RIOCAN REAL ESTATE INVESTMENT TRUST $23.15 (Toronto symbol REI.UN; Units outstanding: 250.9 million; Market cap: $5.8 billion; SI Rating: Average; Dividend yield: 6.0%; www.riocan.com) is Canada’s largest REIT. RioCan has interests in 289 shopping malls across Canada, including 11 under development. In all, these properties contain over 66 million square feet of leasable area. The trust has a 97.1% occupancy rate.
RioCan is Canada’s largest owner of neighbourhood shopping centres, which are enclosed malls in smaller cities. But the trust’s strongest growth is in its “New Format” malls, in the suburbs of larger cities. RioCan is Canada’s largest owner of these malls, which have lots of parking and room for new building, and mainly consist of big-box stores, or large stores that are usually part of a chain.
RioCan also owns an 80% interest in 28 malls in the U.S. through joint ventures. As well, it owns 14% of Cedar Shopping Centers, a U.S. REIT that owns malls anchored by supermarkets and drug stores, mainly in the northeastern U.S.
In the three months ended September 30, 2010, RioCan’s revenue was $216.6 million. That’s up 14.6% from $189 million a year earlier. Cash flow per unit rose 20%, to $0.36 from $0.30.
The trust paid higher interest costs in the latest quarter. But contributions from recently purchased shopping centres and gains on property sales helped offset these expenses. RioCan’s units yield 6.0%.
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