RIOCAN REAL ESTATE INVESTMENT TRUST $27 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 304.8 million; Market cap: $8.2 billion; Price-to-sales ratio: 5.9; Dividend yield: 5.2%; TSINetwork Rating: Average; www.riocan.com) continues to work with joint venture partners to buy mixed-use properties, particularly in urban areas. This way, the trust can apply its expertise to the retail portion of these developments, while leaving the residential and office aspects to its partners.
In the first quarter of 2014, RioCan paid $138 million for interests in six properties under development. It also bought two existing retail properties for $21 million.
Thanks to these moves, RioCan’s cash flow rose 2.4% in the quarter, to $127 million, or $0.42 a unit. A year earlier, its cash flow was $124 million, or $0.41 a unit. The lower Canadian dollar also boosted its U.S. properties’ contribution.
The units trade at a reasonable 17.3 times RioCan’s expected 2014 cash flow of $1.56 a unit. The $1.41 distribution yields 5.2%.
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