H&R REIT: Diversified Commercial Real Estate in Canada

H&R REIT (TSX: HR.UN), a Toronto-based fully internalized real estate investment trust, manages a North American property portfolio with total assets valued at $9.1 billion as of December 31, 2025.

The company maintains a market capitalization of $3.0 billion and oversees more than 25 million square feet of residential, industrial, office and retail properties.

Portfolio Composition and Diversification

The trust’s asset allocation is heavily weighted toward residential and industrial sectors. According to the company’s fair value of real estate assets, the portfolio is distributed as follows:

• Residential: 59%
• Industrial: 25%
• Office: 12%
• Retail: 4%

While headquartered in Ontario, H&R REIT has a significant international footprint, with 70% of its portfolio value located in the United States.

Strategic Shift and Corporate History

Founded in 1996 by Thomas J. Hofstedter through a $173 million initial public offering on the Toronto Stock Exchange, the trust originally focused on office buildings owned by the Hofstedter family firm.

The company underwent a strategic review in 2021 that led to a shift in its asset concentration. This process included the spin-off of Primaris REIT, which consisted of enclosed malls, and the sale of its Bow office tower in Calgary.

Following these changes, H&R REIT became the eighth largest REIT in Canada by market capitalization.

Key Property Holdings

The trust’s residential portfolio includes several Lantower properties and other high-density developments across the United States, such as:

• Jackson Park in Long Island City, New York
• River Landing in Miami, Florida, which serves as a mixed-use site featuring residential, retail, and office spaces
• Lantower Weston Corners in Cary, North Carolina
• Lantower Westshore in Tampa, Florida
• Lantower Edgewater in Austin, Texas

In the industrial sector, H&R REIT holds interests in major distribution and commerce hubs, including:

• Canadian Tire distribution centres located in Brampton, Ontario, and Calgary, Alberta
• Meadowvale Commerce Park in Mississauga, Ontario
• Sleep Country industrial facilities

The company currently employs 432 people and continues to operate as an open-ended real estate investment trust specializing in commercial and multi-residential real estate.