RIOCAN REAL ESTATE INVESTMENT TRUST $25.79 (Toronto symbol REI.UN; Units outstanding: 267.0 million; Market cap: $6.9 billion; TSINetwork Rating: Average; Dividend yield: 5.4%; www.riocan.com) is Canada’s largest REIT. It has interests in 331 shopping malls in Canada, including 10 under development. These properties contain over 91 million square feet of leasable area.
RioCan also owns stakes in 38 malls in the U.S. through joint ventures. In addition, it owns 14% of Cedar Shopping Centers, a U.S. REIT whose malls are mainly in the northeastern U.S.
In the three months ended September 30, 2011, revenue rose 15.1%, to $236 million from $205 million a year earlier. Cash flow per unit rose 5.7%, to $0.37 from $0.35. RioCan’s units yield 5.4%.
RioCan continues to see lots of growth opportunities in Canada and the U.S. In 2011, the trust bought interests in 38 properties (24 in Canada and 14 in the U.S.) for $1.1 billion.
The units trade at 16.5 times RioCan’s forecast 2012 cash flow of $1.56 a unit. That’s a high multiple, but it’s still reasonable in light of the trust’s highly profitable properties and 97.5% occupancy rate. As well, national and multinational chains, like Wal-Mart, account for 86.0% of RioCan’s rental revenue. That helps cut its risk.
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