Dundee keeps growing

Article Excerpt

DUNDEE REIT $35.56 (Toronto symbol D.UN; TSINetwork Rating: Speculative) (416- 365-3535; www.dundeereit.com; Shares outstanding: 97.7 million; Market cap: $4.0 billion; Dividend yield: 6.3%) owns and manages 24.1 million square feet of office and retail space. In the three months ended March 31, 2013, Dundee REIT’s revenue jumped 36.2%, to $189.6 million from $139.2 million a year earlier. The trust bought $2.6 billion worth of new buildings and added 9.9 million square feet of office space in 2012. So far this year, it has made $459.5 million of acquisitions and added 1.4 million square feet. These new properties supplied most of the revenue increase. Cash flow jumped 32.1%, to $61.6 million from $46.7 million. However, cash flow per unit fell 3.2%, to $0.61 from $0.63, on more units outstanding. The trust issued new units to pay for the acquired properties. Dundee REIT yields 6.3%. Dundee REIT is a buy. buy…