Retail isn’t dead. In fact, it’s key to Canada’s RioCan Real Estate Investment Trust as the REIT tries to grow its way out of the sector’s decline.
Canada’s biggest retail landlord expects growth of 2 to 3 percent in net operating income from long-held properties this year, Chief Operating Officer Raghunath Davloor said on an earnings call Wednesday morning. Growth was 2.1 percent last year. While some tenants “have failed to adapt or disappeared, many others are thriving and eager to expand in the major markets,” Davloor said. RioCan, which owns 289 properties in Canada, will benefit from more-valuable tenants, CEO Edward Sonshine said on the call.
Read the full article by Bloomberg here.