RioCan’s plan is on track

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $25.13 (Toronto symbol REI.UN; Units outstanding: 311.9 million; Market cap: $7.8 billion; TSINetwork Rating: Average; Dividend yield: 5.7%; www.riocan.com) continues to make progress with its plan to focus on six major urban markets: Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. RioCan expects those six cities will account for 90% of its rental revenue when it completes the plan in 2019. Meanwhile, the REIT also aims to profit from the upcoming legalization of recreational cannabis on October 17, 2018. Ontario recently announced that it will let private stores sell cannabis instead of government-owned stores, starting April 2019. That should spur demand for space in RioCan’s high-quality malls. The government’s online store will for now be the exclusive seller of cannabis in Ontario. RioCan is a buy. buy…