Earnings
March 21, 2019 - SLF
New! Sun Life Financial Inc. 2018 Earnings & Price Target Update .....
March 20, 2019 - MFC
New! Manulife Financial Corp. 2018 Earnings & Price Target Update .....
March 19, 2019 - NPI
Northland Power Inc. 2018 Earnings & Price Target Update .....
March 17, 2019 - PKI
Parkland Fuel Corp. 2018 Earnings & Price Target Update .....
March 16, 2019 - DR
Medical Facilities Corp. 2018 Earnigns & Price Target Update .....
March 15, 2019 - NFI
New Flyer Group Inc. 2018 Earnings & Price Target Update .....
March 14, 2019 - CNQ
Canadian Natural Resources Ltd. 2018 Earnings & 2019 Price Target .....
March 12, 2019 - SU
Suncor Energy Inc. 2018 Earnings & 2019 Price Target .....
Recommendation Changes
NPI, NFI, ALA, PPL, TRP, 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
March 21, 2019
New! Atrium Mortgage Investment Corporation - New Convertible Debenture
March 15, 2019
Coverage Universe - Weekly Price Changes - Mar 8-15, 2019
March 8, 2019
Coverage Universe - Weekly Price Changes - Mar 1-8, 2019
March 7, 2019
Exchange Income Corp. 5.75% Convertible Debenture New Issue
March 4, 2019
Brookfield Renewable Energy Partners - 5.75% Rate Reset Preferred Share New Issue
March 2, 2019
Coverage Universe - Weekly Price Changes - Feb 22-Mar 1, 2019
February 22, 2019
Coverage Universe - Weekly Price Changes - Feb 15-22, 2019
February 15, 2019
Coverage Universe - Weekly Price Changes - Feb 8-15, 2019