RioCan Posts Strong 2025 Results with 3.6% NOI Growth and Retail Occupancy at 98.5%
Event summary
- RioCan reported a 3.6% increase in Commercial Same Property NOI for full-year 2025, with Q4 growth at 4.5%.
- Retail occupancy remained high at 98.5%, supported by new leasing spreads of 37.3% and blended spreads of 21.1%.
- $741.7 million in total capital repatriation improved the Adjusted Spot Debt to Adjusted EBITDA ratio to 8.6x.
- The trust completed $178.6 million in unit repurchases during 2025 and early 2026.
The big picture
RioCan's strong 2025 results reflect the resilience of its core retail assets amid tight supply conditions. The trust's strategic focus on capital recycling and unit buybacks underscores its commitment to enhancing shareholder value, even as it navigates higher interest expenses and valuation losses in certain investments.
What we're watching
- Portfolio Momentum
- How RioCan's strong leasing spreads and high occupancy will sustain its retail platform momentum.
- Capital Allocation
- Whether the trust can maintain disciplined capital recycling while pursuing accretive unit buybacks.
- Debt Management
- The pace at which RioCan reduces its Adjusted Spot Debt to Adjusted EBITDA ratio toward its target range of 8.0x–9.0x.
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