ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $21.54 (Toronto symbol AP.UN; Units outstanding: 42 million; Market cap: $904.4 million; TSINetwork Rating: Extra Risk; Dividend yield: 6.1%) owns office buildings in Toronto, Montreal, Quebec City and Winnipeg. These mainly Class I properties contain over 6.3 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 added four new properties in 2010. It now has 60 mainly Class I properties in Toronto (these contain 49.4% of Allied’s leasable area). It also has 10 Class I buildings in Montreal (34.2%), eight in Winnipeg (6.4%), five in Quebec City (2.9%), two in Kitchener-Waterloo (4.2%), two in Calgary (1.4%) and one in Vancouver (1.5%).
Allied finished the three months ended September 30, 2010, with a 95.0% occupancy rate. It has renewed or replaced leases that expired in 2010, mostly at or above previous rates. That will slightly increase its rental income per square foot in the properties that have extended or signed new leases.
The trust’s revenue was $45.2 million in the latest quarter, up 25.4% from $36.0 million a year earlier. Cash flow rose 15.4%, to $16.4 million from $14.2 million. Cash flow per unit fell 8.9%, to $0.42 from $0.46, on more units outstanding. Allied’s $0.11 monthly distribution gives the units a 6.1% yield.
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