RIOCAN INVESTOR PRESENTATION Third … INVESTOR PRESENTATION Third Quarter 2013 December 2, 2013...

RIOCAN INVESTOR PRESENTATION

Third Quarter 2013 December 2, 2013

TRANSFORMING…

Forward Looking Statements

2

Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections.

Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be found in our annual information form and annual report that are available on our website and at www.sedar.com.

Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

http://www.sedar.com/

One of North America’s Largest Retail REITS

3

346 retail properties in Canada & U.S.

83 million sqft total portfolio

$7.1 billion market cap

54 million sqft owned

$13.6 billion enterprise value

~86% revenue generated by national and anchor tenants

~7,900 tenancies

Core Strengths

4

Strong, reliable distribution yield provided to investors

Stable, diversified portfolio of national retail tenants

Disciplined growth strategy in Canada and U.S.

Positioned to benefit from robust acquisition activity and development pipeline

Experienced, performance driven management team

Dominant platform, geographically diversified

Conservative balance sheet / financial strength

QC

PA

VA

Property Portfolio

5 As at September 30, 2013 at RioCan’s interest

CT

MA

BC

AB

ON

QC SA MB

NB

NFLD

295 retail properties

45 million sqft

85.4% annualized rental revenue

TX

GTA


9.2 million sqft

14.6% annualized rental revenue

Property Portfolio – Canada

6

Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

Annualized Rental Revenue by Major Market

8.4%

Major markets

combined, 72.2%

Rest of Canada, 27.8%

6.1%

3.8%

3.6%

8.8%

41.5%

PA

VA

Property Portfolio – U.S.

7

RI CT

NH

MA

TX

Regional Market Strategy & Focus Annualized Rental Revenue by State

NY

MD

NJ

WV

54.9%

2.7%

1.9%

6.5%

2.1%

0.7%

3.2%

2.8%

21.0%

2.0%

2.2%


9.2 million sqft

As at September 30, 2013 at RioCan’s interest

Strong Tenant Relationships

8


9

Top 10 Canada & US Combined

Top 10 Tenant Name Annualized

Rental Revenue

Number Of Locations

Total Area Occupied (Sq. Ft. In

000s)

Weighted Avg Remaining Lease Term

(Yrs)

1 Walmart 3.8% 32 3,874 12.5

2 Canadian Tire Corporation (i) 3.5% 95 2,060 8.8

3 Cineplex/Galaxy Cinemas 3.3% 30 1,426 10.6

4 Metro/Super C/Loeb/Food Basics 3.2% 57 2,104 7.1

5 Winners/HomeSense/Marshalls 2.6% 73 1,627 6.8

6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 32 1,378 7.0

7 Target Corporation 1.8% 25 2,076 8.6

8 Staples/Business Depot 1.6% 55 1,067 6.3

9 Shoppers Drug Mart 1.6% 51 554 8.5

10 Future Shop/Best Buy 1.6% 34 769 5.9

(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere

As at September 30, 2013


10

Top 10 Canada & US Combined – Pro Forma Recently announced Transactions

Top 10 Tenant Name

1 Loblaws/No Frills/Fortinos/Zehrs/Maxi/ Shoppers Drug Mart (i)

2 Walmart

3 Canadian Tire Corporation

4 Cineplex/Galaxy Cinemas (ii)

5 Metro/Super C/Loeb/Food Basics

6 Winners/HomeSense/Marshalls

7 Target Corporation

8 Staples/Business Depot

9 Sobey’s / Safeway (iii)

10 Future Shop/Best Buy

The following pro forma rankings assume the successful closings of all the deals mentioned below: (i) Loblaws has entered into an agreement to

purchase Shoppers Drug Mart which is scheduled to close in the first quarter of 2014. Loblaws would be RioCan’s largest tenant by gross revenue.

(ii) Cineplex has purchased certain theatre locations from Empire Co., including two locations within the RioCan portfolio. Cineplex will become RioCan’s 4th largest tenant as measured by gross revenue when the Loblaws acquisition described above is completed.

(iii) On November 4, 2013 Sobeys completed the purchase of Safeway Canada. As a result Sobeys is RioCan’s 9th largest tenant by gross revenue.


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Top 10 U.S.

Top 10

Tenant Name Annualized

Rental Revenue

Number Of Locations

Total Area Occupied (Sq. Ft. In

000s)

Weighted Avg

Remaining Lease Term

(Yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 9.9% 21 1,072 12.3

2 Best Buy 3.7% 11 332 6.9

3 PetSmart 3.0% 15 286 5.2

4 Walmart 2.7% 5 839 15.4

5 Michael’s 2.4% 14 257 5.7

6 Ross Dress for Less 1.9% 10 239 5.2

7 Staples 1.6% 9 169 5.1

8 Bed Bath & Beyond 1.4% 9 195 6.8

9 Lowes 1.3% 3 353 15.1

10 Market Street 1.3% 2 138 10.3

As at September 30, 2013

Lease Rollover Profile

Broadly Distributed Lease Expiries

12

1,277

3,771 4,167 4,889

3,874

2013 2014 2015 2016 2017

129

553 495 457 654

2013 2014 2015 2016 2017

% Square Feet expiring / portfolio NLA Canadian Portfolio As at September 30, 2013

U.S. Portfolio As at September 30, 2013

’000s Square Feet

’000s Square Feet

3.2%

9.4% 10.4% 12.2% 9.7%

1.4%

6.0% 5.4% 5.0% 7.1%

Occupancy since 1996

Historical Occupancy Rates 1996 to Q3 2013

13

96.9%

95.0% 95.0% 95.4%

96.1% 95.6% 95.8%

96.3% 96.3%

97.1%

97.7% 97.6%

96.9% 97.4% 97.4%

97.6% 97.4% 97.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Q3 2013

Financial Highlights

Q3 2013


(in millions of $ except per unit amounts)

