RioCan Real Estate Investment | StockChase
477
RioCan Real Estate Investment (REI.UN-T)

Last Price Recorded: $25.4900 on 2017-11-17

ON STOCKCHASE SINCE Mar 2001

shopping centres/big box stores

property mngmnt/investment

RioCan Real Estate Investment


Signal Opinion Expert

2017-11-03

BUY
RioCan Real Estate Investment (REI.UN-T)

An all retail REIT. However, they are doing a good job of filling up their Target vacancies, which should give them a bit of tailwind for 2018. Last quarter, their occupancy was trending higher. He models decent growth of around 2.5% compounded annually over the next couple of years. Has a strong balance sheet. Cheaper than its retail peers, and is trading cheaper than its five-year average. This is at a level that is buyable.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Management

Price: $24.810
Owned: Unknown

2017-10-19

COMMENT
RioCan Real Estate Investment (REI.UN-T)

He likes this, as it is trading at a discount to replacement costs to net asset value. Given its dominant presence in Canada, located in some of the largest cities with the most established retailers, that are trying to cater to peoples every day needs, making them a little less susceptible to the Amazon affect, which has hurt the malls, more than the strip centres. There is a lot of opportunity for them to redeploy capital to intensify some of their properties.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments

Price: $24.620
Owned: Yes

2017-08-10

PAST TOP PICK
RioCan Real Estate Investment (REI.UN-T)

(Top Pick Nov 1/16, Down 4%)  He trimmed it back.  He was expecting it to go into the TSX 60.  Waste Connections went into the index instead.  REI.UN-T still might get a crack at it when POT-T and AGU-T merge and represent only one equity in the index.  He owns less than he did, but is sticking with it. The Sears Canada thing was also a negative factor for them.

property mngmnt/investment
Robert Lauzon

Deputy Chief Investment Officer, Middlefield Capital Corporation

Price: $23.900
Owned: Yes

2017-08-02

COMMENT
RioCan Real Estate Investment (REI.UN-T)

The largest REIT in Canada. It has declined significantly because of concerns of e-commerce. Fundamentally everything is fine. Management strategy is very sound. They’ve concentrated their real estate portfolio in Canada in the larger cities. These are strip centres, not enclosed malls and are anchored by things such as grocery stores. Temporarily, they are immune from the e-commerce threat, because Amazon (AMZN-Q) is not buying whole foods and opening up 2000 stores in Canada. It is going to be a very gradual rollout. You can bank on very stable occupancy, decent balance sheets.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments

Price: $23.900
Owned: Yes

2017-07-28

COMMENT
RioCan Real Estate Investment (REI.UN-T)

Everyone is concerned about online and the soft economy. This is a yield proxy. If interest rates start to go up REITs are fully valued here. Really cheap relative to its 5 year. He sees decent growth of around 3.5% over 2017 and 2018. A good yield of around 6% with a 94% payout ratio. They had improving occupancy in Q1. A lot of the Target space which is given them a challenge, is coming online. He sees tailwinds on this. As long as REIT valuations hold up this is a good name.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Management

Price: $23.990
Owned: Unknown

2017-07-25

DON'T BUY
RioCan Real Estate Investment (REI.UN-T)

His concern has been that retailing continues to be a difficult environment.  It is a very well run company.  The dividend has not increased in quite some time and he does not predict one.  5.9% dividend.

property mngmnt/investment
Norman Levine

Managing Director, Portfolio Management Corp

Price: $24.100
Owned: Unknown

2017-07-21

DON'T BUY
RioCan Real Estate Investment (REI.UN-T)

You can’t analyse this the way you used to. Dynamics of the retail industry and commercial space are changing so rapidly, that given the properties this company has, are now subject to changes that are happening within the businesses that it serves. He would not look at this one.

property mngmnt/investment
Michael Sprung

President, Sprung Investment Management

Price: $24.180
Owned: Unknown

2017-07-12

DON'T BUY
RioCan Real Estate Investment (REI.UN-T)

