The chief executive of RioCan Real Estate Investment Trust says the Covid-19 pandemic has created a volatile business environment, but he still sees strength in brick-and-mortar retail.
Jonathan Gitlin says the last two years have been filled with challenges for the trust’s tenants, but he’s noticing shoppers flock to stores because in-person retail gives them more control over their shopping experience.
While e-commerce has proven popular during the health crisis, he expects it to operate in tandem with brick-and-mortar retail.
Gitlin’s observations were made after the company said Wednesday that its rent collection rate reached 98.6% in its most recent quarter, a slight climb from 96.2% at the same time last year.
The Toronto-based real estate trust says its committed occupancy level across its portfolio of about 207 properties totalled 96.8% in its fourth quarter, up from 95.7%.
Net income for the three months ended Dec. 31 amounted to $208.8 million, up from $65.6 million in the fourth quarter of 2020.