RIOCAN REAL ESTATE INVESTMENT TRUST $25.78 (Toronto symbol REI.UN; Units outstanding: 318.8 million; Market cap: $8.1 billion; TSINetwork Rating: Average; Dividend yield: 5.5%; www.riocan.com) is Canada’s largest real estate investment trust.
In the three months ended June 30, 2015, RioCan’s revenue rose 6.3%, to $322.3 million from $303.2 million a year earlier. Cash flow per unit gained 2.4%, to $0.42 from $0.41.
The trust has now agreed to unwind its 50/50 joint venture with U.S.-based Kimco Realty. This business manages 35 malls across Canada.
Under the deal, RioCan will acquire Kimco’s 50% stake in 22 of these properties for $715 million. The partners then plan to sell 10 other properties. They haven’t yet made a decision about the last three, which consist of stores recently vacated by Target.
The 22 properties RioCan is taking full control of fit well with its plan to increase its exposure to Canada’s six largest markets: Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver.
The trust is also considering selling its U.S. operations, whose property values have gained with the U.S. dollar and the country’s recovering economy. A sale could bring in over $1 billion U.S., which RioCan could use to pay for the Kimco deal or to buy out some of its other joint venture partners. RioCan trades at 14.6 times its forecast 2015 cash flow of $1.77 a unit. That’s reasonable in light of the trust’s highly profitable properties and 93.9% occupancy rate. The units yield 5.5%.
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