Commercial-property owners in Alberta are reeling from the energy crash, a phenomenon that is accelerating as the economic pain from weak oil and gas prices spreads throughout the province.
The problems are spelled out in the latest batch of quarterly earnings from publicly traded real estate investment trusts with heavy exposure to the province. Boardwalk REIT, a major owner of apartment buildings in Alberta, saw its same-property net operating income (SPNOI) – or revenue from properties it owned in 2015 – fall 14.6 per cent from the year prior.Report Typo/Error
- Boardwalk Real Estate Investment Trust$45.23-0.23(-0.51%)
- Dream Office Real Estate Investment Trust$19.50-0.03(-0.15%)
- iShares S&P/TSX Capped REIT Index ETF$16.54+0.07(+0.43%)
- Artis Real Estate Investment Trust$13.48-0.03(-0.22%)
- RioCan Real Estate Investment Trust$26.17+0.38(+1.47%)
- Updated April 27 3:59 PM EDT. Delayed by at least 15 minutes.