RioCan Real Estate Investment | StockChase
494
RioCan Real Estate Investment (REI.UN-T)

Last Price Recorded: $24.2900 on 2018-06-16

ON STOCKCHASE SINCE Mar 2001

shopping centres/big box stores

property mngmnt/investment
494
RioCan Real Estate Investment (REI.UN-T)

Last Price Recorded: $24.2900 on 2018-06-16

ON STOCKCHASE SINCE Mar 2001

shopping centres/big box stores

property mngmnt/investment

RioCan Real Estate Investment


Signal Opinion Expert
DON'T BUY

He sold his position in RioCan and sees two headwinds: (a) risking interest rates and (b) competition for retail business from online retailing. RioCan is chiefly an operator of shopping malls and centers, and stores are going dark because of competition. Space vacated by Target and Sears has been hard to fill. He thinks that residential REITs such as apartment REITs offer better value.

property mngmnt/investment

He sold his position in RioCan and sees two headwinds: (a) risking interest rates and (b) competition for retail business from online retailing. RioCan is chiefly an operator of shopping malls and centers, and stores are going dark because of competition. Space vacated by Target and Sears has been hard to fill. He thinks that residential REITs such as apartment REITs offer better value.

property mngmnt/investment
David Baskin

President, Baskin Wealth Manage...

Price Price
$24.020
Owned Owned
No

DON'T BUY

Currently doesn’t own any REIT. Owned Riocan and sold a little while ago. It’s still largely retail and that’s been under pressure lately. The main problems with REIT is rising interest rates. If you’re going to own a REIT you’re better look for one that has a lot of growth and not the yield.

property mngmnt/investment

Currently doesn’t own any REIT. Owned Riocan and sold a little while ago. It’s still largely retail and that’s been under pressure lately. The main problems with REIT is rising interest rates. If you’re going to own a REIT you’re better look for one that has a lot of growth and not the yield.

property mngmnt/investment
Norman Levine

Managing D, Portfolio Management...

Price Price
$23.580
Owned Owned
No

COMMENT

They came under pressure in the last few years because of their exposure to retail and the sentiment around retail couldn’t be any worse. He thinks it is very difficult for them going forward to grow with their traditional assets. They prefer SmartCentres Real Estate Investment Trst (SRU.UN-T) which has 25% tied to Walmart. It is more agile being smaller. 

property mngmnt/investment

They came under pressure in the last few years because of their exposure to retail and the sentiment around retail couldn’t be any worse. He thinks it is very difficult for them going forward to grow with their traditional assets. They prefer SmartCentres Real Estate Investment Trst (SRU.UN-T) which has 25% tied to Walmart. It is more agile being smaller. 

property mngmnt/investment
Bryden Teich

Portfolio , Avenue Investment Ma...

Price Price
$23.920
Owned Owned
No

BUY

Anything that is a yield proxy has been tough. Their growth profile is 3-4% vs 4-6% for the retail peers. The good news is that is trading 12% below their estimated net asset value. Trading at 15.3 times price to FFO which is the lowest it has been in a long time. This is a name really unexciting, but lots has to go wrong for this not to work. 

property mngmnt/investment

Anything that is a yield proxy has been tough. Their growth profile is 3-4% vs 4-6% for the retail peers. The good news is that is trading 12% below their estimated net asset value. Trading at 15.3 times price to FFO which is the lowest it has been in a long time. This is a name really unexciting, but lots has to go wrong for this not to work. 

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$23.310
Owned Owned
Yes

DON'T BUY

He doesn’t own it. Real Estate hasn’t been a part of his portfolio for clients for some time. As rates move higher yield on names like this become less attractive. There are some vacancies that worries him.

property mngmnt/investment

He doesn’t own it. Real Estate hasn’t been a part of his portfolio for clients for some time. As rates move higher yield on names like this become less attractive. There are some vacancies that worries him.

property mngmnt/investment
Stan Wong

Director &, Private Wealth Manag...

Price Price
$23.140
Owned Owned
No

COMMENT

Well-run. Currently, they're getting out of suburban shopping malls to focus on large, urban centres, but they can't sell things on an accretive basis to pay down debt. It's a great story, but the costs are enormous--over a long time--to redevelop their properties in urban centres.

property mngmnt/investment

Well-run. Currently, they're getting out of suburban shopping malls to focus on large, urban centres, but they can't sell things on an accretive basis to pay down debt. It's a great story, but the costs are enormous--over a long time--to redevelop their properties in urban centres.

property mngmnt/investment
John O'Connell,

Chairman a, Davis Rea...

Price Price
$23.760
Owned Owned
Unknown

DON'T BUY

He holds no real estate. You're owning this for a roughly 6% yield which is likely safe. But he is concerned with large, empty storefronts in Toronto. REI's 200-day moving average is trending lower as interest rates move higher.

property mngmnt/investment

He holds no real estate. You're owning this for a roughly 6% yield which is likely safe. But he is concerned with large, empty storefronts in Toronto. REI's 200-day moving average is trending lower as interest rates move higher.

property mngmnt/investment
Stan Wong

Director &, Private Wealth Manag...

