RIOCAN REAL ESTATE INVESTMENT TRUST $29.27

RIOCAN REAL ESTATE INVESTMENT TRUST $29.27 (Toronto symbol REI.UN; Units outstanding: 323.8 million; Market cap: $9.5 billion; TSINetwork Rating: Average; Dividend yield: 4.8%; www.riocan.com) has formed a new 50/50 joint venture with Plaza Retail REIT (Toronto symbol PLZ.UN). This new business will redevelop three of RioCan’s shopping malls: two in eastern Ontario and one in New Brunswick.

Under the terms of the agreement, RioCan sold 50% of these properties to Plaza for $11.5 million. That’s equal to 11% of its first quarter cash flow of $108.2 million, or $0.31 a unit.

Plaza will also assume responsibility for the redevelopment, and manage these malls.

The sale frees up cash that RioCan can direct to more-important projects in Canada’s six largest cities—Toronto, Montreal, Ottawa, Edmonton, Calgary and Vancouver. They account for 75.0% of its rental revenue.

RioCan is a buy.

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