TORONTO — RioCan Real Estate Investment Trust's second-quarter profit edged upward even as it dealt with the fall of the Hudson's Bay department store chain.

Toronto-based RioCan reported a net income of 49 cents per unit for the period ended June 30, compared with a profit of 41 cents per unit for the same quarter last year.

The quarter covered a period when RioCan's joint venture with Hudson's Bay entered receivership.

RioCan indirectly holds a 22 per cent interest in 10 properties where the Bay was a tenant.

Over the course of the quarter, RioCan's funds from operations reached 47 cents per diluted unit, up from 43 cents a year ago.

It says 1.3 million square feet were leased in the second quarter, including 1.2 million square feet of renewals.

This report by The Canadian Press wa

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