May 29th, 2024

Shopping centre owner RioCan REIT reports Q1 profit up from year ago

By The Canadian Press on May 8, 2024.

RioCan Real Estate Investment Trust logo is shown in a handout. The company says its first-quarter profit rose compared with a year ago as its revenue also climbed higher.THE CANADIAN PRESS/HO

TORONTO – RioCan Real Estate Investment Trust says its first-quarter profit rose compared with a year ago as its revenue also climbed higher, helped by strong leasing results.

The shopping centre owner says it earned $128.6 million for the quarter ended March 31, up from $118.0 million in the same quarter last year.

Revenue for the quarter totalled $303.4 million, up from $279.5 million in the first quarter of 2023.

RioCan says its funds from operations for the quarter amounted to 45 cents per diluted unit, up from 44 cents per diluted unit in the same quarter last year.

In its outlook, RioCan says it expects funds from operations per unit for the full year to be within a range of $1.79 to $1.82.

Development spending on mixed-use projects is expected to be between $250 million and $300 million and spending for the construction of retail projects is expected to be between $50 million and $60 million.

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

Companies in this story: (TSX:REI.UN)

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