RioCan Real Estate Investment Trust
A major Canadian real estate investment trust focused on retail-led and mixed-use properties in the country's largest urban markets.
Last updated August 22, 2026
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Overview
RioCan Real Estate Investment Trust is one of Canada's largest publicly traded real estate investment trusts. The company owns, develops and manages a portfolio centred on retail properties, including supermarket-anchored shopping centres, neighbourhood centres, convenience-oriented properties, power centres and enclosed malls. It also has an expanding mixed-use and residential development business, reflecting the changing role of traditional shopping-centre land in dense urban markets. RioCan was established in 1993 as Counsel REIT by Edward Sonshine and became one of the first Canadian REITs. It completed an initial public offering on the Toronto Stock Exchange in 1994. In 1995, the trust reorganized its asset-management structure and adopted the RioCan name, derived from “Retail, Industrial, Office, Canadian.” Its early growth came through acquisitions and consolidation in the Canadian property market. Notable transactions included the 1995 purchase of five Ottawa shopping centres from Ivanhoe Inc. and the 1998 acquisition of nine centres from Burnac Inc. In the same year, RioCan completed a hostile takeover of Realfund REIT, creating a business with a market value above C$1 billion and making it Canada's largest REIT at the time. The company expanded into the United States during the 2010s. An intended 2006 joint venture with Ramco-Gershenson Properties Trust did not close, but RioCan later established a U.S. presence when property values were depressed. By 2012, approximately 15% of its revenue came from the United States. RioCan subsequently chose to concentrate on Canada. In December 2015, it sold its U.S. portfolio to Blackstone Real Estate Partners VIII for approximately C$2.7 billion and used part of the proceeds to acquire Kimco Realty's interest in a related joint venture for approximately C$715 million. RioCan's strategy has increasingly emphasized a group of major Canadian metropolitan areas, particularly Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. In 2017, it announced plans to sell roughly C$2 billion of assets, largely in smaller urban centres, while increasing the proportion of revenue generated by its six largest markets. The strategy was intended to concentrate capital and management attention on markets with stronger population growth, transportation infrastructure and redevelopment potential. The trust has also responded to e-commerce and changes in consumer shopping patterns by adding residential development to its retail platform. Beginning around 2015, it started planning high-rise apartments and other mixed-use projects on or beside selected shopping-centre sites. In 2018, RioCan introduced the RioCan Living brand; at that point, plans covered approximately 2,800 residential units at eight shopping-centre locations. This approach allows the company to combine retail, rental housing and urban intensification, while retaining the convenience and service functions of established commercial properties. RioCan's portfolio has included properties such as Lawrence Allen Centre in Toronto, Chapman Mills Marketplace in Ottawa, RioCan Centre Kingston and Burlington Centre. Its retail properties are generally anchored by supermarkets, junior department stores or other recurring-needs tenants. The company has historically sought to limit dependence on any single tenant; in 2017, Loblaw was its largest tenant and represented about 5% of rental revenue. As of 2024, reference material described RioCan as owning 188 properties with approximately 33 million square feet of net leasable area and an enterprise value of approximately C$14.3 billion. The chief executive officer identified in that material is Jonathan Gitlin.
History
RioCan began in 1993 when Edward Sonshine founded Counsel REIT. The trust was among the first Canadian real estate investment trusts and went public on the Toronto Stock Exchange in 1994. In 1995, it reorganized its asset-management arrangements and changed its name to RioCan REIT, a shortened form of “Retail, Industrial, Office, Canadian.” The reorganization internalized asset-management responsibilities in exchange for a reported C$5 million payment. Acquisitions were central to RioCan's early expansion. In 1995, it bought five shopping centres in Ottawa from Ivanhoe Inc. for C$42.5 million, nearly doubling the size of a portfolio that then contained 29 properties. In 1998, it purchased nine shopping centres from Burnac Inc., its largest acquisition to that point. RioCan also pursued consolidation through its successful hostile takeover of Realfund REIT in 1998. The transaction created a trust valued at more than C$1 billion and established RioCan as Canada's largest REIT at the time. The company explored international growth in the 2000s. A proposed C$1 billion U.S. joint venture with Ramco-Gershenson Properties Trust, announced in 2006, failed to close. RioCan later entered the United States in 2010, taking advantage of lower property values. By 2012, the U.S. business generated roughly 15% of RioCan's revenue, and management had discussed increasing that share. The strategy was later reversed. In December 2015, RioCan sold its U.S. portfolio to Blackstone Real Estate Partners VIII for approximately C$2.7 billion. The sale was influenced in part by the relative value of the Canadian dollar. RioCan used some proceeds to buy Kimco Realty's stake in a joint venture for approximately C$715 million. RioCan also developed and adjusted its Canadian retail platform. In 2011, it announced a joint venture with Tanger Factory Outlet Centers to develop 10 to 15 Canadian outlet centres, with an intended investment of approximately C$1 billion. At the same time, changes among major retail tenants affected the trust. The sale and closure of Zellers stores, followed by Target Canada's entry and subsequent withdrawal, created vacancy and lease-related challenges. Target ultimately paid RioCan C$132 million to exit its leases. From about 2015 onward, RioCan began moving beyond a purely retail-property model. E-commerce and changing shopping habits increased pressure on traditional malls and encouraged the company to use redevelopment, residential construction and mixed-use planning to increase the value of existing sites. The plan included high-rise apartments at or near shopping centres such as Westgate Mall in Ottawa. RioCan formally introduced the RioCan Living brand in 2018. At launch, approximately 2,800 residential units were planned across eight shopping-centre locations. In October 2017, RioCan announced a further portfolio-concentration plan. It intended to sell about C$2 billion of properties by 2019, mostly in smaller urban centres, while focusing on Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. Those six markets already produced about 75% of revenue, and the stated objective was to raise that proportion to approximately 90%. The strategy positioned RioCan around dense, high-growth urban locations where retail properties could support residential intensification and transit-oriented or mixed-use development. RioCan's operating portfolio has included supermarket- and junior-department-store-anchored centres, neighbourhood and convenience centres, power centres and enclosed malls. Named properties include Lawrence Allen Centre in Toronto, Chapman Mills Marketplace in Ottawa, RioCan Centre Kingston and Burlington Centre. The company has historically sought to avoid excessive dependence on a single tenant; in 2017, its largest tenant, Loblaw, accounted for about 5% of rental revenue. As of 2024, reference material described RioCan as owning 188 properties with approximately 33 million square feet of net leasable area and an enterprise value of approximately C$14.3 billion. Jonathan Gitlin is identified as the current chief executive officer in that material.
