RioCan REIT (REI.UN): $19.08 - After The Storm: Earnings Trough 1 Quarter Later Than Expected As Q4 MissesSector Perform, Average Risk, Price Target: $18.50 (prev. $19.75)Q4/09 FFO/Unit Misses – Q4/09 FFO/unit of .28 was -30% from Q4/08's .39 and well short of RBC CM’s .32 estimate. The reason for the lower than expected variances are: i) NOI miss of $1.8MM (~.01/unit), in part due to $1MM of high ...

Brookfield Properties Corp. (BPO):$12.74 - Lots Of Possibilities For '10; Target Up To $15Outperform, Average Risk, Price Target: $15.00 (prev. $14.00)Q4/09 FFO/share of .43 was -12% vs. Q4/08's .49, handily exceeding RBC CM’s .37E and consensus .32. Two-thirds (~.04/share) of the favourable variance vs. RBC CM’s estimate was from land and housing NOI. Initial 2010 FFO/share guidance is $1.25-$1.3 ...

Real Estate and REITs – Q4/09 PreviewEarnings slump expected to continue; Negative 8% "Trend-Line" earnings growth expected for Q4/09 – RBC CM expects its REIT/REOC universe to generate "trend-line" earnings growth of approximately -8% in Q4/09. If RBC CM’s forecasts prove accurate, this would be the biggest quarterly decline on record, and would bring RBC CM’s full-year 2009 trend-line earnings d ...

Real Estate Investment Trusts: Q1 – 2010 REIT Quarterly (Summary)Recommendation – From a universe of 25 TSX-listed REITs, RBC CM has a selection of eight "Outperforms". They includeAllied Properties, Calloway, CREIT, Dundee, Extendicare, H&R, Morguard and Primaris. Also rated Outperform and included inthe report are Brookfield Properties and Killam Properties.Liquidity Is Back – REITs and REOC ...