ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $34.39 (Toronto symbol AP.UN; Units outstanding: 64.0 million; Market cap: $2.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.0%; www.alliedpropertiesreit.com) owns 126 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 9.1 million square feet of leasable area.
Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to office and retail space. They usually feature exposed beams, interior brick and hardwood floors.
The trust bought $456 million worth of properties in 2011. In the first three quarters of 2012, it added a further $300 million of acquisitions. Allied has a 92.1% occupancy rate.
Allied’s new buildings helped increase its revenue by 31.2% in the three months ended September 30, 2012, to $66.9 million from $51.0 million a year earlier. Cash flow per unit jumped 37.0%, to $0.37 from $0.27. Allied yields 4.0%.
In July 2012, Allied entered into a joint venture with RioCan REIT to buy buildings in urban areas that the partners can “intensify” to increase revenue and cash flow—mainly by adding tenants. Allied and RioCan will combine their expertise to make these buildings into mixed-use office/retail/residential developments. Adding a big partner like RioCan is a major plus for Allied.
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