Investor Presentation Third Quarter...

DISCIPLINED GROWTH

Investor Presentation

Third Quarter 2012

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

338 retail properties in Canada & U.S.

80 million sqft total portfolio

$8.3 billion market cap

51 million sqft owned

$13.9 billion enterprise value

~86% revenue generated by national and anchor tenants

~7,350 tenancies

Investment Highlights

4

Strong, reliable distribution yield provided to investors

Stable, dominant, and geographically diversified portfolio of national retail tenants

Disciplined growth strategy in Canada and U.S.

Positioned to benefit from robust acquisition activity

Experienced, performance driven management team

Conservative balance sheet / financial strength and access to capital

QC

PA

VA

Property Portfolio

5

As at Sept. 30, 2012 at RioCan’s interest

CT

MA

BC

AB

ON QC

SA

MB

NB

NFLD

289 retail properties

44 million sqft

86.5% annualized rental revenue

TX

GTA

49 retail properties

7.3 million sqft

13.5% annualized rental revenue

Property Portfolio - Canada

6

As at Sept. 30, 2012

Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

6.2% 3.5%

3.8%

Annualized Rental Revenue by Major Market

37.2%

8.1%

8.6%

Major markets

combined, 67.4%

Rest of Canada, 32.6%

PA

VA

Property Portfolio – U.S.

7


RI CT

NH

MA

TX

Regional Market Strategy & Focus Annualized Rental Revenue by State

NY

MD

NJ

2.5%

7.9%

0.8%

2.3%

3.7%

0.9% 53.7%

3.0%

22.9% 2.3%

Strong Tenant Relationships

8

Strong Tenant Relationships Top 10 Canada & US Combined

9

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 4.3% 32 3,751 13.4

2 Canadian Tire Corporation (i) 4.3% 104 2,082 9.3

3 Famous Players/Cineplex/Galaxy Cinemas 3.8% 30 1,355 10.8

4 Metro/Super C/Loeb/Food Basics 3.7% 58 2,125 7.4

5 Winners/HomeSense/Marshalls 3.0% 72 1,624 6.9

6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 31 1,266 7.3

7 Staples/Business Depot 1.9% 50 1,000 6.8

8 Future Shop/Best Buy 1.8% 33 751 6.7

9 Target Corporation 1.8% 24 1,972 9.3

10 Shoppers Drug Mart 1.7% 45 527 9.6

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


Strong Tenant Relationships Top 10 Canada

10

Top 10

Tenant Name Annualized

Rental Revenue

Number Of Locations


000s)

Weighted Avg

Remaining Lease Term

(Yrs)

1 Canadian Tire Corporation (i) 4.9% 103 2,082 9.3

2 Walmart 4.7% 29 3,335 13.1

3 Famous Players/Cineplex/Galaxy Cinemas 4.3% 30 1,355 10.8

4 Metro/Super C/Loeb/Food Basics 4.3% 58 2,125 7.4

5 Winners/HomeSense/Marshalls 3.2% 66 1,485 6.9

6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.9% 31 1,266 7.3

7 Staples/Business Depot 2.2% 49 986 6.8

8 Target Corporation 2.1% 24 1,972 9.3

9 Shoppers Drug Mart 1.9% 45 527 9.6

10 Reitmans/Penningtons/Smart Set/Addition-Elle/ Thyme Maternity 1.7% 127 529 4.4

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


Strong Tenant Relationships Top 10 U.S.

11

Top 10 Tenant Name Annualized

Rental Revenue

Number Of Locations


000s)

Weighted Avg Remaining Lease Term

(Yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 12.0% 20 899 13.4

2 Best Buy 4.7% 9 284 7.9

3 PetSmart 3.3% 13 232 8.1

4 Ross Dress for Less 2.0% 8 181 5.9

5 Walmart 1.8% 3 416 16.9

6 Sports Authority 1.7% 3 109 7.2

7 Lowes 1.7% 3 294 15.6

8 Michael’s 1.7% 8 125 6.9

9 Bed Bath & Beyond 1.6% 8 153 7.6

10 Staples 1.6% 7 114 5.2


Lease Rollover Profile Broadly Distributed Lease Expiries

12

895

2,821

4,211 4,259 4,709

2012 2013 2014 2015 2016

114 298

616

364 278

2012 2013 2014 2015 2016

% Square Feet expiring / portfolio NLA

Canadian Portfolio As at Sept. 30, 2012

U.S. Portfolio As at Sept. 30, 2012

’000s Square Feet

’000s Square Feet

2.2% 7.0% 10.4% 10.6% 11.7%

1.6% 4.1%

8.4% 5.0% 3.8%

Occupancy since 1996 Historical Occupancy Rates 1996 to Q3 2012

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%

96.9%

97.4% 97.3%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2012Q2


Q1 Q3

Financial Highlights

Q3 2012


• RioCan’s Operating FFO increased by 19% to a record $115 million for the three months ending September 30, 2012, (“Third Quarter”) compared to $97 million in the third quarter of 2011. On a per unit basis, Operating FFO increased 8% to $0.40 per unit from $0.37 per unit in the same period of 2011;

