Despite COVID pandemic, in-person shopping still strong: RioCan REIT CEO

Although COVID-19 has impacted the business environment, brick-and-mortar shopping still runs strong, according to the chief executive of RioCan Real Estate Investment Trust.

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 per cent in its most recent quarter, a slight climb from 96.2 per cent 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 per cent in its fourth quarter, up from 95.7 per cent

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.