Wednesday, February 7, 2018

REIT News for Week Ending January 26, 2018

A summary of events in the world of Canadian REITs and REOCs 
(Real Estate Investment Trusts and Real Estate Operating Companies)

Distribution / Dividend Announcements
  • Nexus REIT
Public Offerings, Debenture Redemptions
  • H&R REIT ($250M)
  • Morguard North American Residential REIT ($70M)
  • CT REIT ($200M)
  • First Capital Realty ($55,093M)
  • Morguard NAR REIT (inc to $75M)
Acquisitions / Dispositions 
  • BTB REIT
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Distribution / Dividend Announcements
  • Nexus REIT (TSXV.NXR.UN): Two  monthly distributions of $0.01333 per unit (current yield of 8%, share price $2.00) have been declared and are to be paid on February 15, 2018 and March 15, 2018.
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Public Offerings / Redemptions
January 23, 2018

H&R REIT Announces $250 Million Public Offering of Trust Units 

H&R REIT (TSX:HR.UN) announces it completed its previously announced offering of $250 million principal amount of 3.416% Series O senior unsecured debentures due January 23, 2023.

The net proceeds from the offering will be used to repay outstanding indebtedness and for general trust purposes.

January 24, 2018

Morguard North American Residential REIT Announces $70M Offering of Convertible Debentures

Morguard North American Residential REIT (MRG.UN) announced that it has entered into an agreement with a syndicate of underwriters on a bought deal basis, $70M of 4.5% convertible unsecured subordinated debentures due March 31, 2023.

As part of the transaction, Morguard Corporation has agreed to purchase $5M of the debentures being offered.

The REIT intends to use the proceeds to fund the redemption of all the REIT's 4.65% convertible unsecured subordinated debentures which mature on March 30, 2018 and which have a par call date of April 1, 2017.  The 4.65% debentures will be redeemed on February 26, 2018.

CT REIT Announces $200M Offering of Unsecured Debentures

CT REIT (CRT.UN) announced that it has agreed to issue $200 million of Series F unsecured debentures with a 9.8 year term and a coupon of 3.865% per annum.  It is expected the debentures will be rated BBB+ by S & P Global Ratings.

The debentures will be direct senior unsecured obligations of CT REIT.  The proceeds will be used to pay down certain amounts outstanding under its credit facilities and to retain the balance for general business purposes.

January 25, 2018

First Capital Realty Announces Redemption

First Capital Realty (TSX:FCR) announced that it has provided holders of its 4.45% convertible unsecured subordinated debentures due February 28, 2020 a notice of redemption pursuant to which FCR will redeem the entire outstanding principal amount of the debentures on February 28, 2018 in the amount of $55,093,000.  

Morguard North American Residential REIT

Morguard North American Residential REIT (MRG.UN) announced that it has amended the terms of its previously announced public offering to a principal amount of $75,000,000.

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Acquisitions / Dispositions

January 26, 2018


BTB REIT:

BTB REIT (TSX:BTB.UN) announces the sale of a property located at 1863-1865 TransCanada Highway, Dorval, PQ for total proceeds of $5.65 million.  The net proceeds will be allocated to partially repay it outstanding lines of credit.

Tuesday, February 6, 2018

REIT News for Week Ending January 19, 2018

A summary of events in the world of Canadian REITs and REOCs 
(Real Estate Investment Trusts and Real Estate Operating Companies)

Scheduling Q4 and 2017 Results
  • Summit Industrial
  • Plaza Retail
  • Morguard North American Residential REIT
  • Morguard REIT
  • Crombie
Distribution / Dividend Announcements
  • BTB, NorthWest Healthcare Properties, Chartwell Retirement Residences, CT REIT (Canadian Tire), Morguard North American Residential, Morguard, Automotive Properties, Cominar, Artis, Artis Series G, Invesque, True North, Starlight U.S. Multi-family (No. 1), Starlight U.S. Multi-family (No. 5), Summit Industrial, Granite, Choice Properties, Plaza Retail, Pure Multi-family, Crombie, REIT INDEXPLUS, Middlefield Can-Global REIT Income Fund, Global Real Estate Dividend Growers Corp., Pathfinder Income Fund
Public Offerings, Debenture Redemptions
  • None to report
Acquisitions / Sales
  • Inovalis 
  • Granite
  • True North Commercial
Normal Course Issuer Bids
  • None to report
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Year End Results


The following have scheduled the release of their Q4 and 2017 results:
  • Summit Industrial (SMU.UN) will issue results Tuesday, Februrary 20, 2018.  A conference call will be held Wednesday February 21, 2018.  Website: Summit Industrial
  • Plaza Retail REIT (PLZ.UN) will release its financial results on Monday, February 26, 2018 with a conference call to follow.  http://plaza.ca/news-releases/
  • Morguard North American Residential REIT (MRG.UN) expects to announce financial results on Tuesday, February, 13, 2018.  A conference call will be held on Thursday, February 15, 2018.  https://www.morguard.com/news-knowledge/news
  • Morguard REIT (MRT.UN) expects to announce financial results on Wednesday, February, 14, 2018.  A conference call will be held on Thursday, February 15, 2018.  
    https://www.morguard.com/news-knowledge/news
  • Crombie REIT (CRR.UN) will release financial results on Wednesday, February 21, 2018 followed by a conference call on Thursday, February 22, 2018.
    https://www.snl.com/IRW/News/4143678
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Acquisitions / Dispositions

January 17, 2018
Inovalis REIT:  

Inovalis REIT (INO.UN) announced that it has completed the purchase of a DGNB Gold certified office property in Neu-lsenburg, Germany, as part of a 50-50 joint venture agreement with a global institutional investor at a value of approximately $57.6 M CAD$.

The REIT anticipates securing a new fixed rate loan for the property in the range of 1.70% to 1.75%.  This transaction represents a going-in cap rate of approximately 5.8%, and is expected to be immediately accretive to both FFO and AFFO

January 17 2018

Granite REIT:  

Granite (HLP.U) announced it has achieved an important strategic milestone, by entering into agreements for the sale of ten properties for a total sales price of approximately $400M.  The transactions are expected to close in the next several weeks.

Michael Forsayeth, Granite’s CEO, commented that “The sale of these properties is another major value creation milestone for Granite. It significantly reduces Granite’s exposure to Magna and the special purpose properties which are key strategic objectives of Granite.

January 18 2018

True North Commercial REIT:  

True North Commercial REIT (TNT.UN) has closed the acquisition of a 78,800 square foot Class "A" office property located at 3115 Harvester Road, Burlington, ON.

The $22.75 million purchase price for the Harvester Property was satisfied by: (i) mortgage financing in the amount of approximately $14.89 million, with an interest rate of approximately 3.36% for a seven-year term; and (ii) cash on hand.