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RioCan Real Estate Investment Trust REI-UN-T raised its payment to unitholders as it reported a loss of $5-million in its fourth quarter.

The real estate trust says it will now pay a monthly distribution of nine cents per unit, up from 8.5 cents.

The new payment rate came as RioCan says it lost two cents per unit for the quarter ended Dec. 31 compared with a profit of $208.8-million or 66 cents per unit in the last three months of 2021.

Revenue totalled $306.2-million, down from $336.4-million a year earlier.

RioCan says its funds from operations for the quarter amounted to 42 cents per unit, down from 46 cents per unit in the fourth quarter of 2021.

In its outlook for 2023, the trust says it expects funds from operations per unit to be within a range of $1.77 to $1.80.

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