Revenues

764 758

882 988

1,128

2008 2009 2010 2011 2012

Operating FFO*

315 324 276

380 440

2008 2009 2010 2011 2012

Operating FFO* Per Unit

1.32

1.22

1.33

1.43

1.52

2008 2009 2010 2011 2012

15

Years ended December 31st

* Note: FFO reported under IFRS for 2010 onwards, excludes trading gain income

Quarterly Financial Highlights

(in millions of $ except per unit amounts)

Revenues*

216 234 237 237

246

267 274 269 283

301 306 292

283

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Operating FFO

85 83 90 93 97 100 103 106 115 116

124 121 124

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Operating FFO Per Unit

0.34 0.33

0.35 0.36

0.37 0.36

0.37 0.37

0.40 0.39

0.41 0.40

0.41

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

16

2010 2011 2012

2010 2011 2012

2010 2011 2012

2013

* At RioCan’s interest 2013

2013


(in millions of $)

452 466

551

622

713

2008 2009 2010 2011 2012

Net Operating Income* Q3 2010 – Q3 2013

138 147 148 151 156

167 171 172 182 188 186 187 188

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Net Operating Income 2007 –2012

17

2010 2011 2012

* At RioCan’s interest

2013


(in millions)

Distributions to Unitholders

228 261 281 285 293 316

297 318 343

367 401

426

2008 2009 2010 2011 2012 2013*

0.99 1.04 1.13 1.14 1.07 1.01 1.02

1.3275 1.36 1.38 1.38 1.38 1.38 1.41

2007 2008 2009 2010 2011 2012 2013*

Distributions to Unitholders per Unit

18

Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP

* annualized

Financial Highlights • RioCan’s Operating FFO increased by 8% to $124 million for the three months ended September 30,

2013 (“Third Quarter”) compared to $115 million in the third quarter of 2012. On a per unit basis, Operating FFO increased 3% to $0.41 per unit from $0.40 per unit in the same period of 2012;

• RioCan’s Operating FFO increased by 13% to $368 million for the nine months ended September 30, 2013 compared to $325 million for the same period in 2012. On a per unit basis, Operating FFO increased 8% to $1.22 per unit from $1.13 per unit for the same period in 2012;

• RioCan’s concentration in Canada’s six major markets has increased to 72.2% at September 30, 2013 from 67.5% at December 31, 2012;

• During the quarter, RioCan and its partners obtained zoning approval on its one million square foot development at the northeast corner of Yonge and Eglinton in Toronto, Ontario. The condominium portion of the property has proven extremely successful with approximately 90% of the 623 condominium units by dollar value having been pre-sold. Development is expected to commence in 2014.

• RioCan has begun construction at its Calgary, Alberta development, Sage Hill. This 386,000 square foot new format retail centre is approximately 72% leased and is expected to be completed in 2016;

• RioCan has filed an application for zoning and site plan for Yonge Sheppard Centre to add 110,000 square feet of retail space and 290,000 square feet of residential density;

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• Overall occupancy was 97.0% at September 30, 2013, compared to 96.7% at June 30, 2013;

• RioCan renewed 708,000 square feet in the Canadian portfolio during the Third Quarter at an average rent increase of $2.08 per square foot, representing an increase of 11.2%, compared to 12.9% for the same period in 2012. The renewal retention rate in Canada for the quarter was 91.1%;

• RioCan renewed 2.5 million square feet in the Canadian portfolio during the nine months ended September 30, 2013 at an average rent increase of $2.05 per square foot, representing an increase of 12.1%, compared to 12.0% for the same period in 2012;

• Subsequent to the quarter end, RioCan dissolved its joint venture arrangements with Retail Properties of America, Inc. ("RPAI") and Dunhill Partners (“Dunhill”). RioCan currently has entered into an agreement with Sterling Corporation (“Sterling”) to acquire their interest in two Texas properties and dissolve the joint venture arrangement; and

• RioCan’s operating platform in the United States is now fully staffed and operational. RioCan has consolidated its ownership of virtually all of the US properties that were previously owned through joint venture arrangements. Working from two regional offices located in Mount Laurel, New Jersey and Dallas, Texas and supported by RioCan’s headquarters in Toronto, Ontario, Canada, RioCan’s 26 full time employees in the United States will manage RioCan’s US portfolio.

20

Financial Highlights Acquisitions/Dispositions

• During the Third Quarter, RioCan acquired interests in seven income properties in Canada and the US aggregating to 409,000 square feet at an aggregate purchase price of approximately $97 million at RioCan’s interest at a weighted average capitalization rate of 5.9%. Year to date, RioCan has acquired interests in 29 income properties in Canada and the US aggregating to 2.8 million square feet at a total purchase price of approximately $783 million at a weighted average capitalization rate of 5.6%;

• During the three months ended September 30, 2013, RioCan completed dispositions of three income properties aggregating $16 million that comprised of approximately 311,000 square feet. Through November 18, 2013, RioCan has completed dispositions of eleven income properties aggregating $422 million, comprised of approximately 2.2 million square feet;

• RioCan has two property dispositions in Canada under firm contract where conditions have been waived pursuant to a purchase and sale agreement at a sale price of $194 million. These properties carry $92 million of in place mortgage debt that will be assumed by the purchaser. These sales are expected to be completed before year end.

• RioCan has one property disposition in Canada under conditional contract for a sales price of $47 million, which has debt associated with the property of $7 million.

