RIOCAN REAL ESTATE INVESTMENT TRUST $25.67 (Toronto symbol REI.UN; Units outstanding: 306.7 million; Market cap: $7.9 billion; TSINetwork Rating: Average; Dividend yield: 5.5%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 340 shopping malls containing over 81 million square feet of leasable area. That total includes 47 U.S. malls with over 13 million square feet.
In the three months ended June 30, 2014, RioCan’s revenue increased 8.5%, to $295 million from $272 million a year earlier. Cash flow per unit rose 5.0%, to $0.42 from $0.40.
RioCan continues to see growth opportunities in Canada and the U.S. In 2013, it spent $849 million on 32 properties. In the first half of 2014, it added four more for a total of $45 million.
Meanwhile, the trust continues to make better use of its existing space. For example, it’s now adding office and residential units to its malls, which is cheaper than buying new properties. This also helps RioCan’s retail tenants, because residents tend to shop at stores closer to where they live.
The units trade at 15.1 times RioCan’s forecast 2014 cash flow of $1.70 a unit. That’s reasonable in light of the trust’s highly profitable properties and 96.9% occupancy rate. As well, national and multinational chains, like Canadian Tire, supply 86.5% of RioCan’s rental revenue. That helps cut its risk.
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