Topic: How To Invest

Hi there: I was just wondering what you thought of the Whiterock Real Estate Investment Trust. Thanks.

Article Excerpt

Whiterock Real Estate Investment Trust, $13.95 symbol WRK.UN on Toronto (Units outstanding: 9.5 million; Market cap: $133.1 million), owns, develops and operates office, industrial and retail properties across Canada. Whiterock owns 24 office buildings, 13 industrial buildings and eight retail properties. These comprise 3.4 million square feet of leasable area. The trust gets 29% of its revenue from Ontario, 27% from Quebec, 17% from Saskatchewan, 16% from Alberta, and 11% from Atlantic Canada. Whiterock’s largest tenants include SIQ (a Quebec government agency), the Province of Ontario, Intact Insurance Co., the Government of Canada, the Province of Nova Scotia, Teranet and Sobeys. About 37% of Whiterock’s revenue comes from government tenants. In the three months ended September 30, 2009, Whiterock’s revenue rose 4.1%, to $15.4 million from $14.8 million. Cash flow per unit fell 21.2%, to $0.78 from $0.99 (all per-unit figures adjusted for a 2-for-1 split on November 11, 2009). Higher interest costs and lower interest income were the main reasons for…