RIOCAN REAL ESTATE INVESTMENT TRUST $27.48 (Toronto symbol REI.UN; Units outstanding: 295.9 million; Market cap: $8.2 billion; TSINetwork Rating: Average; Dividend yield: 5.0%; www.riocan.com) is Canada’s largest real estate investment trust (REIT). It has interests in 278 shopping malls in Canada, including 10 under development. These properties contain over 59 million square feet of leasable area.
RioCan recently ended its joint venture with Cedar Shopping Centers in the U.S., so it now owns 100% of all of its 48 malls in that country. RioCan held 80% of this venture, which owned 22 shopping centres in the U.S. Under the deal, RioCan will buy Cedar’s 20% stake in 21 malls, while Cedar will buy RioCan’s 80% stake in another mall.
In the quarter ended June 30, 2012, RioCan’s revenue rose 13.5%, to $269 million from $237 million a year earlier. Cash flow per unit rose 2.8%, to $0.37 from $0.36. The units yield 5.0%.
RioCan continues to see lots of growth opportunities in Canada and the U.S. In 2011, it bought interests in 38 properties (24 in Canada and 14 in the U.S.) for $1.1 billion. It bought nine more malls for $179 million in the first half of 2012.
The units trade at 17.4 times RioCan’s forecast 2012 cash flow of $1.58 a unit. That’s a high multiple, but it’s reasonable in light of the trust’s profitable properties and 97.4% occupancy rate.
RioCan is still our #1 safety-conscious buy for 2012.
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