TORONTO — RioCan Real Estate Investment Trust reported net income in the third quarter of $3.2 million, down from $137.6 million the year before, attributing the drop to a net fair value loss on investment properties.

The Toronto-based company says same property net operating income grew by 5.1 per cent, driven by increases in occupancy, rent growth and increases, and a lower pandemic-related provision.

Revenue totalled $305.3 million for the quarter ended Sept. 30, up from $264.1 million a year earlier.

Fair value loss on investment properties was $118.8 million, down from a gain of $20 million a year earlier.

Funds from operations totalled $134.8 million, or 44 cents per diluted unit, up from $126.9 million or 40 cents per unit the year before.

RioCan says its committed occupancy rate for the quarter was 97.3 per cent, up from 96.4 per cent last year.

This report by The Canadian Press was first published Nov. 3, 2022.

Companies in this story: (TSX:REI.UN)

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