LOBLAW COMPANIES $42(Toronto symbol L; Sharesoutstanding: 281.6 million; Marketcap: $11.8 billion; TSINetworkRating: Above Average; Dividendyield: 2.1%; www.loblaw.ca) is upover 25% since December 6, 2012,when it said that it plans to form areal estate investment trust (REIT) tohold the bulk of its real estate assets.
The company currently owns 47million square feet of real estate witha value between $9 billion and $10billion.
Loblaw will transfer 35 millionsquare feet of these holdings—includingstores, warehouses andoffice buildings—to the REIT. In all,these assets are worth about $7billion. Loblaw will then rent theseproperties from the new trust.
After the company completes thistransaction in mid-2013, it will sellunits of the new REIT to the public.Loblaw will hang on to a majoritystake.
This move makes sense forLoblaw. REITs pay no income taxes,which gives them more cash todevelop and expand their properties.As well, the REIT structure will makeit easier for Loblaw to attract a widervariety of tenants to its newdevelopments.
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