Q: Hello, Pat and company. I would like to know your opinion and recommendation on Summit Industrial Income REIT on the TSX. Thanks for all the great advice! Regards.
A: Summit Industrial Income REIT, $11.80, symbol SMU.UN on Toronto (Units outstanding: 96.3 million; Market cap: $1.2 billion; www.summitiireit.com), is an open-ended trust (see below) that owns light industrial properties across Canada.
As of December 31, 2018, the trust owned 108 buildings, making up 13.3 million square feet of leasable area. Summit has 62% of its leasable area in Ontario (in 66 buildings), 23% in Quebec (27), 14% in Alberta (14), and 1% in the rest of Canada (1 building).
Summit’s largest tenants by square footage include Ford, Magna International, Giant Tiger Stores (its distribution centres) and McCormick Canada.
In the three months ended December 31, 2018, acquisitions resulted in a 58.3% jump in revenue, to $26.8 million from $16.9 million a year earlier. Cash flow gained 61.4%, to $12.6 million from $7.8 million. Cash flow per unit increased 0.7%, to $0.141 from $0.14 a year earlier as the trust increased the number of shares outstanding by 43.6% to pay for its acquisitions.
Summit’s…
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