RioCan Real Estate Investment (REI.UN.TO)…

RioCan Real Estate Investment (REI.UN.TO)

20.66

-0.07 (0.34%)

as of Oct 1, 2026, 8:00:00 pm Market Open.

584 watching

BUY

Pretty good upside left. Retail locations. National tenants. Very good management team. Likes retain sector. Economy here is doing relatively well. Easiest to reach consumers in Canada with majority in 6 largest centers. They can increase cash flow over the next 5-10 years.

PAST TOP PICK

(A Top Pick Aug 9/10. Up 26.85%.)

PAST TOP PICK

(A Top Pick Sept 2/10. Up 26.16%.) Strip shopping malls. Able to make cheap acquisitions in the US now. Good management.

HOLD

Moved into the states. Not much room for growth in Canada. It’s expensive, but a very good name. Don’t sell because it is a bad entity. All the other ones are a bit cheaper.

BUY

One of Canada’s largest retail mall operator. The industry has literally plummeted off the table in the US and they are buying property there at bargain basement prices. Good balance sheet.

COMMENT

One of best managed REITs and heavily into the commercial area. Stock has had a nice run, but from his point of view it is at the high end of his Fair Market Value range. Doesn't see a lot of upside for this.

STRONG BUY

Outstanding. Big winner from the Target stores coming to Canada. Not necessarily their top pick, but a good pick. Have been opportunistic in the states, and will continue to be.

COMMENT

Calloway (CWT.UN-T) or RioCan (REI.UN-T) regarding risk? Right now it would probably be Calloway. RioCan has moved up a lot and has gone into the US. Calloway has room for growth, it’s all in Canada and its multiple is lower.

BUY ON WEAKNESS

Largest REIT in Canada. Target just announced that they will be taking around 18 or 19 of their Zellers stores. Good balance sheet and lots of cash. US expansion strategy is working out very well for them. Will probably buy Cedar, a retail REIT in the US. Try to get in the $24’s.

TOP PICK

RioCan is a bond that is a great way to get exposure to the real estate market in Canada.

HOLD

One of the biggest real estate REITs in the country. Very strong franchise in the big-box stand alone REITs. High quality company. US retail companies coming into Canada is positive for REITS as there is not a lot of unspoken for space. She has been paring a little of her REIT exposure.

BUY

Over 99% occupancy, which gives them pricing power and the ability to raise rents over time. They’ll continue to grow their square footage. Likely to win some of Target’s (TGT-N) business as they want to expand. Almost 6% yield.

DON'T BUY

#1 retail operator in regards to lending to retailers. Getting the benefit of large retailers moving up from the US. Expanding into the US in order to get the payout under 100%. Still trades at about a 37% premium to NAV and 15%-16% to AFFO. He prefers owning their debt.

DON'T BUY

Excellent managers. Expanding into the US. Good occupancy levels. Expensive at 16X price to AFFL and 25%-30% above NAV. Better value elsewhere. (He owns debt.)

COMMENT

Had a lot of criticism for a long time because they kept their payout ratio too high. Payout ratio is still a little too high but they are very innovative. Moved in the US. Recently joined up with the Tanger REIT, which is very good. Not likely to move up from here. OK for a long-term position.

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RioCan Real Estate Investment (REI.UN.TO)