How 5 More REITs Fared in the First Quarter
First-quarter reports from REITs continue trickling in, giving glimpses into how the trusts are doing so far this year. Last week we looked at how a handful of REITs stacked up in Q1; here’s how five more performed.
1. CT REIT
Highlight: Funds from operations (FFO) increased to $47.4M, an 11.1% jump compared with Q1 2014.
Assets: CT REIT's portfolio consists of 273 retail properties (primarily Canadian Tire stores), two distribution centres and a mixed-use property, a total of 20.7M SF of GLA. The trust also has three sites for future development.
Big Q1 deals: CT REIT completed eight real estate investments worth $75.7M, including the expansion of existing stores in Edmonton and Kamloops and Dawson Creek, BC.
2. Crombie REIT
Highlight: FFO for the first three months increased 3.7% to $35.7M versus the same period last year, primarily due to acquisitions and development activity completed in 2014.
Assets: A $4B nationwide portfolio of 254 properties (17.5M SF total), including The Queensway Commons and Brampton Mall in the GTA, and Avalon Mall (above), among Newfoundland and Labrador’s largest.
Big Q1 deal: The trust bought Leduc Towne Centre in Alberta (51k SF) for $12.65M. The property's 100% leased; Giant Tiger and Shoppers Drug Mart are the main tenants.
3. Northwest Health Care Properties REIT
Highlight: FFO was $11.7M in Q1, up ever so slightly from $11.5M in the same period last year.
Assets: Canada's largest non-government owner and operator of medical office buildings and healthcare real estate, the REIT has 74 properties including 81-85 The East Mall (above), acquired in Q1.
Big Q1 deal: In March the REIT entered into an agreement with NorthWest International Healthcare Properties REIT to combine and create a global diversified healthcare REIT with over $2B in assets.
4. True North Commercial REIT
Highlight: FFO increased to $3.1M versus $1.75M in the same period last year, largely as a result of the REIT "significantly increasing" its portfolio from seven to 21 properties during the latter half of 2014.
Assets: True North now has 22 commercial properties in its portfolio (1.26M SF of GLA), including 345 Carlingview Drive in Etobicoke (seen above), a 26k SF space with Cash Money Cheque Cashing as lead tenant.
Big deal: The REIT completed the acquisition of 845 Prospect St, a four-storey office building in Fredericton, for $5.9M. The property's 100% occupied by Stantec until 2022.
5. InnVest REIT
Highlight: A FFO loss of $3.4M and a revenue decline of 3.2% in Q1 versus the same period last year, primarily due to the sale of 21 "non-core low-yield" properties since 2014, the REIT noted.
Assets: Canada’s largest hotel real estate owner, InnVest has 110 hotels, including 58 Comfort Inns and three Fairmont Hotels & Resorts properties.
Big Q1 deal: InnVest officially acquired a 20% stake in the Fairmont Royal York Hotel in a JV with KingSett Real Estate Growth LP and Ivanhoé Cambridge. The group bought it for $186.5M and will invest $50M in renos.
