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Aug 2, 2019

RioCan REIT reports higher Q2 profit


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TORONTO -- RioCan Real Estate Investment Trust reported its second-quarter profit rose from the same time a year ago, fuelled by higher gains on investment properties.

The trust says it earned $253 million in net income or 83 cents per diluted unit, up from $111.4 million or 35 cents during the same period in 2018.

Revenue during the quarter ended June 30 amounted to $272.4 million, down slightly from $274.5 million.

Funds from operations, a key metric for the real estate trust, amounted to $144.7 million or 48 cents per diluted unit, compared to $145.3 million or a 46 cents a unit one year earlier.

RioCan has been working to focus its portfolio on Canada's six major markets since October 2017.

The trust's chief executive Edward Sonshine says its latest earnings is the result of the company's "successful execution" of its major market strategy, adding that 87.8 per cent of revenue during the quarter was derived from Canada's major markets.