RioCan
RioCan is one of Canada's largest retail REITs, owning and managing approximately 170 necessity-based retail properties totaling 31.8M sq ft across six major markets and serving enterprise tenants such as Loblaws, Walmart, Canadian Tire, Metro and TD Bank.
- Company typePublic
- Founded1993
- HeadquartersToronto, Canada
- Headcount251–500
- GTM typeB2B
- OfferingServices
What RioCan does
RioCan Real Estate Investment Trust is one of Canada's largest retail REITs, founded in 1993 by Ed Sonshine and headquartered in Toronto. The Trust owns and operates approximately 170 necessity-based retail properties totaling 31.8 million square feet of net leasable area, with 94.5% of fair value concentrated in six major Canadian markets and 58.1% in the Greater Toronto Area. Committed occupancy stood at 97.9% as of March 31, 2026, and the portfolio is anchored by blue-chip grocery, pharmacy, discount, and financial-services tenants including Loblaws, Canadian Tire, Metro, Winners, Dollarama, Shoppers Drug Mart, Walmart, Whole Foods, and TD Bank.
RioCan operates two principal revenue streams: recurring rental income from the necessity-based retail portfolio and transactional income from its 43.5M sq ft development pipeline and RioCan Living residential program (rental and condominium developments along transit corridors). Distribution is direct to enterprise retail and commercial tenants via an in-house leasing team, with quarterly revenue of C$347.92 million reported in Q1 2026 implying annualized revenue in the C$1.4B range. Unitholders are reached through the Toronto Stock Exchange (REI.UN) at a ~5.9% distribution yield.
Under President and CEO Jonathan Gitlin (appointed April 2021), RioCan has pursued an asset-recycling program that monetized approximately C$1.04 billion of RioCan Living capital against a C$1.3 billion target, funded in part through three Green Bond issuances totaling C$1.158 billion. The Trust is rated BBB with a Positive outlook by DBRS and holds a BBB rating with S&P, supports over 75% of GLA under BOMA BEST certification, and is ranked #1 among Canadian peers in GRESB assessments for six consecutive years.
RioCan firmographics
Firmographics- Name
- RioCan
- Legal name
- RioCan Real Estate Investment Trust
- Website
- https://riocan.com
- Company type
- Public
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- RioCan is one of Canada's largest retail REITs, owning and managing approximately 170 necessity-based retail properties totaling 31.8M sq ft across six major markets and serving enterprise tenants such as Loblaws, Walmart, Canadian Tire, Metro and TD Bank.
- Ownership category
- akta.pro rank
RioCan industry classification
Industry- Product category
- Retail Real Estate Investment Trust
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)
- SIC
- Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532), Real Estate (6500)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industry
- Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)
Keywords
Where RioCan is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices6 records
Markets served
RioCan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Others
Revenue model
- Rental Income: Primary revenue from leasing retail and commercial spaces to tenants. Properties anchored by grocery, pharmacy, and service tenants provide reliable income streams with strong occupancy rates.
- Development and Asset Monetization: Generating additional income through development pipeline and asset recycling program (RioCan Living residential portfolio). Monetizing residential portfolio with capital repatriation targets against development pipeline.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
RioCan product offering
Product offeringCore offering
RioCan owns, manages, and leases necessity-based retail properties in Canada's major urban markets, operating a portfolio of approximately 170 properties totaling 31.8 million square feet anchored by grocery, pharmacy, and service tenants. The company generates rental income from commercial leasing and pursues NAV growth through a 43.5 million square foot mixed-use development pipeline and the RioCan Living residential brand. Trust units are listed on the Toronto Stock Exchange under REI.UN, providing unitholders monthly distributions and exposure to retail real estate in dense Canadian markets.
Product overview
RioCan is a Canadian Real Estate Investment Trust operating as a single unified platform focused on owning and managing necessity-based retail properties. The core offering comprises approximately 170 retail properties totaling 31.8 million square feet, anchored by grocery, pharmacy, and service tenants. The portfolio is complemented by RioCan Living (residential brand launched 2018), a 43.5M sq ft development pipeline focused on mixed-use transit-oriented projects, and a Green Bond Program for sustainable financing. The company generates income through commercial leasing and property development in Canada's major urban markets.
Differentiator
Problem solved
Functional benefit
Brands
- RioCan Living™: Best-in-class purpose-built residences along Canada's most prominent transit corridors. Includes rental and condominium developments in Toronto, Ottawa, and Calgary.
Products and services
- RioCan REIT Retail Property Portfolio (Leasing) Approximately 170 necessity-based retail properties totaling 31.8 million square feet of net leasable area across Canada's major urban markets, leased to anchor tenants in grocery, pharmacy, financial services, and daily-needs retail. Includes 167 income-producing properties with 97.9% committed occupancy as of March 31, 2026, available through direct leasing by an experienced in-house leasing team.
- RioCan Living Residential Rentals and Condominiums Best-in-class purpose-built rental and condominium residences along Canada's most prominent transit corridors, with completed and pipeline projects in Toronto, Ottawa, and Calgary. Operates as a residential brand under the RioCan umbrella, monetized through a capital repatriation program that has returned approximately $1.04 billion against a $1.3 billion target.
- Green Bond Program RioCan's green financing initiative, structured under a Green Bond Framework, with three completed issuances raising a total of $1.3 billion to fund eligible green projects aligned with environmental sustainability criteria across the real estate portfolio.
Quantifiable outcome
- Record 25.8% blended leasing spread in Q1 2026
- +5 more outcomes
Companies that use RioCan
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles3 records
RioCan technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
RioCan partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor and core.
- SustainalyticsminorProvided second-party opinion on RioCan's Green Bond Framework, a global leader in providing ESG research and analysis.
