Overview
- RioCan has elected not to fund five of the twelve joint-venture properties once leased to Hudson’s Bay, absolving itself of more than C$100 million in associated debt
- All 12 Hudson’s Bay locations in the joint venture closed at the start of June following liquidation sales
- The trust posted net income of C$145.6 million for the quarter ended June 30, up from C$122.3 million a year earlier, on revenue of C$361.7 million
- Its retail portfolio maintained a 98.2 percent occupancy rate, compared with 98.3 percent in the same period last year
- Lease renewals and new agreements delivered a 51.5 percent average spread on new leases, underscoring strong demand from top-tier necessity-based tenants