Allied ups its distribution

Article Excerpt

ALLIED PROPERTIES REIT $32.09 (Toronto symbol AP.UN; Units outstanding: 68.4 million; Market cap: $2.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.4%; www.alliedpropertiesreit.com) bought $400 million worth of properties in 2012. So far this year, it has added a further $179.0 million worth. The trust’s new buildings helped increase its revenue by 15.8% in the three months ended September 30, 2013, to $77.5 million from $66.9 million a year earlier. Cash flow per unit rose 18.9%, to $0.44 from $0.37. The strong results have prompted Allied to raise its monthly distribution by 3.7%, to $0.1175 from $0.1133. The new annual rate gives the units a 4.4% yield. Allied Properties REIT is a buy. buy…