RioCan Real Estate Investment Trust reported net income in the third quarter of $3.2 million, down from $137.6 million the year before, attributing the drop to a net fair value loss on investment properties.

The Toronto-based company says same property net operating income grew by 5.1 per cent, driven by increases in occupancy, rent growth and increases, and a lower pandemic-related provision. 

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Revenue totalled $305.3 million for the quarter ended Sept. 30, up from $264.1 million a year earlier. 

Fair value loss on investment properties was $118.8 million, down from a gain of $20 million a year earlier. 

Funds from operations totalled $134.8 million, or 44 cents per diluted unit, up from $126.9 million or 40 cents per unit the year before.

RioCan says its committed occupancy rate for the quarter was 97.3 per cent, up from 96.4 per cent last year.