21

Financial Summary

22 *Coverage figures calculated on a twelve month rolling basis

Period Ended September 30,

(in millions of $ except per unit amounts) % Change

2013 2012 2013 vs. 2012

Total Revenues - consolidated 2.60% $276 $269

Total Revenues – at RioCan’s interest 3.57% $290 $280

Operating FFO 7.83% $124 $115

Operating FFO per Unit 2.50% $0.41 $0.40

Distributions to unitholders 5.94% $107 $101

Distributions to unitholders per Unit (annualized) 2.17% $1.41 $1.38

Distributions to unitholders net of distribution reinvestment plan (DRIP) 8.22% $79 $73

Distributions to unitholders net of DRIP per Unit (past 12 months) -1.92% $1.02 $1.04

Unit issue proceeds under distribution reinvestment plan - $28 $28

Distribution reinvestment plan participation rate -4.78% 25.9% 27.2%

As at % Change September 30, 2013 31-Dec-12

Total assets - consolidated 3.75% $13,092 $12,619

Total assets – at RioCan’s interest 3.61% $13,353 $12,888

Debt – consolidated 5.17% $5,733 $5,451

Debt – at RioCan’s interest 4.79% $5,991 $5,717

Debt to Total Assets – (at RioCan’s interest) n/a 44.7% 43.6%

Debt Service Coverage (at RioCan’s interest)* 5.56% 2.09x 1.98x

Market capitalization -11.03% $7,359 $8,271

Total capitalization (incl. Preferred Units) -4.55% $13,624 $14,274

Financial Summary

23

Occupancy and Leasing Profile

2013 2012 2011

(thousands of square feet, millions of dollars) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4

Committed occupancy 97.0% 96.7% 97.0% 97.4% 97.3% 97.4% 96.9% 97.6%

Economic occupancy 95.5% 95.4% 95.8% 95.9% 95.5% 95.5% 95.7% 96.6%

NLA leased but not paying rent 716 642 615 711 855 871 542 466

Annualized rental impact $17.00 $15.00 $15.00 $15.00 $18.00 $18.00 $12.00 $11.00

Retention rate - Canada (i) 91.1% 95.9% 68.3% 94.3% 84.8% 89.9% 91.2% 90.5%

% increase in average net rent per sq ft - Canada 11.2% 12.0% 13.4% 18.4% 12.9% 13.4% 10.0% 14.5%

Retention rate - US 98.4% 92.0% 98.8% 87.6% 96.3% 84.2% 83.1% 95.7%

% increase in average net rent per sq ft - US 3.8% 4.3% 2.3% 5.1% 6.0% 7.3% 7.2% 8.9%

Average in place rent $16.07 $15.77 $15.77 $15.70 $15.85 $15.33 $15.37 $15.14

Same store growth (ii) - Canada 2.2% 0.6% 0.1% 0.2% 0.0% 1.5% 1.5% 1.9%

Same store growth (ii) - US 0.9% 1.4% 1.4% 1.9% -0.3% 1.3% -0.6% 1.3%

Financial Summary

24

(thousands of dollars) Three Months Ended September 30, 2013

2013 2012 Increase (decrease)

Same Store

Number of Properties 260 260 -

Committed Occupancy 96.7% 97.1% (0.4%)

Economic Occupancy 94.9% 95.0% (0.1%)

Net Operating Income

Same store1 $139,394 $136,336 2.2%

Land use intensification $1,760 $2,124 nm

Same properties2 $141,154 $138,460 1.9%

Acquisitions & Dispositions $12,076 $6,016 nm

Greenfield development $3,107 $2,713 15.3%

NOI before adjustments $156,337 $147,189 6.2%

Lease cancellation fees $902 $7,357 nm

Straight-lining of rents $1,032 $673 53.3%

NOI – At RioCan’s interest $158,271 $155,219 2.0%

“nm” – not meaningful. 1 Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods. 2 Same properties refer to those income properties that were owned by RioCan throughout both periods.

Net Operating Income Canadian Portfolio

Financial Summary

25

(thousands of dollars) Three Months ended Sept. 30,

2013 2012 Increase

(decrease)

Base rent – US$ $23,947 $23,766 0.8%

Property tax and operating cost recoveries – US$ 7,501 6,791 10.5%

Other – US$ 177 230 nm

Rental revenue – US$ 31,625 30,787 2.7%

Property operating costs – US$ 9,150 8,505 7.6%

Same store and same properties 12– US$ $22,475 $22,282 0.9%

Foreign currency translation adjustment 871 27 nm

Same store and same properties 12 – CDN$ 23,346 22,309 4.6%

Acquisitions 6,162 – nm

Dispositions - 987 nm

NOI before adjustments $29,508 $23,296 26.6%

Lease cancellation fee 49 – nm

Straight-lining of rents 499 674 nm

NOI – At RioCan’s interest $30,056 $23,970 25.4%

Overall US Occupancy was 97.4% as September 30, 2013. “nm” – not meaningful. 1 Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods. 2 Same properties refer to those income properties that were owned by RioCan throughout both periods..

Net Operating Income US Portfolio

Conservative Debt Profile

• Debt‐to‐Total Assets of 44.7% at September 30, 2013;

• Total operating lines $429 million with approximately $222 million available at September 30, 2013

• Subsequent to the quarter end, RioCan increased one of its credit facilities by $60 million and is currently in negotiations to increase another existing operating facility to provide additional flexibility. The additional facilities are expected to be available to RioCan in the fourth quarter of 2013.

• Unencumbered pool has a fair value of $2.0 billion

• Floating rate debt 9.2% of aggregate debt

• Strong coverage ratios in Q3 2013 • EBITDA interest coverage of 3.13x

• Debt service coverage of 2.27x and

• Fixed charge coverage of 1.10x

26 * At RioCan’s interest

RioCan Capital Structure

34.8%

11.1% 2.0%

52.1%

0%

25%

50%

75%

100%

Book Value*

Common Units - 303 million units outstanding, $7.4 billion market capitalization

Preferred Units - $274 million market capitalization

Debentures - $1.4 billion

Mortgages & Lines of Credit - $4.5 billion

27

34.1%

10.8% 2.1%

53.0%

0%

25%

50%

75%

100%

Market Value

Total Assets – $13.4 Billion Total Enterprise Value* – $13.6 Billion


Conservative Debt Structure Growth in Asset vs Debt

28

Modest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even through periods of considerable growth

• 60% max permitted under covenant

• Interest coverage well in excess of the 1.65x maintenance covenant

47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 46.4% 43.5% 44.7%

2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x

2.7x 2.6x

2.2x 2.5x 2.5x

2.7x

3.1x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q3 2013

Leverage Interest Coverage

29 * At RioCan’s interest

Debt Maturity Schedule

30

• Long‐term, staggered debt maturity profile.

• 4.3% Overall WAIR and 4.7 Year weighted avg. term to maturity at RioCan’s interest.