• RioCan’s Operating FFO increased by 16% to $325 million for the nine months ended September 30, 2012 compared to $280 million for the same period in 2011. On a per unit basis, Operating FFO increased 6% to $1.13 per unit from $1.07 per unit for the same period in 2011;

• During the quarter, RioCan acquired Georgian Mall, a 604,600 square foot regional mall. The property features tenants such as The Bay, H&M, and Disney Store and was purchased for $318 million at a 5.5% capitalization rate. The acquisition was financed with a first mortgage in the amount of $185 million with an interest rate of 3.09% for a term of six years;

• RioCan renewed 2.9 million square feet in the Canadian portfolio during the nine months ended September 30, 2012 at an average rent increase of $1.96 per square foot, representing an increase of 12.0%, compared to 10.1% for the same period in 2011; and

• Subsequent to the quarter end, RioCan has dissolved its joint venture agreement with Cedar Realty Trust (“Cedar”) and acquired the remaining 20% interest in 21 properties previously owned jointly with Cedar. Concurrently, RioCan sold its 80% interest in Franklin Village, also previously owned with Cedar. RioCan expects to assume the property management activities in the first quarter of 2013.

• 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 at a purchase price of $136 million (at 100%).

15


(in millions of $ except per unit amounts)

Revenues

720 764 758

882

988

2007 2008 2009 2010 2011

Operating FFO*

315 324 276 329

380

2007 2008 2009 2010 2011

Operating FFO* Per Unit

1.29 1.32

1.22

1.33

1.43

2007 2008 2009 2010 2011

16

Years ended December 31st * Note: FFO reported under IFRS for 2010 & 2011, excludes trading gain income

Quarterly Financial Highlights


Revenues

213 220 216

234 237 237 246

267 274 269 283

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Operating FFO

78 83 85 83 90 93 97 100 103 106 115

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Operating FFO Per Unit

0.32

0.34 0.34 0.33

0.35 0.36

0.37 0.36

0.37 0.37

0.40

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

17


2010 2011 2012

2010 2011 2012

2010 2011 2012


(in millions of $)

427 452 466

551

622

2007 2008 2009 2010 2011

Net Operating Income Q1 2010 – Q3 2012

130 136 138 147 148 151 156

167 171 172 182

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Net Operating Income 2007 –2011

18


2010 2011 2012 3 Mos. Ended Sept. 30



Distributions to Unitholders

207 228 261 281 285

277 297

318 343

367

2007 2008 2009 2010 2011

0.99 1.04 1.13 1.14 1.07

1.3275 1.36 1.38 1.38 1.38

2007 2008 2009 2010 2011

Distributions to Unitholders per Unit

19 As at Sept. 30, 2012

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

Financial Summary

20

Three Months Ended Sept. 30, Nine Months Ended Sept. 30,

(in millions of $ except per unit amounts) 2012 2011 2012 2011

Total Revenues $283 $246 $826 $721

Operating FFO $115 $97 $325 $280

Operating FFO per Unit $0.40 $0.37 $1.13 $1.07

Distributions to unitholders $101 $91 $298 $272

Distributions to unitholders per Unit $0.345 $0.345 $1.035 $1.035

Distributions to unitholders net of distribution reinvestment plan (DRIP) $73 $70 $220 $211

Distributions to unitholders net of DRIP per Unit (last 12 mos.) $1.04 $1.08 $1.04 $1.08

Unit issue proceeds under distribution reinvestment plan $28 $21 $78 $61

Distribution reinvestment plan participation rate 27.2% 22.9% 26.0% 22.5%

As at Sept. 30, 2012 Sept. 30, 2012 Dec. 31, 2011 Sept. 30, 2011

Total assets $12,249 $10,767 $9,906

Debt (mortgages and debentures payable) $5,352 $5,034 $4,749

Debt to Total Assets 43.2% 46.4% 47.8%

Debt to total capitalization 38.5% 39.7% 40.0%

Interest coverage ratio* 2.98x** 2.60x 2.45x 2.42x

Debt service coverage ratio* 2.19x** 1.94x 1.86x 1.85x

Fixed charge coverage ratio* 1.10x** 1.02x 0.99x 0.99x

Net Operating debt to Adjusted Operating EBITDA* 6.98x** 7.07x 7.04x 6.97x

Market capitalization $8,262 $7,377 $7,010

Total capitalization (incl. Preferred Units) $13,899 $12,690 $11,887

Revenues

*Coverage figures calculated on a twelve month rolling basis ** Coverage figures calculated for the quarter ended

