RioCan REIT reports first-quarter profit and revenue up from year ago

TORONTO – RioCan Real Estate Investment Trust reported a first-quarter profit of $160.1 million, up from $106.7 million a year ago.

The trust says the profit amounted to 52 cents per diluted unit for the quarter, up from 34 cents per diluted unit a year earlier.

Revenue totaled $294 million for the quarter ended March 31, up from $276.8 million in the same quarter last year.

Meanwhile, funds from operations totaled $130.6 million or 42 cents per diluted unit, up from $106.0 million or 33 cents per unit a year earlier.

The trust says its committed occupancy rate for the quarter was 97 per cent, up from 95.8 per cent in the same quarter last year.

RioCan CEO Jonathan Gitlin says the trust continued to advance its strategic objectives from a position of strength, driven by the quality of its portfolio, resilience of our tenants, and capacity to execute its growth initiatives.

This report by The Canadian Press was first published May 10, 2022.

Companies in this story: (TSX:REI.UN)

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