RIOCAN REAL ESTATE INVESTMENT TRUST $15 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 221.0 million; Market cap: $3.3 billion; SI Rating: Average) is Canada’s largest real estate investment trust. It owns 238 retail properties, including 14 under development, comprising an aggregate of over 58 million square feet.
Ottawa has exempted real estate trusts from its new taxation rules, as long they meet certain technical requirements. RioCan plans to ensure that it continues to qualify as a REIT.
RioCan’s focus on suburban retail malls could hurt its earnings if consumer confidence continues to weaken. However, RioCan gets 83.6% of its revenue from national and anchor tenants such as Wal-Mart and Loblaw. Dominant retailers like these have the financial strength to weather the current downturn. As well, no individual tenant accounts for more than 6% of RioCan’s revenue.
In the three months ended September 30, 2008, RioCan’s earnings grew 15.8%, to $41.6 million from $35.9 million a year earlier. Earnings per unit rose 11.8%, to $0.19 from $0.17, on more units outstanding. Cash flow per unit rose 2.8%, to $0.37 from $0.36. Revenue grew 7.6%, to $185.5 million from $172.5 million.
RioCan’s conservative approach to financing new projects helps keep its debt and interest costs down. That gives it plenty of room to increase distributions. The current annual rate of $1.38 yields 9.2%. RioCan now trades at a reasonable 10.5 times its 2008 forecast earnings of $1.43 a unit.
RioCan is a buy.
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