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

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RioCan Real Estate Investment (REI.UN.TO)

22.60

+0.01 (0.04%)

as of Jun 11, 2026, 3:19:26 pm Market Open.

581 watching

Investor Insights

Jun 10, 2026, 12:00 am

This summary was created by AI, based on 4 opinions in the last 12 months.

RioCan Real Estate Investment (REI.UN-T) receives mixed reviews from experts, highlighting various risks and opportunities in the Canadian REIT market. While some experts appreciate the decent dividend yield of around 5% and the company's high occupancy and renewal rates, others express concerns about high valuations and the potential impact of a weakening Canadian economy on retail spaces. There is a sentiment of caution towards Canadian REITs due to high payout ratios and limited financial flexibility. One expert even suggests focusing more on similar companies in the US for better growth potential. Despite these reservations, the overall outlook for RioCan remains cautiously optimistic, attributing safety to its distribution and potential growth levers.

Consensus

Cautious

Valuation

Fair Value

Similar

PLD

TOP PICK

Canadian Retail space is at 99% capacity. With Target coming into Canada, they will need retail space. REITs borrow at 4% and invest at 7%

BUY

Grand Daddy of Canadian REITs. It is the number one the Americans look at when they look to Canada. Have expanded in the US. Big beneficiary of Target move into Canada. A name that has always traded at a premium and deserved it.

BUY

A yield play that has done very well over the last few years. If interest rates start to move up, this might not look as attractive. With Target (TGT-N) acquiring Zellers, which are tenants of this company, it might be beneficial but that doesn’t happen until 2013.

TOP PICK

Biggest name in TSX. Less than 5% in US and moving to 10-15%. Successful in the US.

COMMENT

Real estate sector has done really well but it will be hard for them to go further. May not have the same performance as in the past.

DON'T BUY

Acquisitions they did in the US were very accretive. Good quality core name. Wishes distribution was on side, but they are making acquisitions. 6.3% yield.

HOLD

Premium valuation. Position of influence in Canada. The first name you come to if you are an American and wanting to invest in Canadian real estate. CEO says by end of year they will not be over paying distribution. You can buy it and rest well.

COMMENT

Pays a nice distribution. Management is very seasoned. US properties can be picked up at very reasonable prices and they are quite adept at doing this.

TOP PICK

Largest and oldest REIT. Shopping centres. So big in Canada that they’re starting to dip their toe into Texas and Pennsylvania. These are accretive acquisitions. About 7% yield. Great place to hide in this environment.

BUY

Calloway (CWT.UN-T) versus RioCan (REI.UN-T)? RioCan is feeling very challenged as it can't find any growth in Canada so are expanding into the US. Calloway has always had more sites than they were using and have the Wal-Mart relationship allowing them to expand. For immediate growth and a better economy in Canada, Calloway has the advantage. Very close to being the same.

BUY

Looking long term, this is more diversified both in Canada and the US in the office area. If interest rates start to pick up, their progress could be impeded.

TOP PICK

Canada's largest retail landlord with 98% occupancy. No one customer is worth more than 6%. Costs than 4% to get money and they can invest at 7%-8%. Expect Target could come into Canada and will need 200 locations.

COMMENT

Westshore Terminals (WTE.UN-T) or RioCan Real Estate (REI.UN-T)? Strip malls and biggest public real estate firm. Prefers Westshore as it is not susceptible to volatility of coal and the payout ratio is very conservative. Payout ratio on this is about 110%.

HOLD

Great management and great assets and very low leverage but they are over distributing. Doesn't think they will grow into their distribution this year or next but should be able get there in 2012. Making acquisitions in the US. Distribution is probably safe.

DON'T BUY

One weakness is the payout ratio. Swear they will never cut the distribution. His guess is that they probably wont. They’ve under performed this year. Good centers, good managers. Callaway is a better choice in the same market. He trades in and out of it.

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RioCan Real Estate Investment (REI.UN.TO)