RIOCAN REAL ESTATE INVESTMENT TRUST $19.32 (Toronto symbol REI.UN; Units outstanding: 242.9 million; Market cap: $4.7 billion; SI Rating: Average; Dividend yield: 7.1%) is Canada’s largest REIT. RioCan has interests in 265 shopping malls across Canada, including 12 under development. In all, these properties contain over 60 million square feet of leasable area. The trust has a 97.0% occupancy rate.
In the three months ended March 31, 2010, RioCan’s revenue was $214.6 million. That’s up 12.3% from $191.1 million a year earlier. Cash flow per unit rose 12.5%, to $0.36 from $0.32. The trust paid higher interest costs during the quarter, but contributions from newly acquired shopping centres and gains on property sales helped offset these expenses. The trust’s units yield 7.1%.
In 2009, RioCan formed a joint venture withCedar Shopping Centers, Inc. (New York symbol CDR). Cedar owns shopping centres in the northeastern and mid-Atlantic regions of the U.S. RioCan owns 80% of this joint venture. As part of the original deal, it received common shares and warrants in Cedar. RioCan recently exercised these warrants. That gave it a 14% stake in Cedar.
As well, RioCan recently formed a joint venture with Inland Western Retail Real Estate Trust. RioCan’s $138-million U.S. contribution will give it 80% of the new firm, which will own eight malls in the Texas cities of Dallas, Houston and Austin.
RioCan is still a buy.
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