Dear Pat: I would appreciate your current analysis of Extendicare REIT. I invest for the long term, and look for safety and high yield dividends/distributions for new money added to my portfolio. Your comments, please. Thanks.
Extendicare REIT, $9.90, symbol EXE.UN on Toronto (Units outstanding: 79.3 million; Market cap: $772.0 million), is one of the largest retirement and nursing-home operators in North America. Extendicare’s 258 long- and short-term senior-care facilities can house about 28,800 residents.
In the three months ended December 31, 2009, Extendicare’s revenue fell 6.7%, to $522.5 million from $559.7 million. Cash flow per unit before one-time items rose 20.7%, to $0.35 from $0.29, largely because Extendicare cut its costs during the quarter.
Extendicare’s units yield 8.5%. The real estate investment trust pays out roughly 42% of its cash flow as distributions.
Extendicare’s cash flow is steady, and it is in a growing business. However, finding qualified employees remains a problem for the company, and the senior-care industry as a whole. This will become increasingly difficult as the recovering economy gives workers more options.
Provinces regulate nursing-home fees in Canada, and provincial programs provide substantial funding. A big part of Extendicare’s U.S. revenue also comes from…
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