ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $19.87 (Toronto symbol AP.UN; Units outstanding: 39.1 million; Market cap: $777.1 million; SI Rating: Extra Risk; Dividend yield: 6.6%) owns office buildings in Toronto, Montreal, Quebec City and Winnipeg. These mainly Class I properties contain over 5.7 million square feet of leasable area.
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.
The trust has 53 mainly Class I properties in Toronto (these contain 52.7% of Allied’s leasable area). It also has 13 Class I buildings in Montreal (35.8%), seven in Winnipeg (6.7%), five in Quebec City (3.2%) and one in Kitchener-Waterloo (1.5%).
Allied finished the three months ended March 31, 2010, with a 95.0% occupancy rate. During the quarter, it renewed or replaced 35.6% of its leases that expire in 2010, mostly at or above previous rates. That will push up its rental income per square foot by 5.3% in the properties that have extended or signed new leases.
The trust generated $47.2 million of revenue, up 27% from $37.1 million a year earlier. Cash flow rose 19.6%, to $14.7 million from $12.3 million. Cash flow per unit fell 2.6%, to $0.38 from $0.39, on more units outstanding. The units yield 6.6%.
Allied Properties REIT is a buy.
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