Smart moves position these REITs for gains

Article Excerpt

ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $42 (Toronto symbol AP.UN; Cyclical- Growth Payer Portfolio, Manufacturing & Industry sector; Units outstanding: 92.7 million; Market cap: $3.9 billion; Dividend yield: 3.7%; Dividend Sustainability Rating: Above Average; www.alliedreit.com) owns 157 office buildings, mainly in major Canadian cities. Together, they comprise over 11.8 million square feet of leasable space. Most of the properties are classified as Class I buildings. That designation refers to 19th- and early-20th-century industrial buildings now used as office space. They often have exposed beams and brick walls, and hardwood floors. With the January 2018 payment, Allied raised its monthly distribution by 2.0%, to $0.13 a unit from $0.1275. The new annual rate of $1.56 yields 3.7%. The REIT continues to grow steadily by acquisition. In the first nine months of 2017, it spent $76.5 million on three properties. For a total of $30 million, it also recently sold its five properties in Winnipeg as well as a building in Edmonton. In the three months…

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