RioCan profit rises to $107-million despite COVID-19 lockdowns

The YongeEglinton Centre in Toronto, owned and managed by RioCan, on April 22, 2020.

Melissa Tait/The Globe and Mail

RioCan Real Estate Investment Trust’s net income climbed to $106.5 million in its latest quarter, as tenants kept paying rent despite the country plunging into another wave of COVID-19.

The commercial property owner says its first-quarter net income was up from the $102.8 million it reported the year prior, at the onset of the pandemic.

Funds from operations, a key metric in real estate, reached $106 million, a drop from $144.6 million last year.

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The trust says its FFO per unit amounted to 33 cents per diluted unit for the quarter ended March 31, down from 46 cents per diluted unit previously.

About nine per cent of the trust’s tenants were closed at the end of the quarter and nearly 20 per cent of tenants were shut as of May 3.

The trust says it collected 93.9 per cent of billed gross rent in the first quarter, despite lockdowns in several markets and tightened COVID-19 restrictions.

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