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RioCan Real Estate Investment Trust reported a third-quarter profit of $130.3 million, down from $184.6 million a year ago.

The shopping mall owner says the profit amounted to 41 cents per unit for the quarter ended Sept. 30 compared with a profit of 56 cents per unit a year ago.

Funds from operations totalled $147.3 million or 47 cents per unit, compared with $151.0 million or 46 cents per unit a year ago when it had more units outstanding.

Revenue totalled $278.9 million, down from $286.7 million.

Last year, RioCan announced plans to focus its portfolio on Canada’s six major markets.

The trust says one year after its October 2017 announcement, it has closed or entered into firm and conditional agreements or letters of intent for 65 properties for gross sales proceeds of $1.3 billion.

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