RioCan Real Estate Investment Trust (RIOCF)
OTHER OTC:RIOCF
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Earnings Data
Report Date
Aug 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
0.36Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong operational and financial performance with multiple affirming metrics: same-property NOI acceleration, record leasing spreads, high occupancy, reduced leverage, sizable capital repatriation and disciplined capital allocation. Management provided a clear and relatively tight 2026 core FFO and NOI outlook anchored by contractual rent steps and leasing momentum. Key risks are execution- and market-timing related: the RioCan Living disposition program is only partially complete and timing is market dependent, there is a small residual condo exposure, a remaining legal matter at Yorkdale is unresolved (deemed de minimis financially), and some assets are classified as lower-growth. Overall, the positives (organic growth, balance sheet improvement, leasing upside and accretive redeployments/NCIB activity) materially outweigh the manageable outstanding challenges.Company Guidance
Strong Same-Property NOI Growth
Q4 commercial same-property NOI growth of 4.5%; full year commercial same-property NOI growth of 3.6%, slightly ahead of guidance and demonstrating portfolio resilience.
High Retail Occupancy and Leasing Momentum
Retail committed occupancy ended the year at 98.5%; record blended leasing spreads of 21.1% for the full year; 5.0 million sq ft of leases completed in 2025 and 10.1 million sq ft of leases maturing over the next three years (leasing ‘super cycle’ opportunity).
Significant Mark-to-Market Rent Uplift
Average net rent on new 2025 leases ~$29.65/sq ft, ~28% higher than RioCan's overall average rent; new leases since 2022 averaged ~27% above existing leases — management expects this trend to continue for at least three years.
FFO and Core FFO Performance
2025 FFO of $1.87 per unit (near high end of guidance); 2025 core FFO of $1.55 per unit (in line with Investor Day projections). 2026 core FFO guidance of $1.60–$1.62 per unit.
Balance Sheet Improvement and Liquidity
Net debt to EBITDA improved to 8.6x from 9.1x (0.5x improvement); liquidity of $1.5 billion; unsecured debt to total debt increased to 63% (from 56%), growing unencumbered asset pool by $1.0 billion to $9.2 billion.
Capital Repatriation and Unit Repurchases
Total capital repatriation reported at $788.2 million (including RioCan Living sales, condo closings and noncore commercial sales); repurchased $179 million of units through 2025 and YTD 2026; since 2022 repurchased ~19 million units (~6% of company).
Development and Capital Intensity Moderating
Total development spend in 2025 was $254 million with deliveries of 366,000 sq ft (including 102,000 sq ft retail); 2026 mixed-use development expenditures expected to decline to $45–$55 million and maintenance CapEx normalized to ~$55 million.
Accretive Acquisitions and High-Yield Backfills
Closed acquisitions from HPC JV; backfills at Georgian Mall and Oakville Place signed with total build-out capital ~ $20 million (~$100/sq ft) and a stabilized NOI yield of ~20% on cost with annual lease growth thereafter.
ESG and Operational Recognition
Ranked #1 among North American retail peers in the 2025 GRESB real estate assessment; continued focus on operational and technological capability improvements while reducing G&A.
Clear 2026 Outlook
2026 guidance of same-property NOI growth 3.5%–4.0% and core FFO $1.60–$1.62 per unit; management states ~75% of 2026 core FFO is contractually secured via rent steps and ramp-ups.
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 |
|---|---|---|---|
May 04, 2026 | $16.00 | $15.90 | -0.62% |
Feb 17, 2026 | $14.40 | $14.21 | -1.30% |
Nov 06, 2025 | $12.87 | $12.85 | -0.20% |
Aug 07, 2025 | $12.34 | $12.29 | -0.35% |
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 Aug 05, 2026, Before Open (Confirmed).
What is RioCan Real Estate Investment Trust (RIOCF) earnings time?
RioCan Real Estate Investment Trust (RIOCF) earnings time is at Aug 05, 2026, Before Open (Confirmed).
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What is RIOCF EPS forecast?
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