RioCan Real Estate Investment Trust saw its losses pile up in the second quarter of 2019, as the impact of the COVID-19 pandemic played out on the balance sheets of one of Canada’s biggest retail landlords.
With approximately two-thirds of its tenants having to shut down their stores when the pandemic first hit, the real estate giant saw a net loss of $350.3 million for the quarter ending June 30, 2020, or $1.10 per diluted unit, down from a net income gain of $253 million or 83 cents this time last year.?
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“This has been the most unusual quarter in my 26 years of being CEO,” said Ed Sonshine, the company’s chief executive officer, on a conference call on Wednesday. “But what we are going through now is temporary. Human nature will need gathering places and social interaction and RioCan owns properties where this will occur,” he added.
RioCan stock was relatively stable despite the news, gaining a seventh of a per cent by noon Wednesday, to roughly $15. The company’s share price took a pummelling when the pandemic first hit, plunging almost 50 per cent in the last two weeks of March. It has climbed 20 per cent since its lowest point in the 2020 calendar year.?