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RioCan Real Estate Investment Trust

OTCPK:RIOC.F
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RIOC.F
OTCPK
CA$8B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $14.1 billion as at March 31, 2019. The last earnings update was 13 days ago. More info.


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RIOC.F Share Price and Events
7 Day Returns
0.8%
OTCPK:RIOC.F
1.8%
US REITs
-0.7%
US Market
1 Year Returns
6.1%
OTCPK:RIOC.F
16.3%
US REITs
3%
US Market
RIOC.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
RioCan Real Estate Investment Trust (RIOC.F) 0.8% 0.8% 2.4% 6.1% -10.1% -22.9%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • RIOC.F underperformed the REITs industry which returned 16.3% over the past year.
  • RIOC.F outperformed the Market in United States of America which returned 3% over the past year.

Value

 Is RioCan Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of RioCan Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for RioCan Real Estate Investment Trust.

OTCPK:RIOC.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:RIOC.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 26.5%) (74.94%))
0.882
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.882 * 5.96%)
7.98%

Discounted Cash Flow Calculation for OTCPK:RIOC.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for RioCan Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

RioCan Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:RIOC.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 7.98%)
2019 456.68 Analyst x2 422.91
2020 478.94 Analyst x3 410.73
2021 497.41 Est @ 3.85% 395.02
2022 514.90 Est @ 3.52% 378.68
2023 531.80 Est @ 3.28% 362.18
2024 548.36 Est @ 3.12% 345.85
2025 564.82 Est @ 3% 329.89
2026 581.30 Est @ 2.92% 314.41
2027 597.94 Est @ 2.86% 299.50
2028 614.82 Est @ 2.82% 285.18
Present value of next 10 years cash flows CA$3,544.35
OTCPK:RIOC.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$614.82 × (1 + 2.73%) ÷ (7.98% – 2.73%)
CA$12,019.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$12,019.23 ÷ (1 + 7.98%)10
CA$5,574.99
OTCPK:RIOC.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$3,544.35 + CA$5,574.99
CA$9,119.34
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$9,119.34 / 304.22
CA$29.99
OTCPK:RIOC.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:RIOC.F represents 0.74335x of TSX:REI.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74335x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 29.99 x 0.74335
$22.29
Value per share (USD) From above. $22.29
Current discount Discount to share price of $19.55
= -1 x ($19.55 - $22.29) / $22.29
12.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price RioCan Real Estate Investment Trust is available for.
Intrinsic value
12%
Share price is $19.55 vs Future cash flow value of $22.29
Current Discount Checks
For RioCan Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • RioCan Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • RioCan Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for RioCan Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are RioCan Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:RIOC.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$1.89
TSX:REI.UN Share Price ** TSX (2019-05-17) in CAD CA$26.3
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of RioCan Real Estate Investment Trust.

OTCPK:RIOC.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:REI.UN Share Price ÷ EPS (both in CAD)

= 26.3 ÷ 1.89

13.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • RioCan Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • RioCan Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does RioCan Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:RIOC.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-2.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for RioCan Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on RioCan Real Estate Investment Trust's assets?
Raw Data
OTCPK:RIOC.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$25.34
TSX:REI.UN Share Price * TSX (2019-05-17) in CAD CA$26.3
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:RIOC.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:REI.UN Share Price ÷ Book Value per Share (both in CAD)

= 26.3 ÷ 25.34

1.04x

* Primary Listing of RioCan Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • RioCan Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess RioCan Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. RioCan Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is RioCan Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover RioCan Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is RioCan Real Estate Investment Trust expected to grow at an attractive rate?
  • RioCan Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • RioCan Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • RioCan Real Estate Investment Trust's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:RIOC.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:RIOC.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -2.3%
OTCPK:RIOC.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -3.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:RIOC.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:RIOC.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,138 2
2019-12-31 1,098 2
OTCPK:RIOC.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,239 400 585
2018-12-31 1,191 404 527
2018-09-30 1,195 435 587
2018-06-30 1,211 444 639
2018-03-31 1,217 458 681
2017-12-31 1,236 354 705
2017-09-30 1,229 337 672
2017-06-30 1,227 350 743
2017-03-31 1,207 290 731
2016-12-31 1,182 425 670
2016-09-30 1,187 585 690
2016-06-30 1,146 564 547

