A summary of events in the world of Canadian REITs and REOCs
(Real Estate Investment Trusts and Real Estate Operating Companies)
- Summit Industrial
- Plaza Retail
- Morguard North American Residential REIT
- Morguard REIT
- Crombie
- 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
- None to report
- Inovalis
- Granite
- True North Commercial
- 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
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.
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