Last C$28.81 CAD
Change Today +0.05 / 0.17%
Volume 141.7K
REI-U On Other Exchanges
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As of 11:02 AM 03/5/15 All times are local (Market data is delayed by at least 15 minutes).

riocan real estate invst tr (REI-U) Snapshot

Open
C$28.87
Previous Close
C$28.76
Day High
C$29.09
Day Low
C$28.81
52 Week High
01/22/15 - C$30.08
52 Week Low
09/29/14 - C$25.11
Market Cap
8.9B
Average Volume 10 Days
951.5K
EPS TTM
C$1.80
Shares Outstanding
307.8M
EX-Date
02/25/15
P/E TM
16.0x
Dividend
C$1.41
Dividend Yield
4.89%
Current Stock Chart for RIOCAN REAL ESTATE INVST TR (REI-U)

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riocan real estate invst tr (REI-U) Details

RioCan Real Estate Investment Trust engages in owning, developing, and operating retail real estate properties in Canada. Its portfolio of properties include supermarkets; junior department stores; and entertainment properties, including movie theatres, large-format bookstores, and restaurants, as well as fashion components. As of December 31, 2007, the company owned interests in a portfolio of 201 shopping centers in Canada. RioCan Real Estate Investment Trust is headquartered in Toronto, Canada.

747 Employees
Last Reported Date: 02/13/15

riocan real estate invst tr (REI-U) Top Compensated Officers

Chief Executive Officer, Trustee and Member o...
Total Annual Compensation: C$1.2M
President, Interim Chief Financial Officer, C...
Total Annual Compensation: C$550.0K
Senior Vice President of Leasing
Total Annual Compensation: C$400.0K
Senior Vice President of Planning & Developme...
Total Annual Compensation: C$400.0K
Compensation as of Fiscal Year 2013.

riocan real estate invst tr (REI-U) Key Developments

Hudson’S Bay Company and RioCan Real Estate Investment Trust Agree to Form a Joint Venture

Hudson’s Bay Company and RioCan Real Estate Investment Trust announced that they have agreed to form a joint venture focused on real estate growth opportunities in Canada. The joint venture will enable HBC and RioCan to build on the strength of existing real estate assets and identify new real estate growth opportunities. The transaction is structured to facilitate an IPO or other monetization of the joint venture at a future date. Under the agreement with RioCan, HBC will contribute 10 owned or ground-leased properties with an estimated 3,286,703 in square footage to a newly established joint venture entity, including Hudson’s Bay properties in downtown Vancouver, Calgary, Ottawa, and Montreal. The transaction values the HBC real estate contribution at approximately CAD 1.7 billion based on a capitalization rate of 5.08%. In addition to an eventual pro forma 79.8% equity stake in the JV entity, HBC is expected to receive approximately CAD 352 million in cash proceeds from third-party debt to be arranged in advance by HBC and assumed by the JV Entity, and the JV Entity is expected to assume approximately CAD 48 million of existing debt secured against one of the properties contributed by HBC. RioCan has committed to contribute CAD 325 million to the JV Entity for an eventual pro forma equity stake of 20.2%. RioCan’s initial equity contribution will be in the form of a 50% interest in two mall properties in Ontario (Oakville Place and Georgian Mall) at a gross sales price of CAD 296.6 million based on a capitalization rate of 5.15%, net of existing debt, and capital lease obligations aggregating to CAD 152.3 million, resulting in an initial equity stake of CAD 144.3 million or 10.1% in the JV Entity. RioCan is expected to contribute CAD 52.5 million in the form of improvements for HBC properties contributed to the JV Entity. The balance of RioCan’s contributions, being approximately CAD 128.1 million, will be used to fund future property acquisitions to increase the value and diversify the tenant base of the JV Entity. RioCan’s contributions will be made by the third anniversary of the closing date. The JV Entity will be entitled to exclusivity on select enclosed regional mall acquisition opportunities in Canada identified by RioCan, and retail property acquisition opportunities identified by HBC. The JV Entity will establish a dedicated management team focused on overseeing the contributed properties and growing the portfolio, with support from HBC and RioCan. The JV Entity will have a board that is comprised of four directors, two of whom are appointed by each partner. Unanimous Board consent is required for all major operating decisions, except for certain HBC ground leases, which will remain controlled directly by HBC. RioCan will continue to act as manager for the enclosed malls that it will contribute to the JV Entity’s portfolio.

Hudson's Bay Forms JV With Simon And Riocan; Acquisitions Planned

Hudson's Bay Company (TSX:HBC) and Simon Property Group Inc. (NYSE:SPG) have agreed to form a joint venture focused on credit tenant, net-leased and multitenanted retail buildings in the United States and internationally. Hudson's Bay Company (HBC) and Riocan Real Estate Investment Trust (TSX:REI.UN) have also agreed to form a joint venture focused on real estate growth opportunities in Canada. The joint venture will enable Riocan and HBC to build on the strength of existing real estate assets through potential future redevelopment, as well as identify new real estate acquisition and redevelopment opportunities. Riocan has also committed to an additional equity contribution to the JV Entity of approximately $128.1 million over the next three years to fund future property acquisitions to increase the value and diversify the tenant base of the JV Entity. The joint venture will be entitled to exclusivity on select enclosed regional mall acquisition opportunities in Canada identified by RioCan, and all retail property acquisition opportunities identified by HBC. HBC and Simon joint venture will build on the strength of HBC's existing real estate assets and identify new real estate growth opportunities, with a focus on credit tenant, net-leased and multi-tenanted retail buildings, including department stores. The transaction is structured to facilitate an IPO or other monetization of the joint venture at a future date. Simon has committed to contribute up to $278.5 million and will make $100 million of contributions available for improvements to HBC properties contributed to the JV Entity; $50 million upon closing and $50 million on the first anniversary of the closing date. The balance of Simon's contribution will be used to fund future property acquisitions to increase the value and diversify the tenant base of the JV Entity. In addition to pursuing attractive credit tenant, net-leased and multi-tenanted retail buildings in the US, the JV Entity will have a mandate to explore similar international opportunities and will be entitled to exclusivity on select retail property acquisition opportunities identified by HBC, as well as certain select opportunities identified by Simon.

Riocan Real Estate Investment Trust Announces February 2015 Distribution, Payable on March 6, 2015

Riocan Real Estate Investment Trust announced a distribution of 11.75 cents per unit for the month of February 2015. The distribution will be payable on March 6, 2015 to unitholders of record as at February 27, 2015.

 

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