Allied Properties Real Estate Investment Trust $36.83 – Toronto symbol AP.UN
Article Excerpt
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $36.83 (Toronto symbol AP.UN; Units outstanding: 78.6 million; Market cap: $3.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.1%; www.alliedreit.com) owns 150 office buildings, mostly in major Canadian cities. These properties—mainly Class I—contain over 11.6 million square feet of leasable area.
Class I refers to 19th- and early-20th-century industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
Allied has increased its acquisition activity this year; so far, it has spent $347.1 million buying seven properties in major Canadian cities, including Calgary, Toronto and Montreal. That’s a big jump from the $164.8 million it spent for a total of five properties in 2015.
The new buildings helped raise the trust’s revenue by 3.5% in the three months ended June 30, 2016, to $94.2 million from $91.0 million a year earlier. Cash flow rose 1.2%, to $42.5 million from $42.0 million. Cash flow per unit was…
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