riocan real estate investment trust
RIOCAN REAL ESTATE INVESTMENT TRUST $29.55 (Toronto symbol REI.UN; Units outstanding: 313.9 million; Market cap: $9.2 billion; TSINetwork Rating: Average; Dividend yield: 4.8%; www.riocan.com) should be able to weather Target Corp.’s decision to close its 133 Canadian stores with minimal effect on its revenue and profits. RioCan has Target as its seventh-largest tenant, with 26 locations, but the stores account for just 1.9% of the REIT’s annualized rental revenue. Many of the Target stores are in established malls, so RioCan should be able to rent them to new tenants, perhaps at higher rates. Meanwhile, RioCan says the leases on the 26 locations are guaranteed by the U.S. parent company, Target Corp., for more than a decade....
RIOCAN REAL ESTATE INVESTMENT TRUST $29.55 (Toronto symbol REI.UN; Units outstanding: 313.9 million; Market cap: $9.2 billion; TSINetwork Rating: Average; Dividend yield: 4.8%; www.riocan.com) should be able to weather Target Corp.’s decision to close its 133 Canadian stores with minimal effect on its revenue and profits.
RioCan has Target as its seventh-largest tenant, with 26 locations, but the stores account for just 1.9% of the REIT’s annualized rental revenue.
Many of the Target stores are in established malls, so RioCan should be able to rent them to new tenants, perhaps at higher rates. Meanwhile, RioCan says the leases on the 26 locations are guaranteed by the U.S. parent company, Target Corp., for more than a decade.
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RioCan has Target as its seventh-largest tenant, with 26 locations, but the stores account for just 1.9% of the REIT’s annualized rental revenue.
Many of the Target stores are in established malls, so RioCan should be able to rent them to new tenants, perhaps at higher rates. Meanwhile, RioCan says the leases on the 26 locations are guaranteed by the U.S. parent company, Target Corp., for more than a decade.
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RIOCAN REAL ESTATE INVESTMENT TRUST $26.85 (Toronto symbol REI.UN; Units outstanding: 307.8 million; Market cap: $8.5 billion; TSINetwork Rating: Average; Dividend yield: 5.3%; www.riocan.com) continues to open new shopping malls and, with partners, mixeduse properties with office and residential space. The trust is also selling off less profitable properties.
In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier.
But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding. RioCan’s revenue rose 10.0%, to $296 million from $269 million.
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In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier.
But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding. RioCan’s revenue rose 10.0%, to $296 million from $269 million.
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RIOCAN REAL ESTATE INVESTMENT TRUST $26.85 (Toronto symbol REI.UN; Units outstanding: 307.8 million; Market cap: $8.5 billion; TSINetwork Rating: Average; Dividend yield: 5.3%; www.riocan.com) continues to open new shopping malls and, with partners, mixeduse properties with office and residential space. The trust is also selling off less profitable properties. In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier. But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding. RioCan’s revenue rose 10.0%, to $296 million from $269 million....
RIOCAN REAL ESTATE INVESTMENT TRUST $27 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 308.9 million; Market cap: $8.3 billion; Price-to-sales ratio: 5.8; Dividend yield: 5.2%; TSINetwork Rating: Average; www.riocan.com) continues to open new malls and, with partners, mixed-use properties with office and residential space. The trust is also selling less profitable properties.
In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier. But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding.
The units trade at a reasonable 15.9 times RioCan’s expected 2014 cash flow of $1.70 a unit. The $1.41 distribution yields 5.2%.
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In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier. But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding.
The units trade at a reasonable 15.9 times RioCan’s expected 2014 cash flow of $1.70 a unit. The $1.41 distribution yields 5.2%.
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RIOCAN REAL ESTATE INVESTMENT TRUST $27 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 308.9 million; Market cap: $8.3 billion; Price-to-sales ratio: 5.8; Dividend yield: 5.2%; TSINetwork Rating: Average; www.riocan.com) continues to open new malls and, with partners, mixed-use properties with office and residential space. The trust is also selling less profitable properties. In the third quarter of 2014, RioCan’s net leasable area shrank by 2.5%, to 71.6 million square feet from 73.5 million a year earlier. But thanks to strong demand from retailers, it’s renewing leases at higher rental rates. That’s why its cash flow rose 7.4% in the latest quarter, to $131 million from $122 million. Cash flow per unit gained 5.0%, to $0.42 from $0.40, on more units outstanding. The units trade at a reasonable 15.9 times RioCan’s expected 2014 cash flow of $1.70 a unit. The $1.41 distribution yields 5.2%....
RIOCAN REAL ESTATE INVESTMENT TRUST $25.67 (Toronto symbol REI.UN; Units outstanding: 306.7 million; Market cap: $7.9 billion; TSINetwork Rating: Average; Dividend yield: 5.5%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 340 shopping malls containing over 81 million square feet of leasable area. That total includes 47 U.S. malls with over 13 million square feet.
In the three months ended June 30, 2014, RioCan’s revenue increased 8.5%, to $295 million from $272 million a year earlier. Cash flow per unit rose 5.0%, to $0.42 from $0.40.
RioCan continues to see growth opportunities in Canada and the U.S. In 2013, it spent $849 million on 32 properties. In the first half of 2014, it added four more for a total of $45 million.
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In the three months ended June 30, 2014, RioCan’s revenue increased 8.5%, to $295 million from $272 million a year earlier. Cash flow per unit rose 5.0%, to $0.42 from $0.40.
RioCan continues to see growth opportunities in Canada and the U.S. In 2013, it spent $849 million on 32 properties. In the first half of 2014, it added four more for a total of $45 million.
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RIOCAN REAL ESTATE INVESTMENT TRUST $25.67 (Toronto symbol REI.UN; Units outstanding: 306.7 million; Market cap: $7.9 billion; TSINetwork Rating: Average; Dividend yield: 5.5%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 340 shopping malls containing over 81 million square feet of leasable area. That total includes 47 U.S. malls with over 13 million square feet. In the three months ended June 30, 2014, RioCan’s revenue increased 8.5%, to $295 million from $272 million a year earlier. Cash flow per unit rose 5.0%, to $0.42 from $0.40. RioCan continues to see growth opportunities in Canada and the U.S. In 2013, it spent $849 million on 32 properties. In the first half of 2014, it added four more for a total of $45 million....
RIOCAN REAL ESTATE INVESTMENT TRUST $27 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 304.8 million; Market cap: $8.2 billion; Price-to-sales ratio: 5.9; Dividend yield: 5.2%; TSINetwork Rating: Average; www.riocan.com) continues to work with joint venture partners to buy mixed-use properties, particularly in urban areas. This way, the trust can apply its expertise to the retail portion of these developments, while leaving the residential and office aspects to its partners.
In the first quarter of 2014, RioCan paid $138 million for interests in six properties under development. It also bought two existing retail properties for $21 million.
Thanks to these moves, RioCan’s cash flow rose 2.4% in the quarter, to $127 million, or $0.42 a unit. A year earlier, its cash flow was $124 million, or $0.41 a unit. The lower Canadian dollar also boosted its U.S. properties’ contribution.
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In the first quarter of 2014, RioCan paid $138 million for interests in six properties under development. It also bought two existing retail properties for $21 million.
Thanks to these moves, RioCan’s cash flow rose 2.4% in the quarter, to $127 million, or $0.42 a unit. A year earlier, its cash flow was $124 million, or $0.41 a unit. The lower Canadian dollar also boosted its U.S. properties’ contribution.
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