RioCan Announces Third Quarter Results for 2020

RioCan Announces Third Quarter Results for 2020

TORONTO, Oct. 29, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today its financial results for the three and nine months ended September 30, 2020 (“Third Quarter”).“While we are living and working through unprecedented challenges facing the retail sector due to the pandemic and resulting government restrictive measures, we are proud to report strong Third Quarter results that clearly demonstrate the quality of our portfolio and our people. This is reflected in virtually every operating metric, from 93.4% cash rent collection, 96.0% occupancy and 368,000 square feet of new leases at well above our portfolio’s average net rent, to FFO per Unit growth of $0.06 or 17.2% quarter to quarter,” said Edward Sonshine, CEO of RioCan. “Given the quality and sustainability of our income, as well as our strong liquidity position, we are confident that we will not only navigate through this storm but will be poised to take advantage of any emerging opportunities as we continue to create value for our Unitholders.”
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