DUNDEE REIT $33.17 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dundeereit.com; Units outstanding: 104.4 million; Market cap: $3.7 billion; Dividend yield: 6.8%) owns and manages 24.1 million square feet of office and retail space across Canada.
As the Canadian economy improves, the trend in interest rates is likely to be upward. That rise—or the anticipation of an increase—can push down prices of REITs and high-yielding stocks, such as utilities. That’s largely why a number of REITs, including Dundee, have moved down lately.
When interest rates rise, REITs may suffer because they have a lot of mortgage debt, and it’s more expensive to raise money and refinance existing loans. As well, their units, which typically offer high yields, compete with fixed-income instruments for investor interest.
However, higher interest rates are usually accompanied by increased economic activity and growth. That’s good for REITs, because it pushes up demand for space and lets them raise their rental rates. This leads to rising cash flows and higher distributions.
In the three months ended March 31, 2013, Dundee REIT’s revenue jumped 36.2%, to $189.6 million from $139.2 million a year earlier. Cash flow rose 32.1%, to $61.6 million from $46.7 million.
However, cash flow per unit fell 3.2%, to $0.61 from $0.63, on more units outstanding. The trust issued new units to pay for acquisitions: it bought $2.6 billion worth of new buildings in 2012. So far this year, it has made $459.5 million of acquisitions.
The trust recently raised its monthly distribution by 2.2%, to $0.187 from $0.183, for a 6.8% yield.
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