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Owns and develops retail and mixed-use shopping centres in major Canadian cities.
Owns and develops retail and mixed-use shopping centres in major Canadian cities.
Collects rent from retail tenants, mostly under multi-year leases with grocery and other large anchors, and passes most of it to unit holders as a REIT (property trust) must. It has been turning some of its land, mostly near transit in Toronto and other big cities, into apartment and mixed-use buildings for rent or sale.
Moat: narrow (scale, installed base). Large, well-located urban retail portfolio with a growing mixed-use residential pipeline.
Headquarters: Toronto, Canada · Founded: 1993 · Employees: 516
Size RioCan Real Estate Investment Trust (REI-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $4.41B, the 130th largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.23 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against -1.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 12.7% over the last twelve months (peer median +0.5%); the operating margin is 52.9% (peer median 39.7%).
Valuation It trades at 0.86× book value against a peer median of 1.21× (6th cheapest of 21).
Price implies The share price implies a return on equity of about 7.7%; RioCan Real Estate Investment Trust delivers 6.9%, so the price asks more than the business earns today.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.31B | C$1.48B | C$1.29B | C$1.16B | C$1.24B |
| Revenue growth | — | +15% | +12% | -6% | — |
| Gross profit | C$786M | C$795M | C$787M | C$737M | C$722M |
| EBITDA | C$697M | C$740M | C$728M | C$681M | C$662M |
| Net income | C$495M | C$69.3M | C$473M | C$38.8M | C$237M |
| Free cash flow | C$394M | C$345M | C$287M | C$274M | C$419M |
| Capital expenditure | C$71.4M | C$95.8M | C$105M | C$126M | C$101M |
| Total debt | C$7.04B | C$7.18B | C$7.35B | C$6.90B | C$6.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| RioCan Real Estate Investment Trust REI-UN.TO | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% |
| First Capital Real Estate Investment Trust FCR-UN.TO | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% |
| CT Real Estate Investment Trust CRT-UN.TO | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REI-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +3.6% | 10th highest of 21 |
| 6-month return | -2.7% | -1.0% | 10th lowest of 21 |
| Return on equity | 6.9% | 5.8% | 8th highest of 21 |
| Price / book | 0.86× | 1.21× | 6th cheapest of 21 |
| Trailing P/E | 12.5× | 22.1× | 3rd cheapest of 19 |
| ROE the price implies | 7.7% | 8.7% | 9th least demanding of 21 |
| ROE delivered | 6.9% | 5.5% | 7th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |