Canada's largest real estate investment trust said it earned 20 cents per unit for the period ended June 30, that compares to 12 cents a year earlier when it earned $27.2 million.
It attributed the increase to acquisitions, store growth in existing locations and increased lease cancellation fees.
Revenues for the quarter increased 18 per cent to almost $221 million.
RioCan president and CEO Edward Sonshine said the trust is making good progress towards all of its targets in 2010.
"Our acquisition platform in the U.S. is gaining traction and we are seeing a number of high quality assets presented to us both in the U.S., and to a lesser extent Canada," he said, adding that it expects to complete new developments in the coming quarters.
Funds from operations, which exclude amortization and future income taxes, were $92.8 million, compared to $67.9 million a year earlier.
The Canadian occupancy rate was unchanged from March at 97 per cent, while the U.S. rate increased to 96.2 per cent.
Vacancies as a result of unanticipated tenant bankruptcies or store closures represented 132,400 square feet, compared to 169,000 square feet a year ago.
RioCan's Ottawa portfolio consists of 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.
RioCan's Canadian portfolio is concentrated in Canada's six high growth markets in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver which account for almost 66 per cent of its yearly rental revenue.
RioCan completed three acquisitions in Canada and three acquisitions in the United States during the second quarter.
The Canadian investments were the Halton Hills Shopping Centre, Clappison Crossing in Flamborough, Ont., and the Corbett Centre in Fredricton, N.B.
RioCan had about $65.3 million of cash at the end of the quarter and has $260.8 million of available credit.
The property developer has urged unitholders not to tender to an unsolicited $18.75 per unit offer on July 20 from TRC Capital Corporation to purchase up to four million units, representing 1.64 per cent of RioCan's outstanding units.
RioCan, whose total capitalization is $8.6 billion, owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 265 retail properties, including 11 under development, containing an aggregate exceeding 58.1 million square feet.
On the Toronto Stock Exchange, its units gained 10 cents at $19.97 in morning trading.
-With files from OBJ staff
