RIOCAN REAL ESTATE INVESTMENT TRUST $24.19 (Toronto symbol REI.UN; Units outstanding: 300.7 million; Market cap: $7.3 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 348 shopping malls containing over 83 million square feet of leasable area. That total includes 50 U.S. malls with over 13.7 million square feet.
Earlier this year, RioCan ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended June 30, 2013, RioCan’s revenue rose 9.7%, to $272 million from $248 million a year earlier. Cash flow per unit increased 8.1%, to $0.40 from $0.37. The units yield 5.8%.
RioCan continues to see many growth opportunities in Canada and the U.S. In 2012, it spent $926 million on properties. So far this year, it has bought nine more malls for a total of $479 million.
The units trade at 14.7 times RioCan’s forecast 2013 cash flow of $1.65 a unit. That’s a high multiple, but it’s still reasonable in light of the trust’s highly profitable properties and 96.7% occupancy rate. As well, national and multinational chains like Canadian Tire account for 85.9% of RioCan’s rental revenue. That helps cut its risk.
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