riocan
Toronto symbol REI.UN, is Canada’s largest REIT. It specializes in large, Big Box-style retail shopping centres.
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $32.50 (Toronto symbol AP.UN; Units outstanding: 68.2 million; Market cap: $2.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.alliedpropertiesreit.com) owns 134 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 9.5 million square feet of leasable area.
Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
The trust bought $400 million worth of properties in 2012. In the first half of 2013, it added a further $170.2 million worth. Allied has a 92.0% occupancy rate.
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Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
The trust bought $400 million worth of properties in 2012. In the first half of 2013, it added a further $170.2 million worth. Allied has a 92.0% occupancy rate.
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RIOCAN REAL ESTATE INVESTMENT TRUST $24.19 (Toronto symbol REI.UN; Units outstanding: 300.7 million; Market cap: $7.3 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 348 shopping malls containing over 83 million square feet of leasable area. That total includes 50 U.S. malls with over 13.7 million square feet.
Earlier this year, RioCan ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended June 30, 2013, RioCan’s revenue rose 9.7%, to $272 million from $248 million a year earlier. Cash flow per unit increased 8.1%, to $0.40 from $0.37. The units yield 5.8%.
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Earlier this year, RioCan ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended June 30, 2013, RioCan’s revenue rose 9.7%, to $272 million from $248 million a year earlier. Cash flow per unit increased 8.1%, to $0.40 from $0.37. The units yield 5.8%.
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LOBLAW COS. $45.67 (Toronto symbol L; Shares outstanding: 282.1 million; Market cap: $12.8 billion; TSINetwork Rating: Above Average; Dividend yield: 2.1%; www.loblaw.ca) has transferred the bulk of its real estate holdings to a new, publicly traded real estate investment trust called Choice Properties REIT, $10.10, Toronto symbol CHP.UN.
Loblaw sold a 16.9% interest in the REIT to the public in July 2013 as a new issue at $10. It kept 83.1% of Choice Properties’ units.
Choice owns 425 properties, including 415 supermarkets and shopping centres, nine warehouses and one office building. Ontario accounts for 43.2% of its earnings, followed by Quebec (17.8%), Alberta (13.1%), B.C. (7.7%), Saskatchewan (5.1%), Nova Scotia (4.6%), New Brunswick (3.9%), Manitoba (2.5%), Newfoundland (1.7%) and P.E.I. (0.4%).
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Loblaw sold a 16.9% interest in the REIT to the public in July 2013 as a new issue at $10. It kept 83.1% of Choice Properties’ units.
Choice owns 425 properties, including 415 supermarkets and shopping centres, nine warehouses and one office building. Ontario accounts for 43.2% of its earnings, followed by Quebec (17.8%), Alberta (13.1%), B.C. (7.7%), Saskatchewan (5.1%), Nova Scotia (4.6%), New Brunswick (3.9%), Manitoba (2.5%), Newfoundland (1.7%) and P.E.I. (0.4%).
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LOBLAW COS. $45.67 (Toronto symbol L; Shares outstanding: 282.1 million; Market cap: $12.8 billion; TSINetwork Rating: Above Average; Dividend yield: 2.1%; www.loblaw.ca) has transferred the bulk of its real estate holdings to a new, publicly traded real estate investment trust called Choice Properties REIT, $10.10, Toronto symbol CHP.UN.
Loblaw sold a 16.9% interest in the REIT to the public in July 2013 as a new issue at $10....
Loblaw sold a 16.9% interest in the REIT to the public in July 2013 as a new issue at $10....
RIOCAN REAL ESTATE INVESTMENT TRUST $24.19 (Toronto symbol REI.UN; Units outstanding: 300.7 million; Market cap: $7.3 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 348 shopping malls containing over 83 million square feet of leasable area....
