RioCan signage is shown at a strip mall in Mississauga, Ont., Saturday, Oct.24, 2020. RioCan Real Estate Investment Trust says millions of fair value losses left the company with a net loss of $73.5 million in its most recent quarter. THE CANADIAN PRESS/Richard Buchan
TORONTO – RioCan Real Estate Investment Trust says fair value losses left the company with a net loss of $73.5 million in its most recent quarter.
The Toronto-based real estate company says the third-quarter loss compared with a net income of $3.2 million it reported a year prior.
It attributed the loss in the period ended Sept. 30 to fair value losses of $199.5 million on investment properties that reflect current market conditions resulting from rising interest rates.
Funds from operations totalled $135.4 million, or 45 cents per diluted unit, a slight increase from $134.8 million a year ago, or 44 cents per diluted unit.
RioCan’s committed occupancy rate for the quarter was 97.5 per cent, up from 97.3 per cent a year ago.
Retail occupancy hit 98.3 per cent, up from 97.8 a year prior.
This report by The Canadian Press was first published Nov. 3, 2023.
Companies in this story: (TSX:REI.UN)