Financial Summary

21

(thousands of dollars)

As at Sept. 30, 2012 2012 2011 Increase

(decrease)

Net Operating Income

Same store1 $133,907 $133,901 0%

Land use intensification $551 $175 nm

Same properties2 $134,458 $134,076 1.1%

Acquisitions $8,740 - nm

Dispositions (1) (5) nm

Greenfield development $3,904 $2,715 43.8%

NOI before adjustments $147,101 $136,786 7.5%

Lease cancellation fees $7,357 $12 nm

Straight-lining of rents $673 $1,613 (58.3%)

NOI $155,131 $138,411 12.1%

“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 – Three months ended Sept. 30

Canadian Portfolio

Financial Summary

22

(thousands of dollars)

As at Sept. 30, 2012 2012 2011 Increase

(decrease)

Net Operating Income

Same store1 $398,739 $394,951 1.0%

Land use intensification $1,164 $599 nm

Same properties2 $399,903 $395,550 1.1%

Acquisitions $24,923 - nm

Dispositions $3 $1 nm

Greenfield development $11,187 $6,932 61.4%

NOI before adjustments $436,016 $402,483 8.3%

Lease cancellation fees $8,849 $754 nm

Straight-lining of rents $2,118 $5,650 (62.5%)

NOI $446,983 $408,887 9.3%

“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 – Nine months ended September 30

Canadian Portfolio

Financial Summary

23

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

2012 2011 Increase (decrease)

2012 2011 Increase (decrease)

Base rent – US$ $16,251 $16,193 0.4% $41,648 $41,450 0.5%

Property tax and operating cost recoveries – US$ $4,354 $4,089 6.5% $11,011 $11,126 (1.0%)

Other – US$ $186 $78 nm $277 $117 Nm

Rental revenue – US$ $20,791 $20,360 2.1% $52,936 $52,693 0.5%

Property operating costs – US$ $5,552 $5,075 9.4% $13,945 $13,744 1.5%

Same store and same properties 12– US$ $15,239 $15,285 (0.3%) $38,991 $38,949 0.1%

Foreign currency translation adjustment $20 ($338) nm $177 ($873) nm

Same store and same properties 12 – CDN$ $15,259 $14,947 2.1% $39,168 $38,076 2.9%

Acquisitions $8,037 $15 nm $28,310 $46 nm

NOI before adjustments $23,296 $14,962 55.7% $67,478 $38,122 77.0%

Straight-lining of rents $674 $438 nm $2,346 $1,332 Nm

NOI $23,970 $15,400 55.6% $69,824 $39,454 77.0%

“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 Q3 2012 US Portfolio

Conservative Debt Profile

• Debt‐to‐Total Assets of 43.2% at September 30, 2012;

• Total operating lines $429 million with approximately $404 million available at September 30, 2012

• Unencumbered pool has a fair value of $647 million

• Floating rate debt 5.9% of total debt

• Strong coverage ratios

• EBITDA interest coverage approaching 3x

• Debt service coverage in excess of 2.0x and

• Fixed charge coverage in excess of 1.0x

24

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% 43.2%

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

Leverage Interest Coverage

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

2.7x 2.6x

2.2x 2.5x 2.5x

25

Q3

3.0x

RioCan Capital Structure

36.7%

8.9% 2.3%

52.1%

0%

25%

50%

75%

100%

Book Value

Mortgages & Lines of Credit - $4.3 billion

Debentures - $1.0 billion

Preferred Units - $284 million market capitalization

Common Units - 298.6 million units outstanding

26

31.0%

7.6% 2.1%

59.3%

0%

25%

50%

75%

100%

Market Value

Total Assets – $12.2 Billion Total Enterprise Value – $13.9 Billion

Leverage and Coverage Ratios & Targets

27

3 Months Rolling 12 Months

Targeted Ratios Sept.

30/12 6

Sept. 30/12

Sept. 30/125

Sept. 30/12

Dec. 31/11

Interest coverage ratio1 >2.5x 2.98x 2.77 2.62 2.60 2.45

Debt service coverage ratio2 >2.0x 2.19 2.07 1.95 1.94 1.86

Fixed charge coverage ratio3 >1.1x 1.10 1.07 1.03 1.02 0.99

Net operating debt to adjusted operating EBITDA ratio4

<6.5x 6.98 6.98 7.07 7.07 7.04

(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 prepayment costs of $2.3 million related to the early repayment of secured debt. (6) Adjusted to exclude interest capitalized.

