RioCan posts higher Q2 results
Diluted net income per unit rose to $0.52 from $0.49 year-over-year. Core funds from operations (FFO) per unit — diluted reached $0.40, a 5.3% increase, driven primarily by commercial same property net operating income (NOI) growth of 4.3% and unit repurchases.
On the strength of those results, the trust raised its 2026 commercial same property NOI growth guidance to 4.0%–4.5%, up from an original estimate of 3.5%–4.0%.
Leasing spreads signal NOI growth for commercial brokers
RioCan’s blended leasing spread for Q2 2026 reached 23.1%, supported by a new leasing spread of 40.8% and a renewal spread of 20.7%.
Average net rent for new leases came in at $37.73 per square foot. That’s 60% above the portfolio’s average in-place net rent of $23.58.
The trust completed 1.0 million square feet of leasing in the quarter with a retention ratio of 92.5%, and a further 1.0 million square feet of lease maturities remain in 2026.
