RIOCAN REAL ESTATE INVESTMENT TRUST $21 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 212.0 million; Market cap: $4.5 billion; SI Rating: Average) has formed a second joint venture with U.S.-based real estate developer Kimco Realty Corp. This new 50-50 partnership has agreed to buy 10 retail shopping centres in central and eastern Canada. RioCan will manage these properties.
RioCan’s share of the $156 million cost is $78 million. That’s equal to 2.6 times the $30.3 million or $0.14 a unit that RioCan earned in the first quarter of 2008.
RioCan is a buy.
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