Q: Hi Pat: Could you comment on True North Commercial REIT. It has a high yield. I’m looking for income and wondering if you would consider this equity for that purpose?
A: True North Commercial REIT, $6.25, symbol TNT.UN on Toronto (Units outstanding: 29.1 million; Market cap: $182.5 million; www.commercialtruenorth.com), owns light industrial properties across Canada.
As of December 31, 2016, the trust owned 30 buildings, which provide a total of 1.9 million square feet of leasable area. True North has 63% of its leasable area in Ontario, 24% in New Brunswick, and 13% in Alberta.
Government tenants (including the federal government, and the provinces of Ontario, Alberta and New Brunswick) account for 54% of its revenue.
The trust began operations in late 2012. Since then, its revenue has jumped 139.8%, from $17.2 million in 2013 to $41.4 million in 2016. Cash flow, too, has soared 194.6%, from $5.1 million to $15.1 million; due to more units outstanding, cash flow per unit gained just 30.4%, from $0.46 to $0.60.
Most of True North’s growth is due to acquisitions. In 2016, the trust acquired five properties totalling 492,000 square feet for $90.8 million. The largest of…
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