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Posts Tagged ‘Ontario’

Killam Properties Makes Significant Moves

January 30th, 2017 Comments off
KillamReceivesRecommendationsFromRatingsFirmscreditRentalHousingBusiness-postedtothedailybusinessnewsmhpronewmhlivingnews

Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) tells MHProNews that the company has closed on two Canadian acquisitions worth $26.2 million, including 153 apartment units in London, Ontario, and 66 units in Calgary, Alberta.

On December 22, Killam acquired a five building portfolio in London for $13.4 million, or $87,500 per unit. Killam’s London portfolio now consists of 417 total rental units.

On January 16, Killam acquired Spruce Grove Lane Apartments, its second apartment property in the city of Calgary. The 3-acre site consists of 66 townhouse-style apartments, with a purchase price of $12.8 million, or $195,000 per unit.

KillamPropertiesMakesSignificantMovescreditRentboardCA-postedtothedailybusinessnewsmhpronewsmhlivingnews

Spruce Grove Lane. Credit: Rentboard CA.

philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronewsWe are pleased to grow our rental portfolios in both London and Calgary,” noted Philip Fraser, President and CEO.

We have been monitoring the Calgary rental market over the last year and Spruce Grove Lane Apartments, located in a sought-after residential neighborhood, has great upside. We have the opportunity to add value and grow net operating income at this property.

The acquisitions bring the company’s total for 2016 to $70 million, which exceeds management’s goal of $50 million in acquisitions for the year.

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Killam 1 year look. Credit: Bloomberg.

Killam also received recommendations from rating agencies recently, with an average recommendation of “buy,” from TD Securities and “sector perform” from Scotiabank. That story is linked here.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Killam Receives Recommendations From Ratings Firms

January 16th, 2017 Comments off
KillamReceivesRecommendationsFromRatingsFirmscreditRentalHousingBusiness-postedtothedailybusinessnewsmhpronewmhlivingnews

Killam President Philip Fraser. Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) received a number of recommendations from ratings firms recently, with an average recommendation of “buy.

According to Community Financial News, Canaccord Genuity decreased their price target on Killam Properties from C$14.00 to C$13.50 on January 5th.

Scotiabank reaffirmed its “sector perform” rating and set a C$13.75 target price on Killam shares in a report on November 2nd.

TD Securities reaffirmed its “buy” rating on Killam and issued a C$15.00 price target on shares of Killam Properties on October 11th.

KillamReceivesRecommendationsFromRatingsFirmscreditBloomberg-postedtothedailybusinessnewsmhpronewmhlivingnews

Killam 1 year look. Credit: Bloomberg.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sun Communities Announces Q3 Results

November 5th, 2016 Comments off

suncommunitiesquarterlyresults-creditssunmhpronews-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities, Inc. (NYSE: SUI) reported its Q3 2016 results on November 1, 2016.

For the quarter ending September 30, 2016, total revenues increased $64.3 million, or 34.7 percent, to $249.7 million compared to $185.4 million for the same period in 2015.

Net income available was $18.9 million, or $0.27 per diluted common share, as compared to $28.8 million, or $0.53 per diluted common share, for the same period in 2015.

For the nine months ended September 30, 2016, total revenues increased $108.6 million, or 21.4 percent, to $615.1 million compared to $506.5 million for the same period in 2015. Net income available for the nine months ended September 30, 2016 was $19.0 million, or $0.30 per diluted common share, as compared to $47.9 million, or $0.90 per diluted common share, for the same period in 2015.

SunCommunitiesQ3Earningsbalancesheet-postedtothedailybusinessnewsmhpronewsmhlivingnews

Click here or on the photo for Sun Communities full Q3 2016 report.

Equity analysts provided earnings per share (EPS) guidance of $0.89 – $0.91 for the next quarter.

Our strong third quarter results demonstrate the consistent growth profile of our portfolio. With home sales solidly ahead of last year in both the third quarter and year to date, the ongoing demand for manufactured housing in our high quality communities is clearly evident,” said Gary A. Shiffman, Chairman and CEO.

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Sun Communities CEO Gary Shiffman, photo credit: Glenn Triest.

