RioCan Freezes New Projects During Virus; Rents Slump
- Funds from operation down only slightly in the first quarter
- REIT is well-positioned to weather challenges, CEO says
Toronto-based landlord RioCan says it collected 55% of its rent in the first quarter.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
RioCan Real Estate Investment Trust is freezing new and early stage projects to cut costs during the coronavirus pandemic as rent collected in April slid.
The move will save one of Canada’s largest retail landlords C$100 million to C$150 million ($71 million to $107 million) in development spending in 2020, RioCan said in its first quarter report Tuesday.