• Low floating rate debt exposure (9.2% of total debt) at RioCan’s interest.

• 2013 – includes RioCan’s Operating Line of $93 million. Excluding amounts drawn on operating lines RioCan has $32 million of principal maturities for the remainder of 2013 with an average interest rate of 6.0%.

2.5%

4.1% 4.6% 4.7%

3.8% 4.4%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

0

500

1,000

1,500

2,000

2,500

3,000

2013 2014 2015 2016 2017 Thereafter

Scheduled principal amortization

Mortgages payable$ Millions

Weigh

ted A

vg. Interest R

ate on

Matu

ring D

ebt

148

579 781 878 1,095

2,505

Leverage and Coverage Ratios & Targets

31

3 Months Rolling 12 Months

Targeted Ratios

Sept. 30/13 5

Sept. 30/13

Sept. 30/13

Dec. 31/12

Interest coverage ratio1 >2.75x 3.13x 2.88x 2.83x 2.69x

Debt service coverage ratio2 >2.25x 2.27 2.14 2.09 1.98

Fixed charge coverage ratio3 >1.1x 1.10 1.07 1.07 1.04

Net operating debt to adjusted operating EBITDA ratio4 <6.5x 7.51 7.51 7.32 7.09

Unencumbered Assets ($millions) $2,018 $1,353

Unsecured Debentures ($millions) $1,453 $1,299

Unencumbered Assets to Unsecured Debt

>130% 139% 104%

(1) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized). (2) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized). (3) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders. (4) Net operating debt to Adjusted Operating EBITDA is defined as: the average debt outstanding (net of cash) for the period less debt related to property under development divided by Adjusted EBITDA excluding amounts related to property under development (5) Adjusted to exclude interest capitalized.


Growth Strategy

Future Growth Drivers

33

Future Growth

Drivers

Institutional

Relationships

Organic

Growth

Acquisitions

Development

Pipeline

Land Use

Intensification

Organic Growth

Canadian Portfolio

34

Lease Expires

(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017

Total 40,003 1,277 3,771 4,167 4,889 3,874

Square Feet expiring/portfolio NLA 3.2% 9.4% 10.4% 12.2% 9.7%

Total average net rent psf $16.53 $18.16 $16.92 $16.61 $16.78 $18.44

Ability to add growth through rental renewals with 45% of leases renewing over next five years. • In Q3 2013 achieved renewal rent increases of 11% or $2.08 psf with an average renewal rate of $20.66. • Retention rate of 91.1%.

$12

$13

$14

$15

$16

$17

$18

$19

$20

0

1,000

2,000

3,000

4,000

5,000

6,000

2008 2009 2010 2011 2012 2013ytd 2013 2014 2015 2016 2017

RioCan Lease Maturity Schedule and Renewal History

Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF

35

Leasing of the Zellers stores not taken by Target should, in aggregate provide an opportunity for RioCan to generate additional rental income going forward, as the lease income previously generated by Zellers was considerably below current market rental rates. • RioCan has nine locations leased by Zellers that were not selected by Target comprising approximately 727,000 square feet

(640,000 square feet at RioCan’s interest) contributing $6.6 million of annual gross revenue ($6 million at RioCan’s interest). • Average base rent on this space of $5.28 per square foot contributing $6.6 million of annual gross revenue ($6 million at

RioCan’s interest). • RioCan received a lease termination fee on these five remaining Zellers locations of $9.3 million.

To date, of the vacant space that arose due to lease buyouts excluding Zellers in 2012, 212,000 square feet (165,000 square feet at RioCan’s interest) have been re-leased at an average net rent of $17.48 per square foot ($15.70 per square foot at RioCan’s interest). RioCan has negotiated firm leases and conditional LOI’s for 360,000 square feet or 56% of the former Zeller’s space (at RioCan’s ownership interest) accounting for $5.6MM of gross revenue or 96% of the gross rent formerly paid by Zellers (at RioCan’s ownership interest). The average base rent on this re-leased space is $10.39 per square foot compared to the $5.28 per square foot formerly received from Zellers representing a 97% increase. Given the significant amount of work required to redevelop and reposition the properties, RioCan estimates that the construction and tenant fixturing period will average approximately one year.

Zellers update

Organic Growth

U.S. Portfolio

36

Lease Expires

(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017

Total 9,204 129 553 495 457 654

Square Feet expiring/portfolio NLA 1.4% 6.0% 5.4% 5.0% 7.1%

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 2017

Leases Expiring Total Portfolio Cumulative

Square Feet expiring/portfolio NLA

Ability to add growth through rental renewals with 25% of leases renewing over next five years.

• In Q3 2013 achieved renewal rent increases of 5.9% or $1.03 psf with an average renewal rental rate of $18.46 • Maintained a retention rate of 98.4%

Acquisitions

37

2010 2011 2012 2013 YTD

$986

$1,100

$926

$783

Annual Acquisitions – Canada & US Purchase price at RioCan’s interest (millions)

Total

$3.8 Billion

Acquisitions

Track Record – Acquisitions 2011 – Q3 2013

38

Location Cap Rate RioCan’s Purchase Price

(millions)

Canada 6.4% 506

United States 6.9% 567

2011 Acquisitions 6.6% $1,073

Canada 5.7% 543


2012 Acquisitions 6.1% $926

Canada 5.2% 511


First nine months 2013 5.4% $576

Grand Total 2011-Q3 2013 6.2% $2,575

Dissolution of JV with Retail Properties of America, Inc.

(“RPAI”) and Dunhill Partners

Transaction Highlights - RPAI

• RioCan and RPAI have dissolved their joint venture arrangement formed in 2010;

• RioCan acquired a 100% interest in eight high quality retail assets in Texas, including the dominant power centres in Austin and San Antonio. The portfolio includes four Target shadow anchored centres in Austin, San Antonio and Temple, as well as four exceptional grocery anchored or shadow anchored centres in Houston and Dallas.

