RioCan reports higher profit in Q2 as leasing improves

RioCan Real Estate Investment Trust reported higher second-quarter profit as leasing improved. The Toronto-based REIT said net income rose to $151.2 million for the three months ended June 30, up from $145.6 million a year earlier. Diluted net income per unit increased to 52 cents from 49 cents in the prior-year quarter. Revenue fell to $304.4 million, down from $361.7 million. RioCan also reported that its retail committed occupancy reached a record 98.8%. For the year, the company raised expectations for commercial same property net operating income to grow between 4.0% and 4.5%, compared with its previous forecast of 3.5% to 4.0%, supported mainly by leasing performance to date and its leasing pipeline.