ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $35.96(Toronto symbol AP.UN; Units outstanding: 78.5 million; Market cap: $2.8 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.alliedreit.com) owns 150 office buildings, mostly in major Canadian cities. These properties—mainly Class I—contain over 10.5 million square feet of leasable area.
Class I refers to 19th- and early-20th-century industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
Allied spent $42.9 million acquiring two properties in the three months ended March 31, 2016. That’s on top of the $164.8 million it spent to buy five properties in 2015.
The new buildings helped raise the trust’s revenue by 4.8% in the quarter, to $93.8 million from $89.5 million a year earlier. Cash flow per unit rose 5.9%, to $0.54 from $0.51.
The units trade at 15.4 times Allied’s forecast 2016 cash flow of $2.34 a unit. They yield 4.2%.
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Privacy Policy and Terms of Use
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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