• The gross purchase price for the 8 properties was $96.6 million, representing a capitalization rate of 6.9%. Under the terms, RioCan assumed RPAI’s share of the current in place mortgage financing of $41.8 million, which carries an average interest rate of 3.7% and has an average term to maturity of 2.9 years. The purchase price for the 8 properties net of financing and mark to market adjustment on debt was $53.7 million.

• RPAI acquired from RioCan its 80% ownership in five assets at a gross purchase price of $102.8 million ($45.6 million net of financing and mark to market adjustment on debt) to increase RPAI’s ownership interest to 100% in these five properties.

40

Transaction Highlights - RPAI

41

High quality assets with a focus towards grocery anchored centres

Transaction Highlights - RPAI Assets Acquired

42

Property Name Location NLA Occupancy Major Tenants

1890 Ranch Austin 486,896 90.5% Super Target (shadow), Ross Dress for Less, Beall’s, PetSmart

Alamo Ranch San Antonio

465,371 89.4% Super Target (shadow), Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Michaels

Bear Creek Shopping Center Houston 87,912 98.8% HEB

Bird Creek Crossing Temple 124,941 100.0% Target (Shadow), Home Depot (Shadow), PetSmart, Michaels, Office Max

Great Southwest Crossing Dallas 92,270 100.0% Sam’s Club (shadow), Kroger (Shadow), PetSmart, Office Depot

Riverpark Phase I,II Houston 253,011 95.9% HEB, LA Fitness, Dollar Tree

Southpark Meadows Austin 921,141 97.0% Walmart (ground lease), Super Target (Shadow), Bed Bath & Beyond, Marshalls, Ross Dress for Less, Sports Authority

Suntree Square Dallas 99,269 94.2% Tom Thumb (Safeway),

TOTAL / W.A. 2,530,811 94.4%

Transaction Highlights - Dunhill

Dunhill Partners Inc. (Dunhill)

• RioCan has dissolved its joint venture agreement with Dunhill. Under the terms of the dissolution, RioCan acquired its partner’s interests in six properties for a total purchase price of US$83.5 million, which equates to a capitalization rate of 6.4%. The six properties are; Arbor Park, Las Colinas Village, Las Palmas Marketplace, Lincoln Square, Louetta Central and Timber Creek Crossing.

• Under the terms of the transaction, RioCan assumed Dunhill’s share of the existing in place mortgage financing on the six properties aggregating to approximately US$42 million, which carries an average interest rate of 4.97% and has an average term to maturity of 8.2 years.

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Transaction Highlights - Dunhill Assets Acquired

44

Property Name Dunhill’s interest

Location NLA Occupancy Major Tenants

Arbor Park 15% San Antonio 139,718 98.5% Ross Dress for Less, Office Max, Michaels

Las Colinas Village 15% Irving (Dallas)

104,741 100% Staples

Las Palmas Marketplace 36.6% El Paso 637,272 98.2% Lowe’s, Kohl’s, Bed Bath & Beyond, Ross Dress for Less

Lincoln Square 18.12% Arlington (Dallas)

471,597 91.9% Best Buy, Ross Dress for Less, Stein Mart, Michaels

Louetta Central 15% Houston 179,995 100% Walmart (shadow), Kohl’s, Ross Dress for Less, Michaels,

Timber Creek Crossing 20% Dallas 470,057 98.5% Walmart, JC Penny

TOTAL / W.A. 2,003,380 97.1%

RioCan Cedar Dissolution Transaction Highlights

• In October 2012, RioCan and Cedar Realty Trust entered into an agreement to dissolve their joint venture formed in late 2009.

• RioCan acquired Cedar’s 20% interest in 21 properties to increase its ownership to 100% and Cedar has acquired from RioCan an 80% interest in Franklin Village to increase its ownership to 100% in the property.

• The gross purchase price for the 21 properties was $120 million, representing a capitalization rate of 6.5%. Under the terms, RioCan assumed Cedar’s share of the in place mortgage financing of $54.4 million, which carried an average interest rate of 5.2% and had an average term to maturity of 5.2 years. The purchase price for the 21 properties net of financing and mark to market adjustment on debt was $64.4 million.

• RioCan sold its 80% ownership in Franklin Village at a gross purchase price of $60.1 million ($25.4 million net of financing).

• Net cash investment by RioCan of approximately $39 million.

• In February 2013, RioCan sold its entire position of 9.4 million shares of Cedar for $48 million.

• In January 2013, RioCan opened a regional office in Mount Laurel, New Jersey and effective February 1, 2013 RioCan assumed property and asset management functions for its Northeast portfolio.

45 Figures in US dollars

Recent Enclosed Mall Acquisitions

46

Burlington Mall, Burlington, Ontario Oakville Place, Oakville, Ontario Georgian Mall, Barrie, Ontario

Recent Enclosed Mall Acquisitions Impact on Property Type Mix

47

RioCan plans to actively increase its presence in two sectors; enclosed regional malls and urban retail centers, as a means of leveraging its retail tenant base across the US and Canada. The 2012 purchase of Georgian Mall along with the acquisitions of Oakville Place and a 50% interest in Burlington Mall in April 2013, and the redevelopment and development of certain retail centers such as Yonge Eglinton Center, Sheppard Center, Lawrence Square, Shoppers World Brampton and the Globe and Mail lands complement RioCan’s strategic goals to increase its presence in regional malls and urban retail centres. RioCan considers these sectors to have strong growth and value creation potential. There are additional opportunities for organic growth within the acquired shopping centres, which RioCan believes it can realize with its deep infrastructure and management strength.

Office, 4.3%

Urban Retail, 8.6%

Enclosed Shopping

Centre, 15.1%

Non-Grocery Anchor, 5.0%

Grocery Anchored

Centre, 18.3%

New Format Retail, 48.7%

As at March 31, 2013 Office, 5.0%

Urban Retail, 8.2%

Enclosed Shopping

Centre, 18.2%

Non-Grocery Anchor, 5.0%

Grocery Anchored

Centre, 18.7%

New Format Retail, 44.9%

September 30, 2013

Enclosed Mall Acquisitions

• RioCan completed the purchase of a 50% interest in Burlington Mall in Burlington, Ontario, and a 100% interest in Oakville Place in Oakville, Ontario. – The gross purchase price for these two properties was approximately $362 million (at RioCan’s interest) at a cap rate of approximately 5.0%.

