RioCan Real Estate Investment Trust (RIOCF)
OTHER OTC:RIOCF
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.2Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operating and financial strengths — robust same-property NOI and FFO performance, exceptional leasing spreads and strong occupancy, disciplined capital recycling, balance sheet improvement and targeted 2026 guidance — while acknowledging manageable execution risks related to RioCan Living dispositions, a residual condo balance, a discrete legal matter (Yorkdale) and some low-growth anchors. Overall, the tone was constructive and confident: management highlighted durable retail fundamentals, material mark-to-market leasing opportunity and continued focus on value-accretive capital allocation.Company Guidance
Strong Same-Property NOI and FFO Performance
Commercial same-property NOI grew 4.5% in Q4 and 3.6% for full-year 2025. FFO was $1.87 per unit for 2025 (near the high end of guidance), and core FFO for 2025 was $1.55 per unit, providing a solid base for growth.
Exceptional Leasing Results and Mark-to-Market Upside
Record blended leasing spreads for 2025 were 21.1%. RioCan completed leases for ~5.0 million sq ft in 2025; average net rent on new leases was ~$29.65/sq ft, ~28% higher than the portfolio average. New leases since 2022 averaged ~27% above existing leases, with 10.1 million sq ft of leases maturing over the next three years representing continued mark-to-market potential.
High Occupancy and Tenant Retention
Retail committed occupancy finished the year at 98.5% with a 2025 tenant retention ratio of 93.1%, underscoring demand for RioCan locations and resiliency of income.
Disciplined Capital Recycling and Repatriation
Total capital repatriation reached $788.2 million in 2025 through condo closings, RioCan Living sales and noncore commercial dispositions. Management is approximately halfway toward the $1.3–$1.4 billion RioCan Living disposition target.
Balance Sheet Strengthening
Net debt to EBITDA improved to 8.6x from 9.1x (a half-turn improvement). Liquidity at year-end was $1.5 billion. Unsecured debt to total debt increased to 63% from 56%, expanding the unencumbered asset pool by $1.0 billion to $9.2 billion.
Share Repurchases and Valuation Opportunity
RioCan repurchased $179 million of units through 2025 and year-to-date 2026, and since 2022 has repurchased ~19 million units (~6% of the company). Management cited an implied forward multiple of ~12x on 2026 core FFO versus a historical average ~15x (≈20% discount) as a rationale for NCIB activity.
Reduced Development Intensity and Capital Guidance
Total development spend in 2025 was $254 million and is expected to significantly decline in 2026. 2026 planned retail reinvestment is $95–$150 million, mixed-use development $45–$55 million, and normalized maintenance CapEx approx $55 million (down $16 million YoY).
2026 Financial Guidance
Management guided 2026 same-property NOI growth of 3.5%–4.0% and core FFO of $1.60–$1.62 per unit, consistent with prior Investor Day outlook and rooted largely in contractually secured rent steps and signed leases (~75% visibility).
Accretive Asset Execution (Georgian/Oakville)
Subsequent to year-end, RioCan closed acquisitions from the HPC JV (Georgian Mall and Oakville Place), with backfills requiring ~ $20 million of capital (~$100/sq ft) and a stabilized NOI yield of ~20% on cost with annual growth thereafter.
RIOCF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
RIOCF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | $14.54 | $14.35 | -1.31% |
Nov 06, 2025 | $13.00 | $12.97 | -0.20% |
Aug 07, 2025 | $12.46 | $12.41 | -0.35% |
May 06, 2025 | $11.68 | $11.73 | +0.49% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does RioCan Real Estate Investment Trust (RIOCF) report earnings?
RioCan Real Estate Investment Trust (RIOCF) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is RioCan Real Estate Investment Trust (RIOCF) earnings time?
RioCan Real Estate Investment Trust (RIOCF) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is RIOCF EPS forecast?
Currently, no data Available