RIOCAN REAL ESTATE INVESTMENT TRUST $24 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 302.6 million; Market cap: $7.3 billion; Price-to-sales ratio: 4.5; Dividend yield: 5.9%; TSINetwork Rating: Average; www.riocan.com) owns 348 retail properties in Canada, including 15 under development. It also owns 50 malls in the U.S.
The trust continues to expand through acquisitions. In the second quarter of 2013, RioCan acquired seven properties for $460 million. As part of its plan to focus on larger cities, RioCan also sold four properties in smaller markets for $364 million. As a result, big cities now account for 72.1% of its rental revenue, up from 67.5% at the end of 2012.
These new properties are also diversifying RioCan’s portfolio beyond its suburban big-box-style malls. For example, its recent purchases include two enclosed malls in Ontario. The trust is also redeveloping certain properties in Toronto as mixed-use office, retail and residential complexes.
Thanks to these new properties and the opening of new malls, RioCan’s cash flow in the quarter rose 14.2%, to $121 million from $106 million a year earlier. Due to more units outstanding, cash flow per unit rose at a slower pace of 8.1%, to $0.40 from $0.37.
The units trade at a high, but still reasonable, 15.6 times RioCan’s projected 2013 cash flow of $1.54 a unit. The $1.41 distribution yields 5.9%.
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