TORONTO — RioCan Real Estate Investment Trust says it's cutting financial ties to five properties held in its joint venture with the now-defunct Hudson's Bay as it works to move past the debacle as quickly as possible.

"We can report that RioCan has elected not to participate financially in 5 of 12 assets," said chief financial officer Dennis Blasutti on a conference call Friday discussing the company's second-quarter earnings.

"What it means is that we will not put any more money into the assets, in any form."

RioCan was in a joint venture with Hudson's Bay that held the properties of 12 Hudson's Bay locations, but all stores closed at the start of June after liquidation sales.

After writing down $208.8 million in its value in the holdings last quarter, RioCan says the net value of it

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