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RioCan Real Estate Investment
Symbol: REI.UN-T
Active: Y
Sector: property mngmnt/investment
Notes:shopping centres/big box stores
Last Price: 17.450
Last Price Date: 2008-10-08 01:11:36
Globe 200 day average
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Experts that have talked about RioCan Real Estate Investment

BUY on WEAKNESS19.850Michele RobitailleOne of the higher quality REITs. One of the largest retail REITs across the country. Very diversified portfolio, high quality tenants. Comfortable with their leverage ratio, strong balance sheet. Risks are mild. 2008-10-02
BUY20.800Ben Cheng(Market Call Minute.) Very well run. Just bumped up their distribution.2008-09-24
BUY21.180David Baskin(Market Call Minute.) One of the best REITS there is and the yield is good and increasing.2008-09-02
Comment21.540Ross HealyGood landlords however, his fair market value is $12 and is lower than the present stock price. You are kind of relying on the capital appreciation of the real estate portfolio to keep the trust up at in excess of 2X book value. Runs into some technical resistance at about $22.50 with support at about $18. Yield of 6.25%.2008-08-29
TOP PICK20.000Paul Gardner, CFALargest REIT in Canada and rate value creators. Sector is overdue for a bounce. Trades at 15%-20% discount to its NAV. Big caps have the advantage of being able to get funding and the ability to move in and out.2008-07-24
Comment19.380Peter BriegerREITs are going to be exempted from the legislation. Doesn't own as REITs don't do well with rising interest rates, which he thinks will happen.2008-07-16
BUY19.100Neil WickhamPrefers REITS to individual property stocks. Essentially shopping malls. Good price.2008-07-14
DON'T BUY21.170Dennis Mitchell, CFAThe flagship REIT in Canada. Continue to find ways to create value. Offers about 6.75% free cash flow yield and is pretty much fairly valued.2008-06-12
BUY21.160Bruce CampbellCompetition H&R Real Estate (HR.UN-T) did an issue at a discount and Riocan went down to match it. At under $21, good solid yield. With a 3% growth and a 6%/7% dividend you get a pretty stable 10% return.2008-05-26
HOLD21.650Paul Thornton(Market Call Minute.) Really likes the REIT sector. A better alternative to bottom fishing in the banks.2008-05-07
BUY21.800Sandy McIntyre(Market Call Minute.) Great value story. Great management team.2008-05-05
BUY on WEAKNESS21.380Robert Lauzon(Market Call Minute.) Largest REIT in Canada. Given the depressed price over the last 6 months, Buy it on a down day and you’ll do OK.2008-04-28
BUY21.380John ZechnerNot a big fan of the financials generally right now but within the financials, one of the best acting groups in the US and Canada. are the REITs. Well diversified. At the current levels he thinks you'll do fine.2008-04-28
BUY21.690Andrew Guy, CFAVery well managed company. Probably one of the 2 or 3 core REIT’s you can own. Did a new issue today, which should help them as they have some big commitments and this should help them finance them.2008-04-07
BUY20.090Dennis Mitchell, CFALargest REIT in Canada. Focused on the big 6 markets in Canada. Made a big push into intensification. Like’s at these levels, is trading at net asset value. Not a lot of upside short term, but long term you’ll be happy. 2008-03-24
BUY on WEAKNESS20.520Dennis Mitchell, CFAThe bellwether flagship of REITs in the Canadian universe. Makes up about 25% of the index. Has power centres, unenclosed malls in the big 6 markets in Canada. About as rock solid as you can get. Trading at a slight premium above NAV. He would be a buyer under $20 and a seller over $21.2008-02-29
Comment20.830Charles DillinghamHe gathers that the retail is holding up quite well. Thinks they're shopping centre structures are fine. One of the most liquid and defensive trusts.2008-02-14
BUY21.600Andrew Guy, CFAA very good name. The issue with them is that it is more exposed to the retail shopping centres. If the slowdown in the US extends into Canada, this is an area that could be hit. Trades below its NAV and has a very nice free cash flow yield.2008-02-06
TOP PICK21.250Paul Gardner, CFALargest landlord in Canada and anchored by large stable tenants. Cheap, relative to the last couple of years. Also have green development, which adds to their bottom line. Also, because they own so much space, anyone coming up from the US would be dealing with them. Lease rollovers in the next couple of years with increased rents.2008-02-05
TOP PICK22.190Gail MifsudHigh-quality retail properties in their portfolio. Has historically outperformed and sees no reason why it shouldn't continue to do so.2008-02-01
TOP PICK19.140Michael Simpson, CFALargest shopping centre REIT in Canada. Have properties in the 6 main large markets across Canada. Also have growth opportunities in some of their urban areas. Trades at a discount to NAV.2008-01-22
HOLD18.650Ben ChengThis one has been a matter of concern. REITs in the US and Canada have been taken down quite severely. Undervalued.2008-01-21
BUY19.310Dennis Mitchell, CFALargest REIT in Canada. Trading at a discount to NAV.2008-01-14
BUY19.620Michael SprungFor the long-term, a lot of the real estate trusts are beginning to look very attractive. Some of the fear is coming from a possible economic slowdown and what would happen to a lot of their commercial rentals. Property values here are fairly solid. 6.8% yield should be safe.2008-01-08
HOLD19.900Norman LevineRetail stores. In an economic slowdown, there could be a pullback. This is a great company. Distributions have been great.2008-01-07
Comment20.850Peter BriegerLooking at Riocan (REI.UN-T), Primaris (PMZ.UN-T), H&R (HR.UN-T) and Calloway (CWT.UN-T). Have been pretty well beaten up and the yields are looking very enticing. As an inflation hedge they look very attractive.2007-12-28
BUY22.150Dennis Mitchell, CFADefensive name. Very diversified portfolio with open-air retail centres spread across Canada. Hard to go wrong with this name.2007-12-07
HOLD22.150Dennis Mitchell, CFAA bellwether REIT in Canada. Unenclosed power centres and dominant malls throughout all of Canada. Great management team.2007-12-07
TOP PICK21.600Kevin Hall BComm, CFAGood quality core holding. Defensive. Retail focused. Good growth in 2008, probably 5%-6% through leases rolling over. Decent development pipeline.2007-12-04
BUY21.860Michele RobitailleOne of the premier quality REITs. Retail focused with high quality real estate. Has been hammered giving a great opportunity to buy. 6% plus yield. Outlook is fantastic.2007-11-28
BUY21.310Paul Gardner, CFASuffering from the sector weakness. He considers this Best in Class. Good creative management. Leases are coming due so they will have a healthy bump up of rents.2007-11-21
BUY21.400Michael Simpson, CFAThe largest shopping centre REIT. Across Canada. Good valuation at these levels.2007-11-08
BUY23.250Charles DillinghamThe biggest, most liquid REIT in Canada. Have only just dropped their distribution below 100%. It's a bit expensive because there are so few shareholders, the expectation of a takeover is built into the price. Their debt is also very low.2007-10-29
TOP PICK25.400Paul Gardner, CFAREIT market hasn't done anything. This one has grown into its valuation. Good valuation. Trades at a discount to its NAV. Trades at around 14X AFFO. Largest outdoor shopping mall centres giving them economies of scale. Going into lease rollovers, which will lift growth 5% to 6%. Have a great land bank.2007-10-03
HOLD25.400Michele RobitailleREITs had quite a correction through the summer and have started to recover but are still reasonably valued. This one is getting a little expensive relative to some of the others. A great long-term holding.2007-10-03
TOP PICK22.970Charles DillinghamHasn't performed that well this year, but it is the biggest and most liquid. If the sector has been overdone and there is going to be any recovery, it should work out well. Have quite a bit of growth going forward. Low debt.2007-09-14
PARTIAL BUY23.640Dennis Mitchell, CFAProbably one of your best bets for a long-term hold in this sector. Trades near its NAV and throws off free cash flow yield that gives a bit of a premium to the 10-year bond yield. Good core name. Could start building your position at this price.2007-09-04
HOLD22.980Norman LevineREITs have been beaten up pretty badly in the last few months. Partly because of interest-rate worries and partly because they had a great run and got ahead of themselves. Good long-term hold. 5.76% yield.2007-08-29
TOP PICK23.200Michele RobitailleRetail oriented. Strong management team. Looking for upside from some growth opportunities from lease renewals and their developing pipeline. Potential takeout candidate.2007-08-23
TOP PICK23.090Paul Gardner, CFA5.72% yield. Built a huge property management company over the last 10 years. Properties are about to be rolled over with rents that can be increased $6-$12 per square foot. Have a green development that they get an 8%-10% return. Expects US retail companies will be coming in looking for space to rent.2007-08-22
BUY21.750Dennis Mitchell, CFAFeels the NAV is in the $24-$25 range. Have several initiatives that they continue to launch, the latest being the intensification fund, where they will increase the usage of their existing real estate portfolio for future acquisitions. Likes this.2007-08-16
BUY25.020Paul Gardner, CFAThe premier real estate company for big box developments. Most of the clients are department stores, grocery stores, etc. Management is fantastic. Biggest problem is size. They are so large that it is hard for them to grow. Have put on a program to do more green development giving them higher margins.2007-07-19
HOLD23.650Dennis Mitchell, CFAFlag ship bell weather reit in Canada. Steady as she goes.2007-06-29
DON'T BUY24.150Brian Acker, CAHe uses risk controls which includes balance sheet solvency. All the REITs fail.2007-06-21
Comment26.100Paul Gardner, CFAThe largest outdoor shopping mall developer. They have economy of scale. The problem is, they're so big, it is hard to add value. They are now doing far more green development, which gives them higher cap rates.2007-05-17
TOP PICK26.750Charles DillinghamHas under performed for quite awhile. Good earnings behind it. Takeout candidate.2007-05-07
HOLD26.000Dennis Mitchell, CFAThe flagship REIT in Canada, primarily focused on the big 6 population areas. He thinks there is more growth in Calloway 2007-05-05
Comment25.830Paul Gardner, CFALarge real estate, shopping malls development. Stable, great company.2007-05-03
HOLD25.750Michael SprungThe benchmark of real estate trusts in Canada. Have the better properties and good tenants, which is why they are priced at a premium to their peers.2007-04-27
TOP PICK25.080Charles Dillingham(A Top Pick Jun 5/06. Up 18.3%.) Has shopping centres across the country and low debt. Multiples are a little bit high. Has under performed.2007-04-11
HOLD24.980Dennis Mitchell, CFARetail, focused on unenclosed power centres. Had a healthy run based on analysts’ feelings that it was going to be taken out. Significant internal growth. Fully valued.2007-04-03
BUY25.450Neil WickhamAlways looks like it is a little bit expensive, but their history says that you should go with it. Long-term play.2007-03-20
DON'T BUY25.360Paul Gardner, CFABest in class. Have all the open concept shopping centres. Biggest out there, so they have economies of scale, but very hard for them to be a creative and add value. Prefers a smaller one such as Artis REIT (AX.UN-T) or First Capital Realty (FCR-T). Not particularly cheap.2007-03-19
BUY25.950David BaskinNot a bad one to own. Was not affected by the income trust tax change, because it is a REIT. Primary shopping centres. Very good operator. 5.1% yield. Largely tax protected outside an RRSP.2007-02-13
HOLD25.260Paul Gardner, CFAOne of the premier REITs. They are so large, that they have pricing power and can push price increases through on their tenants. Private equity firms are buying up REITs pushing the price up and reducing the yield. Expects a 6%-8% return.2007-02-05
BUY25.240Dennis Mitchell, CFAA core position flagship REIT.2007-01-19
TOP PICK25.590Charles DillinghamHas been hurting for a while. Had made an announcement they were going with a US group, but are now backing off that. Stock price dropped.2007-01-12
HOLD24.870Dennis Mitchell, CFAThe bellwether REIT for the entire Canadian REIT market. Retail focused. Unenclosed power centres. Recently announced a partnership, which will be their platform for growth.2006-12-22
BUY25.450Paul Gardner, CFAShopping mall REIT. Largest in Canada. Great management. Have increased their distributions nicely. Their problem is that they are so big it is hard for them to impact their portfolio. To overcome this they have gone into green development, i.e. go with a partner and develop malls rather than buying. Good defensive holding.2006-12-19
HOLD25.850Rob CallanderThe REIT sector will not be affected by the government ruling on trusts. Once there is a clearer view on where the government is going, you'll have an indication as to whether to buy or not.2006-11-23
HOLD25.950Dennis Mitchell, CFARetail focused. Trading at 19 X free cash flow. A very stable name. Fully priced.2006-11-21
HOLD25.500John StephensonOne of the pre-eminent shopping centre REITs. On a global basis Canadian REITs are relatively cheap, but the yield is relative low,2006-11-16
DON'T BUY25.800Michael SprungREITs was the one sector not affected by the income trust taxation ruling and a lot of money moved in to this area. The yield is just over 5% now. Not much better than a long bond.2006-11-14
BUY24.100Michael Simpson, CFAThe largest community shopping centre operator in Canada. Doesn't feel it will be impacted by the proposed legislation.2006-11-03
HOLD24.970Kevin Hall BComm, CFALargest REIT in Canada. High-quality name. Have had 12 years of consecutive distribution increases. REIT section is pretty fully valued at this time. Market is starting to revalue REITs for further consolidation. Not a lot of upside.2006-10-27
WEAK BUY24.480Rob CallanderSome of the REITs he likes includes Riocan (REI.UN-T) and Canadian Apartment (CAR.UN-T). The problem is, they are well recognized, and are mature part of the trust market so the yields are fairly low. A lot of the easy money has been made.2006-10-23
HOLD23.150Paul Gardner, CFALargest REIT in Canada and well diversified. Excellent management. Have economies of scale having management inside properties. The negative is that it is a huge, huge company and to add value is getting harder. Starting to pay a little over their payout ratios but their leverage is not that high.2006-09-05
HOLD22.140Paul Gardner, CFALargest REIT in Canada. Offers tremendous diversification. Management is solid. Problem is, it is hard for them to acquire and outgrow themselves, they are so big they are doing a lot more green fielding development.2006-08-08
BUY on WEAKNESS22.930Sandy McIntyreGreat company. Little expensive right now. He will periodically reduce when it is expensive and buy back when it gets cheaper.2006-07-28
BUY21.710Paul Gardner, CFAHas come off 20%. Have tremendous synergies because of their size. Because they are so big, it is hard for them to grow their bottom line. Management fees have gone up which is a great margin creator.2006-07-07
WEAK BUY21.140Gail MifsudA premier owner and developer. The largest REIT. Very professional management team. A great long-term investment. Watching this one closely.2006-06-09
TOP PICK21.200Charles DillinghamA very strongly structured REIT. Growing on a very conservative way. It will be a good platform for the future. If the market improves like he thinks it will, they will do quite well.2006-06-05
BUY21.220Robert LauzonStable growth. Not exciting but a great company.2006-06-02
HOLD21.510Ravi SoodA great name. Fabulously well managed. Not much upside or downside. Very stable but not much growth.2006-05-26
BUY20.970Ben ChengHas provided high double-digit rates of return over the last 10 years. Solid management team. Going forward, watch out for the potential retirement of the CEO.2006-05-19
BUY21.760Kevin Hall BComm, CFAThis should be a core holding in any REIT portfolio. Was getting a bit expensive and you are now seeing some consolidation.2006-05-05
DON'T BUY22.520Paul Gardner, CFAExcellent management. The largest REIT and well seasoned. The only issue is their size. Can they be accretive with acquisitions? They are doing more speculative, green development products where they have some expertise. There has been a rally in the REIT market and not sure it can be sustained.2006-04-04
WEAK BUY22.860Leslie LundquistThey like it very much and they own it. It is one of their larger REIT positions. It is not inexpensive and hardly any REiTs are inexpensive these days. Riocan has done well over the past few years and they feel there are opportunities ahead for them. It is not cheap assets. Real estate is expensive. 2006-03-04
WEAK BUY21.870Ravi SoodThere has been a real sell-off in all the REITs. Triggered by the US REIT Index turning over which is probably triggered by interest-rate fears. This has created a good buying opportunity. Would prefer Calloway REIT (CWT.UN-T).2006-02-10
HOLD23.190Bruce HartmanContinues to see the REIT sector is a good growth area. This one represents stable growth. (Management is targeting 5% a year.) Prefers Calloway (CWT.UN-T) which has about the same yield but represents a higher growth rate.2006-01-20
DON'T BUY23.140David BaskinLooking at the spread between the yield and 10-year bonds, it is now around 2.1%, which is too thin to compensate you for the risks compared to government bonds. They are a wonderful operator with great real estate, but as interest rates go up the spread will get narrower.2006-01-19
BUY22.500Michele RobitailleA high-quality real estate investment trust. Could be a core holding in a portfolio. Their biggest challenge is continuing their growth because of the size. Feels they are handling this challenge well. Stable operations. A name you can just tuck away.2006-01-06
WAIT22.630Paul Gardner, CFALargest REIT in Canada. Focuses on big box outlets. Well-run company. The only negative is, it is so big, how do they become accretive. Now putting their money into green spaces to open shopping malls and going into managing outlets fort better margins. Has more room to go. Fairly priced at this time. He owns their bonds.2005-12-29
BUY21.560Charles DillinghamThe biggest, most liquid REIT. Very well managed. Doing development deals with pension funds.2005-12-16
HOLD22.050Gail MifsudThe goliath in the REIT market, being about 25% of the whole REIT sector. Has performed fantastically well over the last 10/12 years. Exceptionally well managed. Since they are a mature company, you can't expect double digit or high single digit operation growth. Safe. Has a market perform rating on it.2005-11-25
BUY20.650Paul Gardner, CFAA premier REIT. The largest REIT in Canada. Their history has been incredible. They don't overdo their distributions and retain about 10% of them. The question is, they are getting so large can they continue their growth.2005-11-17
HOLD20.750Michael SmedleyDropped off when income trusts got hit. A quality company, so don't panic.2005-11-10
TOP PICK20.200Charles DillinghamHas been a very soft market, so you are going to get a very good move with good names when the market improves. Could drop a bit further. The biggest and most liquid. Yield of about 6.3%.2005-10-31
BUY on WEAKNESS20.010Robert LauzonHas grown through acquisition and internally. Has created a lot of growth in our economy. Would definetly purchase more on any pullback. He can't see the government hurting this sector.2005-09-23
TOP PICK21.750Leslie LundquistNot inexpensive these days, but really likes that it has an excellent track record of value creation in the past and feels this can be extended into the future. They are innovative in maximizing the values of their properties as well as developing properties through joint ventures with partners and generating fee income. A good core holding.2005-09-16
BUY20.680Charles DillinghamHave been strained from the point of view that they can't expand. Have sold some properties. Working with other development funds to grow their revenues with fee income. A group that manages themselves fairly well.2005-08-08
BUY21.400Dean OrricoA stalwart in the retail real estate industry. Quality track record. A history of increased distributions. Probably get a bit more growth in the near term out of Calloway (CWT.UN-T).2005-07-29
TOP PICK21.030Leslie Lundquist(A Top Pick Jan 10/05. Up 17.5%.) A leader in their industry. Excellent track record and very strong management team. Even though they are very large there is an opportunity to create more value through partnerships with institutions where they will generate management fees or other partnerships buying distressed/underperforming properties and fixing them up.2005-07-22
BUY20.970Matt BaillieRetail space is a pretty steady space. The difficulty here is how do they grow when they are so big. Have been impressive. Have only about 1% organic growth. Can also grow 1% through joint ventures they have as well as 1% by development and repositioning of property.2005-07-15
BUY20.600James Cole, BA, CFAHas raised its distribution every year. Good acquirers of core shopping centres which are generally anchored by a food tenant. Low risk. Well managed. Long term prospects are good. Standard & Poor is going to include income trusts in the S&P/TSX composite index at the end of this year. This one will be a shoe-in.2005-07-06
DON'T BUY20.560Gail Mifsud$20 target price. Neutral on the stock. Benefits from their size as it will be in everyone's portfolio. Growth prospects are slowing down.2005-07-05
DON'T BUY20.000Robert LauzonQ: Riocan (REI.UN-T) versus TSX Capped (XRE.UN-T). A: With Riocan you are taking company specific risks while the TSX Capped (XRE.UN-T) would be more diversified.2005-06-17
BUY19.600Dan BastasicThe largest retail REIT in Canada. Very well managed. Going forward feels that they will realize a lot of growth through the joint ventures they recently entered into which consists of taking underdeveloped retail properties, fixing and remodelling them and increasing the leasing around them.2005-05-27
BUY19.200David BaskinA wonderful stable stock. The yield is rock solid at about 300 basis points or more over the 5 year Canada's. Great product for a RRIF. 2005-05-24
PAST TOP PICK18.450Michele Robitaille(Was a Top Pick Mar 18/05. Down 1.8%.) A core holding. Strong management. This weakness is a good buying opportunity.2005-04-15

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