146:
138:
181:. It was one of the first real estate investment trusts in Canada. The company held an IPO on the Toronto Stock Exchange in 1994. In 1995, it re-structured to internalize its asset management responsibilities, in return for a $ 5 million payment. As part of the re-structuring, the company was renamed RioCan REIT, a short form for "Retail Industrial Office Canadian".
27:
202:. However, this deal fell apart before closing. In 2010, the firm launched a successful expansion into the United States, taking advantage of low real estate prices there. By 2012, 15% of RioCan's revenue was from the United States, and it planned to expand the percentage to 20%. In December 2015, RioCan sold its U.S. portfolio to
189:
for $ 42.5 million, almost doubling the size of the company (at the time, it had 29 properties). In 1998, it acquired nine shopping centres from Burnac Inc, its largest acquisition up to that time. Also in 1998, the company launched an ultimately successful hostile takeover bid for
Realfund REIT.
255:
RioCan invests primarily in supermarket and junior department store-anchored, neighbourhood, convenience-oriented shopping centres. It owns both enclosed malls and power centres, in a large range of sizes RioCan tries to ensure that no one tenant makes up more than 10% of its rental revenue, in
246:
In
October 2017, the firm announced it would sell about $ 2 billion worth of properties by 2019. The sales would mainly be in smaller urban centres; the company plans to focus on the six largest Canadian cities of Toronto, Montreal, Ottawa, Calgary, Edmonton, and Vancouver. At the time of the
160:(REIT) in Canada. As of 2024, it has an enterprise value of approximately $ 14.3 billion and owns 188 properties with a net leasable area of 33 million square feet. The company properties are located across Canada. The current
184:
RioCan achieved significant growth in its early history, with an annualized 16% return from its IPO to 2013. This growth was achieved in part through acquisitions. In 1995, it acquired five shopping centres in Ottawa from
238:
Starting around 2015, RioCan entered the residential real estate market, due to the threat from e-commerce to traditional retail. The company plans to re-develop many of its malls with high-rise apartments, including
206:
Real Estate
Partners VIII, for C$ 2.7 billion. The deal was triggered by the low value of the Canadian dollar. RioCan used some of the proceeds of the deal to fund its previously announced buyout of
264:, with about 5% of rental revenue. As of 2017, 66% of revenue was from Ontario, 15% was from Alberta, 9% was from Quebec, 8% was from British Columbia, and the rest was from the rest of Canada.
247:
announcement, RioCan had 299 properties, and it plans to sell about 100. RioCan's six largest markets already accounted for 75% of revenue, and it plans to increase that percentage to 90%.
523:
299:
821:
622:
841:
230:, and the resulting closure of Zellers stores in Canada, as well as the closure of Target Canada. Target eventually paid RioCan $ 132 million to get out of its leases.
826:
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in Ottawa. By March 2018, when the company announced the RioCan Living Brand, it had 2,800 units planned in eight of its shopping centres.
856:
358:
199:
799:
393:
771:
573:
219:
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57:
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In 2006, RioCan announced a planned expansion into the United States, through a $ 1 billion joint-venture with
276:
161:
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257:
240:
49:
268:
145:
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334:"Dethroned as Canada's biggest REIT, RioCan races to get smaller in shift from retail to apartments"
722:
227:
524:"RioCan Real Estate Investment Trust is selling 49 American shopping malls to Blackstone Group"
446:"COUNSEL REAL ESTATE INVESTMENT TRUST ANNOUNCES PROPOSED RESTRUCTURING. - Free Online Library"
280:
261:
190:
The new company had a market value of more than $ 1 billion, and was Canada's largest REIT.
137:
470:"Riocan Reit completes acquisition of Ottawa Real Estate Portfolio. - Free Online Library"
672:"Reinventions on tap for Westgate, Elmvale Acres, Gloucester shopping centres | CBC News"
747:"RioCan to sell $ 2B worth of properties in secondary markets across Canada | The Star"
260:) whose revenues are dominated by a single tenant. As of 2017, its largest tenant was
222:
to develop 10-15 centres in Canada. RioCan was significantly affected by the sale of
815:
43:
648:"Target reaches deal with landlord RioCan to get out of Canadian leases | CBC News"
207:
598:"RioCan, Tanger Factory Outlets spending $ 1B on Canadian outlet shopping centres"
394:"How Ed Sonshine turned RioCan REIT into one of Canada's biggest property owners"
696:"RioCan makes move to convert malls into mixed-use communities | The Star"
623:"RioCan says earnings hurt by Zellers vacancies, but space will be filled"
421:
53:
26:
223:
723:"RioCan to sell 100 properties in smaller centres by 2019 | CBC News"
549:"RioCan REIT eyes U.S. expansion with opening of new regional office"
177:
RioCan was founded in 1993, by its former CEO Edward
Sonshine, as
144:
136:
574:"RioCan to buy out partner Kimco and 22 properties | CBC News"
141:
RioCan Yonge
Eglinton Centre in Toronto during November 2010.
