Professional
Added to YB: 2025-03-26
Pitch date: 2025-03-24
REI-UN.TO [bullish]
RioCan Real Estate Investment Trust
+10.9%
current return
Author Info
Nugget Capital Partners is a research analyst specializing in resources w/ focus on energy. Sign up for the newsletter.
Company Info
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work.
Market Cap
CAD 5.2B
Pitch Price
CAD 16.46
Price Target
22.40 (+23%)
Dividend
6.55%
EV/EBITDA
21.11
P/E
18.60
EV/Sales
10.15
Sector
Retail REITs
Category
value
NCP new position: Riocan REIT (TSX: REI.UN, OTC REICF)
REI-UN.TO: Canada's largest retail REIT, 98.7% occupancy, record leasing spreads. Down 12.8% on HBC JV concerns ($249M). Urban retail demand strong, low supply. 6.3% yield, 32% NAV discount. Growing FFO, active buybacks. 20-30% upside in 12-18 months. Residential asset sales potential. 43.3M sqft development pipeline.
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