RioCan Real Estate Investment Trust (TSE:REI.UT)
TSX:REI.UT
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RioCan Real Estate Investment
(TSX:REI.UT)
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Rating:63Neutral
Price Target:
C$22.50
â–²(4.80% Upside)
Action:ReiteratedDate:03/26/26
The score is primarily supported by a strong, confidence-building earnings outlook (NOI/FFO guidance backed by leasing momentum and high occupancy). This is tempered by only middling underlying financial statement quality due to earnings and free-cash-flow volatility, and by weaker near-term technical momentum; valuation is mixed with a high dividend yield but a very high P/E.
Positive Factors
Leasing momentum & high occupancy
Sustained ~98.5% occupancy and record 21.1% blended leasing spreads indicate durable tenant demand and pricing power in core urban retail assets. Over 5M sq ft leased in 2025 creates multi-year rent roll stability and supports organic same-property NOI as leases roll and reset higher.
Negative Factors
Earnings and free-cash-flow volatility
Irregular free-cash-flow and swinging profitability undermine long-term distribution and reinvestment reliability. For a retail REIT, inconsistent FCF complicates funding of development, maintenance CapEx and buybacks, and raises sensitivity to cyclical tenant performance and capital timing over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing momentum & high occupancy
Sustained ~98.5% occupancy and record 21.1% blended leasing spreads indicate durable tenant demand and pricing power in core urban retail assets. Over 5M sq ft leased in 2025 creates multi-year rent roll stability and supports organic same-property NOI as leases roll and reset higher.
Read all positive factors
RioCan Real Estate Investment (REI.UT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.18B
Dividend Yield6.21%
Average Volume (3M)741.17K
Price to Earnings (P/E)79.8
Beta (1Y)0.61
Revenue Growth14.64%
EPS Growth-85.04%
CountryCA
Employees496
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.43
Shares Outstanding290,615,500
10 Day Avg. Volume874,936
30 Day Avg. Volume741,170
Financial Highlights & Ratios
PEG Ratio-0.93
Price to Book (P/B)0.77
Price to Sales (P/S)3.73
P/FCF Ratio30.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$21.58Price Target Upside0.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.63
Revenue Forecast (FY)C$1.21B
RioCan Real Estate Investment Business Overview & Revenue Model
Company Description
RioCan is one of Canada's largest real estate investment trusts. 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....
How the Company Makes Money
RioCan primarily makes money by generating rental income from tenants leasing space in its properties. Its key revenue stream is base rent paid under lease contracts, supplemented by additional rent and recoveries where tenants reimburse certain p...
RioCan Real Estate Investment Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.48B | 1.29B | 1.16B | 1.21B | 1.18B |
| Gross Profit | 793.40M | 831.61M | 714.41M | 700.49M | 689.86M |
| EBITDA | 348.69M | 731.66M | 237.02M | 674.08M | 675.34M |
| Net Income | 69.30M | 473.46M | 38.80M | 236.77M | 598.39M |
Balance Sheet | |||||
| Total Assets | 14.89B | 15.47B | 14.84B | 15.10B | 15.18B |
| Cash, Cash Equivalents and Short-Term Investments | 157.34M | 190.24M | 128.44M | 86.23M | 77.76M |
| Total Debt | 7.20B | 7.35B | 6.90B | 6.78B | 6.71B |
| Total Liabilities | 7.74B | 7.91B | 7.40B | 7.37B | 7.27B |
| Stockholders Equity | 7.16B | 7.56B | 7.44B | 7.73B | 7.91B |
Cash Flow | |||||
| Free Cash Flow | 181.03M | 81.34M | -5.48M | 113.15M | 26.52M |
| Operating Cash Flow | 434.07M | 378.28M | 385.52M | 506.12M | 490.40M |
| Investing Cash Flow | 41.11M | -360.77M | -200.15M | -79.69M | 94.39M |
| Financing Cash Flow | -520.38M | 48.49M | -147.37M | -417.97M | -745.49M |
RioCan Real Estate Investment Technical Analysis
Positive
21.47
Price Trends
19.52
Positive
19.11
Positive
18.46
Positive
Market Momentum
0.47
Negative
77.38
Negative
86.73
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:REI.UT, the sentiment is Positive. The current price of 21.47 is above the 20-day moving average (MA) of 19.67, above the 50-day MA of 19.52, and above the 200-day MA of 18.46, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 77.38 is Negative, neither overbought nor oversold. The STOCH value of 86.73 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:REI.UT.
RioCan Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$2.22B | 12.12 | 7.79% | 5.52% | 25.61% | 162.10% | |
74 Outperform | C$491.44M | 8.66 | 10.04% | 6.56% | 3.53% | 120.67% | |
73 Outperform | C$4.20B | 7.47 | 18.40% | 5.74% | 4.42% | 18.32% | |
73 Outperform | C$4.97B | 3.77 | 25.30% | 4.71% | -1.05% | 418.79% | |
71 Outperform | C$4.81B | 18.23 | 4.85% | 7.22% | -0.83% | 6.28% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | C$6.18B | 79.85 | 0.96% | 6.21% | 14.64% | -85.04% |
* Real Estate Sector Average
TSE:REI.UT
RioCan Real Estate Investment
21.34
5.09
31.29%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.