That compares to earnings of $29 million, or 14 cents a share, in the year-ago period.
RioCan says its net earnings for the year ended Dec. 31, 2009 were approximately $114 million, or 49 cents per share, compared to approximately $145 million, or 67 cents per share, for 2008.
In a statement released early Tuesday, RioCan says the primary factors attributing to this decline includes an approximately $35 million decline in gains from properties held for resale.
RioCan also blames a $25 million increase in interest expense, and a $10 million increase in amortization expense, which were partially offset by the absence of impairment charges in 2009.
During 2009, RioCan says it acquired 20 properties, including four in the U.S.
Last November, the REIT announced it was purchasing additional stakes in 450,000 square feet of Ottawa retail properties, including a further 12.5-per-cent interest in the Chapman Mills Marketplace in Barrhaven, bringing its total share to 75 per cent.
"We are pleased to report that RioCan has been able to set in place a strong platform for future growth in order to take advantage of opportunities as the economy continues to recover," said Edward Sonshine, RioCan's President and CEO.
Sonshine says RioCan maintained a steadfast guardianship of its balance sheet in 2009 by raising capital as the markets became less hostile.
He says RioCan's conservative approach in 2009 resulted in a short-term drag on its profitability, but enabled it to take advantage of acquisition opportunities in the fourth quarter.
The November purchase brought RioCan's Ottawa portfolio close to 1.5 million square feet. It wholly owns the 316,000-square-foot Kanata Centrum Shopping Centre and the 166,000-square-foot Westgate Shopping Centre.
-With files from Peter Kovessy
