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RioCan earnings rise to $122.4 million in second quarter
TORONTO — RioCan Real Estate Investment Trust says its net income for the second quarter was $122.4 million, up from $112.0 million during the same quarter last year.
RioCan says its revenues totalled $292.2 million, up from $276.1 million a year earlier.
President and CEO Jonathan Gitlin says the company saw "record-breaking leasing spreads" as it strategically selected tenants and achieved higher rents.
With RioCan launching the Wellington Market at its downtown Toronto flagship development, The Well, Gitlin says the asset is delivering new income to strengthen the company's balance sheet and bolster its growth trajectory.
The company says it's done constructing the suites at FourFifty The Well, and more than three-quarters of the units are leased with rents in line with expectations.
It says high foot traffic at the flagship property is exceeding expectations, especially after the official opening of Wellington Market during the quarter, and 97 per cent of the commercial space at The Well is leased.
This report by The Canadian Press was first published Aug. 8, 2024.
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