RioCan REIT-owned eCentral building in midtown Toronto.Tijana Martin/The Globe and Mail
RioCan Real Estate Investment Trust REI-UN-T reported second-quarter net income of $78.5 million, down from $145.3 million a year ago, as committed occupancy returned to pre-pandemic levels.
RioCan says same property net operating income (NOI) growth to 6.2 per cent helped the trust in the second quarter, in addition to higher residential NOI and residential inventory gains, but this was offset by a net loss related to the fair value of investment properties of $42.3 million compared to a $22.9 million fair value gain in the same period last year.
Revenue totalled $308.4 million for the quarter ended June 30, up from $297.7 million in the same quarter last year.
Meanwhile, funds from operations totalled $131.7 million or 43 cents per diluted unit, up from $127.5 million or 40 cents per unit a year earlier.
The trust says its committed occupancy rate for the quarter was 97.2 per cent, up from 96.1 per cent in the same quarter last year and driven by improved retail committed occupancy.
RioCan CEO Jonathan Gitlin says he and his team remain confident in the company’s growth trajectory going into the second half of the year and will “continuously evolve (its) portfolio to meet ever-changing market demands with more essential and resilient tenants.”
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