Target's Abrupt Exit Is Just a Bump in the Road for RioCan

“We certainly could have done without Target's sudden withdrawal from Canada,” RioCan REIT chief Edward Sonshine told investors in a call Friday, saying it's "tragic" for many of Target's employees and small suppliers. For RioCan, though, the departure is "just a bump in the road generating a lot of work, and at the end of the day with no real impact." RioCan has 26 Target locations, under 2% of its rental revenue. All but one of these leases are guaranteed through an indemnity arrangement with Target (and the one not covered is guaranteed by Walmart Canada.) RioCan had a Q4 profit of $172M, down from $265M a year ago. Its funds from operations rose to $130M, up from $124M in the same period last year.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Toronto Newsletters
Related Stories

Paramount Pictures To Reopen Bay Theater In Palisades Village

Ground-Floor Activation Presents A Challenge And Opportunity For Denver's Recovery

Miami Retail Construction Pipeline Hits Highest Level In 3 Years

How U.S. Giant Realty Income Bought The UK And Europe

Spirit Christmas Unveils Plans To Grow Store Count This Holiday Season

How Houston's Next Generation Of Retail Can Elevate The Suburbs And Attract Customers

Deutsche Bank Files $260M Foreclosure Suit For Broward County Mall

Success Of Top-Tier Malls Masks Enduring Distress In Sector's Underbelly

Holographic Zoo Leases 51K SF Coconut Grove Building For First Location

Hines Spends $170.5M On Mixed-Use Portfolio In Dallas' Bishop Arts District

Local Investor Pays $30M For Block 37 In Heart Of Downtown Chicago

M Core Extends Its Retail Shopping Spree