LOBLAW COS. $45.67 (Toronto symbol L; Shares outstanding: 282.1 million; Market cap: $12.8 billion; TSINetwork Rating: Above Average; Dividend yield: 2.1%; www.loblaw.ca) has transferred the bulk of its real estate holdings to a new, publicly traded real estate investment trust called Choice Properties REIT, $10.10, Toronto symbol CHP.UN.
Loblaw sold a 16.9% interest in the REIT to the public in July 2013 as a new issue at $10. It kept 83.1% of Choice Properties’ units.
Choice owns 425 properties, including 415 supermarkets and shopping centres, nine warehouses and one office building. Ontario accounts for 43.2% of its earnings, followed by Quebec (17.8%), Alberta (13.1%), B.C. (7.7%), Saskatchewan (5.1%), Nova Scotia (4.6%), New Brunswick (3.9%), Manitoba (2.5%), Newfoundland (1.7%) and P.E.I. (0.4%).
Choice Properties pays monthly distributions of $0.05417 a unit; the REITs annual rate of $0.65 yields a high 6.4%.
Loblaw will remain a major tenant for some time, and the grocery retailer’s outlook is positive.
However, over the longer term, relying on a single tenant adds risk. At times it could put the REIT in an unfavourable bargaining position.
We prefer REITs with geographic diversification, plus a number of different tenants. (RioCan REIT is an example—see page 74.)
Loblaw is still a buy. We don’t recommend Choice Properties REIT.
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