Pure Industrial REIT - Price Target Update
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Pure Industrial REIT property portfolio consists of 162 income producing industrial properties representing gross leasable area of 19.6M sq. ft., a decrease from 169 properties as at Dec-31-2015. In addition, 26.4 acres of land are held for future development and one property under development, which will add 330,000 sq. ft. to the portfolio, upon completion. A total of 16 properties (950,00 sq. ft.) with a book value of $110.8M and associated mortgages of $21.7M are classified for sale.
PIRET's geographic areas of focus is Ontario at 35% of net operating income and Alberta at 23%, the US at 20%, followed by BC at 15% and other at 7%. In the US, properties are located Texas, Florida and the Carolinas. The REIT was formed in Aug-07 with an initial property portfolio worth $40.5M. The fair value of investment properties at Dec-31-2016 is $2.3B, a $255M increase from Dec-31-2015. The increase is due primarily to the acquisition of 16 income producing properties, development and expansion projects, and a total fair value increase of $51M booked in Q4-2016 and $71.6M for the year, partially offset by the disposition of 8 income producing assets and the impact of a lower U.S. exchange rate at year end compared to Dec-31-2015 on the U.S. assets.
Developments in Vaughan, Ontario and expansion in Barrington, New Jersey were completed in Q2-2016 and rent for both properties commenced on April 15.
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