PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $17.47 (Toronto symbol PMZ.UN; Units outstanding: 62.5 million; Market cap: $1.1 billion; SI Rating: Extra Risk; Dividend yield: 7.0%) owns large malls in medium-sized Canadian cities. It also owns major shopping centres in suburbs of large cities. In all, the trust owns 26 properties that contain 9.3 million square feet of leasable area.
Primaris has a 96% occupancy rate. Major tenants include Hudson’s Bay, Sears, Shoppers Drug Mart, Loblaw, Reitmans, Canadian Tire and Best Buy.
In the three months ended September 30, 2009, Primaris’ revenue fell 0.7%, to $66.1 million from $66.5 million a year earlier. The trust earned less interest on its investments. That offset higher rental revenue. Cash flow per unit fell 14.3%, to $0.30 from $0.35, mainly because of one-time managment and office-restructuring costs. Primaris’ annual distribution of $1.22 gives the units a 7.0% yield.
Primaris Retail REIT is a buy.
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