Another U.S. purchase for RioCan

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $25 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 263.4 million; Market cap: $6.6 billion; Price-to-sales ratio: 5.0; Dividend yield: 5.5%; TSINetwork Rating: Average; www.riocan.com) has purchased 80% of the Alamo Ranch shopping mall in San Antonio, Texas. Inland Western Retail REIT owns the remaining 20%. This is RioCan’s first acquisition in San Antonio. The mall is 88% occupied, and has well-known anchor tenants, such as Target. These factors cut the risk of expanding into unfamiliar markets. RioCan is a buy. buy…