park (Kelowna), Place D'Orleans (Ottawa), Dufferin Mall (Toronto), Cataraqui Centre (Kingston), Place du Royaume (Chicoutimi), Stone Road Mall (Guelph), Medicine Hat Mall (Medicine Hat), Park Place Mall (Lethbridge), Kildonan Place (Winnipeg), Sherwood Park Mall (Sherwood Park), Grant Park Shopping Centre (Winnipeg), and St. Albert Centre (St. Albert). [18]
H&R also owns multi-family residential properties, primarily in the southern US, and partially under its Lantower Residential subsidiary. [16]
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the property management of the company's real estate portfolio, which includes facilities in the office, multi-family residential, retail, hospitality, and logistics industries.
Scotia Plaza is a commercial skyscraper in the city of Toronto, Ontario, Canada. Originally built to serve as the global headquarters of Canadian bank Scotiabank, it is in the financial district of the downtown core bordered by Yonge Street on the east, King Street West on the south, Bay Street on the west, and Adelaide Street West on the north. At 275 m (902 ft), Scotia Plaza is Canada's third tallest skyscraper and the 52nd tallest building in North America. It is connected to the PATH network, and contains 190,000 m2 (2,045,143 sq ft) of office space on 68 floors and 40 retail stores.
RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. As of 2024, it has an enterprise value of approximately $14.3 billion and owns 188 properties with a net leasable area of 33 million square feet. The company properties are located across Canada. The current chief executive officer is Jonathan Gitlin.
Conestoga Mall is a shopping mall located at 550 King Street North in Waterloo, Ontario, Canada. Located at King Street's interchange with the Conestoga Parkway, it is the largest shopping centre in Waterloo, and third-largest in Waterloo Region. The mall is owned and operated by the shopping centre development company Ivanhoé Cambridge, which is a principal real estate subsidiary of Caisse de dépôt et placement du Québec.
Sunridge Mall is a major enclosed shopping mall in Calgary, Alberta containing 830,599 square feet / 77,165 m² of retail space. It is in the city's northeast quadrant, located at the corner of 36 Street NE and 20 Avenue NE, adjacent to the Rundle LRT station, sunridge Spectrum Movie Theatre, and the Peter Lougheed Centre. Sunridge Mall is owned and operated by Primaris Management Inc, a division of H&R REIT.
Burlington Centre is a 721,000 square feet (67,000 m2) shopping mall located in Burlington, Ontario, Canada. It is one of the two enclosed malls in Burlington, Ontario, the other being the Mapleview Centre. The stores at Burlington Centre include Hudson's Bay, Homesense, Old Navy and Winners. It has two floors, the upper floor covers the wing leading to the food court, the floor above the food court area, and the second floor of Hudson's Bay. The Hudson's Bay store gained national media attention in 2021 for its Zellers pop-up shop.
Halifax Shopping Centre, located in Halifax, Nova Scotia, is Atlantic Canada's largest multi-building shopping centre. The centre is owned and operated by Primaris REIT. The property consists of an enclosed shopping centre with 641,585 square feet (59,605.2 m2) of leasable area, which attracts over 110,000 people each week, and an adjacent property with larger format retailers and office tower called Halifax Shopping Centre Annex with an additional 419,776 square feet (38,998.5 m2) of leasable area, including a 53,846 square feet (5,002.5 m2) office tower, Chebucto Place. Mumford Professional Centre is immediately adjacent to the annex property and represents an additional 237,084 square feet (22,025.8 m2) of leaseable space.
Park Lane is a three-storey shopping mall with 40+ shops in Halifax, Nova Scotia, Canada. It is located on Spring Garden Road and is owned by Universal Properties.
Fleur de Lys centre commercial is a shopping mall located in the Vanier borough of Quebec City, Quebec, Canada built in 1963. It is located across from L'Institut de réadaptation en déficience physique de Québec and close to the Videotron Centre. It is anchored by Walmart and Maxi. The mall is access by Quebec Autoroute 973 and Quebec Route 138 via boulevard Wilfrid-Hamel.
Northland Village Mall is an open-air shopping mall located in northwest Calgary, Alberta. The mall opened in 1971, with it being further expanded in 2005. The mall began major renovations in 2021, with demolition to redevelop the mall happening throughout the year 2022 to turn it into an open-air facility. Prior to 2021, Northland Mall was a one-level shopping centre with over 60 retail shops and services.
CapitaLand is a real estate investment and management firm headquartered in Singapore.
Dream Office REIT is a Canadian real estate investment trust (REIT).
Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.
First Capital REIT is a Canadian public real estate company, specializing in retail real estate, and based in Toronto, Ontario. It is one of the largest retail landlords in Canada.
Morguard Corporation is a Canadian real estate company, based in Mississauga, Ontario. It owns retail, residential, office, industrial, and hotel properties, as well as managing real estate and financial investments for institutional investors. As of October 2017, it owned $9.4 billion in real estate, and managed an additional $12.6 billion.
SmartCentres Real Estate Investment Trust is a Canadian real estate investment trust, based in Vaughan, Ontario. It specializes in retail real estate, especially power centres. Almost all of its malls have Walmart as a tenant; SmartCentre's logo features a family of penguins with shopping bags.
Choice Properties Real Estate Investment Trust is a Canadian unincorporated, open-ended real estate investment trust (REIT) based in Toronto, Ontario. It is the largest real estate investment trust in Canada, with an enterprise value of $16 billion. It mainly owns Canadian retail properties anchored by its major tenant and majority unit holder, Loblaw Companies, Canada's largest food retailer, which is controlled by the Weston family. It is listed on the Toronto Stock Exchange.
Cominar is the owner, operator, investor, and developer of real estate across retail, office, residential and mixed-use asset classes, mainly in Québec.
Canadian Apartment Properties REIT (CAPREIT) is a Canadian real estate investment trust headquartered in Toronto, Ontario, Canada. CAPREIT is the largest publicly traded apartment landlord in Canada, with over $17.7 billion in assets, as of December 2021. As of 2022, CAPREIT owns or has interests in approximately 67,000 residential apartments, townhomes and manufactured housing units across Canada, the Netherlands and Ireland.
Northwest Healthcare Properties is an international real estate investment trust (REIT) based in Toronto, Canada.