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RioCan REIT: Resilient, Forging Ahead With Mixed-Use


  • RioCan's occupancy and rent collection have remained reasonably good throughout the pandemic, and it has strong liquidity.
  • The large majority of its tenants (~79%) are strong and stable, while the collection rate has been 81% on the rest that is potentially vulnerable.
  • As the vaccine rollout progresses, infection rates and the need for lockdowns will decline.
  • The tenant mix and concentration in major markets should make the company resilient to long-term changes in shopping behaviour.
  • New developments are 83% weighted towards residential, which should also mitigate sectoral headwinds for retail.

Toronto under Construction
Photo by EricFerguson/iStock via Getty Images

Investment Thesis

RioCan REIT's (OTCPK:RIOCF) occupancy and rent collection have been holding up well enough throughout the pandemic, and it has strong liquidity. The large majority of its tenants (~79%) are strong and stable, while the collection rate

This article was written by

I write about value/GARP stocks, and have been investing in stocks since around 2015 -- prior to that, I held index and mutual funds. I'm a lapsed economist based in Canada with 10+ years work experience, hold an MA in economics, and an undergraduate degree spanning economics, geography, and comp sci. My interest in stock investing came about by seeing it as a personal/intellectual challenge (and an opportunity for improved financial returns ;) -- it also defies dogmatic theories about the world. Some books that I've found worthwhile include Beating the Street (Peter Lynch), Superforecasting (Tetlock and Gardner), Buffett (Roger Lowenstein), and Common Stocks and Uncommon Profits (Philip A. Fisher), among others. Usually I lean towards value-oriented stocks, although I aim to be open-minded and opportunistic.

Analyst’s Disclosure: I am/we are long RIOCF, CWYUF, CDNAF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I'm not a financial adviser/advisor, and this post is only intended to express my own opinions. I could have overlooked key facts and/or risks, and my views could change at any time, not least because of new information that might become available. The suitability of an investment depends on your own personal circumstances and risk tolerance. You are responsible for your own due diligence.

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