Canada's RioCan REIT Q4 commercial NOI rises

RioCan Real Estate Investment Trust

17/02/2026 22:00

Overview

Canada retail property owner's Q4 commercial same property NOI grew 4.5% yr/yr

Net income per unit for 2025 fell due to net valuation losses

Outlook

RioCan expects 2026 Core FFO per unit between C$1.60 and C$1.62

Company projects 2026 Commercial Same Property NOI growth of 3.5% to 4.0%

RioCan plans C$45 mln to C$55 mln in development spending for 2026

Result Drivers

LEASING SPREADS - New leasing spreads of 37.3% for the year drove blended leasing spreads to 21.1%, reflecting strong supply/demand fundamentals

CAPITAL REPATRIATION - C$741.7 mln of Total Capital Repatriation helped reduce Adjusted Spot Debt to Adjusted EBITDA to 8.6x

SAME PROPERTY NOI - Commercial Same Property NOI growth of 4.5% for the fourth quarter supported full year growth of 3.6%

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 FFO Per Share
C$0.45


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for RioCan Real Estate Investment Trust is C$21.00, about 6.6% above its February 13 closing price of C$19.70

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nBw4067Ca

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)