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RioCan REIT completed $157.1 million of acquisitions in the first quarter of 2024.

RioCan Completes $157.1M of Acquisitions, 1.33M-SF in Leases

RioCan REIT completed $157.1 million of acquisitions in the first quarter of 2024.

The acquisition amount includes a $40.9-million deferred density payment, to be paid as various development milestones are met, said RioCan in a news release accompanying the REIT’s quarterly report.

Toronto-based RioCan said it also leased out 1.33 million square feet of space, including 482,000 sf tied to new deals. The leases include several grocery tenancies.

Meanwhile, the REIT re-leased six of 10 locations that were vacated due to two tenants’ business failures in the previous quarter. RioCan did not identify the tenants but they were known to be Bad Boy Furniture and rooms + spaces.

“While these vacancies have a short-term impact, they have provided RioCan with the opportunity to back-fill its near capacity retail portfolio with higher quality retailers at higher rents,” said the REIT in a news release accompanying its quarterly report.

The six new leases are to improved tenancies and are at significantly higher base rents, embed annual rent increases and contain fewer restrictions and exclusives, added RioCan.

The 10 locations comprise 261,000 sf, and negotiations are underway to fill the remaining four vacancies. Negotiations are underway to fill the remaining four locations.

RioCan focuses its investments largely on retail properties with increasingly mixed-use aspects, often anchored by grocery stores.

“We continue to demonstrate the quality and resilience of RioCan’s exceptional portfolio with strong leasing demand whenever units become available at our centres,” said Jonathan Gitlin, the REIT’s president and CEO.

The strong leasing activity helped RioCan boost its net income by $10.6 million year-over-year to $128.6 million from $118 million.

Photo: RioCan REIT


Inside The Story

RioCan REITJonathan Gitlin

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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