2024-01-29 18:13:09 ET
Summary
- RioCan owns a portfolio of high-quality assets in the retail space with many being anchored by grocery tenants.
- The REIT has a healthy balance sheet that can support its 6% yield and has the potential to grow the distribution near-term.
- RioCan has a great valuation compared to its peers with a lower payout ratio, a larger discount to NAV, and a better P/AFFO ratio.
Please note all $ figures in , not , unless otherwise noted.
Introduction
RioCan Real Estate Investment Trust ( REI.UN:CA ) owns a variety of mixed-used (mostly retail) real estate properties that are located in faster-growing markets in Canada. With 192 properties, the company's properties are mostly grocery-anchored, meaning they often have a major grocery store as an anchor tenant, which makes it attractive to both retailers and consumers. RioCan has a high occupancy ratio of 97.5% and its properties include shopping centers, residential complexes, and office spaces, which makes it a well-diversified REIT with over 33.5 million square feet of net leasable space....
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RioCan: A 6% Yield With A Margin Of Safety