ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $32.50 (Toronto symbol AP.UN; Units outstanding: 68.2 million; Market cap: $2.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.alliedpropertiesreit.com) owns 134 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 9.5 million square feet of leasable area.
Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
The trust bought $400 million worth of properties in 2012. In the first half of 2013, it added a further $170.2 million worth. Allied has a 92.0% occupancy rate.
Allied’s new buildings helped increase its revenue by 17.1% in the three months ended June 30, 2013, to $73.4 million from $62.7 million a year earlier. Cash flow per unit rose 9.1%, to $0.48 from $0.44. Allied yields 4.2%.
In July 2012, Allied entered into a joint venture with RioCan REIT (see at left) to buy buildings in urban areas that they can “intensify” to increase revenue and cash flow, mainly by adding tenants. Allied and RioCan are combining their expertise to make these buildings into mixed-use office/retail/ residential developments. Adding a big partner like RioCan is a major plus for Allied. So far, they have three projects underway, all in Toronto.
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