RioCan adds another mall

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $22.80 (Toronto symbol REI.UN; Units outstanding: 250.9 million; Market cap: $5.7 billion; SI Rating: Average; Dividend yield: 6.1%) continues to expand in the U.S. RioCan already owns nine malls in the U.S. through a joint venture with Cedar Shopping Centers. RioCan owns 80% of this joint venture. The trust also owns 14% of Cedar. The joint venture recently agreed to buy a mall in New Jersey (RioCan’s share of the cost is $21.8 million). This mall’s five anchor tenants have long-term leases that expire between 2018 and 2023. That cuts the risk of this purchase. RioCan is still a buy. buy…