Price Price
$23.900
Owned Owned
No

DON'T BUY

He sees this company as being in the penalty box although he sees them as the best diversified REIT in the retail shopping mall space.  However, if you are scared of the market downturn, it is trading at a multiple at the top of the sector.  He also has an issue with the Sears shutdowns.  This will not be a double, you are only hoping to capture your 6% yield and a couple percent per year capital appreciation.  He would focus on other ones. 

property mngmnt/investment

He sees this company as being in the penalty box although he sees them as the best diversified REIT in the retail shopping mall space.  However, if you are scared of the market downturn, it is trading at a multiple at the top of the sector.  He also has an issue with the Sears shutdowns.  This will not be a double, you are only hoping to capture your 6% yield and a couple percent per year capital appreciation.  He would focus on other ones. 

property mngmnt/investment
Rob Tetrault

Portfolio , Tetrault Wealth Advi...

Price Price
$23.850
Owned Owned
No

PARTIAL BUY

He feels they are in good markets and management is smart. You have to understand the risks and don’t buy just on yield.

property mngmnt/investment

He feels they are in good markets and management is smart. You have to understand the risks and don’t buy just on yield.

property mngmnt/investment
Stephen Groff

Principal , Cambridge Global Ass...

Price Price
$23.660
Owned Owned
Yes

SELL

It is a great one in that he had owned it for 12 or 13 years then sold it recently.  They are a victim of their being big.  He is worried about rates and about AMZN-Q.  There is not much they can do to changes the arc of their growth so go somewhere else.

property mngmnt/investment

It is a great one in that he had owned it for 12 or 13 years then sold it recently.  They are a victim of their being big.  He is worried about rates and about AMZN-Q.  There is not much they can do to changes the arc of their growth so go somewhere else.

property mngmnt/investment
Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$24.360
Owned Owned
No

COMMENT

A "buying opportunity" or a "run for the hills"? This is an interesting study. Had thought that since Pure Industrial (AAR.UN-T) got picked up, investors might look at this one which has a nice dividend, well covered and well run, and think it might be the next REIT that got picked up.

property mngmnt/investment

A "buying opportunity" or a "run for the hills"? This is an interesting study. Had thought that since Pure Industrial (AAR.UN-T) got picked up, investors might look at this one which has a nice dividend, well covered and well run, and think it might be the next REIT that got picked up.

property mngmnt/investment
Ross Healy

Chairman, Strategic Analysis C...

Price Price
$24.130
Owned Owned
Unknown

HOLD

Canada's largest retail REIT. They’ve been having some difficulty, which is reflected in the stock price. He wouldn't worry about the distribution. The issue would be what can they do to grow. He would classify this as a weak hold. You are going to get squeezed a little by higher rates and a slower economy.

property mngmnt/investment

Canada's largest retail REIT. They’ve been having some difficulty, which is reflected in the stock price. He wouldn't worry about the distribution. The issue would be what can they do to grow. He would classify this as a weak hold. You are going to get squeezed a little by higher rates and a slower economy.

property mngmnt/investment
Bruce Murray

CEO & Chie, The Murray Wealth Gr...

Price Price
$24.080
Owned Owned
Unknown

DON'T BUY

This has been struggling, simply because it is a large REIT with retailers. Prefers owning the REIT bonds because you get the safety of payment, and if the stock market falls 20%, the bonds would probably go higher. If you buy the REIT, you are taking on equity risk, which you never want as an equity investor. Also, this company's dividend hasn't moved in the last 6 years, so the growth rate over the last 6 years has been zero. Over the last 15 years, the growth rate has been 2% per year. This is not a great investment.

property mngmnt/investment

This has been struggling, simply because it is a large REIT with retailers. Prefers owning the REIT bonds because you get the safety of payment, and if the stock market falls 20%, the bonds would probably go higher. If you buy the REIT, you are taking on equity risk, which you never want as an equity investor. Also, this company's dividend hasn't moved in the last 6 years, so the growth rate over the last 6 years has been zero. Over the last 15 years, the growth rate has been 2% per year. This is not a great investment.

property mngmnt/investment
David Driscoll

President , Liberty Internationa...

Price Price
$23.890
Owned Owned
No

PAST TOP PICK

(A Top Pick Nov 1/16. Down 1%.) Being flat has been the story of REITs for the last little while. He still likes this, but currently prefers some other REITs.

property mngmnt/investment

(A Top Pick Nov 1/16. Down 1%.) Being flat has been the story of REITs for the last little while. He still likes this, but currently prefers some other REITs.

property mngmnt/investment
Robert Lauzon

Deputy Chi, Middlefield Capital ...

Price Price
$24.050
Owned Owned
Yes

SELL

Chart shows a down channel running from mid-2016. This stock has gone nowhere in 5 years, and is one of the yield stocks. Everybody loves yield. Feels REITs like this are facing a lot of headwinds considering the growth of online shopping and the challenges facing retailers. The Canadian economy only grew 0.2% in the last 4 months. The danger is that the down channel continues and you could be making lower highs and lower lows. If you own, he would advise getting out.

property mngmnt/investment

Chart shows a down channel running from mid-2016. This stock has gone nowhere in 5 years, and is one of the yield stocks. Everybody loves yield. Feels REITs like this are facing a lot of headwinds considering the growth of online shopping and the challenges facing retailers. The Canadian economy only grew 0.2% in the last 4 months. The danger is that the down channel continues and you could be making lower highs and lower lows. If you own, he would advise getting out.

property mngmnt/investment
William Chin

Portfolio , Caldwell Investment ...

Price Price
$24.360
Owned Owned
Unknown

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1 Comment

avyacheslav19@gmail.com

March 9th 2018 at 10:44pm

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