RioCan aims to pay down debt

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $22.22 (Toronto symbol REI.UN; Units outstanding: 250.9 million; Market cap: $5.6 billion; TSINetwork Rating: Average; Dividend yield: 6.2%; www.riocan.com) has raised $150.7 million by selling 6.4 million new trust units at $21.75 a unit. RioCan will probably use the proceeds to pay down loans related to its recent purchase of shopping malls in the U.S. Most of these properties have grocery stores as anchor tenants. That helps cut the risk of these purchases, because these retailers stay busy no matter what the economy is doing. RioCan is a buy. buy…

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