Post by
hroark7 on Nov 03, 2023 11:40am
Conference Call
No surprise, other then the current construction projects alraedy started (which will deliver $800 million in net profits and cashflow in the next 3 years), RioCan has paused any new developments.
Also big ups for the analyst that asked about whether RioCan will raise distributions next quarter like they have done these last few years. Gitlin all but confirmed it.
Overall a strong earnings report, adding $800 million in the next 3 years can all go towards paying down debt. Not funding developments puts RioCan's Debt to EBITDA ratio at a super low 7.3x. And they expect leasing spreads will remain high, especially as there is a shortage of retail real estate out there.
Looking forward to next quarter when the distribution will be raised!