TORONTO — RioCan Real Estate Investment Trust reported its retail committed occupancy rate hit a record high of 98.9 per cent in its third quarter, driven by low supply of new space and robust demand from retailers.
The rate marked an increase from 98.4 per cent in the same quarter a year earlier.
Chief executive Jonathan Gitlin says there’s been little new supply that’s come online over the past decade, largely because it hasn’t been economically viable to build new retail space.
That has left limited existing space for new retailers to move into.
He also says the company’s strategy of focusing on necessity-based tenants, like grocery stores and pharmacies, continues to pay off for its retail portfolio.
RioCan reported a profit of $122.6 million during the third quarter, compared with a loss of $120.3 million a year earlier.
The profit amounted to diluted net income per unit of 42 cents, up from a diluted loss per unit of 41 cents last year.
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Ritika Dubey, The Canadian Press
This report by The Canadian Press was first published Nov. 3, 2026.
