Allied’s new project lands a big tenant

Article Excerpt

ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $42 (Toronto symbol AP.UN; Cyclical-Growth Payer Portfolio, Manufacturing & Industry sector; Units o/s: 103.8 million; Market cap: $4.4 billion; Dividend yield: 3.7%; Divd. Sustainability Rating: Above Average; www.alliedreit.com) owns 147 office buildings, mainly in major Canadian cities. With the January 2018 payment, Allied raised its monthly distribution by 2.0%. The new annual rate of $1.56 a unit yields 3.7%. In September 2018, Shopify Inc. (Toronto symbol SHOP) agreed to lease up to 433,752 square feet of office space at Allied’s 50%-owned mixed-used development in downtown Toronto (called The Well). RioCan REIT (Toronto symbol REI.UN) owns the remaining 50%. As a result of the Shopify signing, Allied has now leased 71% of the office space available. Allied Properties is a buy. buy…

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