TORONTO — RioCan Real Estate Investment Trust says net income for the first quarter was $118 million, down from $160 million a year earlier.
The Toronto-based company says same property net operating income grew by 3.4 per cent, driven in part by increases in rent and occupancy.
RioCan says the decrease in net income was mainly due to a fair value loss on investment properties, compared to a fair value gain a year earlier.
Revenue for the quarter ended March 31 was $279.5 million, down from $294.0 million a year earlier, while fair value loss on investment properties was $17.4 million, down from a gain of $35.4 million during the same quarter in 2022.
Funds from operations totalled $131.3 million, or 44 cents per diluted unit, up from $130.6 million a year ago, or 42 cents per diluted unit.
RioCan says its committed occupancy rate for the quarter was 97.4 per cent, up from 97.0 per cent a year ago.
This report by The Canadian Press was first published May 10, 2023.
Companies in this story: (TSX:REI.UN)
