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RioCan REIT - 2018 Earnings & 2019 Forecast

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Riocan REIT owns, manages and develops high quality retail, with a strategic focus to increasing mixed-use, transit-oriented properties in Canada's major markets. With ownership interests in 233 retail and mixed-use properties, including 16 properties under development, comprising 38.7M sq. ft. This includes 2.6M sq. ft. of property under development. In Oct-2017 a strategy was put in place to shift the portfolio focus in Canada's six major markets through the sale of approximately 100 properties located primarily in secondary markets across Canada over two to three years. As of Feb-2019, they had either completed or entered into firm agreements to sell $1.3B of properties in secondary markets representing approximately 63% of the announced disposition target. A total of $1.8B of properties has been sold over the past two years.

The property portfolio includes grocery anchored, urban retail, mixed-use and non-grocery anchored centres, of which 189 properties are 100% owned (186 income properties and 3 properties under development) and 44 are co-owned and governed by co-ownership agreements (including 13 properties under development). RioCan's primary co-ownership arrangements are with Allied Properties REIT (Allied); Canada Pension Plan Investment Board (CPPIB); KingSett Capital (KingSett); Tanger Factory Outlet Centres, Inc. (Tanger); Boardwalk REIT (Boardwalk); Killam Apartment REIT (Killam); Concert Properties (Concert); and Woodbourne Canada Partners (Woodbourne). In addition, Riocan also owns partial interests in 13 properties through joint ventures with Hudson's Bay Company (HBC) and Marketvest Corporation/Dale-Vest Corporation.

Measured by revenues, 66% is from Ontario, Alberta-15%, Quebec - 9%, BC -8% and other at 2%. Among their largest tenants are Loblaws, Shoppers Drug Mart, Canadian Tire, Walmart and Cineplex Galaxy Cinemas.

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