PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $20.25 (Toronto symbol PMZ.UN; Units outstanding: 68.6 million; Market cap: $1.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.0%) owns large malls in medium-sized Canadian cities. It also owns major shopping centres in suburbs of large cities. In all, the trust owns 29 properties that contain 11.1 million square feet of leasable area.
Primaris has a 97.0% occupancy rate. Its major tenants include Hudson’s Bay Company, Sears, Shoppers Drug Mart, Loblaw, Reitmans, Canadian Tire and Best Buy.
In June 2010, Primaris raised $85.2 million in a unit issue. In August 2010, it used the funds to help pay for the Cataraqui Town Centre, an enclosed shopping mall in Kingston, Ontario.
In the three months ended September 30, 2010, Primaris’ revenue rose 22.1%, to $80.6 million from $66.1 million a year earlier. Cash flow per unit rose 16.7%, to $0.35 from $0.30. The trust’s annual distribution of $1.22 gives the units a 6.0% yield.
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