Hi, Pat. I have a 15% weighting in real estate investment trusts, with 9% in these three industrial REITs: WPT Industrial REIT, Dream Industrial REIT and Pure Industrial REIT. Can you please comment on industrial REITs in general and these three specifically? Thanks.
We haven’t found any industrial REITs we recommend as buys, but some are okay to hold as part of a well-balanced portfolio. Here’s a look at the three you asked about:
WPT Industrial REIT, $10.80, symbol WIR.U on Toronto (Units outstanding: 29.4 million; Market cap: $317.5 million; www.wptreit.com), is a Canadian REIT that owns and manages industrial properties in the U.S.
Right now, WPT has 42 properties in 12 states. In all, they include 12.8 million square feet of leasable area.
The trust’s top tenants by square footage are General Mills, Unilever, Honeywell, OSP Group, Zulily Inc., Amazon.com, GSI Commerce Solutions, Life Sciences Logistics, Clorox and Keystone Automotive Distributors.
In April 2014, WPT paid $51.5 million for an industrial property in Atlanta, Georgia. In June 2014, it completed a $45.4-million acquisition of an industrial property in Louisville, Kentucky. Also in June, it bought a 127,800-square-foot distribution centre in Hebron, Kentucky, for $13.3 million.
In the three months ended September 30, 2014, WPT’s revenue rose 21.1%,…
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