The earnings call reflected strong operational performance with significant leasing spreads, increased funds from operations, and successful capital management strategies. However, challenges with the HBC joint venture and a slight decrease in retail occupancy were noted. The overall tone suggests optimism due to strategic management and financial health.

Company Guidance -

Q3 2025

During the RioCan Real Estate Investment Trust Second Quarter 2025 Conference Call, several key metrics and guidance were provided. Jonathan Gitlin, the President and CEO, highlighted an impressive new leasing spread of 51.5% and blended leasing spreads of 20.6% for the quarter. Additionally, RioCan executed 1.3 million square feet of leases, with 1.2 million being renewals, contributing to a same-property NOI growth of 4% after adjustments. The committed retail occupancy rate remained strong at 98.2%, reflecting a slight decrease from the previous quarter due to the closure of three HBC locations. Financially, the funds from operations per unit increased by 9.3% year-over-year to $0.47, driven by strong operating performance and reduced G&A expenses. The company also reported an adjusted debt to adjusted EBITDA ratio of 8.88x, with a liquidity position of $1.3 billion. RioCan anticipates repatriating $1.3 to $1.4 billion in capital over 2025 and 2026, primarily from the sale of RioCan Living assets and condominium transactions. The net asset value per unit at the end of the quarter was $24.89, with an emphasis on a significant gap between this value and the current unit price, indicating undervaluation.

Strong Leasing Spreads

New leasing spreads reached 51.5%, with blended leasing spreads at 20.6% this quarter, demonstrating strong tenant relationships and asset quality.

Increased Funds from Operations

Funds from operation per unit increased to $0.47, up 9.3% year-over-year, driven by strong operating performance and reduced G&A expenses.

High Retail Occupancy

Committed retail occupancy remains high at 98.2%, despite a slight decrease from the previous quarter.

Successful Capital Recycling Strategy

Year-to-date closed dispositions totaled $230.4 million, consistent with IFRS values and at a weighted average cap rate of 4.3%.

Balance Sheet Improvements

Adjusted debt to adjusted EBITDA improved to 8.88x, with ample liquidity at $1.3 billion.

NCIB Program Success

Acquired and canceled 2.3 million units at an average price of $17.25 per unit, with total units acquired and canceled reaching 5.6 million year-to-date.

RioCan Real Estate Investment (TSE:REI.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:REI.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	- / -	0.322	―	―	―
Aug 07, 2025	2025 (Q2)	- / 0.49	0.407	20.39% (+0.08)
May 06, 2025	2025 (Q1)	- / -0.28	0.428	-165.42% (-0.71)
Feb 18, 2025	2024 (Q4)	- / 0.42	-0.392	207.14% (+0.81)
Nov 11, 2024	2024 (Q3)	- / 0.32	-0.245	231.43% (+0.57)
Aug 08, 2024	2024 (Q2)	- / 0.41	0.373	9.12% (+0.03)
May 07, 2024	2024 (Q1)	- / 0.43	0.393	8.91% (+0.03)
Feb 14, 2024	2023 (Q4)	- / -0.39	-0.016	-2350.00% (-0.38)
Nov 02, 2023	2023 (Q3)	- / -0.24	0.011	-2327.27% (-0.26)
Aug 01, 2023	2023 (Q2)	- / 0.37	0.254	46.85% (+0.12)

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

TSE:REI.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	C$17.83	C$17.68	-0.84%
May 06, 2025	C$16.74	C$16.74	0.00%
Feb 18, 2025	C$18.27	C$18.92	+3.55%
Nov 11, 2024	C$18.09	C$18.09	0.00%

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 (TSE:REI.UN) report earnings?

RioCan Real Estate Investment Trust (TSE:REI.UN) is schdueled to report earning on Oct 30, 2025, Before Open (Confirmed).

What is RioCan Real Estate Investment Trust (TSE:REI.UN) earnings time?

RioCan Real Estate Investment Trust (TSE:REI.UN) earnings time is at Oct 30, 2025, Before Open (Confirmed).

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