- SickKidscoreEstablished landmark partnership with SickKids to increase equitable access to essential pediatric health services through a dedicated pediatric virtual walk-in clinic at RioCan properties.
- PwCminorProvides limited assurance on RioCan's ESG data including Scope 1 & 2 GHG emissions and associated energy data.
- GRESBminorRioCan participates in the GRESB survey annually and was ranked first amongst Canadian peers in the 2024 GRESB Public Disclosure Assessment.
- Real Property Association of Canada (REALPAC)minorRioCan is a member of REALPAC's ESG Committee, participating in conversations to shape the future of sustainability in the real estate industry.
- United WayminorCorporate citizenship and charitable giving partner; CEO Ed Sonshine serves as Co-Chair of the annual campaign of the United Jewish Appeal and member of Top Gifts Cabinet of United Way.
- Habitat for HumanityminorProud supporter of Habitat for Humanity as part of community giving and corporate citizenship initiatives.
- Heart and Stroke FoundationminorProud supporter of Heart and Stroke Foundation as part of corporate giving and community involvement.
- Sinai Health / University Health Network (UHN)minorRioCan CEO Jonathan Gitlin serves as Director on Sinai Health Hospital Board; company partners with UHN-affiliated healthcare initiatives.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
RioCan competitors and assessment
Company assessmentDirect peers
- Choice Properties REIT: Choice Properties is a Canadian REIT directly comparable to RioCan — grocery-anchored, necessity-based retail portfolio across major Canadian markets. Loblaw sponsorship overlap makes it the closest peer for retail tenant mix and unitholder yield dynamics.
- SmartCentres REIT: SmartCentres owns unenclosed grocery-anchored shopping centres across Canada with a focus on Walmart-anchored retail, directly comparable to RioCan's necessity-based retail thesis and Canadian geographic footprint.
- CT Real Estate Investment Trust: CT REIT is a Canadian REIT primarily focused on Canadian Tire-anchored retail properties; directly comparable on retail tenant concentration and Canadian geographic focus, making it a key peer for institutional benchmarking.
- Crombie Real Estate Investment Trust: Crombie owns a portfolio of grocery-anchored retail, mixed-use, and office properties across Canada with Empire/Sobeys sponsorship — closely aligned with RioCan's retail-led strategy and AT-market development approach.
- First Capital Real Estate Investment Trust: First Capital owns grocery-anchored, necessity-based urban retail in Canada's densest markets and is actively transforming toward mixed-use intensification — overlapping with RioCan's Toronto/GTA-anchored retail plus redevelopment thesis.
Emerging players
- Canadian Apartment Properties REIT (CAPREIT): CAPREIT is Canada's largest pure-play residential REIT; relevant to RioCan as a comparison for the RioCan Living residential platform and as a Canadian yield-oriented REIT investor benchmark.
- Boardwalk REIT: Boardwalk is a Canadian residential REIT focused on multifamily housing, including purpose-built rentals along transit corridors. Comparable to RioCan Living's purpose-built residential strategy and relevant for Canadian residential yield benchmarking.
Broad incumbents
- Morguard REIT: Morguard REIT holds a diversified Canadian portfolio of retail, office, and mixed-use assets in major markets. Comparable on mixed-use exposure and Canadian tenancy profile, though broader than RioCan's retail-anchored focus.
- Allied Properties Real Estate Investment Trust: Allied owns urban office and industrial workspace in Toronto, Montreal, Vancouver and other Canadian tech hubs. Relevant as a Canadian urban real estate peer and a comparable for institutional-grade urban intensification strategies.
Regional players
- Dream Industrial Real Estate Investment Trust: Dream Industrial is a Canadian-focused industrial REIT; relevant for Canadian yield-oriented REIT benchmarking and as a comparison for how Canadian REITs are positioned by income-focused institutional investors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
RioCan social profiles
Digital presenceRioCan compliance and trust
Trust signalCompliance7 records
RioCan financial estimates
Financial estimateRevenue estimate
Valuation estimate
RioCan leadership team
Management profileNumber of profiles
Profiles14 records
RioCan funding detail
Funding detailFunding overview
Funding rounds11 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RioCan M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RioCan
What does RioCan do?
RioCan owns, manages, and leases necessity-based retail properties in Canada's major urban markets, operating a portfolio of approximately 170 properties totaling 31.8 million square feet anchored by grocery, pharmacy, and service tenants. The company generates rental income from commercial leasing and pursues NAV growth through a 43.5 million square foot mixed-use development pipeline and the RioCan Living residential brand. Trust units are listed on the Toronto Stock Exchange under REI.UN, providing unitholders monthly distributions and exposure to retail real estate in dense Canadian markets.
Is RioCan a public or private company?
RioCan is a public company. It is classified as public and is currently operating.
When was RioCan founded?
RioCan was founded in 1993. It employs 251 to 500 people.
Where is RioCan based?
RioCan is headquartered in Toronto, Canada, in the North America region.
How does RioCan make money?
Two revenue lines are on record. Rental Income is the primary driver. The others are development and Asset Monetization.
Who are RioCan's main competitors?
Direct peers on record are Choice Properties REIT, SmartCentres REIT, CT Real Estate Investment Trust, Crombie Real Estate Investment Trust and First Capital Real Estate Investment Trust. Emerging players are Canadian Apartment Properties REIT (CAPREIT) and Boardwalk REIT. Broad incumbents are Morguard REIT and Allied Properties Real Estate Investment Trust. Dream Industrial Real Estate Investment Trust is listed as a regional player.
Does RioCan have an API?
No public API is recorded for RioCan.
What industry is RioCan in?
RioCan's product category is Retail Real Estate Investment Trust. Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAL, Real Assets — Operating Platforms & Direct Investments. Its NAICS code is 525 and its SIC code is 6798.