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Plaza Retail REIT - Q3-2019 Earnings, Price Target Update

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Plaza Retail REIT (PLZ.UN), headquartered in Fredericton, New Brunswick, acquires, develops and redevelops unenclosed and enclosed retail shopping centres, 90% of which are occupied by national tenants, with a focus on retailers in the consumer staples market segment as opposed to fashion focused retailers. Properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres. Plaza has 1.5M sq. ft. of projects under development and planned for completion between Q4-2019 and 2023. The total value of the portfolio is now approximately $1.2B comprising 8.5M sq. ft. Plaza focuses on per unit growth through accretive developments and redevelopments. Plaza typically does not buy finished properties from third party developers or from related parties at low cap rates.

The portfolio is comprised of interests in 275 properties down from 298 as of Dec-31-2017. Strip malls comprise 69% of square footage, single use occupied by retail or quick service restaurants -18% and enclosed shopping malls the balance of 12%. By square footage, 55% of properties are located in the Maritimes, 26% in Quebec, 14% mainly in Ontario and the balance in Western Canada. Dividends were increased in Jan-2018 to $0.28 per unit from $0.26; this was the 15th consecutive annual distribution increase from an initial distribution of $0.08 per unit in 2003. Distributions were not increased in Jan-2019. The largest tenant is Shoppers Drug Mart contributing 25% of annual revenues following by KFC at 9%. Dollarama, Sobeys, Staples and Canadian Tire together contribute 15% of revenues. In total nationally recognized brands contribute 90% of revenues.

An entity controlled two directors of Plaza REIT leases nine parcels of land to Plaza at a total annual rent of $1.1M. The land leases expire at various times from Oct-2043 to Nov-2047, subject to options to renew. All of these land leases have options to purchase, of which one is at a fixed price and the others are at fair market value. Management owns an estimated 43%.

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