In connection with the purchase, RioCan assumed, at its interest, the in place mortgage financing of approximately $165 million. The purchase price was reduced by a mark-to-market adjustment on closing in consideration of the debt’s above market interest rate, which was $9.8 million.

• Extends RioCan’s retail reach to develop deeper relationships with fashion tenants and could create additional opportunities at RioCan’s urban properties and Outlet Centres.

• RioCan also acquired a third asset, South Cambridge Centre from H&R REIT at a purchase price of $35 million at a cap rate of approximately 6.7%.

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Burlington Mall, Burlington, Ontario Oakville Place, Oakville, Ontario

Enclosed Mall Acquisitions Georgian Mall

• In Q3 2012, RioCan purchased Georgian Mall in Barrie, Ontario for $318 million at a 5.4% cap rate

• Obtained first mortgage financing of $185 million at a 3.1% interest rate

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• RioCan’s largest single acquisition by dollar amount • A dominant regional mall in a quickly growing market with solid

demographics

Extracting Value by Recycling Capital

• RioCan had dispositions of $16 million during the quarter and dispositions of $422 million during the year through November 18, 2013.

• RioCan has two property dispositions in Canada under firm contract where conditions have been waived pursuant to a purchase and sale agreement at a sale price of $194 million. These properties carry $92 million of in place mortgage debt that will be assumed by the purchaser. These sales are expected to be completed before year end.

• RioCan is also in the process of marketing for sale two other properties in Canada. One of the properties is under conditional contract for a sales price of $47 million. This property has associated debt of $7 million.

• Current asset sales plan involves selling centres in lower growth and secondary markets;

• These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high growth markets;

– RioCan’s concentration in Canada’s six high growth markets exceeds 70% (Year end 2012 68%)

– Capital from asset sales redeployed into enclosed mall acquisitions and development activities.

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RioCan’s plan to recycle capital into higher growth assets will provide for enhanced returns to unitholders and a reduced need for access to public equity markets to raise capital.

Extracting Value by Recycling Capital Growth in Canada’s 6 Major Markets

RioCan’s program of recycling capital is to shift the portfolio’s geographic allocation away from low growth markets into Canada’s six high growth major markets.

Markets with highest population growth will outperform smaller markets with little growth or negative populations statistics.

2008 2012 30-Jun-13

65.9% 67.5%

72.2%

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Development Activity Development Pipeline

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RioCan’s development program consists of 15 projects that are expected to add 11.7 million square feet (5.8 million square feet at RioCan’s interest) over the next seven years. • 0.8 million square feet is already

income producing

• Key component of RioCan’s organic growth strategy

• Focused on well located urban and suburban developments in Canada’s six major markets

* Subject to preleasing and market conditions

RioCan’s development portfolio is expected to add considerable value to the overall investment property portfolio over the next 3-5 years. These assets are expected to generate higher yields than what can currently be achieved in the acquisition market.

-

200

400

600

800

1,000

1,200

2013 2014 2015 2016 2017 2018 2019

Pip

elin

e N

LA (

00

0's

Sq

. Ft.

)

Committed Non-committed

Development Activity - Current Portfolio

63% 33%

4%

Property Type as a % of Development Portfolio

Power Centre Main Street/Urban Oultet Centre

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Alberta 21%

New Brunswick 4%

Ottawa 9%*

Suburban GTA 24%*

Toronto 33%*

Other Ontario 9%*

Ontario 81%

Development Portfolio by Geographic Diversification

* % of total portfolio

Development Activity

At September 30, 2013

Total developments comprise 11.7 million square feet, including shadow anchors (7.2 million square feet included in Greenfield developments and 3.1 million square feet of Urban intensification projects).

• RioCan’s interest consists of 3.3 million square feet of Greenfield development and 1.5 million square feet of Urban intensification projects.

• Total estimated development spending of $55.1 million for the balance of 2013 on Greenfield and Urban intensification activities. Overall development spending in the next five to seven years will range from $100 million to $150 million per year.

• RioCan’s committed active development pipeline totals approximately $308 million, with an additional $181 million of Non-committed development costs projected.

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.0% to 9.0%.

• Recent Urban Development acquisitions include Yonge & Eglinton Northeast corner, Bathurst & College, and 740 Dupont in the GTA and Herongate Mall in Ottawa, ON.

• In July 2012, RioCan formed a JV with Allied Property REIT to develop sites in major markets across Canada.

• RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement and have acquired two parcels which comprise the Globe and Mail site in downtown Toronto.

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Development Pipeline Greenfield developments through in‐house capabilities and with partners, such as Trinity, Allied Properties, KingSett Capital, and Canada Pension Plan Investment Board (CPPIB)


In millions of square feet NLA – 100%

NLA – RioCan%

Income producing (i)

2013 2014 2015 2016+

Greenfield Development 7.2 3.3 0.8 - 0.6 0.6 1.3

Urban Intensification 3.1 1.5 0.1 - - 0.1 1.3

10.3 4.8 0.9 - 0.6 0.7 2.6

Expansion & Redevelopment 1.4 1.0 - 0.1 0.4 0.4 0.1

Total 11.7 5.8 0.9 0.1 1.0 1.1 2.7

(i) – Phases of the development that are currently income producing.

Estimated NLA Summary by Development Category

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PUD Balance: Active

Committed Non-Committed Non-active Total

Greenfield Development $214 $56 - $270

Urban Intensification 23 100 - 123

Expansion and Redevelopment 71 25 - 96

Excess Density - - 41 41

Other (i) - - 11 11

Total $308 $181 $52 $541

Greenfield Development: vacant land located in suburban markets. Urban Intensification: development or redevelopment projects located in urban markets. Expansion and Redevelopment: projects that will improve the property through demolition, renovation and/or the addition of density. Excess Density: leasable area identified and available for future development if and when the market demand exists. Active Committed: a property where the pro forma budget has been approved, all major planning issues have been resolved, tenants have been secured and construction is about to start or has started. Active Non – committed: a property where the development team is creating the pro forma budget, all planning issues are being resolved, the leasing team is in the process of securing tenants, but construction has not started. Non – active: a property that has future development potential.

