Cominar REIT - Q2-2017 Earnings & Price Target Update
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Cominar REIT with $8.3B in real estate assets is the largest commercial property owner and manager in the province of Quebec. As of Jun-30-2017 the portfolio consisted of 528 properties (538, Jun-30-2016; 566, Jun-30-2015) including 134 office buildings, 158 retail buildings and 236 industrial and mixed-use buildings located in Quebec, Ontario, the Atlantic Provinces and Western Canada. By leasable area of 44.2M sq. ft., 85% of the properties are located in the Province of Quebec. Office, retail and industrial properties comprise 33% of leasable area, retail-27% and industrial at 39%.
By net operating income properties located in Montreal contribute 53%, Quebec City -24%, Ontario -15% with the balance split between Atlantic and western Canada. Since its inception in 1998, Cominar has completed numerous construction and property development projects, increasing the carrying amount of its assets to $8.3B as at Mar-31-2017. During 2015 acquisitions and developments spending was $253.9M compared to $2.1B in 2014 and $249M in 2013. During Q1-2017 property dispositions totalled $93M bringing total properties sold to $309.8M sold since 2015.
Cominar has a diversified retail client base consisting of about 5,800 tenants occupying an average of approximately 7,000 sq. ft. each. Their top three tenants, Public Works Canada, Canadian National Railway Company, and Société immobilière du Québec account for approximately 6.3%, 4% and 3.3% of net operating income, respectively, stemming from several leases with staggered maturities. Government agencies contribute 10% of rental income.
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