EL7.AI
StocksMedium•11 November 2026•
4 min read

RioCan Authorizes Repurchase of 28,919,211 Units, About 10% of Public Float

Key Facts

1The bid allows purchases of up to 28,919,211 units, or about 10% of the 289,192,113 units available for public trading as of October 30, 2026.
2There were 290,619,266 units outstanding when the bid was announced.
3The current daily purchase limit is 183,523 units, calculated as 25% of average daily trading volume of 734,095 units over the previous six months.
4RioCan’s liquidity, including cash and cash equivalents, was C$1.081 billion as of September 30, 2026.
5Purchases may begin on November 13, 2026, and the bid ends on November 12, 2027, unless completed or terminated earlier.

RioCan said in a statement issued on November 11, 2026, that the Toronto Stock Exchange had approved its notice of intention to make a normal course issuer bid for units, allowing it to purchase up to 28,919,211 units when opportunities arise. The maximum represents about 10% of the 289,192,113 units available for public trading as of October 30, 2026, rather than 10% of total units outstanding. There were 290,619,266 units outstanding when the bid was announced. The approval sets a time frame and limits for purchases, with RioCan identifying available cash and undrawn credit facilities as sources of funding. The trust said repurchasing its units “may represent an investment opportunity for the trust and an appropriate and desirable use of its funds,” subject to market conditions, the unit price and other factors.

Purchases may be made through the Toronto Stock Exchange or a Canadian alternative trading system at the prevailing market price at the time of purchase. The current daily limit is 183,523 units, equivalent to 25% of the average daily trading volume on the Toronto Stock Exchange of 734,095 units over the previous six months. The bid also allows one larger purchase in each calendar week. These terms set the daily pace of purchases under the overall authorization, while the number of units RioCan actually buys will depend on its decisions and market conditions. Approval does not mean the trust will purchase the full permitted amount.

Units bought by the trust will be canceled upon purchase or may be used to meet its obligations under its restricted unit and performance unit plans. The bid terms thus allow repurchased units to be used for either of those two purposes specified by the trust. RioCan said it intends to fund purchases with available cash and undrawn credit facilities. Third-quarter results published on November 2 showed liquidity, including cash and cash equivalents, of C$1.081 billion as of September 30, 2026. These figures provide financial context for the bid, while RioCan did not specify a total amount allocated for purchases in its announcement.

The announcement followed RioCan’s report of diluted Core FFO of C$0.41 per unit in the third quarter, compared with C$0.39 in the same period a year earlier. The company said diluted Core FFO rose C$0.02 per unit year over year, while diluted net income was C$0.42 per unit, following a net loss of C$0.41 in the corresponding quarter of 2025. Contracted retail occupancy reached a record 98.9% on September 30, compared with 98.4% a year earlier, while physical occupancy was 98.2%. The company attributed its performance backdrop to strong tenant demand, record occupancy and limited new supply. It said those factors support leasing economics and earnings growth.

RioCan said in its 2025 annual results that it completed C$178.6 million in unit repurchases during 2025 and year to date in 2026. It said 3.6% growth in same-property net operating income and the positive impact of unit repurchases helped support diluted Core FFO per unit during the year. In the second quarter of 2026, diluted Core FFO was C$0.40 per unit, up 5.3% from C$0.38 in the second quarter of 2025, and contracted retail occupancy was 98.8% on June 30. These results place the new November program against a prior record of purchases, without on their own establishing the expected volume under the current authorization. Further purchases remain subject to the terms RioCan announced.

RioCan may begin purchases on November 13, 2026, and the bid will end on November 12, 2027, unless purchases are completed earlier or the trust terminates the program sooner. The company said it has an automatic securities purchase plan, previously approved by the Toronto Stock Exchange, that will take effect immediately. The plan allows the designated broker to make purchases under predetermined criteria during regulatory blackout periods or periods imposed by the trust itself. Purchases made through this mechanism count toward the normal course issuer bid. This allows the broker to continue executing purchases during blackout periods under the criteria RioCan set in advance.