How 5 More Canadian REITs Performed Last Quarter
REIT reports continue to roll in. Last week we told you how a handful of Canadian trusts fared in the final quarter of 2015. Here’s a look at how five others did.
1. CT REIT
Highlight: Adjusted funds from operations of $39M in Q4, up 12% from 2014. CEO Ken Silver said the results reflect the "vigorous execution" of CT's growth strategy. The Great One, above, knows all about vigorous execution.
Portfolio: 290 properties (21.5M SF GLA) across Canada, mainly retail sites. Canadian Tire Corp (CTC) is its primary tenant. Last month, the trust announced the sale/leaseback of a CTC distribution centre in Bolton.
Big deal: Completed development of Canadian Tire and Mark's stores in High River, AB, and a Canadian Tire in Martensville, SK, plus three intensification projects in Kelowna, BC, Selkirk, MB, and Waterdown, ON.
2. True North Commercial REIT
Highlight: AFFO of $3.6M in Q4 2015, up from $2.4M in the same period a year earlier, growth CEO Daniel Drimmer said was powered by "accretive acquisitions in strong secondary markets."
Portfolio: Toronto-based trust has 25 commercial properties (1.4M SF) in secondary markets across Canada, including four office buildings in Fredericton (470 York St, 495 Prospect St, 414-422 York St and 500 Beaverbrook Ct).
Big deal: Q4 revenue shot up to $9.8M (vs. $6.8M in 2014) thanks to the acquisitions of five properties in 2015, offset by the sale of Coronation Mall, in Duncan, BC (above), for $17M. Includes a newly constructed Burger King.
3. NorthWest Healthcare Properties REIT
Highlight: AFFO of $14M, up from $9.9M a year earlier. Q4 capped a “transformational year” for the REIT, said CEO Paul Dalla Lana, noting its May 2015 merger with NorthWest International Healthcare Properties REIT.
Portfolio: A stable of 122 properties—medical office buildings, clinics and hospitals—and 8M SF GLA across Canada (including Danforth Health Centre, seen above) and now in Brazil, Germany, Australia and New Zealand.
Big deals: Post-NWIHP REIT merger, the trust acquired two developments in Canada worth $50M, and sold 12 of 17 non-core properties here, for $24.2M in net proceeds. The REIT expects to sell the remaining five properties in Q2 2016.
4. Cominar REIT
Highlights: AFFO was $68M in Q4, down 0.8% from 2014. CEO Michel Dallaire (pictured) transferred the role of president to COO Sylvain Cossette, a key step in the pursuit of "organic growth and operating goals.”
Portfolio: Canada’s third-largest diversified REIT and Quebec’s largest commercial property owner, Cominar has 556 office, retail, industrial and mixed-use properties (45.3M SF) across the country.
Big deals: In September, the trust sold two industrial properties: 8400-8500 Décarie Blvd in Mont-Royal, and 2105 23rd Ave in Montreal, for $98M total. This January, Cominar sold 10 Quebec retail sites for $15.2M.
5. Edgefront REIT
Highlight: Calgary-based trust had Q4 AFFO of $1.93M, up from $1.5M in the same period a year earlier. Despite market volatility, CEO Kelly Hanczyk said his firm is showing consistency in its results.
Portfolio: 19 properties (1M SF of rentable area), including 4700 & 4750 102nd Ave (above), a 29k SF, 13.5-acre truck terminal in Calgary’s Eastlake Industrial Park, built for Canada Cartage Distribution.
Big deal: Acquired two industrial properties in Q4, in Prince George, BC, and Prince Albert, SK, for $12.1M; earlier in the year, the trust bought five industrial properties for $50M, including the above-noted truck terminal.
