The following is a summary of the RioCan Real Estate Investment Trust (RIOCF) Q4 2023 Earnings Call Transcript:
Financial Performance:
RioCan reported a 4.8% growth in commercial same property's NOI for the year, surpassing their 3% annual target.
FFO per unit stands at $1.77, marking a 3.5% increase from 2022.
New and renewal leasing spreads were 14.7% and 9.8% respectively.
The Residential rental portfolio produced $21.5 million of NOI in 2023, a boost of nearly 58% from 2022.
The expected FFO range for 2024 is between $1.79 and $1.82.
The firm witnessed a reduction due to higher interest expenses and reduced NOI from asset sales.
Business Progress:
RioCan's retail committed occupancy reached a high of 98.4%.
The firm expects to reach its goal of between $50 million to $60 million in residential rental NOI by 2026.
In 2023, nearly 600,000 square feet of development projects were delivered.
The company is focusing on debt reduction.
RioCan set a goal to reach net-zero greenhouse gas emissions by 2050.
The firm plans to maintain its payout ratio between 55% to 65% of FFO in 2024.
The company successfully managed to replace tenants from the CCAA process with stronger, more secure tenants.
More details: RIOCAN REAL ESTATE INVESTMENT TRUST IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.