We continue with our look at the performance of Canada’s real estate investment trusts last quarter. Here’s how five more REITs stacked up in Q2.
1. Plaza Retail REIT
Highlights: Adjusted funds from operations (AFFO) for first six months of 2015 was $14.1M, up 10.2% from 2014. Plaza had 497k SF in new leasing deals and renewals.
Portfolio: 305 properties totaling 6.7M SF nationwide, a mix of strip plazas, enclosed shopping centres and stand-alone small box retail outlets, like 1726 Huron Church Rd in Windsor (above).
Big deal: In June, announced plans to develop—in a JV with DewCor—The Shoppes at Galway, the 700k SF retail portion of a master planned community in St. John’s being built by DewCor, whose owner is former Newfoundland and Labrador premier Danny Williams.
2. Pure Industrial Real Estate Trust
Highlights: PIRET's AFFO in Q2 increased to $15.9M, up from $12M for the same period last year.
Portfolio: 173 properties with 17.4M SF GLA under management. Occupancy is 94%. Developing a new 422k SF FedEx Ground distribution facility in Vaughan (above).
Big deals: Reached an agreement in June to expand a 198k SF FedEx Ground sorting and distribution facility in Barrington, NJ, by 57k SF for US$9.1M. Sold interest in four investment properties in Burlington, Mississauga and Vaughan for net proceeds of $10.3M.
3. Milestone Apartments REIT
Highlights: AFFO was $14.9M, up 34.3% from $11.1M in Q2 2014. Occupancy was 95.2%, slightly higher than in 2014.
Portfolio: 61 multifamily garden-style residential properties, 20,232 units in 14 major metropolitan markets throughout the Southeast and Southwest US, including Arbor Creek, a 280-suite property in Dallas (above).
Big deal: Completed $24M acquisition of The Village at Almand Creek, a 236-unit multifamily apartment community in Atlanta. The REIT has acquired over 1,000 apartment units year-to-date via acquisitions, on pace with the almost 2,000 units it acquired in 2014.
4. BTB REIT
Highlights: AFFO of $3.9M in Q2, up from $3.4M in 2014. Leased and renewed 106k SF, with 90.8% occupancy.
Portfolio: $620M in assets, with 73 retail, industrial and office properties (5.1M SF GLA), located mostly in Montreal, Quebec City (like 825 Lebourgneuf Blvd) and Ottawa.
Big bummer: Groupe Épicia filed for bankruptcy and terminated leases, leading to closure of two BTB commercial spaces and one industrial space (40k SF total) and $300k rental income lost in Q2. BTB subsequently refinanced two Quebec City-area assets for a $200k savings.
5. Slate Retail REIT
Highlights: AFFO of $7.7M for Q2, up from $4M in 2014. Completed 25.5k SF of new leases; 173k SF of lease renewals. Greg Stevenson named CEO, succeeding Blair Welch.
Portfolio: $3B of assets under management, with 59 grocery-anchored US properties, like Barefoot Common, a 100k SF shopping centre in Myrtle Beach, SC (above).
Big deals: Acquired 16 grocery-anchored shopping centres in Q2, including the 13 properties of Slate U.S. Opportunity (No. 3) Realty Trust. The REIT sees continuing “large opportunity” in high-quality, grocery-anchored US shopping centres.
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