ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $19.55 (Toronto symbol AP.UN; Units outstanding: 39.0 million; Market cap: $763.3 million; SI Rating: Extra Risk; Dividend yield: 6.8%) owns office buildings in Toronto, Montreal, Quebec City and Winnipeg. These mainly Class I properties contain over 5.8 million square feet of leasable area. Allied has a 96.2% occupancy rate.
Class I refers to 19th and early 20th-century light industrial buildings that have been restored and converted to office and retail space. These properties usually feature high ceilings, natural light, exposed beams, interior brick and hardwood floors.
Allied has 54 mainly Class I properties in Toronto (these contain 53.7% of the trust’s leasable area). It also has eight Class I buildings in Montreal (34.9%), seven in Winnipeg (6.7%) and six in Quebec City (3.2%).
The trust has a diverse tenant base that consists of business-service and professional firms (29.4% of revenue), telecommunications and information technology (23.4%), media and entertainment (16.9%), retail (13.9%), other industries (8.5%), financial-service (6.5%) and government (1.4%).
Allied generated revenue of $36 million in the three months ended September 30, 2009. That’s up 6.0% from $34 million a year earlier. Cash flow per unit was up 8.1%, to $0.40 from $0.37. Allied’s annual distribution of $1.32 gives the units a 6.8%
yield.
Allied Properties REIT is a buy.
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