BLACKBERRY LTD., $8.28, Toronto symbol BB, has accepted a $9.00 U.S.-a-share takeover offer from a consortium led by Fairfax Financial Holdings (Toronto symbol FFH). Fairfax is the smartphone maker’s largest investor, with roughly 10% of its outstanding shares. This tentative agreement gives BlackBerry until November 4, 2013, to secure a better deal. It will also give Fairfax and its potential partners time to examine BlackBerry’s financial condition. If BlackBerry accepts a rival offer, it will have to pay a $157.2-million U.S. break fee to Fairfax. That fee would rise to around $262 million U.S. if the company signs a binding deal with Fairfax and does not go through with it. However, Fairfax would not have to pay a fee if it cancels the deal....
RIOCAN REAL ESTATE INVESTMENT TRUST $24 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 302.6 million; Market cap: $7.3 billion; Price-to-sales ratio: 4.5; Dividend yield: 5.9%; TSINetwork Rating: Average; www.riocan.com) owns 348 retail properties in Canada, including 15 under development. It also owns 50 malls in the U.S.
The trust continues to expand through acquisitions. In the second quarter of 2013, RioCan acquired seven properties for $460 million. As part of its plan to focus on larger cities, RioCan also sold four properties in smaller markets for $364 million. As a result, big cities now account for 72.1% of its rental revenue, up from 67.5% at the end of 2012.
These new properties are also diversifying RioCan’s portfolio beyond its suburban big-box-style malls. For example, its recent purchases include two enclosed malls in Ontario. The trust is also redeveloping certain properties in Toronto as mixed-use office, retail and residential complexes.
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The trust continues to expand through acquisitions. In the second quarter of 2013, RioCan acquired seven properties for $460 million. As part of its plan to focus on larger cities, RioCan also sold four properties in smaller markets for $364 million. As a result, big cities now account for 72.1% of its rental revenue, up from 67.5% at the end of 2012.
These new properties are also diversifying RioCan’s portfolio beyond its suburban big-box-style malls. For example, its recent purchases include two enclosed malls in Ontario. The trust is also redeveloping certain properties in Toronto as mixed-use office, retail and residential complexes.
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ISHARES CDN REIT SECTOR INDEX FUND $15.05 (Toronto symbol XRE; buy or sell through brokers; ca.ishares.com) holds the 15 Canadian real estate investment trusts (REITs) in the S&P/TSX Capped REIT Index. The weight of each REIT is limited to 25% of the ETF’s value.
iShares CDN REIT’s expenses are 0.60% of its assets. The fund yields 5.2%.
The ETF’s largest holding is RioCan REIT at 19.4%, followed by H&R REIT (14.5%), Dundee REIT (8.3%), Canadian REIT (7.4%), Calloway REIT (6.7%), Cominar REIT (6.1%), Boardwalk REIT (5.9%), Canadian Apartment REIT (5.7%), Allied Properties REIT (5.5%), Artis REIT (4.8%), Chartwell REIT (4.4%), Granite REIT (4.3%), Dundee International REIT (2.3%), Northern Property REIT (2.3%) and Crombie REIT (1.9%).
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iShares CDN REIT’s expenses are 0.60% of its assets. The fund yields 5.2%.
The ETF’s largest holding is RioCan REIT at 19.4%, followed by H&R REIT (14.5%), Dundee REIT (8.3%), Canadian REIT (7.4%), Calloway REIT (6.7%), Cominar REIT (6.1%), Boardwalk REIT (5.9%), Canadian Apartment REIT (5.7%), Allied Properties REIT (5.5%), Artis REIT (4.8%), Chartwell REIT (4.4%), Granite REIT (4.3%), Dundee International REIT (2.3%), Northern Property REIT (2.3%) and Crombie REIT (1.9%).
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RIOCAN REAL ESTATE INVESTMENT TRUST $24 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 302.6 million; Market cap: $7.3 billion; Price-to-sales ratio: 4.5; Dividend yield: 5.9%; TSINetwork Rating: Average; www.riocan.com) owns 348 retail properties in Canada, including 15 under development....