The logo for RioCan Real Estate Investment Trust is shown in this undated photo. THE CANADIAN PRESS/HO-RioCan
TORONTO – RioCan Real Estate Investment Trust says its second-quarter net income was almost 43 per cent higher this year than last.
The Toronto-based real estate company says net income for the period ended June 30 amounted to $112 million, up from $78.5 million a year ago.
It attributed the large increase to lower fair value losses on investment properties in the latest quarter.
Revenue for the quarter was $276 million, down from $308.4 million a year earlier.
Funds from operations totalled $131.6 million, or 44 cents per diluted unit, a slight decrease from $131.7 million a year ago, or 43 cents per diluted unit.
RioCan blamed the small drop in funds from operations per unit on lower residential inventory gains and lower lease cancellation fees.
RioCan’s committed occupancy rate for the quarter was 97.4 per cent, up from 97.2 per cent a year ago.
This report by The Canadian Press was first published Aug. 2, 2023.
Companies in this story: (TSX:REI.UN)
