H&R Real Estate Investment Trust

What H&R Real Estate Investment Trust does

H&R Real Estate Investment Trust (TSX: HR.UN) is a Toronto-headquartered, publicly traded Canadian REIT founded in 1996 that owns and manages a diversified North American portfolio of 105 high-quality residential, industrial, office, and retail properties totaling over 20.3 million square feet and $8.1 billion in total assets as of March 31, 2026. The company operates through four reportable segments: Residential via its wholly-owned Lantower Residential platform (26 properties, 8,929 rental units concentrated in U.S. Sun Belt markets), Industrial (65 properties totaling 8.3 million sq ft across Canada and one U.S. asset, with a 5.2-year weighted average lease term), Office (12 properties, 3.3 million sq ft, 80% of revenue from investment-grade tenants), and Retail (a single multi-tenant U.S. property). The portfolio is anchored by trophy assets including Jackson Park (Long Island City), River Landing (Miami), Two Gotham Center, and Front St. (Toronto), with multiple LEED certifications.

Revenue is generated almost entirely through rental income from direct property leasing to creditworthy tenants across Canada and the United States, supplemented by development fee economics from projects including Lantower Midtown and West Love (both Dallas, completed 2024) and 560 & 600 Slate Dr. (Mississauga, expected Q2 2026). The trust distributes monthly cash to unitholders at $0.05/unit (~$0.60 annualized, ~5.8% yield) and operates a fully internalized management structure, currently externalizing Lantower property management to Greystar effective April 1, 2026 to capture ~$5M in annual cost savings. Capital structure includes $250M of senior unsecured debentures (BBB via DBRS, February 2024) and a 42.6% debt-to-total-assets ratio on a proportionate share basis. Notable corporate events include the 2013 Primaris Retail REIT acquisition, the 2022 Primaris spin-off (HOOPP transaction), and ongoing June 2026 acquisition discussions with Blackstone following a November 2025 failed nine-month strategic review that triggered a 9.8% unit-price decline and a planned $2.6 billion asset divestiture program.

Name

H&R Real Estate Investment Trust

Legal name

H&R Real Estate Investment Trust

Website

https://hr-reit.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

H&R REIT (TSX: HR.UN) is a Toronto-based Canadian REIT that owns and manages 105 North American residential, industrial, office, and retail properties totaling 20.3 million square feet and $8.1 billion in assets, serving creditworthy institutional tenants and residential renters primarily in U.S. Sun Belt markets.

Ownership category

akta.pro rank

Product category

Diversified Real Estate Investment Trust

NAICS

Real Estate and Rental and Leasing (53), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Diversified REIT
• Commercial real estate
• Residential rentals
• Industrial properties
• Property leasing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Rental Income: H&R REIT generates revenue primarily through rental income from its portfolio of residential, industrial, office, and retail properties across Canada and the United States. Revenue is derived from long-term leases with contractual rental rate increases, lease renewals, and occupancy payments from tenants.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

H&R Real Estate Investment Trust owns and operates a diversified portfolio of 105 properties across residential, industrial, office, and retail segments in Canada and the United States. The Trust generates revenue primarily through rental income from leasing commercial space to business tenants and residential units to individual renters, with a total portfolio of approximately 20.3 million square feet and $8.1 billion in total assets. As one of Canada's largest fully internalized REITs, H&R manages all aspects of property operations internally through its residential platform (Lantower Residential) and direct commercial leasing teams.

Product overview

H&R Real Estate Investment Trust is one of Canada's largest fully internalized REITs with a platform-plus-segments architecture. The company operates through four distinct segments: Residential (Lantower Residential with 26 properties and 8,929 units), Industrial (65 properties totaling 8.3 million sq ft), Office (12 properties with 3.3 million sq ft), and Retail (1 property with 491K sq ft). The portfolio includes featured properties such as Jackson Park (1,871 residential units in NYC), River Landing (mixed-use in Miami), and various Lantower-branded residential communities in U.S. Sun Belt markets. The company also maintains active development projects including Lantower Midtown and Lantower West Love in Dallas, TX, both completed in 2024.

