Updates Allied Properties Real Estate Investment Trust, Enbridge Inc., and Telus

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ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $45.03 (Toronto symbol AP.UN; Units outstanding: 103.9 million; Market cap: $4.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.5%; www.alliedreit.com) owns 147 office buildings, mainly in major Canadian cities. Most of those are classified as Class I buildings (19th- and early-20th-century industrial buildings now used as office space). Together, they comprise over 10.9 million square feet of leasable area. The REIT’s occupancy rate is 96.2. Allied will raise its monthly distribution by 2.3% with the January 2019 payment, to $0.133 from $0.13. The last increase—2.0%, with the January 2018 payment—lifted that payment to $0.13 a unit from $0.1275. The units now yield 3.5%. New acquisitions of buildings helped raise the REIT’s revenue by 3.1% for the quarter ended September 30, 2018, to $109.6 million from $106.3 million a year earlier. Cash flow per unit rose 23.7%, to $0.47 from $0.38. That strong cash flow should let Allied continue to raise distributions. Allied Properties REIT is a buy. ENBRIDGE INC. $44.50 (Toronto…