Property Information
The 207 properties owned by the REIT are located in fast growing, high traffic centres in both urban and non-urban areas. The portfolio of Scott's REIT includes properties in Ontario (83), Québec (74), Nova Scotia (15), Alberta (12), New Brunswick (9), Manitoba (8) and British Columbia (6).
The properties in Quebec represent 44% of the total leasable area of the REIT's portfolio, followed by the properties in Ontario with 42%. The REIT's properties in Ontario account for 48% of its annual rent receipts while 36% comes from properties in Québec.
As Canada's leading small-box REIT and the only Canadian REIT to focus on this asset class, we are moving quickly but prudently to expand and leverage our first mover advantage. In our first three years of operation, we have grown our total asset base by 58% and increased our gross leasable area by 81% from 429 thousand to nearly 777 thousand square feet.
Increasing our asset base is critical to long-term rental revenue generation, which in turn is a key driver of unitholder return. The REIT's strategy is paying off. Our asset growth, together with the additional rent we have collected from our existing tenants through rent increases, has led to significant growth in our revenue, net operating income and distributable income.