Two top REITs for growth and income

Article Excerpt

All of our real estate investment trust (REIT) recommendations have moved up in the past year, but we think they still have plenty of growth ahead—at relatively low risk. ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $26.07 (Toronto symbol AP.UN; Units outstanding: 51.9 million; Market cap: $1.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.1%; www.alliedpropertiesreit.com) owns 100 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 7.8 million square feet of leasable area. Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to office and retail space. They usually feature exposed beams, interior brick and hardwood floors. In 2011, the trust bought 22 properties for $456 million. It now has 57 buildings in Toronto (which contain 42.9% of Allied’s leasable area); 15 in Montreal (35.9%); nine in Calgary (5.3%); seven in Winnipeg (5.3%); five in Quebec City (2.4%); four in Vancouver/Victoria (3.3%); two in Edmonton (3.7%); and one in Kitchener-Waterloo (1.2%). Allied has…

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