The company reached out to every tenant, assessed their survival, and negotiated the rent. Both big and small retailers reduced their number of outlets to cut costs. Please read the Privacy Statement and Terms of Service for more information. REITs allow investors to pool their money and invest in a portfolio of properties and can be great long-term investments. As retail and office REITs are feeling the brunt of the pandemic investors are right to be wary of investing in RioCan, as the length of recovery remains uncertain. In the first six months of 2020, RioCan reported a net loss of $247.9 million compared with a net income of $447.5 million in the prior-year period. In fact, RioCan has long been considered one of the nation’s top REITs. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. 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With shares currently flirting with a multi-year low, it looks like a pretty good opportunity to finally add this high-quality real estate stock to your portfolio. The Motley Fool Canada » Dividend Stocks » Yield Alert: RioCan REIT (TSX:REI.UN) Now Pays a 10.5% Dividend, Nelson Smith | May 16, 2020 | More on: REI.UN. It owns, manages, and develops retail-focused mixed-use properties located in prime, high-density transit-oriented areas. Current as of November 4, 2020. The company cut its dividends by 33% to $0.96 per unit from $1.44 in … If it falls significantly, it will impact RioCan’s future rental income until new tenants come. Trump's election fate could affect Dr. Fauci's. Here are some more temporarily beaten-up stocks that would look good in your portfolio today. REI.UN's most recent dividend payment was made to shareholders of record on Tuesday, September 8. See what's happening in the market right now with MarketBeat's real-time news feed. If the REIT has an occupancy rate of 96% and maintains its cash flows near the second-quarter level, buy the stock. Most of RioCan’s largest tenants are doing just fine, with grocery stores and pharmacies dominating that list. It deferred rent for 7.7% of its tenants and put 14.4% of its tenants through the Canada Emergency Commercial Rent Assistance (CECRA) in the second quarter. Don’t miss out! 2 Top Income Stocks With 8-9% Yields Today, This 1 REIT Stock Just Hit a Massive Buy Signal, Retirees: Looking to Supplement Your CPP? This means you can generate close to $630 on a $10,000 investment in RioCan. Returns since inception, October 2013. At one point the company expanded into the United States, acquiring a portfolio of property in the aftermath of the 2008-09 Great Recession, but that was sold with the proceeds being used to pay down debt. While Q2 was one of the worst quarters for most companies across sectors, RioCan’s funds from operations per unit stood at a positive $0.35, though lower compared to prior-year figures of $0.48. At this point, construction is still an essential service and development continues. Like us on Facebook to see similar stories. The biggest challenge in the second quarter was the rent collection. View our full suite of financial calendars and market data tables, all for free. The real estate market has been subdued since the pandemic, as the lockdown closed many non-essential retail stores. The REIT’s exposure to the retail and commercial office sector has driven its stock significantly lower in 2019. Yield Alert: RioCan REIT (TSX:REI.UN) Now Pays a 10.5% Dividend. It also pays out less than 80% of normalized earnings back to investors as distributions. Learn about financial terms, types of investments, trading strategies and more. The company cut its dividends by 33% to $0.96 per unit from $1.44 in 2019 to offset falling rental revenue. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: You have already added five stocks to your watchlist. Here's who America needs more. Key Data for RioCan Real Estate Investment Trust Trust Units (REI.UN), including dividends, moving averages, valuation metrics, and more. Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. download my free recession-proof portfolio workbook. The REIT (Toronto symbol REI.UN; Units outstanding: 303.8 million; Market cap: $8.6 billion; TSINetwork Rating: Average; Dividend yield: 5.3%; www.riocan.com) continues expand under the RioCan Living brand it formed to build and market residential apartments and condominiums. RioCan stock is trading 45% below its 52-week high, which indicates its dividend yield is 6.3%. The biggest challenge in the third quarter is maintaining the occupancy rate. RioCan addressed this challenge by using CERCA, security deposits, and letter of credits. The third-quarter earnings will show more than 85% gross rent collection. To see all exchange delays and terms of use please see disclaimer. All rights reserved. Receive a free world-class investing education from MarketBeat. It pays an annual dividend of $1.44 and has so far maintained this dividend rate. One such Canada-based company is RioCan REIT (TSX:REI.UN), which is one of the largest REITs in the country. It ended 2019 with 220 properties with an aggregate net leasable area of 38.4 million square feet, which includes office, residential rental, and 14 development properties. Let’s look at it another way. Learn more. Real estate investment trusts (REITs) are an option for income and growth investors. RioCan collected 85% of its gross rent for July. I understand I can unsubscribe from these updates at any time. Hence, it had sufficient cash to pay dividends (83.2% payout ratio). However, three things work in RioCan’s favour. I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. Thirdly, most of RioCan’s retail properties are situated at prime locations. It has become a staple in many portfolios. Upgrade to MarketBeat Daily Premium to add more stocks to your watchlist. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. While they are technically stocks, these companies primarily provide investors with exposure to real estate assets. First, RioCan has a lot of balance sheet flexibility. Consider These 3 Top TSX Stocks That Rose 30% in October, CRA: How to Avoid the OAS Clawback and Earn a 50% Bonus, Income Investors: Enbridge (TSX:ENB) Stock Is Nearing a Massive Buy Level, TFSA Investors: 2 TSX Stocks to Make You Rich. The post Should You Buy RioCan REIT for its 6.3% Dividend Yield? Since their first increase, the REIT has maintained an AFFO payout ratio of around 70%. Learn everything you need to know about successful options trading with this three-part video course. RioCan has a market cap of $4.8 billion and an enterprise value of $11.2 billion. Simply click here to discover how you can take advantage of this. Show full articles without "Continue Reading" button for {0} hours. Dividend history includes: Declare date, ex-div, record, pay, frequency, amount. The Motley Fool recommends Costco Wholesale. This weakness showed up in RioCan’s April numbers. © 2020 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Puja Tayal | October 29, 2020 | More on: REI.UN. Then there’s the impact COVID-19 will have on RioCan’s development program. Want to see which stocks are moving? Chart. Here’s How You Can Add $500 in Monthly Tax-Free Income, 2 Cheap Dividend REITs Yielding Up to 10%, A Million-Dollar Retirement: How to Retire Rich in 3 Easy Steps. MarketBeat does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security. RioCan Real Estate Investment Trust (RIOCF) Dividend Growth History: By month or year. Investors’ concerns are not overblown, as Dividend Aristocrats Suncor Energy and H&R REIT cut their dividend per share by 55% and 50%, respectively, in May. As it stands today, RioCan pays out $38 million per month in dividends. RioCan REIT … Unsubscribe at any time. These are huge retail companies that will provide RioCan with a semblance of certainty. If you are the site owner (or you manage this site), please whitelist your IP or if you think this block is an error please open a support ticket and make sure to include the block details (displayed in the box below), so we can assist you in troubleshooting the issue. We are the #1 Source for Dividend Stocks! Fool contributor Puja Tayal has no position in any of the stocks mentioned. Canada Revenue Agency: Can You Claim the $2000/Month CRB? You can generate a steady stream of dividend income by investing in diversified REITs, as these trusts have a high payout ratio due to stable and predictable cash flows. Here are more quality stocks that you might consider. As I type this, RioCan shares are below $14 each, with is a decline of approximately 50% over the last few months alone. Most REIT dividend cuts will be temporary, as the economy will return to normal eventually after the pandemic passes. Got $3,000? RioCan Real Estate Investment Trust pays out 566.93% of its earnings out as a dividend. RioCan shares are so beaten up the dividend yield now exceeds 10%. The actual number is likely lower, as many investors choose to receive new shares instead of dividends. Does that make this a risky payout? After a severe dividend cut during the last financial crisis (it showed an AFFO payout ratio of 300% in 2010), IIP started its dividend growth policy back up in 2012 and hasn’t missed a year since. RioCan will be among the early beneficiaries of the economic recovery. CEO Ed Sonshine also came out recently and declared the dividend safe — investors have to like that vote of confidence. 326 E 8th St #105, Sioux Falls, SD 57103 | [email protected] | (844) 978-6257 RioCan needs to cut distributions, S&P says. It’s already had a big impact on the company. The bearish tone of RioCan’s stock price movement shows investors’ fear that the REIT might cut dividends. Further, it also counts Bed Bath & Beyond, Costco, Canadian Tire, and Best Buy as its tenants. The recent plunge in its stock has inflated its dividend yield above 10%. www.tsinetwork.ca/topics/dividend-stocks-topics/riocan-cut-your-risk/, Mozilla/5.0 (Windows NT 6.2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/84.0.4147.89 Safari/537.36. The president and COO Jonathan Gitlin will replace him. Will RioCan survive this crisis? It reduced the fair value of its investment properties by $451.7 million and set aside $20 million in rent abatements and bad debts, which resulted in a net loss of $350.8 million. Get daily stock ideas top-performing Wall Street analysts. The biggest blow of the pandemic-induced lockdown was visible in RioCan’s second-quarter earnings: The upcoming earnings will address three major concerns of investors: rent collection, rent defaults, and occupancy rate. Will the defaults rise to the level where RioCan has to cut dividends to preserve cash?
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