Plaza Retail REIT Continues Construction Projects, Growth In Second Quarter
Plaza Retail REIT Continues Construction Projects, Growth In Second Quarter
Plaza Retail REIT’s quarterly earnings report indicated strong continued growth in the second quarter of 2021.
The company says they have begun transitioning from pandemic recovery to looking for opportunities for growth.
“Our portfolio of essential needs and value retail open-air centres located in primary and strong secondary markets across a wide geography are performing well,” said Michael Zakuta, president and CEO of Plaza in a conference call to investors last Friday. “Our focus has clearly shifted from managing the effects of the pandemic to pursuing growth opportunities.”
Plaza Retail REIT’s stock was trading at $4.57 a share at the end of last week, up from $3.44 the same time last year. Their market cap sat at $463.16 million at the end of last week.
The company says rent collection remains high at 98.5 percent with $29.95-million in total revenue.
On the call, they noted that construction costs remain high, and the company is combatting this with higher rents and lower financing costs.
“It is not always possible to move rents higher, but we are benefiting from lower interest rates, and higher lower tax rates that help us to maintain our net development margins,” said Zakuta.
Some of the second quarter’s projects in Atlantic Canada during the second quarter of 2021 included construction on an IHOP and A&W in Bedford, Nova Scotia’s Hogan Court Plaza, as well as the opening of Global Pet Foods in Fredericton, New Brunswick, COBS Bread in Dartmouth, Nova Scotia, Pet Valu in Liverpool Nova Scotia’s Queens Place Drive Plaza, and an Esso in Bedford’s Hogan Court Plaza.
Plaza Retail REIT operates in Ontario, Quebec, and the Maritimes with a $1.2 billion total asset value. They are a leading property owner in Canada and are developers and managers of retail real estate.
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