Stock REI.UN RIOCAN REAL ESTATE INVESTMENT TRUST
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Financials RioCan Real Estate Investment Trust

Equities

REI.UN

CA7669101031

Commercial REITs

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
17.54 CAD 0.00% Intraday chart for RioCan Real Estate Investment Trust -0.62% -5.80%
Apr. 17 REITs Brief: Bloomberg Reporting That Ontario Teachers' Pension Plan Weighing $5 Billion Sale of Amica, a private provider of luxury seniors residences MT
Apr. 15 RioCan Real Estate Investment Trust Announces April 2024 Distribution, Payable on May 7, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 8,501 5,322 7,214 6,347 5,594 5,270 -
Enterprise Value (EV) 1 8,501 12,011 13,746 13,003 5,594 12,642 5,270
P/E ratio - - - - - - -
Yield 5.38% 8.6% 4.18% 4.8% 5.77% 6.33% 6.4%
Capitalization / Revenue 7.77 x 4.88 x 6.76 x 5.23 x 4.98 x 4.54 x 3.68 x
EV / Revenue 7.77 x 11 x 12.9 x 10.7 x 4.98 x 10.9 x 3.68 x
EV / EBITDA 11.3 x 17.5 x 19.5 x 18.1 x 7.8 x 16.7 x 6.02 x
EV / FCF -394 x 185 x - 2,061 x 27.3 x -134 x 220 x
FCF Yield -0.25% 0.54% - 0.05% 3.67% -0.74% 0.46%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 317,658 317,732 314,455 300,357 300,406 300,461 -
Reference price 2 26.76 16.75 22.94 21.13 18.62 17.54 17.54
Announcement Date 2/20/20 2/11/21 2/9/22 2/15/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,094 1,091 1,067 1,214 1,124 1,160 1,432
EBITDA 1 753 684.6 705.7 717.5 717 758.8 875.5
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) 1 - - - 237.7 25.44 527.3 591.2
Net income 1 - - - 236.8 38.8 525.4 598.9
Net margin - - - 19.51% 3.45% 45.29% 41.83%
EPS - - - - - - -
Free Cash Flow 1 -21.55 64.9 - 6.308 205.1 -94 24
FCF margin -1.97% 5.95% - 0.52% 18.25% -8.1% 1.68%
FCF Conversion (EBITDA) - 9.48% - 0.88% 28.6% - 2.74%
FCF Conversion (Net income) - - - 2.66% 528.46% - 4.01%
Dividend per Share 2 1.440 1.440 0.9600 1.015 1.075 1.110 1.122
Announcement Date 2/20/20 2/11/21 2/9/22 2/15/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - - - 306.2 274.7 276.1 271.4 296.9 302.6 283.3 285.4 291.4 382.8
EBITDA 1 195.8 174.8 181.8 187.5 176.1 173.9 179.5 176.9 186.7 194.3 183.4 186.6 - -
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 - - - - -5.145 104.6 112 -73.49 -117.7 140.8 126.5 129.9 130.1 143.1
Net income 1 - - - - -4.961 118 112 -73.51 -117.7 145.3 127.5 131.2 131.7 145.4
Net margin - - - - -1.62% 42.96% 40.56% -27.08% -39.63% 48.02% 45.01% 45.98% 45.2% 37.98%
EPS - - - - - - - - - - - - - -
Dividend per Share 2 - 0.2500 - - - 0.2650 0.2700 - - 0.2800 - - - -
Announcement Date 2/9/22 5/9/22 8/9/22 11/3/22 2/15/23 5/10/23 8/1/23 11/2/23 2/13/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 6,689 6,533 6,656 - 7,372 -
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 9.771 x 9.257 x 9.277 x - 9.714 x -
Free Cash Flow 1 -21.6 64.9 - 6.31 205 -94 24
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex 1 - - - - 180 95.8 97.6
Capex / Sales - - - - 16.06% 8.26% 6.82%
Announcement Date 2/20/20 2/11/21 2/9/22 2/15/23 2/13/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
17.54 CAD
Average target price
21.38 CAD
Spread / Average Target
+21.86%
Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Retail REITs

1st Jan change Capi.
RIOCAN REAL ESTATE INVESTMENT TRUST Stock RioCan Real Estate Investment Trust
-5.80% 3.85B
SIMON PROPERTY GROUP, INC. Stock Simon Property Group, Inc.
-0.20% 46.38B
KIMCO REALTY CORPORATION Stock Kimco Realty Corporation
-13.75% 12.39B
THE LINK REAL ESTATE INVESTMENT TRUST Stock The Link Real Estate Investment Trust
-22.69% 11.06B
REGENCY CENTERS CORPORATION Stock Regency Centers Corporation
-13.01% 10.74B
NNN REIT, INC. Stock NNN REIT, Inc.
-5.43% 7.45B
BRIXMOR PROPERTY GROUP INC. Stock Brixmor Property Group Inc.
-6.66% 6.54B
AGREE REALTY CORPORATION Stock Agree Realty Corporation
-8.23% 5.8B
VICINITY CENTRES Stock Vicinity Centres
-7.60% 5.6B
KITE REALTY GROUP TRUST Stock Kite Realty Group Trust
-7.00% 4.67B
Retail REITs
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