CANADIAN REIT $49.40 (Toronto symbol REF.UN; Units outstanding: 69.3 million; Market cap: $3.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.5%; www.creit.ca) owns 198 properties, including retail, industrial and office buildings, across Canada and in Chicago. These holdings contain almost 24.1 million square feet of leasable area. The trust’s occupancy rate is 95.3%.
In the three months ended June 30, 2014, Canadian REIT’s revenue rose 3.5%, to $102.0 million from $98.6 million a year earlier. Cash flow per unit gained 4.2%, to $0.74 from $0.71.
Canadian REIT added $191.1 million worth of new buildings in 2013. That followed $401.9 million of property purchases in 2012, including a 50% stake in Calgary Place, a 575,000-square-foot office and retail complex, for $156.0 million. So far this year, it has made one acquisition: a 261,000-square-foot industrial property near Toronto’s Pearson International Airport for $29.3 million.
The trust raised its distribution in February 2014. It now pays $0.1458 monthly, up 6.0% from $0.1375. That gives it a 3.5% yield.
The REIT’s broad diversification cuts its risk. It has 37% of its assets in Alberta, followed by Ontario, 26%; Atlantic Canada, 14%; Quebec, 11%; B.C., 9%; the Prairies, 1%; and the U.S., 2%. Shopping malls account for 55% of its square footage, followed by office (23%) and industrial (22%).
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