Earnings
July 20, 2019 - EMA
New! Emera Inc. Q1-2019 Earnings & Price Target .....
July 18, 2019 - BEP.UN
New! Brookfield Renewable Energy Partners - Q1-2019 Earnings, Price Target .....
July 17, 2019 - SKT
Tanger Factory Outlets Inc. Q1-2019 Earnings & Price Target .....
July 14, 2019 - RUS
Russel Metals Inc. Q1-2019 Earnings. Price Target Update .....
July 13, 2019 - GEI
Gibson Energy Inc. Q1-2019 Earnings, Price Target Update .....
July 12, 2019 - SU
Suncor Energy Inc. Q1-2019 Earnings & 2019 Price Target .....
July 11, 2019 - SJR.B
Shaw Communications Inc. Fiscal Q3-2019 Earnings & Price Target Forecast .....
July 9, 2019 - RCI.B
Rogers Communications Inc. Q1-2019 Earnings & Price Target Update .....
Recommendation Changes
SJR.B, GEI, RCI.B, BCE, NXR.UN, more...

Crombie REIT - Q3-2018 Earnings & Price Target Forecast

This is only a sample of the article, please login to view the entire article

Crombie REIT(CRR.UN) currently owns a portfolio of 292 income-producing properties and 4 properties under development across Canada, comprising approximately 19M sq. ft. Their strategy is to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. Annual minimum rent by location consists of: Atlantic Canada 43%; Alberta – 21%, Ontario-15%, BC-11%, and Quebec at10%. The two primary sources of acquisitions are with the Empire Group (EMP.A) and from third parties. The average remaining lease term is 18 years due the property leases with Empire Group (Sobey's). Sobey's contributes 55% of annual rent, Shoppers Drugs – 5%.

Empire Company Ltd (EMP.A) formed Crombie REIT to hold their retail shopping centre properties in an IPO in Mar-2006, comprised of 44 properties. They have since grown to 287 properties (19.1M sq. ft.), almost all purchased from Empire Company Ltd. Sobeys headquarters in Stellarton, Nova Scotia is a wholly-owned subsidiary of Empire Company Limited (TSX: EMP.A), Sobeys owns or franchises more than 1,500 stores in all 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton's Drug Stores as well as 350 retail fuel locations. Empire Company Limited (EMP.A) holds a 41.5% interest as of Sept-30-2018 unchanged from 41.5% at Dec-31-2016.

The property portfolio value at Crombie has grown to $4B primarily from acquiring properties from Empire. Empire's strategy was to reduce their investment in real estate while still retaining control of these properties. In addition to acquiring properties from Empire, Crombie plans to diversify their portfolio geographically and to acquire properties from third parties. Crombie continues to diversify its geographic composition from its Atlantic Canadian holdings as evidenced by property acquisitions in British Columbia, Alberta, Manitoba and Saskatchewan since Crombie's 2006 IPO.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
July 19, 2019
New! Coverage Universe - Weekly Price Change July 12-19, 2019
July 12, 2019
Coverage Universe - Weekly Price Change July 5-12, 2019
July 6, 2019
Coverage Universe - Weekly Price June 28-July 5, 2019
June 28, 2019
Coverage Universe - Weekly Price June 21-28, 2019
June 14, 2019
Coverage Universe - Weekly Price June 7-14, 2019
June 8, 2019
Coverage Universe - Weekly Price Change May 31 - June 7, 2019
June 4, 2019
Mullen Group Ltd, 5.75% Convertible Debenture New Issue
May 31, 2019
Coverage Universe - Weekly Price Change May 24-31, 2019