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • RioCan Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • RioCan Real Estate Investment Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:RIOC.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from RioCan Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:RIOC.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:RIOC.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 1.89
2018-12-31 1.68
2018-09-30 1.84
2018-06-30 1.98
2018-03-31 2.09
2017-12-31 2.16
2017-09-30 2.05
2017-06-30 2.28
2017-03-31 2.24
2016-12-31 2.06
2016-09-30 2.13
2016-06-30 1.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if RioCan Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess RioCan Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
RioCan Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has RioCan Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare RioCan Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • RioCan Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • RioCan Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • RioCan Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
RioCan Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from RioCan Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:RIOC.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,239.33 584.69 61.31
2018-12-31 1,190.78 527.36 59.79
2018-09-30 1,195.03 587.14 66.44
2018-06-30 1,210.64 638.61 66.00
2018-03-31 1,216.72 680.58 64.00
2017-12-31 1,235.54 704.75 63.44
2017-09-30 1,229.12 671.73 58.72
2017-06-30 1,226.90 743.30 57.88
2017-03-31 1,206.54 730.93 60.62
2016-12-31 1,182.32 670.09 63.15
2016-09-30 1,186.51 689.57 63.68
2016-06-30 1,146.03 546.88 63.00
2016-03-31 1,130.44 462.01 61.08
2015-12-31 1,116.27 403.30 60.80
2015-09-30 922.04 159.23 59.60
2015-06-30 966.94 208.19 59.48
2015-03-31 1,004.17 307.75 59.59
2014-12-31 1,039.53 433.42 57.64
2014-09-30 1,234.05 741.71 60.65
2014-06-30 1,208.25 709.53 58.27
2014-03-31 1,193.53 703.90 55.73
2013-12-31 1,184.00 695.41 53.00
2013-09-30 1,192.00 899.41 49.00
2013-06-30 1,185.00 894.41 47.00
2013-03-31 1,166.00 1,149.41 43.00
2012-12-31 1,142.00 1,330.41 40.00
2012-09-30 1,092.00 1,104.33 41.55
2012-06-30 1,062.00 1,150.33 41.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • RioCan Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • RioCan Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • RioCan Real Estate Investment Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess RioCan Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
RioCan Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is RioCan Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up RioCan Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • RioCan Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • RioCan Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of RioCan Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from RioCan Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:RIOC.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 7,707.43 5,995.58 49.88
2018-12-31 7,666.39 5,901.90 74.70
2018-09-30 7,693.41 6,039.80 133.99
2018-06-30 7,804.41 6,016.36 58.41
2018-03-31 7,930.54 6,119.27 67.67
2017-12-31 8,044.69 5,923.74 70.23
2017-09-30 8,036.26 5,974.83 58.12
2017-06-30 7,965.16 5,931.59 41.64
2017-03-31 8,070.80 5,833.70 45.36
2016-12-31 8,009.89 5,682.49 55.78
2016-09-30 7,941.02 5,644.24 62.69
2016-06-30 7,832.20 5,147.92 62.33
2016-03-31 7,854.37 6,124.42 40.86
2015-12-31 7,926.82 6,211.00 83.32
2015-09-30 8,158.39 6,705.88 40.44
2015-06-30 7,994.69 6,766.88 60.94
2015-03-31 8,020.61 6,727.76 59.88
2014-12-31 7,868.87 6,452.62 56.27
2014-09-30 7,588.00 6,463.00 51.00
