riocan real estate investment trust
Many investors look at real estate investment trusts (REITs) as proxies for bonds. Instead, we view REITs as companies that own and manage real estate.
When you invest in a REIT, the most important thing to look at is the quality of its holdings. This includes locations, tenants and expansion opportunities....
When you invest in a REIT, the most important thing to look at is the quality of its holdings. This includes locations, tenants and expansion opportunities....
RIOCAN REAL ESTATE INVESTMENT TRUST $24.19 (Toronto symbol REI.UN; Units outstanding: 300.7 million; Market cap: $7.3 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 348 shopping malls containing over 83 million square feet of leasable area. That total includes 50 U.S. malls with over 13.7 million square feet.
Earlier this year, RioCan ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended June 30, 2013, RioCan’s revenue rose 9.7%, to $272 million from $248 million a year earlier. Cash flow per unit increased 8.1%, to $0.40 from $0.37. The units yield 5.8%.
...
Earlier this year, RioCan ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended June 30, 2013, RioCan’s revenue rose 9.7%, to $272 million from $248 million a year earlier. Cash flow per unit increased 8.1%, to $0.40 from $0.37. The units yield 5.8%.
...
RIOCAN REAL ESTATE INVESTMENT TRUST $24.19 (Toronto symbol REI.UN; Units outstanding: 300.7 million; Market cap: $7.3 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 348 shopping malls containing over 83 million square feet of leasable area....
BLACKBERRY LTD., $8.28, Toronto symbol BB, has accepted a $9.00 U.S.-a-share takeover offer from a consortium led by Fairfax Financial Holdings (Toronto symbol FFH). Fairfax is the smartphone maker’s largest investor, with roughly 10% of its outstanding shares. This tentative agreement gives BlackBerry until November 4, 2013, to secure a better deal. It will also give Fairfax and its potential partners time to examine BlackBerry’s financial condition. If BlackBerry accepts a rival offer, it will have to pay a $157.2-million U.S. break fee to Fairfax. That fee would rise to around $262 million U.S. if the company signs a binding deal with Fairfax and does not go through with it. However, Fairfax would not have to pay a fee if it cancels the deal....
RIOCAN REAL ESTATE INVESTMENT TRUST $24 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 302.6 million; Market cap: $7.3 billion; Price-to-sales ratio: 4.5; Dividend yield: 5.9%; TSINetwork Rating: Average; www.riocan.com) owns 348 retail properties in Canada, including 15 under development. It also owns 50 malls in the U.S.
The trust continues to expand through acquisitions. In the second quarter of 2013, RioCan acquired seven properties for $460 million. As part of its plan to focus on larger cities, RioCan also sold four properties in smaller markets for $364 million. As a result, big cities now account for 72.1% of its rental revenue, up from 67.5% at the end of 2012.
These new properties are also diversifying RioCan’s portfolio beyond its suburban big-box-style malls. For example, its recent purchases include two enclosed malls in Ontario. The trust is also redeveloping certain properties in Toronto as mixed-use office, retail and residential complexes.
...
The trust continues to expand through acquisitions. In the second quarter of 2013, RioCan acquired seven properties for $460 million. As part of its plan to focus on larger cities, RioCan also sold four properties in smaller markets for $364 million. As a result, big cities now account for 72.1% of its rental revenue, up from 67.5% at the end of 2012.
These new properties are also diversifying RioCan’s portfolio beyond its suburban big-box-style malls. For example, its recent purchases include two enclosed malls in Ontario. The trust is also redeveloping certain properties in Toronto as mixed-use office, retail and residential complexes.
...
RIOCAN REAL ESTATE INVESTMENT TRUST $24 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 302.6 million; Market cap: $7.3 billion; Price-to-sales ratio: 4.5; Dividend yield: 5.9%; TSINetwork Rating: Average; www.riocan.com) owns 348 retail properties in Canada, including 15 under development....
RIOCAN REAL ESTATE INVESTMENT TRUST $25.37 (Toronto symbol REI.UN; Units outstanding: 300.0 million; Market cap: $7.8 billion; TSINetwork Rating: Average; Dividend yield: 5.6%; www.riocan.com) is Canada’s largest real estate investment trust (REIT). It has interests in 344 shopping malls containing over 84 million square feet of leasable area. That total includes 50 U.S. malls containing over 13.7 million square feet.
RioCan recently ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight highquality malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended March 31, 2013, RioCan’s revenue rose 10.6%, to $281 million from $254 million a year earlier. Cash flow per unit rose 10.8%, to $0.41 from $0.37. The units yield 5.6%.
...
RioCan recently ended its joint venture with Retail Properties of America (New York symbol RPAI). As a result, RioCan now holds 100% of eight highquality malls in Texas, including the dominant shopping centres in Austin and San Antonio.
In the quarter ended March 31, 2013, RioCan’s revenue rose 10.6%, to $281 million from $254 million a year earlier. Cash flow per unit rose 10.8%, to $0.41 from $0.37. The units yield 5.6%.
...
RIOCAN REAL ESTATE INVESTMENT TRUST $25.37 (Toronto symbol REI.UN; Units outstanding: 300.0 million; Market cap: $7.8 billion; TSINetwork Rating: Average; Dividend yield: 5.6%; www.riocan.com) is Canada’s largest real estate investment trust (REIT). It has interests in 344 shopping malls containing over 84 million square feet of leasable area....
RIOCAN REAL ESTATE INVESTMENT TRUST $28.93 (Toronto symbol REI.UN) has teamed up with ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $30.71 (Toronto symbol AP.UN) and privately held Diamond Corp. to buy the Globe & Mail lands in downtown Toronto. Currently the home of The Globe & Mail newspaper, the 252,617-square-foot property is on 6.47 acres of land forming part of the large city block bounded by Spadina Avenue and Front, Draper and Wellington Streets.
The partners plan to redevelop the property into a retail-office complex. RioCan and Allied will each own 40%, while Diamond will hold 20%. RioCan and Allied will each pay $14.9 million for their stakes.
RioCan is a buy....
The partners plan to redevelop the property into a retail-office complex. RioCan and Allied will each own 40%, while Diamond will hold 20%. RioCan and Allied will each pay $14.9 million for their stakes.
RioCan is a buy....
CANADIAN TIRE CORP., $83.78, Toronto symbol CTC.A, jumped 13% this week after the company announced a plan to spin off most of its real estate holdings into a new, publicly traded real estate investment trust (REIT). Under the company’s plan, which is similar to a move by grocery retailer Loblaw Companies Ltd. (Toronto symbol L), Canadian Tire will transfer 250 of its stores, a distribution centre and other properties to the new REIT. In all, these assets total 18 million square feet and are worth $3.5 billion; that’s 72% of Canadian Tire’s 25 million square feet of real estate. After this transaction closes in the fall of 2013, Canadian Tire will sell units of the REIT to the public. It will hang on to an 80% to 90% interest. Meanwhile, the company earned $73.0 million in the three months ended March 31, 2013. That’s up 2.8% from $71.0 million a year earlier. Earnings per share rose 3.4%, to $0.90 from $0.87, on fewer shares outstanding. That matched the consensus estimate....