Properties Under Development at September 30, 2013

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In millions 2013 2014 2015 Future Development

Total

Greenfield Development $23.6 $53.0 $10.7 $273.9 $361.2

Urban Intensification 1.6 4.9 18.8 407.8 433.1

Expansion & Redevelopment 29.9 75.6 75.3 - 180.8

Total Construction Expenditures 55.1 133.5 104.8 681.7 975.1

Construction Financing (i) (1.8) (8.9) (3.5) (497.2) (511.4)

Mezzanine Financing 6.3 3.9 0.2 46.8 57.2

Total RioCan Financing $59.6 $128.5 $101.5 $231.3 $520.9

(i) - Construction financing relates to greenfield Development and Urban Intensification activities

Estimated Spending Summary by Development Category

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Development Pipeline

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• RioCan, Allied Properties and Diamond Corp announced in November 2012 that they had entered into a joint venture arrangement to acquire the Globe and Mail site in downtown Toronto. In April 2013, the partners also purchased an adjacent parcel.

• Acquired at a purchase price of $136 million (at 100%). Second parcel (highlighted in red) acquired at a purchase price of $37 million (at 100%).

• Project is expected to be mixed use retail, office and residential.

• The joint venture will be structured on a 40/40/20 basis between RioCan, Allied and Diamond. RioCan and Allied would act as joint development and construction managers. Upon completion of any projects RioCan would act as property manager for any retail portion of the property and Allied would act as property manager for any office portion

RioCan & Allied Properties REIT Joint Venture

Downtown West

Source: RBC


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Downtown West – Potential Layout and Vision

Cabot Circus – Bristol, UK

Liverpool One - Liverpool, UK Current vision for the site includes mix use of office retail and residential uses with inspiration drawn from other open air mixed retail properties in Europe.


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• RioCan and Allied Properties announced in July 2012 that they had entered into a joint venture arrangement to acquire sites in the urban areas of major Canadian cities that are suitable for mixed use intensification

• The joint venture is structured on a 50/50 basis between RioCan and Allied. RioCan and Allied would act as joint development and construction managers. Upon completion of any projects RioCan would act as property manager for any retail portion of the property and Allied would act as property manager for any office portion

• First two sites to be developed are:

– College and Manning which will be developed into a mixed use complex with approx. 125,000 square feet and

– King and Portland which will be developed into a mixed use complex with approx. 400,000 square feet in Toronto, Ontario.


King Street

College and Manning


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Target will open 24 locations in RioCan’s portfolio

• First 16 have opened year to date

• Four additional stores to open in the fourth quarter of 2013

• Target will be the anchor tenant at RioCan’s St Clair and Weston road project Stockyards

• Canada’s first purpose built Target location opening spring 2014

• RioCan will continue to upgrade existing shopping centre infrastructure and aesthetics related to shopping centres where Target will have tenancy. This will include roof replacement, paving, sidewalk and curb replacement, entrance improvements, landscaping improvements, signage and upgrades to interior common areas and washrooms.


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St. Clair & Weston, Toronto 555,000 sqf. two storey retail – Projected Completion 2014

Anchor Tenant - Target

Development Partners: Trinity and Canada Pension Plan Investment Board (“CPPIB”)


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Sage Hill, Calgary

• Sage Hill Crossing, a 34 acre greenfield development site in Northwest Calgary.

• RioCan will own the development on a 50/50 basis with KingSett Capital.

• RioCan acquired the site at a purchase price of $32 million ($16 million at RioCan’s interest).

• Development commenced in 2013.

• Once completed, the anticipated gross leasable area is 386,000 square feet of retail use.

• The property is 70% preleased with Walmart and Loblaws slated to be the anchor tenants.

• Other major tenants include, RBC, Scotiabank, McDonalds, Liquor Depot and London Drugs. The property is expected to be completed in 2016.


• 2.8 acre site located in the East Village area of downtown Calgary, Alberta.

• The site was acquired on a 50/50 joint venture basis with KingSett Capital at a purchase price of $20 million.

• The joint venture is contemplating the development of 316,000 square feet of mixed use retail and office space.

• Development is anticipated to commence in the spring of 2014.

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Calgary East Village

Canadian Outlet Centre Development

• In 2011, RioCan entered into an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centres similar in concept and design to those within the existing Tanger U.S. portfolio.

• In December 2011, RioCan and Tanger acquired the Cookstown Outlet Mall, located about 45 minutes north of Toronto. A 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space, which broke ground during the second quarter of 2013.

• In November 2012, RioCan and Tanger acquired two sites in the Montreal area, Les Factoreries Saint-Sauveur, and Le Carrefour Champetre (Bromont Outlet Centre). The Montreal sites are existing centres which will be expanded and re-branded as Tanger Outlet Centers.

• The joint venture currently has a 52.5 acre site in Kanata, Ontario, which broke ground during the second quarter 2013.

• Currently have a site under contract in the Calgary market.

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• 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space

• Ground breaking ceremonies on expansion were held in Q2 2013.

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Cookstown Outlet Mall Purchased in December 2011 with Tanger Factory Outlet Centers.


• 52.5 acre site, approximately 20 kilometres west of Ottawa

• To be developed into a 347,000 square foot outlet centre

• Ground breaking ceremonies on expansion were held in Q2 2013.

