RioCan Living's The Bridge in Toronto. RioCan Living is backed by the RioCan REIT.Sammy Kogan/The Globe and Mail
RioCan Real Estate Investment Trust REI-UN-T reported net income of $151.2-million during its second quarter, as it hiked some of its forecasts for the year.
The result was up from a profit of $145.6-million during the same period last year.
That amounted to diluted net income per unit of 52 cents, up from a diluted per unit profit of 49 cents during the prior-year quarter.
Revenue was $304.4-million during the three months ended June 30, down year-over-year from $361.7-million.
RioCan says its retail committed occupancy reached a record high of 98.8 per cent.
The company is now expecting its commercial same property net operating income for the year to grow between 4 per cent and 4.5 per cent, up from its previous estimate of 3.5 per cent to 4 per cent, driven mainly by leasing performance to date and its leasing pipeline.