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Highlights:
- CAPREIT holds a dividend yield of 3.339 per cent.
- Allied Properties Real Estate Investment paid a monthly dividend of C$ 0.146 apiece.
- Choice Properties has a market capitalization of C$ 4.92 billion.
Renting a home has become costlier in Canada, touching a record high of C$ 2.024 in November. According to some experts, the new data from the National Rental Report shows no signs of abating as of now. Compared to last year, Canadians are paying C$ 224 more every month, which is a gain of 12.4 per cent, the report mentioned. It has even crossed the pre-pandemic level.
So, amid this development, how have the TSX REIT stocks performed? Some of the REIT stocks on the TSX exchange include- Canadian Apartment Properties Real Estate Investment Trust (CAR.UN), Allied Properties Real Estate Investment Trust (AP. UN), and Choice Properties Real Estate Investment Trust (CHP.UN).
Here, we track the performances of the mentioned three TSX REIT stocks in the recent quarters:
Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN)
Canadian Apartment Properties Real Estate Investment Trust, or CAPREIT, is involved in acquiring and leasing residential properties across Canada. With a dividend yield of 3.339 per cent, CAPREIT paid a quarterly dividend of C$ 0.121 per share. Its three-year dividend growth is 1.72.
For the third quarter of fiscal 2022, CAPREIT posted a net operating income of C$ 166.64 million compared to C$ 158.12 million in the year-ago quarter. Also, its operating revenues climbed to C$ 252.03 million from C$ 236.09 million in the same comparable period.
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Allied Properties Real Estate Investment Trust (TSX:AP.UN)
Allied Properties Real Estate Investment holds a dividend yield of 6.494 per cent. The company distributed a monthly dividend of C$ 0.146 apiece, which is next payable on January 16, 2023. The EPS of Allied Properties Real Estate is 3.76, with a P/E ratio of 7.10.
Allied said its third-quarter 2022 financial results were in sync with its internal forecast and met external expectations. The company’s average in-place net rent per occupied sqft of their rental portfolio soared to C$ 25.56, with an increase of 3.8 per cent from the year-ago quarter and 1.1 per cent from the previous quarter.
Its rental revenue in the third quarter of 2022 grew to C$ 157.16 million compared to C$ 142.65 million in the corresponding quarter in 2021.
Choice Properties Real Estate Investment Trust (TSX:CHP.UN)
Choice Properties Real Estate Investment Trust manages and develops commercial as well as retail properties in Canada. The C$ 4.92 billion market cap company holds a dividend yield of 4.92 per cent. It paid a monthly dividend of C$ 0.062 per share.
Choice Properties posted a Q3 2022 net income of C$ 948.1 million compared to C$ 163.7 million in Q3 2021, an increase of C$ 784.4 million. The REIT completed C$ 59.2 million of transactions in the third quarter of 2022. It included C$ 19.9 million in acquisitions and C$ 39.3 million in dispositions.
Bottom line:
One must tread cautiously when there is volatility. So, as an investor, always be highly analytical when putting your bets on any stock, especially when there is uncertainty in the equity market. It can protect your money in the short-term.
Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
