News

RioCan REIT Q1 net income rises to $106.5M despite COVID-19 lockdowns

RioCan REIT Q1 net income rises to $106.5M despite COVID-19 lockdowns
Business
TORONTO - RioCan Real Estate Investment Trust’s net income climbed to $106.5 million in its latest quarter, as tenants kept paying rent despite the country plunging into another wave of COVID-19.

The commercial property owner says its first-quarter net income was up from the $102.8 million it reported the year prior, at the onset of the pandemic.

Funds from operations, a key metric in real estate, reached $106 million, a drop from $144.6 million last year.

The trust says its FFO per unit amounted to 33 cents per diluted unit for the quarter ended March 31, down from 46 cents per diluted unit previously.

About nine per cent of the trust’s tenants were closed at the end of the quarter and nearly 20 per cent of tenants were shut as of May 3. The trust says it collected 93.9 per cent of billed gross rent in the first quarter, despite lockdowns in several markets and tightened COVID-19 restrictions.
Read more on Toronto Star
News Topics :
Similar Articles :
Business
RioCan Real Estate Investment Trust says it collected about 73 per cent of rent due in April, May and June, calling the period “the most challenging quarter ever” for many...
Business
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...
Business
TORONTO One of Canada’s biggest commercial real estate owners and operators says the sector is struggling with ongoing COVID 19 lockdowns, but most of its tenants have managed to stay...
Business
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...
Business
RioCan Real Estate Investment Trust is freezing new and early stage projects to cut costs during the coronavirus pandemic as rent collection slid. The move will save one of Canada’s...