RIOCAN REAL ESTATE INVESTMENT TRUST $27.64 (Toronto symbol REI.UN; Units outstanding: 304.4 million; Market cap: $8.4 billion; TSINetwork Rating: Average; Dividend yield: 5.1%; www.riocan.com) is Canada’s largest real estate
investment trust (REIT), with interests in 340 shopping malls containing over 82 million square feet of leasable area. That total includes 47 U.S. malls with over 13 million square feet.
In the three months ended March 31, 2014, RioCan’s revenue increased 6.4%, to $299 million from $281 million a year earlier. Cash flow per unit rose 2.4%, to $0.42 from $0.41, on more units outstanding.
RioCan continues to see growth opportunities in Canada and the U.S. In 2013, it spent $849 million on 32 properties. In the first quarter of 2014, it bought two more for a total of $21 million.
RioCan is also making better use of its existing space. For example, the trust is adding office and residential units to its malls, which is cheaper than buying new properties. This also helps RioCan’s retail tenants, because residents will probably prefer to shop at stores closer to where they live.
The units trade at 16.6 times RioCan’s forecast 2014 cash flow of $1.67 a unit. That’s reasonable in light of the trust’s highly profitable properties and 96.8% occupancy rate. As well, national and multinational chains, like Canadian Tire, supply 86.4% of RioCan’s rental revenue. That helps cut its risk.
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