Earnings
June 4, 2020 - MIC
New! Genworth MI Canada Inc. Q1-2020 Earnings, Price Target Update .....
June 3, 2020 - FC
New! Firm Capital Mortgage Investment Corp. Q1-2020 Earnings, Price Target Updat .....
May 31, 2020 - TD
TD Bank - Q2-2020 Fiscal Earnings & Price Target Update .....
May 30, 2020 - CM
CIBC - Q2-2020 Earnings & Price Target Forecast .....
May 28, 2020 - BMO
Bank of Montreal - Q2-2020 Earnings, Fiscal 2020 Forecast .....
May 28, 2020 - NA
National Bank of Canada - Q2-2020 Earnings, Price Target Update .....
May 28, 2020 - BNS
Bank of Nova Scotia, Q2-2020 Earnings & Price Target Update .....
May 27, 2020 - RY
Royal Bank of Canada, Q2-2020 Earnings, Price Target Update .....
Recommendation Changes
CPX, H, QBR.B, AW.UN, SU, more...

Crombie REIT - Q2-2019, Price Target Update

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

Crombie REIT(CRR.UN) currently owns a portfolio of 28 income-producing properties across Canada, comprising approximately 17.7M sq. ft. Assets total $3.9B as of Jun-30-2019 including $169M of property held for resale and $85M of properties under development. 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. The development pipeline is comprised of 33 properties, 20 of which are in Vancouver, Toronto and Montreal. The total projected cost of the pipeline is $4-$5.8B, with options to enter into joint ventures or other partnership arrangements to reduce risk and financing demands.

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 10.4 years including leases with Empire Group (Sobey's) of 13.4 years. Sobey's contributes 57% 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 285 properties, 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 Jun-30-2019 unchanged from 41.5% at Dec-31-2016.

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


Login
Username
Password
New Issues & Acquisition
May 29, 2020
New! Coverage Universe - Weekly Price Change: May 22-29, 2020
May 22, 2020
Coverage Universe - Weekly Price Change: May 15-22, 2020
May 15, 2020
Coverage Universe - Weekly Price Change: May 8-15, 2020
May 8, 2020
Coverage Universe - Weekly Price Change: May 1-8, 2020
May 1, 2020
Coverage Universe - Weekly Price Change: Apr 24-May 1, 2020
April 24, 2020
Coverage Universe - Weekly Price Change: Apr 17-24, 2020
April 17, 2020
Coverage Universe - Weekly Price Change: Apr 10-17, 2020
April 11, 2020
Coverage Universe - Weekly Price Change: Apr 3-10, 2020