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West Kanata Lands

On April 23, 2013 RioCan and Tanger purchased the West Kanata Lands

Development Pipeline Tanger Opportunities


• Well established outlet centre in suburban Montreal

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Les Factoreries, St-Sauveur Tanger Outlet Centre

Development Pipeline Tanger Opportunities


• Established outlet centre located 85kms east of Montreal, near the eastern townships

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Bromont Tanger Outlet Centre – Bromont, Quebec

Land Use Intensification and Urban Development

• Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban locations, driven by:

– Prohibitive costs of expanding infrastructure beyond urban boundaries

– Environmental concerns

– Maximizing use of mass transit

– Generate high yields as land is already owned

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“Densifying” existing urban locations

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Yonge Eglinton Centre - Toronto, Ontario

• RioCan acquired the property for $223 million launched revitalization and expansion plan to capitalize on area’s residential intensification significant increases in NOI and occupancy

Creating New Cash Flow Sources

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RioCan Yonge Eglinton Centre –The Cube

Location: Toronto, Ontario

Intersection: Yonge & Eglinton

Total Proposed GLA: 45,000 square feet

Design Concept: Urban Retail

Construction Start: Q2 2013

Expected Completion: Spring 2015

Today Proposed


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The Sheppard Centre, Toronto Location: Toronto, Ontario

Intersection: Yonge & Sheppard



Expected Construction Start: Late 2014

Anticipated Completion: 2016

Today

• Plans include substantial renovation of retail space including a new four storey retail addition fronting Sheppard Avenue.

• When complete will add approximately 110,000 square feet of new retail space.

• Plans also contemplate the addition of a new 39 storey residential tower containing 290,000 square feet.

• Fast growing area of North Toronto

• Conditional agreements in place with: • Longo’s • Goodlife Fitness

Proposed


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Intersection: Yonge & Eglinton




NE Yonge Eglinton - Toronto, Ontario

• 1.1 acre site has been approved for redevelopment by the city of Toronto with a 58 storey tower at corner of Yonge and Eglinton and a 36 storey tower fronting Roehampton Avenue (first street north of Eglinton).

• Condominium portion of the project is 90% pre-sold by dollar value.

• North tower to be developed as rental residential. Current plans are for 208 unit residential apartment building.


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Intersection: 740 Dupont Street




740 Dupont - Toronto, Ontario


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420 Bathurst Street, Toronto


Intersection: Bathurst & Dundas




Urban Intensification

• Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto

• The site benefits from excellent demographics and is a probable location for a stop along the proposed Eglinton subway line

• The property is an excellent location for a redevelopment project similar to what has been accomplished at 1717 Avenue Road

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RioCan has a number of Urban Intensification opportunities in the GTA market

Sunnybrook Plaza, Toronto, ON

Queensway Cineplex, Toronto, ON

• Located in Western Toronto at the corner of The Queensway and Islington Avenue with access to the Queen Elizabeth Way (QEW)

• The Currently anchored by Cineplex, which will be expanded to include VIP screens. This centre is an ideal property for additional density and potential redevelopment into a mixed‐use facility, in keeping with the trend of urban intensification

Urban Intensification – Completed Projects

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen


Design Concept: Mixed‐use facility Construction Completed: 2011

Urban Intensification – Completed Projects

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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road


Design Concept: Mixed‐use facility Construction Completed: 2011

Strong Institutional Relationships

• Through the years RioCan has developed strong institutional relationships

• Leverage RioCan’s capital to enhance returns and increase scale of investments

• Generate additional revenue streams through property and asset management fees

• RioCan recently entered into a Joint Venture arrangement with KingSett Capital when it acquired the Sheppard Centre

– RioCan manages the property, acts as leasing manager for the property and will be the development manager in connection with any redevelopment of the property.

– Currently partnered with KingSett on the acquisition of the Sage Hill development site.

– Currently partnered with KingSett on the acquisition of Burlington Mall as part of the Primaris acquisition

• RioCan has also developed a strong relationship with Allied properties

– RioCan has partnered with Allied on the urban development sites of King & Portland and College street in Toronto.

– RioCan, Allied, and Diamond Corp. have entered into a joint venture to develop the Globe and Mail lands at Front Street and Spadina in downtown Toronto.

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• RioCan REIT and Kimco Realty Corporation, a U.S. REIT listed on the NYSE which also focuses on the ownership of shopping centres, each have a 50% interest in RioKim joint venture.

• Invested over $1.2 billion in 45 properties since 2001 comprising over 9.3 million sq. ft. of GLA including a 10 property portfolio in central and eastern Canada purchased in September 2008.

• RioCan provides asset and property management, development and leasing services to RioKim in Canada.

• RioCan recently acquired an 80% interest in Montgomery Plaza in Fort Worth, Texas from Kimco, who remains a 20% owner in the property and provides property management and leasing services.

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RioKim Joint Venture Brentwood Village

Tillicum Centre


• In October 2004, RioCan REIT and CPPIB announced an agreement to acquire premier regional power centres in Canada on a 50/50 basis as a core, long‐term holding strategy

• Today, RioCan and CPPIB are partners in over 1.3 million sq. ft. of completed regional power centres and approximately 3.0 million sq. ft. of planned development projects

• RioCan provides property and asset management, leasing, development and construction management services for the co‐ownership

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CPPIB Joint Venture RioCan Centre Burloak ‐ Before

RioCan Centre Burloak ‐ After


• Acquired in December 2009 on a 50‐50 basis

• Unique asset located in the Greater Vancouver Area market of Surrey

• Diverse and strong tenant mix

• 529,827 sq. ft. anchored by a 217,278 sq. ft. Walmart

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CPPIB Strategic Alliance Grandview Corners

• RioCan completed the rezoning for its St. Clair and Weston Road development with Trinity and Canada Pension Plan Investment Board (“CPPIB”) in Toronto.

• Site work commenced in the fourth quarter of 2011. Expected completion in first half of 2014

St. Clair & Weston


• RioCan has successfully completed the rezoning requirements for its East Hills development with Trinity, CPPIB and the original vendor in Calgary, Alberta.

• The East Hills development consists of three phases. Phase I and III comprise approximately 111 acres and Phase II comprises approximately 37 acres.

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CPPIB Strategic Alliance East Hills

• Jacksonport, located at 36th Street NE and Country Hills Boulevard NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail centre with CPPIB and Trinity

• Upon completion, the development is expected to feature approximately 1.1 million square feet of retail space.

McCall Landing

RioCan Yonge Eglinton Centre

2300 Yonge Street, Suite 500

PO Box 2386

Toronto, Ontario

M4P 1E4

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