Canadian Real Estate Investment Trust - Price Target Update
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CREIT owns and manages a diversified real estate portfolio consisting of retail, industrial and office properties and a limited number of development properties throughout Canada. By net operating income retail properties comprise 55%, industrial – 23% office at 22%. The portfolio's 205 properties contains 25.3M sq. ft.(including 2.9M of development properties) of leasable space representing CREIT's ownership valued at $5.9B. Geographically, 37% of net operating is from Alberta, Ontario -28%, Atlantic -13%, Quebec -10%, BC -9%, and other at 3%. Properties in Alberta the retail segment contributes 37%, industrial – 39% and 24% for retail and office space respectively.
CREIT earns revenue from four sources: Property rental revenue comprises 95% of total income includes rent paid by tenants for their leased premises, plus reimbursements or recoveries from tenants for property operating costs and realty taxes, interest income generated from mortgage investment activity, fee income, which includes property management fees, leasing fees, and project management fees relating to co-owned properties, and other miscellaneous fees, and lease termination income.
The retail portfolio totals 9.2M sq. ft. and is focused on large-scale unenclosed retail centres anchored by food stores and other leading retailers under long-term leases. The industrial portfolio of 10.2M sq. ft. is focused on distribution and warehousing facilities, and buildings used for light manufacturing and/or flex-space facilities of a size and configuration that will readily accommodate the diverse needs of a broad range of business tenants.
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