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April 29, 2010

Canada’s largest real-estate investment trust, RioCan Real Estate Investment Trust, said Thursday that its net income was $37.5-million in the first quarter of 2010.

That’s a 22-per-cent increase from first quarter 2009 earnings of $30.7-million. The increase is attributable to greater rental payments from shopping centres in Canada and the United States.

According to Wikipedia, RioCan has ownership interests in over 200 retail properties. The trust invests primarily in supermarket and junior department store-anchored convenience-oriented shopping centers.

“We are satisfied with the results in the first quarter and are looking forward to continued improvement throughout the year,” Edward Sonshine, RioCan’s president and chief executive said in a statement.

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