Q3/11 IFRS FD FFO was $0.38/unit in Q3/11, unchanged from $0.38/unit in Q3/10, and slightly above ou

This is the second article of the series, and my first to identify specific securities to attain luxury hotels in las vegas a high-yield goal. This and the subsequent articles will not focus on the usual high-yield or high-dividend-growth securities. Canadian REITs and real estate companies, which can be purchased on North American exchanges or over-the-counter OTC by US and global investors, can help boost your yield and provide currency, geographic, and risk diversification.
The Canadian diversified office/retail/industrial segment is the second largest (by capitalization) of the real estate sector. Names, tickers, and US stock exchange prices follow, to help non-Canadians find these securities on US exchanges when possible (click tables to enlarge) :
The company invests in office, industrial and retail luxury hotels in las vegas properties in Canada and the United States. As of December 31, 2010, Artis portfolio comprised of 146 properties with approximately 14,398 thousand square feet of gross leasable area GLA . During the year ended December 31, 2010, it acquired 13 properties.
Acquisition Accretion 1.9% SP-NOI Growth drive 25% FD FFO Per Unit Growth. Q3/11 fully diluted FD funds from operations FFO was $0.30/unit compared to $0.24/unit a year ago and above our $0.28/unit estimate. luxury hotels in las vegas The 25% increase in per unit FFO was driven by the large volume of accretive acquisitions completed in the past four quarters (portfolio GLA up ~67% at Q3/11 from last year).
luxury hotels in las vegas It owns and manages a real estate portfolio consisting of office, industrial and retail properties throughout Canada. The portfolio's 163 properties contain luxury hotels in las vegas 22.4 million square feet of leasable space, with its ownership interest at 17.9 million square feet. Its retail portfolio is focused primarily on food-store-anchored strip plazas and other un-enclosed shopping centers anchored by retailers on long-term leases. Its industrial portfolio is focused on distribution facilities, warehousing and buildings used for light manufacturing and/or luxury hotels in las vegas flex-space facilities.
Q3/11 fully diluted funds from operations was $0.60/unit versus $0.57 last year and our $0.58 estimate. The ~5.7% increase in FFO per unit ($0.032/unit) was driven by acquisitions (more than $270 mln of acquisitions and development completions in the last four quarters), internal growth (1.9% rise in accounting SP-NOI) and average lower debt costs (down 28 bps vs. last year). The benefit of acquisitions, interest costs savings, and same-property NOI (+$0.014/unit), offset higher property administrative luxury hotels in las vegas costs (+$0.009/unit, luxury hotels in las vegas mainly due to one-time luxury hotels in las vegas items) and lower interest and fee income (-$0.007/unit).
CANMARC owns a portfolio of Canadian income-producing commercial properties, consisting of retail and office properties with certain industrial properties. In total, CANMARC properties comprise approximately 8.8 million square feet of commercial gross leasable area and 464 multi-family residential units located in Quebec, Atlantic Canada, Western Canada and Ontario.
Canmarc has received an unsolicited written proposal from Cominar REIT to acquire 100% of CMQ's outstanding units for $15.30/unit in cash. The proposal also provides the option luxury hotels in las vegas to unitholders to exchange CMQ units for Cominar units on a pro-rata basis, up to a maximum of 16 mln units. Author's note: When Canmarc was spun-off from Homburg in 2010, I wrote an article which proposed that the REIT (which was initially named Homburg REIT) would benefit luxury hotels in las vegas the owners and management, but not the other shareholders.
As of December 31, 2010, the trust owned a real estate portfolio of 268 properties, consisting of 53 office, 55 retail and 160 industrial and mixed-use buildings that cover a total area of 20.9 million square feet in the Greater Quebec City, Montreal and Ottawa-Gatineau areas, as well as in the Atlantic Provinces.
Cominar luxury hotels in las vegas announced the completion of a private placement acquisition of 3.1 million units of CANMARC REIT, bringing its stake to 8.3 million units, or 15.1% of outstanding CANMARC REIT units. Cominar also announced plans to make a $15.30/unit cash or cash units bid for all CANMARC units. Acquiring the CANMARC portfolio could increase Cominar s asset base by approximately 42% to 30 million sq.ft. The acquisition would also significantly alter the composition of Cominar s portfolio by property luxury hotels in las vegas type and geographically. Author's note: Please refer to this section for Canmarc REIT.
As of December 31, 2010, the trust's portfolio consisted of approximately 12.3 million square feet of gross leasable area across Canada. Through luxury hotels in las vegas its subsidiary, Dundee Management Limited Partnership, the trust provides management services to its tenants and other businesses. Its rental luxury hotels in las vegas properties have been segmented into office and industrial components. As of December 31, 2010, its ownership interests included luxury hotels in las vegas 68 office properties consisting approximately nine million square feet. As of December 31, 2010, its industrial luxury hotels in las vegas portfolio luxury hotels in las vegas consisted of 43 prime suburban industrial luxury hotels in las vegas properties consisting approximately 3.2 square feet in Calgary, Edmonton, luxury hotels in las vegas London, Toronto, Ottawa, Montreal and Halifax. On February 8, 2011, it acquired Realex Properties Corp. On January 4, 2011, it purchased Saskatoon Square in Saskatoon. On January 17, 2011, it purchased 400 Cumberland Street in Ottawa, Ontario.
