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RioCan: The Recovery Gains Steam

Philip MacKellar profile picture
Philip MacKellar


  • RioCan is one of Canada’s largest real estate investment trusts.
  • The REIT’s business model faced significant impacts during 2020 as the Covid-19 pandemic shuttered the economy.
  • Since mid-2020, the REIT has rebounded, and operations have recovered lost ground.
  • The latest quarterly results were strong and suggest the recovery continues to gain steam.
  • The organization’s outlook is positive due to its development pipeline, favourable macro tailwinds, and valuations.

Toronto Skyline at sunset with reflection - Toronto, Ontario, Canada
diegograndi/iStock via Getty Images


RioCan (OTCPK:RIOCF) is one of Canada’s largest real estate investment trusts. The REIT owns, develops, and manages a well-diversified portfolio of retail, mixed-use, and rental properties in Canada’s major cities. The company’s primary focus is in the Greater Toronto

This article was written by

Philip MacKellar profile picture
Philip MacKellar is an analyst, portfolio manager, and investor at Contra the Heard Investment Newsletter. He has been with the company since 2011 and has been investing since 2004. The newsletter’s primary focus is on contrarian and value-oriented investment opportunities traded in the United States and Canada. In addition, Philip sometimes engages in M&A, other special situations, and holds bonds, preferred shares, and convertible securities. Contra the Heard is a Toronto based company and was founded in 1995. Philip also blogs about personal finance topics on his own website called mymoneymoves.ca in his free time. You can also follow Philip at the Globe & Mail, on Twitter @Rallekcam, and catch him on YouTube at Contra the Heard.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIOCF either through stock ownership, options, or other derivatives. 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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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