Target a big plus for RioCan

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $25.90 (Toronto symbol REI.UN; Units outstanding: 248.4 million; Market cap: $6.8 billion; TSINetwork Rating: Average; Dividend yield: 5.3%; www.riocan.com) reports that U.S.-based Target Corp. now plans to convert 21 of the 34 Zellers stores in RioCan’s malls to the Target banner. Target will make a decision on the rest later this year. Any locations it doesn’t convert will operate as Zellers stores until their leases expire. The Target stores should help draw more shoppers to RioCan’s malls. More customer traffic would make it easier to charge higher rents to other tenants. RioCan is a buy. buy…