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.

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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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