RioCan real estate investment trust (REIT) ushered in the TSX trading day, January 19, to mark 30 years as a public company. Founder and chairman, Edward Sonshine, and other members of the REIT’s senior leadership team were on hand to perform the daily bell-ringing ritual.
RioCan is one of Canada’s longest established REITs. Initially focused on retail properties, today it boasts a diversified portfolio of retail, office and multifamily assets with more than 34 million square feet of leasable space concentrated in the Greater Toronto Area, Montreal, Ottawa, Vancouver, Calgary and Edmonton. As well, five mixed-use developments are in the planning approval process.
“With an industry leading team, we have curated an irreplaceable portfolio that is perfectly positioned to meet the needs of Canadians in the nation’s six largest markets,” says John Ballantyne, RioCan’s chief operating officer. “Over the past 30 years, RioCan has grown from one of Canada’s first REITs to Canada’s premier REIT. We are extremely proud to own, manage and develop mixed-use urban assets, which serve a mix of retail, residential, and office tenants.”
Three decades out from RioCan’s launch, the TSX REIT index comprises 16 constituent companies. On the morning the RioCan team opened the market, its unit price opened at $18.68.