186:'s new Calgary headquarters complex. 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. The project continued to move forward, despite the unresolved financing issues. In April 2009, a secondary tower in the project, the 200,000-square-foot (19,000 m) 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. H&R had to cut its monthly distribution by half as a result of the financing.
205:
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. Primaris had previously received a hostile takeover offer led by KingSett Capital for $ 26 a share. Primaris, originally called Borealis Retail
226:
In
December 2014, the company sold 50% ownership in a portfolio of industrial properties for $ 731 million. 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. Money from the sales would go in part to buy US
210:
in 2003. It owned 43 enclosed shopping malls at the time of the proposed acquisition, while H&R primarily owned office buildings and power centres. H&R and KingSett eventually agreed to split
Primaris between them, with H&R getting approximately 25 properties worth $ 3.1 billion and
243:
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%. United States market
789:
211:
rights to the
Primaris name, while the KingSett group received 18 properties worth $ 1.8 billion. With the reduced deal, H&R failed to become the largest Canadian REIT, as it would have been under the initial deal.
699:
757:
386:
645:
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H&R was founded in 1996 by Thomas J. Hofstedter, through a $ 173 million IPO on the
Toronto Stock Exchange. The original assets of the trust were office buildings owned by Hofstedter's family firm.
781:
899:
510:
162:
subsidiary includes 40 office properties, 161 retail properties, and 105 industrial properties and 11 other properties, with a total value of $ 13 billion. It is listed on the
820:
691:
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904:
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378:
637:
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894:
478:
150:, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization (after
325:
H&R also owns multi-family residential properties, primarily in the southern US, and partially under its
Lantower Residential subsidiary.
500:
584:
889:
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exposure increased to 42%, up from 23% in 2014. Canadian markets declined from 77% to 58%, with
Ontario accounting for 28% as of 2019.
151:
728:
666:
197:, who purchased the other 2/3. The total purchase price was $ 1.27 billion. In June 2016, H&R sold its stake in Scotia Plaza.
350:
38:
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407:
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residential properties. In recent years, the company has experienced poor financial results, due in part to the closures of
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Most of H&R's
Canadian retail properties are in its Primaris subsidiary. Notable malls owned by Primaris include
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667:"'We want to own malls': Primaris REIT CEO on $ 370M Halifax shopping centre purchase - BNN Bloomberg"
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750:"Growth-by-acquisition strategy can come with drawbacks for REITS, RBC report shows"
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REIT, had been founded through a spin-off of several retail properties owned by the
232:
190:
557:"Dream Office REIT to sell 50 percent interest in Scotia Plaza to KingSett, AIMCo"
840:
870:"H&R sells Toronto's Corus Quay BLDG. To Halmont, George Brown for $ 232.5M"
194:
692:"H&R REIT to sell part-ownership in real estate holdings for $ 731-million"
264:
260:
37:
17:
379:"H&R's bid for top spot gets cool reception from Primaris's investors"
638:"Fight over Primaris REIT ends with $ 4.6-billion 'friendly club deal'"
267:
was sold to George Brown
College and Halmont Properties Corp. in 2023.
66:
178:
In
February 2007, H&R agreed to become the developer and owner of
408:"H&R REIT buying property for EnCana's new Calgary HQ | CBC News"
183:
585:"H&R to acquire Primaris in $ 2.75-billion cash and stock deal"
207:
721:"H&R REIT to sell 91 U.S. retail, industrial properties"
814:"Pg 3 H&R 2019 Year-end Audited Financial Statements"
132:
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Prominent office properties owned by H&R include
158:). H&R's portfolio operating mostly through its
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114:
100:
92:
84:
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54:
44:
900:Companies listed on the Toronto Stock Exchange
8:
30:
532:"Scotiabank sells Scotia Plaza for $ 1.27B"
501:"Plans for Calgary's Bow tower to go ahead"
782:"Four reasons to buy this underloved REIT"
36:
29:
214:In November 2023, Primaris REIT acquired
189:In May 2012, the trust purchased 1/3 of
905:Real estate investment trusts of Canada
334:
835:
833:
808:
806:
776:
774:
632:
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499:Vanderklippe, Nathan (1 April 2009).
7:
579:
577:
469:"A Boom in Office Towers in Calgary"
373:
371:
369:
367:
141:H&R Real Estate Investment Trust
120:Thomas J. Hofstedter (President and
31:H&R Real Estate Investment Trust
437:"A sticky ending for the tar sands"
208:Ontario Municipal Employees System
25:
826:from the original on 2020-04-25.
