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RioCan CEO Edward Sonshine (Jim Ross)
RioCan CEO Edward Sonshine (Jim Ross)

RioCan profit falls in second quarter Add to ...

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.

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