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RioCan Real Estate Investment Trust (REI-UN) investor relations material
RioCan Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
FFO per unit rose 9.3% year-over-year to $0.47, driven by strong operations, lower G&A, and unit buybacks.
Portfolio of 178 properties with ~32M sq. ft. net leasable area, focused on major Canadian markets with high barriers to entry.
Leasing momentum continued with blended leasing spreads of 20.6% and new leasing spreads of 51.5% in Q2.
Committed retail occupancy at 98.2%, with strong tenant quality and no single tenant exposure above 4.7%.
Asset monetization and condominium program progressing, simplifying business and supporting capital repatriation.
Financial highlights
FFO per unit (diluted) was $0.47 in Q2 2025, up from $0.43 in Q2 2024; net income per unit (diluted) was $0.49, up from $0.41.
Commercial Same Property NOI grew 2.0% in Q2; excluding one-time items, growth was 4.0%.
FFO payout ratio at 60.5% in Q2 2025, within the 55%–65% target range.
Adjusted Debt/Adjusted EBITDA improved to 8.88x in Q2 2025 from 8.98x in Q4 2024.
Unencumbered assets increased to $9.3B post-quarter, with unsecured debt ratio improving to 63%.
Outlook and guidance
2025 FFO per unit guidance reaffirmed at $1.85 to $1.88, a 4% increase from 2024.
Commercial Same Property NOI growth guidance unchanged at ~3.5% for the full year.
Targeting net debt to EBITDA in the mid to low 8x range, with further deleveraging expected as capital is repatriated.
What's driving the impressive new leasing spreads?
What's the expected default rate on condo closings?
What's the timeline for RioCan Living sales?
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Next RioCan Real Estate Investment Trust earnings date
Q3 20257 Nov, 2025
Next RioCan Real Estate Investment Trust earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
RioCan Real Estate Investment Trust is a real estate investment trust that owns, develops, and manages retail-focused, mixed-use properties. Its portfolio primarily consists of shopping centers, urban mixed-use developments, and retail properties across major Canadian markets. The trust serves a broad tenant base that includes grocery stores, pharmacies, and essential service providers. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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