2014-06-30 7,456.00 6,197.00 29.00
2014-03-31 7,386.00 6,120.00 37.00
2013-12-31 7,272.00 5,983.00 39.00
2013-09-30 7,086.00 5,756.00 28.00
2013-06-30 7,084.00 5,603.00 26.00
2013-03-31 6,980.00 5,508.90 123.00
2012-12-31 6,880.00 5,482.00 175.00
2012-09-30 6,541.00 5,367.00 98.00
2012-06-30 6,332.00 5,245.00 157.00
  • RioCan Real Estate Investment Trust's level of debt (77.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.9% vs 77.8% today).
  • Debt is not well covered by operating cash flow (6.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).
X
Financial health checks
We assess RioCan Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. RioCan Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is RioCan Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.48%
Current annual income from RioCan Real Estate Investment Trust dividends. Estimated to be 5.48% next year.
If you bought $2,000 of RioCan Real Estate Investment Trust shares you are expected to receive $110 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • RioCan Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • RioCan Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase RioCan Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:RIOC.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:RIOC.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.45 6.00
2019-12-31 1.44 6.00
OTCPK:RIOC.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-03-15 1.440 5.521
2019-02-15 1.440 5.707
2018-12-14 1.440 5.870
2018-11-15 1.440 5.826
2018-10-15 1.440 5.941
2018-09-14 1.440 5.867
2018-08-15 1.440 5.693
2018-07-13 1.440 5.805
2018-06-15 1.440 5.895
2018-05-15 1.440 6.046
2018-03-15 1.440 6.130
2017-12-04 1.440 5.954
2017-10-13 1.410 5.642
2017-09-15 1.410 5.825
2017-08-15 1.410 5.916
2017-06-15 1.410 5.819
2017-05-15 1.410 5.562
2017-04-13 1.410 5.417
2017-03-15 1.410 5.414
2017-02-15 1.410 5.362
2017-01-13 1.410 5.386
2016-12-15 1.410 5.336
2016-11-15 1.410 5.344
2016-10-14 1.410 5.393
2016-09-15 1.410 5.244
2016-08-15 1.410 5.067
2016-07-29 1.410 4.982
2016-05-13 1.410 4.934
2016-04-15 1.410 5.142
2016-02-12 1.410 5.351
2015-12-15 1.410 5.875
2015-11-03 1.410 5.646
2015-08-14 1.410 5.616
2015-07-15 1.410 5.332
2015-03-13 1.410 4.990
2015-02-13 1.410 4.914
2015-01-15 1.410 4.829
2014-12-15 1.410 5.148
2014-11-14 1.410 5.302
2014-10-15 1.410 5.363
2014-09-15 1.410 5.461
2014-08-15 1.410 5.229
2014-07-15 1.410 5.180
2014-06-13 1.410 5.212
2014-05-15 1.410 5.116
2014-04-15 1.410 5.155
2014-03-14 1.410 5.312
2014-02-14 1.410 5.354
2014-01-15 1.410 5.634
2013-12-13 1.410 5.678
2013-11-15 1.410 5.727
2013-10-15 1.410 5.599
2013-09-13 1.410 5.788
2013-08-15 1.410 5.895
2013-07-15 1.410 5.736
2013-06-14 1.410 5.560
2013-05-15 1.410 5.128
2013-04-15 1.410 4.911
2013-03-15 1.410 5.119
2013-02-15 1.410 5.136
2013-01-15 1.410 5.203
2012-12-18 1.380 5.038
2012-10-15 1.380 5.104
2012-09-14 1.380 5.021
2012-08-15 1.380 4.872
2012-07-13 1.380 4.830
2012-06-15 1.380 5.044
2012-05-15 1.380 5.168
2012-04-13 1.380 5.107
2012-03-15 1.380 5.142
2012-02-15 1.380 5.080
2012-01-13 1.380 5.236
2011-12-15 1.380 5.254
2011-10-14 1.380 5.479
2011-09-15 1.380 5.413
2011-08-15 1.380 5.499
2011-07-15 1.380 5.398
2011-06-15 1.380 5.346
2011-05-13 1.380 5.442
2011-03-15 1.380 5.558
2011-02-15 1.380 5.835
2011-01-14 1.380 5.977
2010-12-15 1.380 6.285
2010-11-15 1.380 6.326
2010-10-15 1.380 6.082
2010-09-15 1.380 6.122
2010-08-13 1.380 6.548
2010-07-15 1.380 6.876
2010-06-15 1.380 7.142
2010-05-14 1.380 7.308
2010-04-15 1.380 7.139
2010-03-15 1.380 7.329
2010-02-12 1.380 7.360
2010-01-15 1.380 7.202
2009-12-15 1.380 7.139
2009-11-13 1.380 7.470
2009-10-15 1.380 7.674
2009-09-15 1.380 7.718
2009-08-14 1.380 8.204
2009-07-15 1.380 8.863