A real estate investment trust, and one of the largest operators and owners of shopping centres. They have a big concentration in Ontario. He wouldn’t be particularly bullish on this. The 6% dividend yield might seem juicy, but it is not out of line with what the security has yielded historically over the last 10 years. This is trading at about 1X BV, but it is exposed to bricks and mortar retail, which is in a state of secular loss of market share. It has strong secular headwinds. This stock is not historically cheap on a yield basis. There are better opportunities elsewhere.

property mngmnt/investment
Brian Madden

Senior VP & Portfolio Manager, Goodreid Investment Council

Price: $24.290
Owned: No

2017-06-27

COMMENT
RioCan Real Estate Investment (REI.UN-T)

Doesn’t own the large REITs, usually because his clients are over indexed to real estate as it is. He doesn’t want a broad exposure of the Canadian retail marketplace. This is just not a very exciting place to be.

property mngmnt/investment
Ryan Bushell

V. P. & Portfolio Manager, Leon Frazer and Associates

Price: $24.160
Owned: No

2017-06-21

COMMENT
RioCan Real Estate Investment (REI.UN-T)

The negative sentiment on retail marketing has dragged down a lot of retail REITs both in Canada and the US. Fundamentals for this company are very good. Their holdings are probably in the best locations. 80% of its properties are in Canada and in the 6 largest cities. A lot of properties are anchored by tenants that cater to peoples every day needs. Those kinds of retailers are somewhat immune from the e-commerce threat.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments

Price: $24.750
Owned: Yes

2017-04-21

BUY on WEAKNESS
RioCan Real Estate Investment (REI.UN-T)

This is turning the corner. Retail has been a tough place. They’ve had to release a lot of their Target properties and have done a good job there. He is projecting that they do 3% FFO growth from 2016 to 2018. Very good balance sheet. They have a lot of development and intensification projects that they can use to grow. His target price is $28. On bad days when there is a yield scare, you could pick it up at about $25, get paid some premium, and when it gets to $28 sell some Calls.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Management

Price: $26.530
Owned: Unknown

2017-02-27

DON'T BUY
RioCan Real Estate Investment (REI.UN-T)

If you want to be in the sector, use ZRE-T because sometimes a stock underperforms and sometimes it outperforms.  Recently the sector has been improving while REI.UN-T has not.  REITs are not cheap compared to other places to get a dividend.

property mngmnt/investment
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $26.610
Owned: Unknown

2017-02-16

HOLD
RioCan Real Estate Investment (REI.UN-T)

He is not crazy about retail REITs because of Amazon and other online retailers taking market share away.  Some argue that we are over retailed in Canada.  There is not much growth in REI.UN-T.  He owns CRR.UN-T.  He thinks it has a much more attractive entry point than REI.UN-T.

property mngmnt/investment
David Baskin

President, Baskin Wealth Management

Price: $26.760
Owned: Unknown

2017-02-15

COMMENT
RioCan Real Estate Investment (REI.UN-T)

A real estate investment trust concentrated in retail shopping centres. It is a bond proxy, so is going to be disadvantaged in an era of secular rising rates. Yields about 5.3%. If you own it, it is probably safe. You will probably continue to get the yield, but the multiple might be under pressure because it is a bond proxy. Also, because it is retail oriented and the Canadian consumer being indebted to historic levels, this would not be his preferred exposure.

property mngmnt/investment
Brian Madden

Senior VP & Portfolio Manager, Goodreid Investment Council

Price: $26.420
Owned: No

2017-01-23

COMMENT
RioCan Real Estate Investment (REI.UN-T)

A really good business with a great management team. Thinks REITs will do okay, because interest rates will go up slowly/moderately. He doesn’t own this because he doesn’t like retail or office too much, and would rather be in multifamily or industrial where there are better opportunities.

property mngmnt/investment
Steve DiGregorio

Portfolio Manager, Canoe Financial

Price: $26.190
Owned: No

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