RIOCAN REAL ESTATE INVESTMENT TRUST $26.57 (Toronto symbol REI.UN; Units outstanding: 285.0 million; Market cap: $7.6 billion; TSINetwork Rating: Average; Dividend yield: 5.2%; www.riocan.com) is Canada’s largest REIT. It has interests in 333 shopping malls in Canada, including 10 under development. These properties contain over 91 million square feet of leasable area.
RioCan also owns stakes in 46 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 quarter ended March 31, 2012, RioCan’s revenue rose 15.6%, to $274 million from $237 million a year earlier. Cash flow per unit rose 5.7%, to $0.37 from $0.35. The units yield 5.2%.
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. It bought five more properties for $92 million in the first quarter of 2012.
The units trade at 17.7 times RioCan’s forecast 2012 cash flow of $1.50 a unit. That’s a high multiple, but it’s still reasonable in light of the trust’s highly profitable properties and 96.9% 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.
RioCan is still our #1 safety-conscious buy for 2012.
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