ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $34.29 (Toronto symbol AP.UN; Units outstanding: 68.7 million; Market cap: $2.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.1%; www.alliedpropertiesreit.com) owns 133 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 2013, it added $182.4 million more.
Allied’s new buildings helped raise its revenue by 18.4% in the quarter ended December 31, 2013, to $81.4 million from $68.7 million a year earlier. Cash flow per unit rose 13.3%, to $0.51 from $0.45.
The trust recently raised its monthly distribution by 3.7%, to $0.1175 from $0.1133. It now yields 4.1%.
In July 2012, Allied entered into a joint venture with RioCan REIT to buy buildings in urban areas that they can “intensify” to increase revenue and cash flow, mainly by adding tenants.
RioCan and Allied 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 five projects underway, all in Toronto.
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