TORONTO – RioCan Real Estate Investment Trust says its third-quarter profit was down $60 million from the same time last year as it felt the impact of the COVID-19 pandemic on its tenants.
The real estate trust announced $117.6 million of net income or 37 cents per unit for the three months ended Sept. 30, down from $177.6 million or 58 cents in the 2019 third quarter.
It says $14.4 million of the year-over-year decline was due to pandemic-related provisions related to rent abatement and bad debts, while $48 million was due to higher net fair value losses.
Funds from operations, a key metric in real estate, declined to $128.8 million or 41 cents per unit from $142.8 million or 47 cents per unit.
Revenue fell to $302.3 million from $353.9 million a year earlier.
RioCan says that as of the end of the quarter on Sept. 30, essentially all of its tenants were open and operating – compared with only 85 per cent as of July 28 earlier in the quarter.