ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $34.30 (Toronto symbol AP.UN; Units outstanding: 77.9 million; Market cap: $2.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.3%; www.alliedreit.com) owns 146 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 10.5 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 spent $400 million acquiring properties in 2012, $182.4 million in 2013 and $234.9 million in 2014. In the first half of 2015, it added three more for $136.1 million.
The new buildings helped raise the trust’s revenue by 13.0% in the quarter ended June 30, 2015, to $91.1 million from $80.6 million a year earlier. Cash flow rose 19.0%, to $42.0 million from $35.3 million. Cash flow per unit gained 5.9%, to $0.54 from $0.51, on more units outstanding.
The units trade at 15.3 times Allied’s forecast 2015 cash flow of $2.24 a unit. They yield 4.3%.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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