TORONTO 鈥� RioCan Real Estate Investment Trust has taken a quarterly loss and trimmed its earnings guidance because of the impact of its joint venture with struggling retailer Hudson's Bay.
The real estate firm says it had a net loss of 28 cents per unit in the quarter ending March 31, compared with a profit of 43 cents per unit for the same quarter last year.
The loss came after it took a $208.8-million writedown in the value of its joint venture with Hudson's Bay after the retailer filed for creditor protection.
RioCan indirectly holds a 22 per cent interest in 10 properties where HBC is the only tenant and has seen its rent payments reduced and the future of the properties put in limbo because of the retailer's troubles.
The trust has also trimmed four cents from its expected funds from operations for the year to between $1.85 and $1.88 per unit as the hit from Hudson's Bay offsets benefits of higher residential inventory gains.
RioCan chief executive Jonathan Gitlin says the trust's portfolio delivered strong results in the quarter despite global economic volatility and the short term HBC challenges, where RioCan is committed to protecting the interest of its unitholders.
This report by The Canadian Press was first published May 6, 2025.
Companies in this story: (REI.UN)
The Canadian Press
