RioCan Real Estate Investment Trust

Description

RioCan Real Estate Investment Trust (REIT) is an unincorporated real estate investment trusts based in Canada.

Founder Edward Sonshine established RioCan REIT in 1993, with its headquarters in Toronto, Ontario.

The company mainly acquires, manages, and develops market-focused properties located in prime locations. They focus on areas where the people can be close to nearby markets, offices, and a suitable living place.

The real-estate portfolio of assets includes mixed-use properties such as offices, residential rental apartments, commercial and retail outlets, etc.

As of 2021, the company has acquired more than 220 properties and around 38 million square feet (M sq ft) aggregate net leasable area. In addition, it has around 41.8M sq ft development pipeline, of which around 34 per cent is zoned for mixed-use development.

RioCan’s property assets includes grocery-anchored and retail centers of new formats. Significant tenants include Metro, Loblaw supermarkets, TJX, and Wal-Mart Stores.

Most of the RioCan’s properties are located in Canada's largest metropolitan areas, including Toronto, Edmonton, Montreal, Ottawa, Calgary, etc. The portfolio also includes 53 properties, which are co-owned, including 14 under development properties.

RioCan REIT operates through five subsidiaries and over 59 branches.

In 2018, the company introduced a full-fledged residential brand, RioCan Living™. The brand provides rental apartment, purpose-built accommodation units and ultra-luxury condos. The company claims it has developed properties in Toronto, Calgary and Ottawa with others under construction.

In 2020, RioCan REIT claimed that it expanded the business in the United States by taking advantage of low real estate prices during that period.

RioCan Real Estate Investment Trust is listed on the Toronto Stock Exchange, since 1994 and trades under the ticker 'REI.UN'. It is also among the S&P/TSX composite component, which comprises 60 large companies listed on TSX.

RioCan reportedly received top ratings in GRESB Real Estate Assessment in 2020, a global ESG framework.