RioCan REIT reports $145.3M net income in Q2 as tenants reopen after lockdowns

TORONTO – RioCan Real Estate Investment Trust says its net income reached $145.3 million in its latest quarter as all of its tenants were able to reopen from COVID-19 lockdowns.

The Toronto-based trust says its second-quarter net income is a turnaround from the same period last year when it reported a $350.8 million net loss.

RioCan Elgin Mills Crossing (photo by Raysonho @ Open Grid Scheduler / Scalable Grid Engine via Wikimedia Commons)

The trust says it completed more than 130,00 square metres (1.4 million square feet) of new and renewed leases during the quarter ended June 30 and 232,200 square metres (2.5 million square feet) so far this year.

As of Aug. 4, all of the trust’s tenants were open following lockdowns and only 3.2 per cent of the quarter’s rent remained uncollected.

RioCan says it collected 94.9 per cent of its second-quarter billed gross rents in cash, down from 95.1 per cent in the first quarter of the year.

The trust says the vast majority of tenants with deferred rents have been paying based on definitive payment schedules and RioCan has collected 91.5 per cent of deferred rents billed to date.

“Ongoing momentum in leasing activity drove positive trends in occupancy and further strengthened the quality of our income as tenants continue to be attracted to our exceptionally well-located properties,” says Jonathan Gitlin, the trust’s chief executive and president, in a release.

“We remain focused on investing in the strength of our stable foundation, surfacing the value inherent in our portfolio and capitalizing on the numerous opportunities available to us to augment our income as we accelerate our growth trajectory and drive long-term value.”

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