725:Real Estate News Exchange (RENX)
610:"Primaris REIT in the spotlight"
895:Real estate companies of Canada
851:from the original on 2018-05-01
792:from the original on 2018-04-10
760:from the original on 2018-01-19
731:from the original on 2021-02-28
702:from the original on 2017-03-03
648:from the original on 2019-11-03
513:from the original on 2022-08-09
481:from the original on 2017-09-29
449:from the original on 2009-08-22
418:from the original on 2023-04-12
389:from the original on 2017-03-03
353:from the original on 2018-04-20
71:S&P/TSX Composite Component
1:
467:Baker, Linda (January 2009).
148:real estate investment trust
841:"H&R REIT - Properties"
921:
890:Companies based in Toronto
316:Grant Park Shopping Centre
35:
193:, in co-ordination with
27:Canadian investment firm
216:Halifax Shopping Centre
122:Chief executive officer
164:Toronto Stock Exchange
133:http://www.hr-reit.com
96:Thomas J. Hofstedter
445:. 15 January 2009.
343:"Corporate Profile"
218:for $ 370 million.
32:
786:The Globe and Mail
696:The Globe and Mail
506:The Globe and Mail
474:The New York Times
383:The Globe and Mail
312:Sherwood Park Mall
320:St. Albert Centre
314:(Sherwood Park),
300:Medicine Hat Mall
253:TransCanada Tower
156:Choice Properties
138:
137:
80:REIT - Commercial
16:(Redirected from
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318:(Winnipeg), and
302:(Medicine Hat),
292:Place du Royaume
288:Cataraqui Centre
105:Toronto, Ontario
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347:www.hr-reit.com
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304:Park Place Mall
296:Stone Road Mall
280:Place D'Orleans
259:(Toronto), and
255:(Calgary), the
251:(Calgary), the
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788:. 2017-08-29.
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756:. 2018-01-15.
754:Financial Post
741:
727:. 2017-11-16.
712:
698:. 2014-12-03.
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658:
644:. 2013-02-06.
642:Financial Post
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614:Financial Post
601:
589:Financial Post
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459:
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385:. 2013-01-17.
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322:(St. Albert).
308:Kildonan Place
306:(Lethbridge),
294:(Chicoutimi),
240:
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222:Recent history
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143:is a Canadian
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442:The Economist
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284:Dufferin Mall
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272:Sunridge Mall
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229:Target Canada
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201:Primaris REIT
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18:Primaris REIT
864:
853:. Retrieved
845:H&R REIT
844:
794:. Retrieved
785:
762:. Retrieved
753:
744:
733:. Retrieved
724:
715:
704:. Retrieved
695:
686:
675:. Retrieved
673:. 2023-11-20
670:
661:
650:. Retrieved
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618:. Retrieved
616:. 2010-05-03
613:
604:
593:. Retrieved
591:. 2013-01-17
588:
565:. Retrieved
563:. 2016-06-20
560:
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540:. Retrieved
538:. 2012-05-22
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515:. Retrieved
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355:. Retrieved
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310:(Winnipeg),
290:(Kingston),
276:Orchard Park
269:
246:
242:
233:Sears Canada
225:
213:
204:
191:Scotia Plaza
188:
177:
173:
159:
140:
139:
101:Headquarters
45:Company type
509:. Toronto.
286:(Toronto),
278:(Kelowna),
274:(Calgary),
263:(Houston).
195:Dundee REIT
884:Categories
855:2018-04-20
796:2018-04-20
764:2018-04-20
735:2018-04-20
706:2018-04-20
677:2023-11-27
652:2018-04-17
620:2018-04-17
595:2018-04-17
567:2018-04-17
542:2018-04-17
517:2015-09-12
485:2015-09-11
453:2015-09-11
422:2018-04-17
393:2018-04-17
357:2018-04-17
329:References
298:(Guelph),
282:(Ottawa),
265:Corus Quay
261:Hess Tower
239:Properties
145:open-ended
116:Key people
57:Traded as
849:Archived
821:Archived
790:Archived
758:Archived
729:Archived
700:Archived
646:Archived
511:Archived
479:Archived
447:Archived
416:Archived
387:Archived
351:Archived
160:Primaris
77:Industry
561:Reuters
249:The Bow
180:The Bow
170:History
129:Website
93:Founder
85:Founded
65::
257:Atrium
184:Encana
152:RioCan
109:Canada
49:Public
824:(PDF)
817:(PDF)
67:HR.UN
231:and
154:and
88:1996
671:BNN
412:CBC
63:TSX
886::
847:.
843:.
832:^
819:.
805:^
784:.
773:^
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20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
