PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $24.14 (Toronto symbol PMZ.UN; Units outstanding: 92.8 million; Market cap: $2.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.1%; www.primarisreit.com) owns large malls in medium-sized Canadian cities and suburban areas. In all, it owns 33 properties that contain 13.7 million square feet of leasable area.
Primaris has 43% of its properties in Ontario, followed by Alberta, 16%; B.C., 15%; Quebec, 13%; Saskatchewan, 9%; Manitoba, 3% and New Brunswick, 1%. Primaris has a 97.4% occupancy rate.
In the quarter ended June 30, 2012, acquisitions increased Primaris’s revenue by 19.5%, to $98.9 million from $82.8 million a year ago. Cash flow rose 53.3%, to $33.4 million from $21.8 million. Cash flow per unit rose 26.7%, to $0.384 from $0.303, on more units outstanding. The trust yields 5.1%.
Primaris aims to keep growing by acquisition, but it takes a cautious approach. For example, in June 2011 it raised $260.6 million in a unit issue to help pay for five malls it bought from Ivanhoe Cambridge. The $572-million deal was Primaris’s largest purchase to date, but the malls are spread out across the country: three are in Ontario, one is in Alberta, and one is in Quebec. That lowered Primaris’s risk.
The trust’s strong cash flow and high-quality tenants could make it a takeover candidate. That adds to its appeal.
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