Dividend Raise: Plaza Retail REIT (TSE: PLZ.UN)

On November 16th, 2015, Plaza Retail REIT (TSE: PLZ.UN) announced it’s 13th consecutive annual distribution increase since they began paying dividends in 2003. The annual dividend payment has been increased 4.0% from $0.25 to $0.26 per share, starting on January 2016. This increases my 12-month forward dividend income by $2.60 on the 260 shares I own of PLZ.UN.

We have more than tripled our distribution over the last 13 years; as our initial 8 cents per unit distribution has grown to 26 cents per unit. No REIT in Canada has such a track record of distribution increases and it confirms our ability to grow the business and deliver results to our unit holders.


The most relevant financial highlights of the Nine Months ended September 30, 2015 to a dividend growth investor would be:

  • Funds from operations (“FFO”) were $22.5 million, up 4.9% from $21.5 million in 2014.
  • Adjusted funds from operations (“AFFO”) were $21.6 million, up 6.1% from $20.3 million in 2014.
  • FFO and AFFO per unit of $0.240 and $0.230, respectively, were up 2.1% and 3.1%, from $0.235 and $0.223 in 2014
  • FFO and AFFO payout ratios were 78.2% and 81.6%, respectively, compared to 76.4% and 80.6% in 2014

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