Monday, July 7, 2008

RioCan Real Estate Spreadsheet

This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional.

The next question is would I purchase this stock at the present time? On my spreadsheets, I not only look at the past, but I also look at what is happening today. The main bright spot seems to be that the dividend went up in November 2007, so the total dividends this year will be up slightly. However, this would seem to only increase the Payout Ratio. The value-type items that I am concerned about do not seem to be changing for the best with the March 1st quarter report or estimates for this year.

For the 1st quarter 2008, the Asset/Debt ratio for this stock for 1st quarter 2008 is still at 1.47. For this quarter, the Asset/Book Value ratio is still high at 3.12. The revenue for this 1st quarter went up, but so did expenses, so the cash flow is not going up.

I realize others have buy ratings out on this stock, but I feel that it would not be prudent for me to buy more of this stock in this economy, given that the ratios concerning debt are a concern to me. I am a value investor, and this stock does not, at present, fit into my good value frame. I am going to hold what I have for now, but no buy any more.

See my spreadsheet on this company at See my website at

This is an equity real estate trust and it owns a portfolio of retail properties across Canada. Its web site is

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