RioCan Real Estate Investment Trust reported Monday a drop in second-quarter profits compared with a year ago.
The shopping centre trust said it earned $27.2-million, or 12 cents per unit, for the quarter ended June 30, compared with a profit of $44.8-million, or 21 cents, for the same period in 2008.
Revenue totalled $187.4-million, down from $194.4-million.
The results included a $574,000 loss on properties held for resale compared with a gain of $16.8-million a year ago.
"RioCan's portfolio has held up very well during what continues to be a difficult recession," president and chief executive officer Edward Sonshine said in a statement.
While there have been a few unexpected bankruptcies from tenants such as Petcetera and Linens 'N Things, there remains strong demand by tenants for our space and we have already released a majority of these vacancies.""
Last month, RioCan issued 10.3 million trust units for $14.50 per unit to raise $144-million after issuance costs.