Differentiator

Problem solved

Functional benefit

Brands

• Lantower Residential: Residential segment operating as Lantower Residential, consisting of 26 residential properties in select markets in the United States comprising 8,929 residential rental units.

Products and services

• H&R REIT Units (TSX: HR.UN) Publicly traded trust units on the Toronto Stock Exchange representing an ownership interest in H&R REIT; investors receive monthly cash distributions (e.g., $0.05 per unit). Designed for retail and institutional investors seeking exposure to a diversified Canadian/U.S. real estate portfolio.
• Lantower Residential

Quantifiable outcome

• Same-property net operating income growing 1.6% year-over-year
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• GreystarcoreStrategic or Co-development Partner · 29 January 2026Lantower Residential, H&R's residential platform, announced it will externalize property management operations to Greystar effective April 1, 2026. This move is expected to yield approximately $5 million in annual cost savings and enhance strategic flexibility for the residential platform.
• Tishman SpeyercoreStrategic or Co-development PartnerH&R REIT and Tishman Speyer acquired a parcel for 1.2 million square feet mixed-use development in Long Island City, New York for the Jackson Park project.
• HOOPP (Healthcare of Ontario Pension Plan)coreStrategic or Co-development PartnerHOOPP acquired 50% of TransCanada Tower in Calgary from H&R REIT. Also involved in Primaris transaction as a key strategic partner.
• KingSett CapitalcoreStrategic or Co-development PartnerKingSett Capital led consortium with H&R REIT and Primaris for strategic transactions including amended transaction offering superior value to Primaris unitholders.

Scale indicators15 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Canadian Apartment Properties REIT (CAPREIT): One of Canada's largest residential REITs with multifamily apartments across Canada. Closest peer on the residential/multifamily side of H&R's Lantower platform, providing direct comparison for residential unit economics and Sun Belt/CAD cross-border exposure.
• RioCan REIT: Canadian REIT with retail and mixed-use focus that has been actively repositioning toward residential and industrial. Highly comparable given similar Canadian REIT structure, ongoing portfolio transformation, and TSX-listed REIT model.
• Choice Properties REIT: Canadian REIT focused on retail and industrial properties backed by Loblaw. Comparable as a TSX-listed diversified REIT with similar size and a multi-asset-class portfolio undergoing strategic evolution.
• SmartCentres REIT: Canadian REIT with retail, office, industrial, and residential exposure. Comparable in portfolio mix, geographic focus on Canada, and TSX-listed structure with similar unit-price dynamics.
• Primaris REIT: Canadian REIT focused on shopping centres, spun off from H&R in 2022 via Plan of Arrangement. Direct historical relationship and overlapping retail asset class make it a meaningful peer for benchmarking H&R's residual retail exposure.
• Dream Industrial REIT: Canadian REIT specializing in industrial and logistics properties across Canada and Europe. Direct peer on H&R's 25% industrial segment and provides comparable for Canadian logistics portfolio valuations.
• Granite REIT: Canadian REIT owning industrial, logistics, and warehouse properties across North America and Europe. Comparable for industrial segment performance and provides a benchmark for cross-border industrial exposure similar to H&R's.
• AvalonBay Communities: U.S. large-cap apartment REIT focused on Class A multifamily in high-growth coastal and Sun Belt markets. Closest U.S. peer to H&R's Lantower Residential platform for benchmarking Sun Belt Class A rental performance.
• Mid-America Apartment Communities (MAA): U.S. multifamily REIT concentrated in the Sun Belt. Direct peer for H&R's Lantower Sun Belt residential strategy with overlapping geographic markets including Texas and Florida.

Broad incumbents

• Brookfield Property Partners: Large diversified global real estate owner-operator under Brookfield Asset Management. Comparable as a much larger incumbent that competes for the same institutional capital and large asset transactions across all four of H&R's asset classes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks4 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about H&R Real Estate Investment Trust