The trust’s move to double its spending on property acquisitions this year has boosted both revenue and cash flow.
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST (Toronto symbol AP.UN; www.alliedreit.com) owns 150 office buildings, mostly in major Canadian cities. These properties—mainly Class I—contain over 11.6 million square feet of leasable area.
Class I refers to 19th- and early-20th-century industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
Allied has increased its acquisition activity this year; so far, it has spent $347.1 million buying seven properties in major Canadian cities, including Calgary, Toronto and Montreal. That’s a big jump from the $164.8 million it spent for a total of five properties in 2015.
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The new buildings helped raise the trust’s revenue by 3.5% in the three months ended June 30, 2016, to $94.2 million from $91.0 million a year earlier. Cash flow rose 1.2%, to $42.5 million from $42.0 million. Cash flow per unit was unchanged at $0.54, due to the issue of more shares as part of those recent acquisitions.
The units trade at 16.7 times Allied’s forecast 2016 cash flow of $2.21 a unit. They yield 4.1%.
I worked in an Allied building in downtown Toronto for many years and was always impressed with its management, so much so, in fact, I bought shares in the Reit. Your analysis confirms my decision as a wise one. Thank you, kindly.
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I worked in an Allied building in downtown Toronto for many years and was always impressed with its management, so much so, in fact, I bought shares in the Reit. Your analysis confirms my decision as a wise one. Thank you, kindly.
I also like Allied’s buildings, and the yield.