Q3/11 fully diluted FD funds from operations FFO was $0.68/unit luxury hotels in las vegas compared luxury hotels in las vegas to $0.60/unit last year and our $0.64 estimate. The ~13% rise in FFO was the largest year-over-year increase in quarterly FFO in the REIT s history and was due to the REIT s substantial completed acquisitions, which more than offset a modest 1.3% decline in same-property cash-NOI. Overall occupancy, including occupied and committed space, was 95.8% at Q3/11 vs. 96.5% at Q2/11 and 97.1% last year. Office occupancy was 95.7% at Q3/11, down 90 bps from last year. Industrial occupancy was 96.1% at Q3/11, down 240 bps from last year. At Q3/11, the REIT s weighted luxury hotels in las vegas average remaining lease term was 5.4 years (4.8 years in office, 7.8 years in industrial).
It invests in office, industrial and retail properties. As of December luxury hotels in las vegas 31, 2010, the REIT held interests in 35 office properties, 118 single-tenant industrial properties, 129 retail properties and three development projects. luxury hotels in las vegas As of December 31, 2010, the REIT was focused on the construction of the Bow in Calgary. The Bow is a two-million square foot head office complex pre-leased to EnCana Corporation. In January 2010, the REIT sold a 179,000 square foot industrial building located in Mississauga, Ontario.
Q3/11 IFRS FD FFO was $0.38/unit luxury hotels in las vegas in Q3/11, unchanged from $0.38/unit in Q3/10, and slightly above our $0.37 estimate, all excluding gains on debt extinguishments. Q3 FFO included recoveries luxury hotels in las vegas relating to capital improvements capitalized to the balance sheet of $1.6 million or $0.008/unit compared to $2.0 million or $0.01/unit in Q3/10, and lease termination payments of $1.0 million or $0.005/unit compared to none a year earlier. Q3/11 same-property cash-NOI increased +1.3% (-0.8% on an IFRS basis), as a +1.9% increase in Canadian same-property cash-NOI was partly offset by a 1.3% decline in U.S. same-property NOI when translated into Canadian dollar terms. On a local currency basis, U.S. same-property NOI rose +6.8% year over-year, but was impacted in Canadian dollar terms due to a lower US$/C$ exchange luxury hotels in las vegas rate. On a local currency basis, overall same property cash NOI rose +2.8% in Q3/11.
Owns 77 office, seven retail and 28 industrial properties in the United States, Germany, luxury hotels in las vegas the Netherlands and Eastern Europe, and holds land for residential development in Canada. luxury hotels in las vegas Affiliate Homburg Canada Real Estate Investment Trust owns 119 retail, office, industrial and residential properties across Canada.
On September 9, 2011 (the Petition Date ) the company and certain of its subsidiaries (collectively, the Applicants ) applied to the Superior Court of Qu bec (the Court ) for protection under CCAA (the CCAA proceedings , or Creditor Protection Proceedings ). On September 13, 2011 the company sold 3 million Units (as hereinafter defined) of CANMARC Real Estate Investment Trust (formerly Homburg Canada Real Estate Investment Trust) ( CANMARC ) on a bought deal basis, which resulted in a loss of approximately $13 million. As a result, HII's voting ownership in CANMARC decreased from 23.1% to 16.1%. Thus, the company no longer has significant influence in CANMARC and has reclassified it's investment from an equity investment to a portfolio investment. Funds from operations (FFO) from continuing operations, net of the sale of properties developed for resale, was $(2.9) million for the three month period ended September 30, 2011, compared to $(2.5) million recorded in the same period in 2010.
Melcor Developments Ltd. is engaged in the development luxury hotels in las vegas of urban communities and the subsequent marketing of residential, commercial and industrial lands in Western luxury hotels in las vegas Canada. The company operates in four divisions: Community Development, which is engaged in purchasing and developing land to be sold as residential, industrial and commercial lots; Property Development, which is engaged in developing investment properties which, when constructed and at least 75% leased, are transferred to the Investment Property Division, which will hold and manage the asset; Investment Property, which owns 54 leasable commercial and retail buildings and other rental luxury hotels in las vegas assets, such as residential property and land leases, and Recreation Property, which owns and manages three 18-hole golf course luxury hotels in las vegas operations. On June 1, 2010, the Investment Property Division acquired a 240-unit residential apartment complex in Sugarland, luxury hotels in las vegas Houston. During the year ended December 31, 2010, it sold its Crowfoot Circle land lease.
2010-12 (last year): For the fiscal year ended 31 December 2010, Melcor Developments Ltd's revenues increased 41% to C$193M. luxury hotels in las vegas Net income increased 94% to C$45M. Revenues reflect increased sales from community development and Investment property segment.
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