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of RioCan Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess RioCan Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can RioCan Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. RioCan Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of RioCan Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ed Sonshine
COMPENSATION CA$6,706,961
AGE 71
TENURE AS CEO 26.3 years
CEO Bio

Mr. Edward Sonshine, also known as Ed, O.Ont., Q.C., B.A, LL.B, is the Founder of Riocan Real Estate Investment Trust and has been its Chief Executive Officer since 1993. Mr. Sonshine has been Advisor to the Board of Chesswood Group Limited. since November 2012. He served as the President at RioCan REIT until January 1, 2012. He served as an Executive Vice President of Counsel at Counsel Management Services Inc. from February 1987 to January 1994. He served as the President and Chief Executive Officer of Icarus Realty Corp., from February 1987 to September 1993. He serves as the Chairman of the Mount Sinai Hospital Foundation. He served as the Chairman of the Board at Chesswood Group Ltd. until November 2012. He served as the Vice Chairman of Counsel Corporation since August 2, 1979. He has been Vice Chairman of Counsel Management Services Inc., since January 1994. He serves as Vice Chairman of Mount Sinai Hospital. He has been a Director of American HomePatient since September 1991 and PharMerica Inc., since December 1994. He serves as a Director of AHOM Holdings Inc. He has been a Trustee of Stadtlander since July 1996. He has been a Non Independent Trustee at Riocan Real Estate Investment Trust since December 14, 1993. Mr. Sonshine is Expertise in Financial literacy, Business leadership, Corporate governance, Finance, Legal, Operations, Real estate and Real estate development. He has been a Director of Cineplex Entertainment Corporation - General Partner of Cineplex Entertainment Limited Partnership since February 10, 2010. He has been an Independent Director of Cineplex Inc. (formerly, Cineplex Galaxy Income Fund) since February 2010 and Cineplex Galaxy GP since February 2010. Mr. Sonshine is currently a Director of Sinai Health System. Mr. Sonshine served as an Independent Director of Royal Bank of Canada from February 29, 2008 to April 6, 2017. He served as a Director of Cineplex Galaxy GP of Cineplex Galaxy Income Fund from October 2003 to August 2005 and Capstone Pharmacy Services Inc. since December 1994. He served as a Director of Advocat Inc., from May 1995 to November 1996. He served as a Director of Sterling CentreCorp. Inc. n the past, he was Chair and a Director of Canada Israel Securities as well as Co- Chair of the annual campaign of the United Jewish Appeal and a member of the Top Gifts Cabinet of the United Way. He served as Director of Chesswood Group Ltd. from December 24, 2010 to November 2012. Mr. Sonshine is also a past Trustee of the International Council of Shopping Centers. He served as a Trustee of Cineplex Galaxy Income Fund since October 2003. He served as a Director of Counsel Corporation. He served as a Director at Cangene Corp. from 2003 to July 9, 2004. He serves as a Queen's Counsel. Mr. Sonshine holds a law degree from Osgoode Hall Law School and a Bachelor of Arts degree from the University of Toronto. He was appointed Queens Counsel in 1983, a member of the Order of Ontario in 2011 and in 2013, he was honoured as Canada’s Outstanding Chief Executive Officer of the Year.

