RioCan expansion continues

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $26.33 (Toronto symbol REI.UN; Units outstanding: 267.0 million; Market cap: $7.0 billion; TSINetwork Rating: Average; Dividend yield: 5.2%; www.riocan.com) has purchased 80% of the Alamo Ranch shopping mall in San Antonio, Texas. Inland Western Retail REIT owns the remaining 20%. This is RioCan’s first acquisition in San Antonio. The mall is 88% occupied, and has well-known anchor tenants, such as Target, J.C. Penny and Lowes. Other tenants include Best Buy and Dick’s Sporting Goods. These factors cut the risk of expanding into unfamiliar markets. RioCan is a buy. buy…