RioCan REIT posts record 98.9% retail occupancy in Q3 as FFO rises 5.1%

RioCan REIT delivered a strong third quarter, led by record retail occupancy and leasing spreads that show tenants paying well above in place rents for space.

 

Reported Nov 2, RioCan posted record 98.9% retail committed occupancy. New leasing was signed at $31.45 per sq ft against an average in place rent of $23.81, about 32% above. Core FFO per unit rose 5.1% to $0.41, and net income was $122.6M, against a $120.3M loss a year earlier.

 

Management moved 2026 Core FFO guidance to the high end of $1.60 to $1.62 and reaffirmed Commercial SPNOI growth of 4.0% to 4.5%, while development spending was cut to $35M to $45M.

 

For retail investors, the leasing spread is the core fact. Signing new deals about 32% above average in place rent at 98.9% occupancy is pricing power, not just stability, and it supports the case for well located Canadian retail even while other property types face repricing. The cut to development spending also shows a large owner choosing income discipline over new construction risk.

 

Source: RioCan REIT Q3 results, reported Nov 2, 2026.