PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $20.15 (Toronto symbol PMZ.UN; Units outstanding: 68.5 million; Market cap: $1.4 billion; SI Rating: Extra Risk; Dividend yield: 6.1%) owns large malls in medium-sized Canadian cities. It also owns major shopping centres in suburbs of large cities. In all, the trust owns 29 properties that contain 11.1 million square feet of leasable area.
Primaris has a 96.6% occupancy rate. Its major tenants include Hudson’s Bay Company, Sears, Shoppers Drug Mart, Loblaw, Reitmans, Canadian Tire and Best Buy.
In the three months ended June 30, 2010, Primaris’s revenue rose 14.5%, to $76.4 million from $66.8 million a year earlier. Cash flow per unit rose 5.9%, to $0.36 from $0.34. the trust’s annual distribution of $1.22 gives the units a 6.1% yield.
In June, Primaris raised $85.2 million in a share issue. It plans to use these funds to buy more properties, likely at attractive prices.
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