RioCan REIT net income hit $137.6M in Q3 as businesses reopened following lockdowns

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TORONTO — RioCan Real Estate Investment Trust says its net income reached $137.6 million in its most recent quarter as COVID-19 restrictions were lifted, allowing many businesses to reopen.

The Toronto-based shopping mall owner says that its third-quarter net income was up from $117.6 million in the same quarter last year.

The trust says it completed more than 31,958 square metres of new leases and 58,157 square metres of renewed leases during the quarter ended Sept. 30.

RioCan says by Nov. 9 almost all of its tenants were open and the trust had collected 98.1 per cent of its billed gross cash rents, up from 94.9 per cent in the prior quarter and 90.8 per cent at the same time last year.

The collection rate is the highest the trust has seen since the start of the pandemic, when many tenants were unable to cover rent and sought deferrals.

The trust says its collection rate has rebounded because its tenants are primarily necessity-based retailers that were resilient throughout the last 20 months.

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

 

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