Partners-a different kind of r.e.i.t
Partners is a different kind of R.E.I.T.It owns shopping centres and commercial real estate.Most small r.e.i.t.s own some hotel space but not Partners.It has 2.7 million square feet of commercial space.It has picked up nine properties since the same quarter of 2012.And it has picked up another property in September in Alberta.It now owns 39 properties.
It's assets increased from $442 million to $605 million since September30,2012 and debt increased from$280 to $398 million over the same period.Revenues increased by 30% and net operating income(n.o.i) by 17%.It has added $46 million in shareholder equity since the third quarter of 2012. Partners R.E.I.T is all about growth.It is undergoing a strategic review because three related entities have filed for creditor protection.Partners itself has not.Permission is being sought to buy out it's biggest shareholder IWG.If approved this will give it much more stability.It had approval to pay out a healthy dividend of $.64 a share but the trustees reduced it to $.50 a share which still produces a yield of about 8.5%.
Partners is going through some short term growing pains but it's future looks bright as it is not connected to hotels like so many other junior R.E.I.T.s.
It's assets increased from $442 million to $605 million since September30,2012 and debt increased from$280 to $398 million over the same period.Revenues increased by 30% and net operating income(n.o.i) by 17%.It has added $46 million in shareholder equity since the third quarter of 2012. Partners R.E.I.T is all about growth.It is undergoing a strategic review because three related entities have filed for creditor protection.Partners itself has not.Permission is being sought to buy out it's biggest shareholder IWG.If approved this will give it much more stability.It had approval to pay out a healthy dividend of $.64 a share but the trustees reduced it to $.50 a share which still produces a yield of about 8.5%.
Partners is going through some short term growing pains but it's future looks bright as it is not connected to hotels like so many other junior R.E.I.T.s.
Comments
Post a Comment