422:"RioCan History | A success Story in Real Estate Investment"
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In 2011, RioCan announced a $ 1 billion joint venture with
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125:
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105:
95:
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71:
63:
41:
33:
359:"RioCan Fourth Quarter 2023 Investor Presentation"
494:"RioCan REIT expanding to U.S. in joint venture"
822:Companies listed on the Toronto Stock Exchange
256:contrast to some other retail REITS (such as
8:
210:'s joint venture stake for $ 715 million.
19:
149:RioCan Elgin Mills Crossing in October 2020
18:
842:Real estate companies established in 1993
827:Real estate investment trusts of Canada
291:
832:Canadian companies established in 1993
794:
792:
717:
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16:Canadian real estate investment trust
7:
518:
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416:
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388:
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328:
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267:Properties owned by RioCan include
154:RioCan Real Estate Investment Trust
20:RioCan Real Estate Investment Trust
14:
772:"The rise of the one-tenant REIT"
200:Ramco-Gershenson Properties Trust
852:Shopping center management firms
111:Edward Sonshine, CEO and founder
25:
847:Real estate companies of Canada
58:S&P/TSX Composite Component
837:1993 establishments in Ontario
1:
862:2013 initial public offerings
220:Tanger Factory Outlet Centers
158:real estate investment trust
800:"RioCan 2017 Annual Report"
300:"RioCan 2016 Annual Report"
878:
857:Companies based in Toronto
273:Chapman Mills Marketplace
24:
162:chief executive officer
474:www.thefreelibrary.com
450:www.thefreelibrary.com
277:RioCan Centre Kingston
258:Choice Properties REIT
156:is the second-largest
150:
142:
269:Lawrence Allen Centre
148:
140:
364:. RioCan. 2024-02-13
164:is Jonathan Gitlin.
117:Number of employees
87:Number of locations
21:
627:The Globe and Mail
498:The Globe and Mail
234:Change of strategy
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281:Burlington Centre
279:in Kingston, and
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305:. Archived from
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76:Toronto, Ontario
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283:in Burlington.
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214:Recent History
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130:www.riocan.com
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312:on 2018-01-29
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173:Early history
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67:REIT - Retail
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780:. Retrieved
778:. 2013-08-12
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755:. Retrieved
753:. 2017-10-02
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730:. Retrieved
726:
703:. Retrieved
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679:. Retrieved
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655:. Retrieved
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631:. Retrieved
629:. 2013-07-31
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606:. Retrieved
604:. 2011-01-24
601:
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581:. Retrieved
577:
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557:. Retrieved
555:. 2012-11-06
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532:. Retrieved
530:. 2015-12-18
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502:. Retrieved
500:. 2006-12-06
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477:. Retrieved
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453:. Retrieved
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429:. Retrieved
425:
402:. Retrieved
400:. 2013-11-05
397:
366:. Retrieved
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342:. Retrieved
340:. 2018-02-26
337:
314:. Retrieved
307:the original
294:
271:in Toronto,
266:
254:
245:
237:
217:
208:Kimco Realty
197:
194:US expansion
187:Ivanhoe Inc.
183:
179:Counsel REIT
178:
176:
153:
152:
72:Headquarters
34:Company type
700:thestar.com
426:RioCan REIT
275:in Ottawa,
97:Area served
816:Categories
782:2018-04-16
757:2018-04-16
732:2018-04-16
705:2018-04-16
681:2018-04-16
657:2018-04-16
633:2018-04-16
608:2018-04-16
583:2018-04-16
559:2018-04-16
534:2018-04-16
504:2018-04-16
479:2018-04-16
455:2018-04-16
431:2018-04-16
404:2018-04-16
368:2024-02-29
344:2018-04-16
316:2018-01-28
287:References
251:Properties
204:Blackstone
121:669 (2016)
107:Key people
44:Traded as
64:Industry
224:Zellers
168:History
126:Website
52::
262:Loblaw
228:Target
101:Canada
80:Canada
54:REI.UN
37:Public
803:(PDF)
362:(PDF)
310:(PDF)
303:(PDF)
727:CBC
676:CBC
652:CBC
578:CBC
226:to
91:289
50:TSX
818::
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
