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

COMMENT

He is not crazy about malls these days. He is excited about their development pipelines, however. They are building apartments, but they will likely be just 10% of their business. It is a solid company with a safe dividend, however.

BUY ON WEAKNESS

As the stock has not dropped 33% in the last year and have 100% upside, he is not interested as a Contrarian.

DON'T BUY

He used to criticize them for paying out too much, but they've reduced that. Also, their last few quarters have been good. The challenging thing here is that they're stuck with a lot of retail, and RioCan's anchor was Target; RioCan is still dealing with the shutdown of Target years ago. That said, he likes, but doesn't love it. He's neutral.

BUY

A good, liquid way to get exposed to Canadian REITs. It's fairly valued now. He expects volatility in world markets going forward, so money will flow into REITs where RioCan will benefit.

DON'T BUY

RioCan vs WPT WPT is a good company, but probably wouldn't own it. It's smaller, and they're trying to grow the portfolio, so they're at the mercy of capital markets. A very competitive market. Hard to do accretive acquisitions. RioCan has been adding residential apartments. Won't change overall aspect, and likes the diversification. A measured approach. But fairly valued. Prefers the industrial sectors to either of these.

HOLD

REITs in general have done well and are now fairly valued -- there are no desk pounding deals out there. You want to own them as they prove they hold their value in the late stages of the bull cycle. As we get more into uncertainty in growth, political turmoil and trade wars the income they generate is good. Don't expect a ton of growth, however, due to the required capex. Yield 5.4%

DON'T BUY

Lower interest rates have helped this sector. REI is the 2nd-largest REIT behind Choice. REI has underperformed due to its retail holdings; they tried unsuccessfully to move in the U.S. They're getting more into condos now, which is good. He never bought this because it's all over the place. He prefers Smart REIT. Pays a 5.4% yield, so you can own it for the dividend only.

TOP PICK

Canada's biggest commercial (malls) landowner in Canada's six biggest cities. Pays a 5.8% yield. It's moving from malls to mixed-use properties, like air use above their properties. They have the biggest redevelopment project in Canada now, in downtown Toronto. Low Beta. (Analysts’ price target is $28.38)

TOP PICK

Canada's biggest operator of commercial properties, focussed in 6 high-income cities. They're pursuing density intensification: selling air rights to build condos and high-rises above commercial properties like malls.

HOLD

Strong management that will be adding apartments of the highest quality in Canada. The dividend is safe. Yield 5%

DON'T BUY

The threat of e-commerce Yes, it's a threat, but late cycle these REITs do very well because central banks tend to cut interest rates. When the recession eventually hits, it will hit REITs hard. So, don't buy REITs now. They aren't cheap.

PAST TOP PICK

(A Top Pick Apr 30/19, Up 2%) He has 3 REITs and expects them to hold or trend a little upwards. You need to be a little defensive in the summer.

BUY ON WEAKNESS

He thinks they are doing the right things. They have recognized the future of real estate is going to be into urban clusters -- coming office with retail and residential. They disposed off assets that did not fit the plan. The proceeds will be use to buy back stock and spending capital into new development opportunities. He would buy on weakness.

PAST TOP PICK

(A Top Pick Jun 28/18, Up 16%) It has been sort of their steady-eddy bond proxy. It is a defensive value play as retail is under pressure. Pays close to a 6% dividend. They are involved in redevelopment

BUY

Large retail player in Canada. Owns a small position, as they've expanded into mixed use development. Have sold assets to pay down debt and buy back shares. Building more apartment units. Residential and developmental potential.

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RioCan Real Estate Investment (REI.UN.TO)