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Riocan Real Estate Investment Trust (T:REI.UN)

Business Focus: Retail REITs

Sector:  Financials Industry:  Commercial REITs
See Regulatory Filings on SEDAR
Company Contact
Address: 2300 Yonge St, Suite 500, Box 2386
Tel: 1-416-8648138
IR: See website
Key People
Paul Victor Godfrey
Independent Chairman of the Board of Trustees
Oliver Harrison
Vice President - National Operations
Jonathan Gitlin
President, Chief Operating Officer
Edward Sonshine
Chief Executive Officer, Trustee
Qi Tang
Chief Financial Officer, Senior Vice President
Jennifer Suess
Senior Vice President, General Counsel, Corporate Secretary
John Ballantyne
Senior Vice President - Asset Management
Andrew William Duncan
Senior Vice President - Developments
Jeff Ross
Senior Vice President - Leasing and Tenant Coordination
Franca Smith
Vice President - Finance
Business Overview
RioCan Real Estate Investment Trust (RioCan) is a Canada-based closed-end real estate investment trust. The Trust owns and manages Canada's portfolio of shopping centers with ownership interests in a portfolio of 230 properties with an aggregate net leasable area (NLA) of approximately 39.1 million square feet, including residential rental and 13 development properties. The Trusts property portfolio includes grocery anchored, new format retail, urban retail, mixed use and non-grocery anchored centers of which approximately 190 properties are owned, which includes approximately 186 income properties and four properties under development, and approximately 40 are co-owned through joint arrangements with co-owners including approximately nine under development. The Trusts projects are categorized into urban/mixed use, renovation/backfill and greenfield/expansion.
Financial Overview
For the nine months ended 30 September 2019, RioCan Real Estate Investment Trust revenues increased 19% to C$1.01B. Net income before extraordinary items increased 66% to C$625M. Revenues reflect FFO per Share (Basic) increase of 1% to C$0.47, FFO per Share (Diluted) increase of 2% to C$0.47, Property Management Services Revenue increase of 80% to C$20.6M, Rental revenue - Balancing value increase of 2% to C$181M.
Employees: 605 as of Sep 30, 2019
Reporting Currency: Canadian Dollars
Enterprise value: $14,313M as of Sep 30, 2019
Annual revenue (TTM): $1,307M as of Sep 30, 2019
EBITDA (TTM): $682.97M as of Sep 30, 2019
Net annual income (TTM): $775.01M as of Sep 30, 2019
Free cash flow (TTM): $86.78M as of Sep 30, 2019
Net Debt Last Fiscal Year: $6,541M as of Sep 30, 2019
Shares outstanding: 317,176,053 as of Nov 7, 2019
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization