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    REIT - Retail
RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

REI-UN.TO
RioCan Real Estate Investment TrustCA flagToronto Stock Exchange
22.85
CAD
+0.01
- -
6.64BMarket Cap
RioCan Real Estate Investment Trust
REI-UN.TO
(Toronto Stock Exchange)

Recent

price

22.85

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.68
3.57
3.57
3.71
3.33
3.4
3.48
3.53
3.66
4.31
3.6
3.7
3.97
3.74
4.13
4.86
4.77
Revenue per Share
6.06
3.26
4.59
2.3
2.11
0.4
2.53
2.18
1.68
2.52
-0.2
1.89
0.77
0.13
1.58
0.23
0.84
Basic EPS, GAAP
-2
1.34
1.46
1.35
1.63
1.92
1.31
1.08
1.29
1.85
1.74
1.55
1.65
1.28
1.26
1.47
1.53
Free Cash Flow per Basic Share
1.37
1.4
1.42
1.45
1.06
1.01
1.25
1.34
1.44
1.44
1.44
1
1.01
1.07
1.1
1.15
1.16
Dividend per Share
12.98
19.2
22.7
23.14
24.69
23.98
24.17
24.32
24.33
26.93
24.44
24.85
24.87
24.4
24.87
23.92
23.92
Book Value per Share
15.96
19.49
22.81
23.18
24.69
23.98
24.17
24.62
24.42
26.99
24.34
24.94
25.25
24.76
25.16
24.19
24.16
Tangible Book Value per Share
247
266
290
302
308
319
325
327
314
308
318
317
306
300
300
296
294
Basic Weighted Avg Shares
1,155
947
1,036
1,121
1,025
1,088
1,133
1,155
1,148
1,326
1,144
1,175
1,214
1,124
1,240
1,437
1,403
Sales/Revenue/Turnover
72.03
61.46
61.39
60.3
58.32
55.48
56.16
58.34
56.89
52.06
55.05
54.33
53.22
57.13
53.88
50.38
50.05
Operating Margin (%)
2
1
2
2
4
5
4
10
5
4
4
4
5
3
1
2
2
Depreciation Expense
1,495
873
1,344
709
663
142
831
715
528
776
-65
598
237
39
473
69
247
Net Income, GAAP
- -
0.11
- -
- -
0.01
0.31
- -
- -
- -
0.18
- -
- -
0.39
- -
- -
- -
- -
Effective Tax Rate (%)
129.44
92.19
129.73
63.25
64.71
13.03
73.3
61.92
46.01
58.5
-5.66
50.92
19.51
3.45
38.2
4.82
17.58
Profit Margin (%)
-87
-8
-610
-393
262
782
-1,274
170
-801
-923
-515
-295
-947
-1,097
-680
-550
-794
Working Capital
4,410
4,781
4,743
5,562
6,321
5,005
4,250
5,542
4,869
5,490
6,026
6,193
5,620
5,624
6,267
6,199
5,933
LT Debt
4,224
5,442
6,880
7,272
7,869
7,927
8,010
8,045
7,666
8,305
7,735
7,911
7,729
7,438
7,558
7,157
7,109
Total Equity
- -
6.17
5.63
5.27
4.33
4.23
- -
- -
- -
4.87
- -
- -
4.41
- -
- -
4.95
4.82
Return on Invested Capital (%)
- -
12.32
13.85
7.34
6.22
2.3
- -
- -
- -
6.79
- -
- -
2.87
- -
- -
2.39
3.65
Return on Capital (%)
- -
20.87
22.77
10.24
8.9
1.68
10.59
9
6.78
9.74
-0.81
7.65
3.06
0.52
6.4
0.95
3.45
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
973
980
1,354
LT Borrowings
6,299
6,175
5,933
LT Finance Leases
25
25
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
295
294
291
Market Capitalization
5,614
5,540
5,587

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
713
865
964
Cash, Cash Equivalents & STI
92
145
70
Accounts Receivable, Net
45
45
233
Inventories
264
237
236
Total Current Liabilities
1,412
1,416
1,758
Payables & Accruals
210
267
404
ST Debt
973
980
1,354
Deferred Revenue
47
42
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.93%
-1.5%
-5.31%
Free Cash Flow
-1.45%
-3.8%
14.75%
Net Income, GAAP
25.16%
-26.58%
-85.36%
Sales/Revenue/Turnover
3.21%
4.97%
15.9%
Total Cash Common Dividend
1.96%
-4.68%
2.58%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
303
292
286
358
1,240
2025
356
362
371
348
1,437
2026
322
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.43
0.41
0.32
- -
1.58
2025
-0.28
0.49
-0.41
- -
0.23
2026
0.32
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.27
0.28
0.28
- -
1.1
2025
0.28
0.29
0.29
- -
1.15
2026
0.29
- -
- -
- -
- -
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Business
RioCan Real Estate Investment Trust (REI-UN.TO) is one of Canada's largest real estate investment trusts, owning, developing, managing and operating a diversified portfolio of approximately 188 retail-focused properties with a net leasable area of about 33 million square feet, including grocery-anchored open-air centres, mixed-use urban developments, enclosed malls and necessity-based retail spaces anchored by tenants such as Loblaws, Canadian Tire, Winners, Dollarama and Metro; office spaces; and residential properties under the RioCan Living brand offering purpose-built rental apartments and ultra-luxury condominiums. The portfolio concentrates in Canada's six major markets of Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver, primarily in high-density, transit-oriented locations. Founded in 1993 as Counsel REIT and renamed RioCan REIT in 1995, the company is headquartered at RioCan Yonge Eglinton Centre in Toronto, Ontario. In recent developments, RioCan acquired a 50% interest in The Underwood, a purpose-built downtown Calgary rental high-rise, from Western Securities in early 2024 as part of its strategy to expand residential holdings and grow net operating income to $55-60 million by 2025-2026 through selective acquisitions and organic development; completed a $200 million issuance of Series AP senior unsecured debentures; renewed its normal course issuer bid for units starting November 2025; and hosted a 2025 Investor Day outlining strategic priorities and a three-year financial outlook through 2028, while reporting strong second-quarter 2025 results with 9.3% growth in funds from operations per unit.