RioCan Real Estate Investment Trust $25.40 – Toronto symbol REI.UN

RIOCAN REAL ESTATE INVESTMENT TRUST $25.40 (Toronto symbol REI.UN; SI Rating: Average) is Canada’s largest REIT. RioCan has ownership interests in a portfolio of 207 retail properties across Canada, including 10 under development. These properties contain over 53 million square feet of leasable area. RioCan’s revenue in the three months ended June 30, 2007 was $179.5 million, up 15.5% from $155.4 million a year earlier. Cash flow per unit rose 8.6%, to $0.38 from $0.35. RioCan recently increased its annual distribution by 2.3%, to $1.35 from $1.32. Its units now yield 5.2%. RioCan is still a buy.

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