CEO Compensation
  • Ed's compensation has been consistent with company performance over the past year.
  • Ed's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the RioCan Real Estate Investment Trust management team in years:

1.7
Average Tenure
  • The average tenure for the RioCan Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Ed Sonshine

TITLE
CEO & Trustee
COMPENSATION
CA$7M
AGE
71
TENURE
26.3 yrs

Jonathan Gitlin

TITLE
President & COO
COMPENSATION
CA$2M
TENURE
0.2 yrs

Qi Tang

TITLE
Senior VP & CFO
COMPENSATION
CA$1M
TENURE
2.1 yrs

Jeff Ross

TITLE
Senior Vice President of Leasing & Tenant Coordination
COMPENSATION
CA$1M
TENURE
11.3 yrs

John Ballantyne

TITLE
Senior Vice President of Asset Management
COMPENSATION
CA$1M

Ryan Donkers

TITLE
Vice President of Investments
TENURE
0.8 yrs

Christian Green

TITLE
Assistant Vice President of Investor Relations & Compliance

Jennifer Suess

TITLE
Senior VP
TENURE
1.8 yrs

Terri Andrianopoulos

TITLE
Vice President of Corporate Marketing & Communications
TENURE
1.6 yrs

Sandra Levy

TITLE
Vice President of Human Resources
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the RioCan Real Estate Investment Trust board of directors in years:

8.1
Average Tenure
65
Average Age
  • The tenure for the RioCan Real Estate Investment Trust board of directors is about average.
Board of Directors

Paul Godfrey

TITLE
Chairman of the Board
COMPENSATION
CA$375K
AGE
79

Ed Sonshine

TITLE
CEO & Trustee
COMPENSATION
CA$7M
AGE
71
TENURE
25.4 yrs

Sharon Sallows

TITLE
COMPENSATION
CA$205K
AGE
69
TENURE
19.9 yrs

Chuck Winograd

TITLE
COMPENSATION
CA$190K
AGE
70
TENURE
10.3 yrs

S. Marshall

TITLE
Independent Trustee
COMPENSATION
CA$190K
AGE
61
TENURE
3.9 yrs

Siim Vanaselja

TITLE
COMPENSATION
CA$180K
AGE
61
TENURE
2 yrs

Dale Lastman

TITLE
COMPENSATION
CA$171K
AGE
60
TENURE
14.9 yrs

Bonnie Brooks

TITLE
COMPENSATION
CA$177K
AGE
65
TENURE
5.9 yrs

Richard Dansereau

TITLE
AGE
57
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by RioCan Real Estate Investment Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. May 19 Buy Richard Dansereau Individual 14. May 19 14. May 19 2,550 $19.56 $49,866
09. May 19 Buy S. Marshall Individual 09. May 19 09. May 19 3,500 $19.17 $67,084
06. Nov 18 Buy Richard Dansereau Individual 06. Nov 18 06. Nov 18 1,375 $18.54 $25,490
02. Nov 18 Buy Richard Dansereau Individual 02. Nov 18 02. Nov 18 745 $18.17 $13,538
02. Nov 18 Sell Sharon Sallows Individual 02. Nov 18 02. Nov 18 -120 $18.39 $-2,207
13. Aug 18 Buy Jonathan Gitlin Individual 13. Aug 18 13. Aug 18 2,610 $18.80 $49,070
X
Management checks
We assess RioCan Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. RioCan Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $14.1 billion as at March 31, 2019. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 230 properties, including 14 development properties, with an aggregate net leasable area of approximately 38.3 million square feet including residential rental properties.

Details
Name: RioCan Real Estate Investment Trust
RIOC.F
Exchange: OTCPK
Founded:
CA$5,944,515,485
304,219,056
Website: http://www.riocan.com
Address: RioCan Real Estate Investment Trust
RioCan Yonge Eglinton Centre,
Suite 500,
Toronto,
Ontario, M4P 1E4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX REI.UN Trust Units The Toronto Stock Exchange CA CAD 05. Jan 1994
OTCPK RIOC.F Trust Units Pink Sheets LLC US USD 05. Jan 1994
DB R7G Trust Units Deutsche Boerse AG DE EUR 05. Jan 1994
Number of employees
Current staff
Staff numbers
585
RioCan Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:44
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/10
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.