Tom Hofstedter, the chief executive officer of H&R REIT, and his family could get a cheque for millions, if not tens of millions, for buying Primaris Retail REIT, but no one knows exactly how much the final payment will be.

Like many real estate investment trusts, H&R’s properties are managed by an external company, H&R Property Management, which takes care of day-to-day operations such as leasing. This company is owned by members of the Hofstedter family as well as by members of the Rubinstein family (the “R” in H&R), and is paid annual fees that amount to 2 per cent of the REIT’s gross revenue every year.