RioCan Real Estate Investment Trust (REI.UN) reported that its net income collapsed by 98% in
this year’s third quarter due to heavy losses on several investment properties.
The Toronto-based company reported Q3 net income of just $3.2 million, down from $137.6
million in the same period last year.
Revenue in the July through September quarter amounted to $305.3 million, up from $264.1
million a year earlier.
RioCan said its losses on investment properties was $118.8 million in Q3 compared to a gain of
$20 million a year ago.
Funds from operations totalled $134.8 million, or $0.44 a share, up from $126.9 million or $0.40
per share in Q3 2021.
RioCan said its occupancy rate for the third quarter was 97.3%, up from 96.4% last year.
RioCan’s stock is down 16% this year and changing hands at $19.23 per share.
