PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $17.32 - Toronto symbol PMZ.UN

PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $17.32 (Toronto symbol PMZ.UN; Units outstanding: 67.6 million; Market cap: $1.2 billion; SI Rating: Extra Risk; Dividend yield: 7.0%) owns large malls in medium-sized Canadian cities. It also owns major shopping centres in suburbs of large cities. In all, the trust owns 28 properties that contain 10.5 million square feet of leasable area. Primaris has a 96.7% occupancy rate. Its major tenants include Hudson’s Bay Company, Sears, Shoppers Drug Mart, Loblaw, Reitmans, Canadian Tire and Best Buy. In the three months ended March 31, 2010, Primaris’s revenue rose 13.6%, to $78.4 million from $69.0 million a year earlier. Cash flow per unit rose 2.9%, to $0.36 from $0.35. the trust’s annual distribution of $1.22 gives the units a 7.0% yield. Primaris has just raised $85.2 million by selling 4.9 million new units for $17.30 each. It plans to use these funds to buy more properties later this year, likely at attractive prices. Primaris Retail REIT is a buy.

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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