- 2018
RioCan Living introduced
[1]RioCan launched its residential development brand, RioCan Living.
- 2017
Major-market concentration strategy
[1]The trust announced a plan to sell approximately C$2 billion of assets and concentrate on six major Canadian cities.
- 2015
Exit from the U.S. portfolio
[1]RioCan sold its U.S. portfolio to Blackstone and began refocusing on Canada.
- 2010
U.S. expansion begins
[1]RioCan expanded into the United States during a period of relatively low real estate prices.
- 1998
Burnac portfolio acquisition
[1]RioCan purchased nine shopping centres from Burnac Inc., its largest acquisition to that time.
- 1998
Realfund REIT takeover
[1]RioCan completed a successful hostile takeover of Realfund REIT and became Canada's largest REIT at the time.
- 1995
Name and management reorganization
[1]The trust internalized asset-management responsibilities and adopted the RioCan REIT name.
- 1995
Ottawa shopping-centre acquisition
[1]RioCan acquired five Ottawa shopping centres from Ivanhoe Inc. for C$42.5 million.
- 1994
Initial public offering
[1]The trust completed an initial public offering on the Toronto Stock Exchange.
- 1993
Counsel REIT is founded
[1]Edward Sonshine founded Counsel REIT, one of Canada's early real estate investment trusts.
Products and positioning
A Canadian urban real estate owner and developer combining necessity-oriented retail assets with residential intensification and mixed-use redevelopment in major metropolitan markets.
Commercial real estate
Retail shopping centres
RioCan's core assets are income-producing retail properties. The portfolio includes enclosed malls, power centres, neighbourhood centres and convenience-oriented locations. Many properties are anchored by supermarkets, junior department stores or other recurring-needs retailers, helping them serve routine shopping and local services rather than relying exclusively on discretionary mall traffic.
Residential and mixed-use development · 2018
RioCan Living
RioCan Living is the company's residential development platform. It supports the addition of apartments and mixed-use components to or beside existing shopping-centre properties. The model is intended to intensify urban sites, add rental housing and create a more integrated combination of retail, residential and community uses.
Real estate development
Mixed-use redevelopment
RioCan redevelops selected retail sites by combining commercial space with residential towers or other urban uses. This strategy responds to e-commerce pressure and land scarcity while seeking to preserve convenient retail services and capture additional value from well-located properties in major Canadian cities.
Brand decisions
2018
Residential intensification through RioCan LivingStrategyBackground
E-commerce and changing consumer behaviour increased pressure on traditional retail formats, while urban land values created opportunities to intensify existing shopping-centre sites.
Action taken
RioCan introduced RioCan Living and planned residential projects at selected shopping-centre properties.
Aftermath
The announced pipeline covered approximately 2,800 units across eight shopping-centre locations.
2017
Concentration in six Canadian metropolitan marketsStrategyBackground
RioCan sought to reduce exposure to smaller urban centres and focus on markets with greater scale, population growth and redevelopment potential.
Action taken
The company announced plans to sell approximately C$2 billion of properties and concentrate on Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver.
Aftermath
Management stated that the six markets, which already generated about 75% of revenue, could eventually account for approximately 90%.
Planned asset sales. Approximately C$2 billion (Announced October 2017; target through 2019)
2015
Withdrawal from the United StatesStrategyBackground
RioCan reassessed its international portfolio and chose to concentrate capital on Canada.
Action taken
It sold its U.S. portfolio to Blackstone Real Estate Partners VIII and used part of the proceeds for other portfolio transactions.
Aftermath
The transaction left RioCan primarily focused on Canadian properties and major domestic urban markets.
Sale price. Approximately C$2.7 billion (December 2015)
1998
Takeover of Realfund REITM&ABackground
RioCan pursued consolidation in Canada's fragmented REIT sector and launched a hostile bid for Realfund REIT.
Action taken
The trust completed the takeover, creating a combined business with a market value above C$1 billion.
Aftermath
RioCan became Canada's largest REIT at the time.
Combined market value. More than C$1 billion (1998)
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