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RioCan Real Estate Investment Trust
RioCan Real Estate Investment Trust (REI-UN) investor relations material
RioCan Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved FFO per unit of $1.87, up 5.1% year-over-year, and Core FFO per unit of $1.55, both in line with guidance, driven by strong lease execution and disciplined capital allocation.
Delivered 3.6% commercial same property NOI growth for 2025 and 4.5% Q4 Same Property NOI growth, with retail committed occupancy at 98.5% and portfolio occupancy at 97.8%.
Achieved record blended leasing spreads of 21.1%, with new leasing at 37.3% and a tenant retention ratio of 93.1%.
Repurchased $178.6 million (CAD 179 million) of units in 2025 and early 2026, and repatriated $741.7 million (CAD 742 million) of capital, supporting balance sheet strength and NCIB activity.
Portfolio is concentrated in Canada’s largest markets, anchored by necessity-based retailers, and benefits from a leasing super cycle and diversified tenant base.
Financial highlights
Net debt to EBITDA improved to 8.6x (Adjusted Spot Debt to Adjusted EBITDA: 8.64x), within the 8x–9x target range.
Ended the year with $1.5 billion in liquidity and increased unencumbered assets to $9.2–$9.3 billion.
Sold $628.3 million of assets, including RioCan Living and condos, and completed $741.7 million in capital repatriation.
Core FFO payout ratio was 74.2%, and FFO payout ratio was 61.6%.
Net income per unit (diluted) was $0.23, down $1.35 from last year due to $443.1 million in net valuation losses.
Outlook and guidance
2026 guidance: Core FFO per unit of $1.60–$1.62, with commercial same property NOI growth of 3.5%–4.0%, and ≥3.5% CAGR targeted through 2028.
Approximately 75% of 2026 Core FFO target is contractually secured through rent steps and lease ramp-ups.
Portfolio investment spending projected at $45–$55 million; development spending at $95–$150 million in 2026.
Maintenance CapEx to normalize at $55 million in 2026, down from 2025.
Assumes 90% retention rate, blended leasing spreads in mid-teens, and committed occupancy of 97%–98%.
What is the priority for future capital deployment?
Future development strategy without large projects?
Outlook for RC-HBC LP valuation losses?
What drives 3-year blended lease spread confidence?
Rationale for 8-9x net debt to EBITDA range
What assets fit low-growth commercial JV strategy?
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Next RioCan Real Estate Investment Trust earnings date
Q1 20265 May, 2026
RioCan Real Estate Investment Trust
Next RioCan Real Estate Investment Trust earnings date
Q1 20265 May, 2026
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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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