TORONTO RioCan Real Estate Investment Trust’s chief executive says that the COVID-19 pandemic created volatile business conditions, but that he still believes brick-and-mortar retail is strong.
TORONTO RioCan Real Estate Investment Trust chief executive said that while the COVID-19 pandemic has made the business environment volatile, he still believes brick-and-mortar retail is strong.
Jonathan Gitlin said that the trust’s tenants have faced many challenges over the past two years, but he’s seeing shoppers flock to stores because they have more control over their shopping experience.
He expects e-commerce to work in tandem with brick-and mortar retail, even though it has been popular during the current health crisis.
Gitlin’s observations came after the company announced Wednesday that its rent collection rate had reached 96.6 percent in its most recent quarter. This is a slight increase from the 96.2 percent recorded last year.
According to Toronto-based realty trust, the company’s fourth quarter committed occupancy rate for its portfolio of 207 properties was 96.6 percent. This is up from 95.7 percentage in the previous quarter.
The net income for the three months ending Dec. 31 was $208.8 Million, an increase of $65.6 Million in the fourth quarter 2020.
This report was first published by The Canadian Press on February 10, 2022.
This story includes companies: (TSX REI)
The Canadian Press