RioCan’s profits rise to $122.4 million in second quarter – BNN Bloomberg

TORONTO — RioCan Real Estate Investment Trust reports second-quarter net income of $122.4 million, up from $112.0 million in the same quarter last year.

RioCan said its revenue totaled $292.2 million, up from $276.1 million a year earlier.

President and CEO Jonathan Gitlin says the company has seen “record leasing spreads” thanks to strategic tenant selection and achieving higher rents.

Gitlin says that once the Wellington Market opens at RioCan’s flagship complex, The Well, in downtown Toronto, the assets will generate new income that will strengthen the company’s balance sheet and support its growth trajectory.

The company says it has completed construction of apartments at FourFifty The Well, with more than three-quarters of the units already leased and rents in line with expectations.

The company said strong footfall at the main site was exceeding expectations, especially following the official opening of Wellington Market earlier this quarter, and that 97 per cent of the commercial space at The Well is now leased.

This report by The Canadian Press was first published Aug. 8, 2024.