RioCan bounces back

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST, $22.48, is a buy. The REIT (Toronto symbol REI.UN; Units o/s: 317.7 million; Market cap: $7.1 billion; TSINetwork Rating: Average; Dividend yield: 4.3%; www.riocan.com) continues to rebound as its shopping malls re-open. In the quarter ended June 30, 2021, revenue rose 10.3%, to $297.7 million from $269.9 million. The trust collected 94.9% of its rents in the quarter. That’s because “strong” tenants, such as grocery and drug stores, supplied 61% of its revenue. A further 18% came from “stable” tenants. “Potentially vulnerable” tenants such as cinemas, gyms and sit-in restaurants, accounted for the remaining 21%. RioCan’s cash flow per unit in the latest quarter improved 14.3%, to $0.40 from $0.35. The units yield a high 4.3%. RioCan REIT is a buy. buy…

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