Topic: How To Invest

Q: Pat: What do you think of Partners REIT? Thank you.

Article Excerpt

A: Partners REIT, $8.03, symbol PAR.UN on Toronto (Units outstanding: 25.2 million; Market cap: $202.3 million; www.partnersreit.com), owns 33 retail properties in B.C., Alberta, Manitoba, Ontario and Quebec. In all, these shopping centres contain 2.3 million square feet of leasable space. Partners’ properties include malls and shopping centres that are mostly located in smaller cities, such as London, Ontario, and Selkirk, Manitoba. Its largest tenants include Canadian Tire, Shoppers Drug Mart, Sears, Rona and Metro. The trust completed its purchase of NorRock Realty Finance Corporation in early 2012. NorRock holds a portfolio of mortgage loans and investments connected to Canadian commercial real estate. After it closed the deal, Partners consolidated its units on a one-for-four basis. In the first nine months of 2012, Partners paid $143.5 million for nine retail and mixed-use properties in B.C., Alberta, Ontario and Quebec. In all, these buildings contain 569,000 square feet of leasable area. These purchases helped push up the trust’s revenue by 81.8% in the…