CANADIAN REIT $43.32 (Toronto symbol REF.UN; Units outstanding: 68.7 million; Market cap: $3.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.8%; www.creit.ca) owns 194 properties, including retail, industrial and office buildings, across Canada and in Chicago. These holdings contain over 19.7 million square feet of leasable area. The trust’s occupancy rate is 94.9%.
In the three months ended September 30, 2013, Canadian REIT’s revenue rose 6.8%, to $94.3 million from $88.3 million a year earlier. Cash flow per unit gained 8.8%, to $0.62 from $0.57.
Canadian REIT added $197.6 million worth of new buildings in the first three quarters of 2013. That followed property purchases totalling $401.9 million in 2012, including a 50% stake in Calgary Place, a 575,000-square-foot office and retail complex, for $156.0 million.
In May, the trust raised its distribution for the second time in 2013. Canadian REIT now pays $0.1375 monthly, up 6.6% from $0.129. That gives it a 3.8% yield.
The REIT’s broad diversification cuts its risk. It has 37% of its assets in Alberta, followed by Ontario, 26%; Atlantic Canada, 15%; Quebec, 11%; B.C., 9%; the Prairies, 1%; and the U.S., 1%. Shopping malls account for 55% of its properties, followed by industrial (24%) and office (21%).
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