RioCan REIT $28.19 – Toronto symbol REI.UN

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $28.19 (Toronto symbol REI.UN; Units outstanding: 324.5 million; Market cap: $9.3 billion; TSINetwork Rating: Average; Dividend yield: 5.0%; www.riocan.com) owns all or part of 302 shopping centres in Canada, including 15 under development. In 2012, the trust formed a joint venture with ALLIED PROPERTIES REIT $39.33 (Toronto symbol AP.UN; Units o/s: 78.6 million; Market cap: $3.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.8%; www.alliedreit.com) and Diamond Corp. to re-develop a large block in downtown Toronto. RioCan and Allied each own 40% of the project, called The Well, and Diamond owns 20%. It includes retail, office and residential buildings. The partners have now agreed to sell most of the residential component of The Well for $180 million. The partners plan to begin work on the project in early 2017, and finish in 2020. At that time, they will complete the sale of the residential portion. However, RioCan will continue to own 50% of one apartment building…

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