RioCan Real Estate Investment Trust reported yesterday a drop in second-quarter profits compared with a year ago. The shopping centre trust said it earned $27.2-million or 12 cents per unit for the quarter ended June 30 compared with a profit of $44.8- million or 21 cents per unit for the same period in 2008. Revenue totalled $187.4-million, down from $194.4-million. The results included a $574,000 loss on properties held for resale compared with a gain of $16.8 million a year ago. "RioCan's portfolio has held up very well during what continues to be a difficult recession," RioCan president and chief executive Edward Sonshine said in a statement. REI.UN-T rose 10 cents to $15.15.