TORONTO — RioCan Real Estate Investment Trust’s second-quarter profit edged upward even as it dealt with the fall of the Hudson’s Bay department store chain.
Toronto-based RioCan reported a net income of 49 cents per unit for the period ended June 30, compared with a profit of 41 cents per unit for the same quarter last year.
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The quarter covered a period when RioCan’s joint venture with Hudson’s Bay entered receivership.
RioCan indirectly holds a 22 per cent interest in 10 properties where the Bay was a tenant.
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Over the course of the quarter, RioCan’s funds from operations reached 47 cents per diluted unit, up from 43 cents a year ago.
It says 1.3 million square feet were leased in the second quarter, including 1.2 million square feet of renewals.
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This report by The Canadian Press was first published Aug. 8, 2025.