"Here we are at the end of April, and there haven't been any opportunities of consequence," he remarked. "Nobody really wants to sell in this market because there are so few people with the wherewithal to acquire."

Regardless of whether or not it is able to acquire, RioCan's portfolio is holding strong. The REIT's portfolio of 247 shopping centers in Canada ended the quarter 97.5% leased, up from 96.9% at the end of last year. The company also has not given any rent abatements to tenants with low sales looking for discounts on their leases.

Net income during the quarter came in at C$30.7 million ($25.4 million), slightly up from C$30.3 million in Q1 2008. Funds from operations also saw an increase, rising to C$70.6 million from $68.3 million during the same year-ago period.

RioCan has 13 projects in the pipeline, some that were scheduled for completion this year but are now being put back a year or two because of decreased demand by retailers, Sonshine said. "We don't build on speculation," he said, explaining that big boxes such as Lowe's and Wal-Mart are still looking for space. "By and large, one or two anchors does not a development make."