Earnings
May 23, 2019 - CM
New! Canadian Imperial Bank of Commerce Q2-2019 Earnings - Price Target Update .....
May 23, 2019 - IPL
New! Inter Pipeline Ltd - Q1-2019 Earnings - Price Target Update .....
May 21, 2019 - KEY
Keyera Corp. Q1-2019 Earnings, Price Target Update .....
May 19, 2019 - CHE.UN
Chemtrade Logistics Income Fund - Q1-2019 Earnings, Price Target .....
May 18, 2019 - CNQ
Canadian Natural Resources Ltd. Q1-2019 Earnings .....
May 17, 2019 - FRU
Freehold Royalties Ltd - Q1-2019 Earnings, Price Target Update .....
May 15, 2019 - VET
Vermilion Energy Inc. Q1-2019 Earnings & Price Target Update .....
May 14, 2019 - ENB
Enbridge Inc. Q1-2019 Earnings & Price Target Update .....
Recommendation Changes
EIF, DR, FTS, CPX, CJR.B, more...

Crombie REIT - 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 288 income-producing properties across Canada, comprising approximately 18.9M sq. ft. They have 5 properties comprised of 255,000 sq. ft. of retail and 1,200 residential units with another 18 projects totaling 1.2M sq. ft. of commercial space and 9,000 residential units. 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
May 24, 2019
New! TD Bank 5.1% Rate Reset Preferred Share New Issue
May 17, 2019
New! Coverage Universe - Weekly Price Change May 10-17, 2019
May 11, 2019
Coverage Universe - Weekly Price Changes - May 3-10, 2019
May 7, 2019
Capital Power Corp - $150M, 5.75% Mininum Rate Preferred Share New Issue
May 4, 2019
Coverage Universe - Weekly Price Changes Apr 26- May 3, 2019
April 26, 2019
Coverage Universe - Weekly Price Changes Apr. 19-26, 2019
April 19, 2019
Coverage Universe - Weekly Price Changes Apr. 12-19, 2019
April 18, 2019
Surge Energy Inc 6.75% Convertible Debenture New Issue