CANADIAN REIT $36.18 (Toronto symbol REF.UN; Units outstanding: 67.3 million; Market cap: $2.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.0%; www.creit.ca) owns over 160 properties, including retail, industrial and office buildings, located across Canada and in the Chicago area. These properties contain over 24 million square feet of leasable area. Its occupancy rate is 93.7%.
In the three months ended September 30, 2011, the real estate investment trust’s revenue rose 5.5%, to $83.7 million from $79.4 million a year earlier. Cash flow per unit rose 5.3%, to $0.60 from $0.57.
Canadian REIT bought $264.5 million of properties in 2011, including its June 2011 purchase of two fully leased malls in Mississauga, Ontario, for $174.4 million. Tenants include Future Shop, Famous Players, Chapters, Rona and National Sports.
The REIT pays a monthly distribution of $0.12 per unit. That gives it an annualized yield of 4.0%.
Canadian REIT’s broad diversification cuts its risk. Its geographic breakdown is as follows: Alberta, 34%; Ontario, 30%; Atlantic Canada, 14%; B.C., 10%; Quebec, 8%; the Prairies, 2%, and the U.S., 2%. Retail properties make up 58% of its assets, followed by office, 21%; and industrial, 21%.
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