LOBLAW COMPANIES $63.46 (Toronto symbol L; Shares outstanding: 412.6 million; Market cap: $26.3 billion; TSINetwork Rating: Above Average; Dividend yield: 1.6%; www.loblaw.ca) has sold 38 of its stores to Choice Properties Real Estate Investment Trust (Toronto symbol CHP.UN).
Loblaw received $201.3 million, which is equal to 66.9% of the $301.0 million, or $0.73 a share, it earned in the three months ended March 28, 2015.
That total included $102.2 million worth of Choice Properties’ units. As a result, Loblaw now owns 83.1% of this REIT. It also accounts for 91.0% of Choice’s earnings.
Choice Properties now holds 513 properties comprising 495 stores, 11 warehouses, one office complex, one industrial property and five parcels of land, totalling approximately 41.3 million square feet across Canada.
We don’t recommend Choice Properties because of its high reliance on a single tenant.
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