I am pleased with the integration of the Carefree assets, which are performing ahead of expectations, as we employ our experience and expertise as a consolidator in this space. With both site expansion opportunities, and selective acquisitions such as the four communities purchased during and subsequent to the quarter, we continue to be well-positioned to drive ongoing growth across our platform.”

Other highlights from the earnings call:

  • Home sales increased by 43.0 percent as compared to the third quarter of 2015.
  • Revenue producing sites increased by 292 sites for the quarter bringing total portfolio occupancy to 96.2 percent, up 250 basis points from the third quarter of 2015.
suncommunitiesq3earningsircover-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Sun Communities.

As regular Daily Business News readers know, Sun owns and operates some 338 manufactured home and recreational vehicle communities located in 29 states throughout of the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm is one of the largest portfolios of manufactured home communities in the United States.

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Sun is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Modular Housing Gaining in Canada

January 21st, 2014 Comments off

Writing in treehugger.com, Lloyd Alter says modular housing is now 11 percent of the Canadian housing market, three times what it was when he was selling homes in Wingham, Ontario for Royal Homes’ Pieter Venema, who built the Kohn Shnier designed Muskoka cottage for two families. Noting factory-built homes are gaining in popularity, Venema says, “It’s got more of an upscale cache to it. People are really beginning to understand the concept and see the benefits of it. It’s slow to change but we do see it.” While many people tend to think it costs less than a cookie-cutter subdivision house, it actually costs more but you are getting a customized home, as MHProNews knows.

(Photo credit: Tom Arban/treehugger.com–Kohn Shnier Architects— Muskoka cottage for two families)

Modular Homes may House Attawapiskat in Canada

December 13th, 2013 Comments off

Following a post MHProNews last covered April 29, 2013 regarding the housing needs of the Attawapiskat of northern Ontario, Canada, bidding on a $2.2 million contract will close Mon., Dec. 16. It ‘s part of a larger $11.5 million, 15 project, five-year plan to increase the affordable housing stock for the 1,800 residents who routinely suffer from floods after the snow melts in the spring. This project will provide eight more housing units for the First People community, although it will be the winning bidder’s decision as to whether the homes will be factory-built or site-built. Late last year, according to cbc.ca, the federal government brought in 22 modular homes for the community and there was a need for 62 more. The government also gave the Attawapiskat over $650,000 to repair nine homes damaged by the spring flooding.

(Photo credit: cbcnews.com)

Is Canada at Risk for a Housing Crisis?

March 9th, 2012 Comments off

Canadian Flag from WikipediaFrom Bloomberg, MHProNews.com finds that mortgage defaults are on the rise in Canada. Canada Mortgage & Housing Corp. (CMHC) defaults have soared nine-fold in 20 years, the business paper says, approaching levels reached by Fannie Mae and Freddie Mac in the U.S. at the height of the housing boom. Bloomberg estimates that in 2006 at the peak of the U.S. housing market, the combined exposure of the government-backed agencies to potential defaults was slightly more than a third the size of the economy. The calculations are based on U.S. Federal Reserve data. John Andrew, real-estate professor at Queen’s University in Kingston, Ontario told reporters the risks are significant. According to the median of a Bloomberg survey of 13 economists, there’s a 15 percent chance housing prices will decline 10 percent or more over the next year. CMHC suggested in a Feb. 13 report the average price of existing homes will climb 2.7 percent in 2013.

(Image Credit: Wikipedia)

Is a Home a Home, Even in a Fire Story?

December 28th, 2011 Comments off

Fire Dec 28, 2011From Oregon comes another story about a fire in a manufactured home. While stories about home fires are common, few specify the construction method for stick-built or modular homes, but make the exception for manufactured or mobile homes. From Ontario, Oregon, The Argus reports that a Friday evening fire in a manufactured home is being blamed on a space heater that was plugged into an extension cord. The article reads “Ontario Fire and Rescue responded to a manufactured home fire.” It later refers to a neighboring home which had burned some days previous as a “trailer.” For more information see Do Manufactured Homes Burn Faster? Experts Say No.

(Image Credit: I, MarcusObal Wikimedia Commons)