Pat McKeough responds to many personal questions on specific stocks and other investing topics from the members of his Inner Circle. Every week, his comments and recommendations on a selection of the most intriguing questions of the past week go out to all Inner Circle members. And every Friday, we offer you one of the highlights from these Q&A sessions.
REITs continue to be popular among investors seeking income. Recently, an Inner Circle member asked about a REIT that specializes in big-box outdoor malls and features North America’s most famous big-box chain as its most important tenant.
Q: Pat: What is your opinion of Calloway Real Estate Investment Trust? Thanks.
A: Calloway Real Estate Investment Trust, (Symbol CWT.UN on Toronto; www.callowayreit.com), owns, develops and operates big-box outdoor malls across Canada.
In all, Calloway owns 129 shopping centres and two office buildings, with 25.3 million square feet of leasable area. This REIT’s malls are mainly located in the suburbs of larger cities and have lots of room for parking and additional building.
The trust gets 58% of its revenue from Ontario, 15% from Quebec, 9% from B.C., 4% from Manitoba, 4% from Saskatchewan, 3% from Newfoundland and Labrador, 3% from Alberta, 2% from Nova Scotia, 1% from New Brunswick and 1% from Prince Edward Island.
Calloway’s largest tenants are Wal-Mart, Canadian Tire/Mark’s Work Wearhouse/Forzani Group, Winners, Best Buy/Future Shop and Reitmans.
As a member of my Inner Circle, you will get individual answers to your personal investment questions. And you will see my answers to questions other investors like you are asking. In fact, you will get virtually all the investment advice I have to give. You will have access to all of our advisories – The Successful Investor, Wall Street Stock Forecaster, Stock Pickers Digest and Canadian Wealth Advisor – and full access to the members-only, password-protected Inner Circle section of The Successful Investor Network website.
Although my team carefully researches all the stocks that members ask about, I personally review each and every recommendation. To ensure this close personal attention, only a limited number of members can be admitted to our Inner Circle. Under the pressure of world events, even more investors are asking for my personal investment advice. We are nearing our membership limit already. Click here to secure your membership in the Inner Circle right away.
REITs: Wal-Mart a tenant in almost 80% of Calloway’s malls
Wal-Mart is currently a tenant in 76, or 79%, of this REIT’s malls. Calloway depends on Wal-Mart for 26.3% of its revenue.
In the three months ended September 30, 2011, Calloway’s revenue rose 6.5%, to $124.9 million from $117.3 million. Cash flow per unit rose 13.5%, to $0.42 from $0.37.
Calloway REIT’s occupancy rate is a high 99.0%. Only 2.9% of its leases are maturing in 2012; 6.6% in 2013; 6.0% in 2014; and 6.1% in 2015. The trust pays a monthly distribution of $0.129, for a 5.8% annual yield.
In the Inner Circle Q&A, Pat looks at whether Calloway REIT’s focus on Ontario represents a risk as the province’s economy recovers. He also analyzes the pros and cons of relying heavily on one major tenant, Wal-Mart. He concludes with his clear buy-hold-sell advice.
Inner Circle members see Pat’s analysis and recommendations on the stocks other members have asked about in each week’s Inner Circle Q&A. You can view it immediately when you become a member of this special investment group. You will get Pat McKeough’s answers to your personal investment questions, full access to our members-only Inner Circle website, and many other membership privileges. Click here to get started right away.
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