Growth Strategy

Future Growth Drivers

29

Future Growth

Drivers

Institutional

Relationships

Organic

Growth

Acquisitions

Development

Pipeline

Land Use

Intensification

Organic Growth Canadian Portfolio

30

Lease Expires

(thousands except psf and % amounts Portfolio NLA 2012 2013 2014 2015 2016

Total 40,360 895 2,821 4,211 4,259 4,709

Square Feet expiring/portfolio NLA 2.2% 7.0% 10.4% 10.6% 11.7%

Total average net rent psf $15.83 $19.28 $17.42 $16.01 $15.88 $16.48

Ability to add growth through rental renewals with 42% of leases renewing over next five years. • In Q3 2012 achieved renewal rent increases of 12.9% or $2.32 psf with an average renewal rate of $20.25 ($18.25 ytd) • Retention rate of 84.8% (88.8% ytd)

$12

$13

$14

$15

$16

$17

$18

$19

$20

0

700

1,400

2,100

2,800

3,500

4,200

4,900

2008 2009 2010 2011 2012 - 1st 9 mos. 2012 remain 2013 2014 2015 2016

Re

nt

PSF

Squ

are

Fe

et

(‘0

00

s)

RioCan Lease Maturity Schedule and Renewal History

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

Organic Growth U.S. Portfolio

31

Lease Expires

(thousands except psf and % amounts Portfolio NLA 2012 2013 2014 2015 2016

Total 7,321 114 298 616 364 278

Square Feet expiring/portfolio NLA 1.6% 4.1% 8.4% 5.0% 3.8%

Total average net rent psf $15.96 $21.12 $19.52 $14.99 $17.71 $20.67

0%

50%

100%

2012 2013 2014 2015 2016

Leases Expiring Total Portfolio Cumulative

Square Feet expiring/portfolio NLA

Ability to add growth through rental renewals with 23% of leases renewing over next five years. • In Q3 2012 achieved renewal rent increases of 6.0% or $1.21 psf with an average renewal rental rate of $21.33 ($16.68 ytd) • Maintained a retention rate of 96.3% (85.8% ytd)

Debt Maturity Schedule

• Long‐term, staggered debt maturity profile

• 4.8% Overall WAIR and 4.6 Year weighted avg. term to maturity

• Low floating rate debt exposure (5.9% of total debt)

• Mortgage financings currently 3.0% to 4.0% (dependent on term)

• In April 2012, RioCan made an early repayment of $90.3 million originally due in 2015, which carried an interest rate of 5.91% without yield maintenance penalties

32

5.76% 5.59%

4.78%

4.75% 4.72%

4.14%

4.95%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

7.00%

0

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015 2016 2017 Thereafter

Scheduled principal amortization Mortgages payable

Debentures payable Weighted average interest rate$ Millions

Weigh

ted A

vg. Interest R

ate on

Matu

ring D

ebt

110

638 477

981 852 872

1,431

Acquisitions Track Record – Acquisitions 2010 – Q3 2012

33

Location Cap Rate RioCan’s Purchase Price (millions)

Canada 7.3% 432

United States 7.9% 554

2010 Acquisitions 7.6% $986

Canada 6.4% 506


2011 Acquisitions 6.6% $1,073

Canada 5.7% 445


2012 First Nine Months Acquisitions 6.0% $548

RioCan Cedar Dissolution - Transaction Highlights

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

• RioCan has acquired from Cedar a 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 is $120 million, representing a capitalization rate of 6.5%. Under the terms, RioCan assumed Cedar’s share of the currently in place mortgage financing of $54.4 million, which carries an average interest rate of 5.2% and has 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.

• Cedar will continue to provide property management services for a period of up to one year, which may be terminated on 90 days notice. RioCan has delivered notice that it will terminate its property management agreement with Cedar.

• RioCan continues to hold its position of 9.4 million shares of Cedar, however has relinquished its right to a seat on Cedar’s Board of Directors.

34 Figures in US dollars

RioCan Cedar Dissolution A successful history

35

Portfolio Acquisition @ 100% @ RioCan’s interest

June 30, 2012 IFRS Value of the 21 properties where RioCan acquired an additional 20% $596.9 million $477.5 million

Original purchase price of the 21 properties where RioCan acquired an additional 20% $485.6 million $388.4 million

IFRS Value increase since acquisition $111.3 million $89.1 million

Return 22.9%

Franklin Village - Disposition @100% @ RioCan’s interest

Sale price of Franklin Village $75.1 million $60.1 million

Original purchase price for Franklin Village $54.1 million $43.3 million

Gain on sale $21.0 million $16.8 million

Return 38.7%

Recent Acquisitions - Georgian Mall

• In July 2012, RioCan announced that agreed to purchase Georgian Mall in Barrie, Ontario for $318 million at a 5.5% cap rate

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

36

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

demographics • 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.

Recent Acquisitions

37

Campus Estates – Guelph, ON Chahko Mika Mall – Nelson, BC

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Squ

are

fe

et (

‘00

0s)

Development Buildout History & Pipeline at RioCan’s Interest

Development Activity – Development History

38

From 2006 through Sept. 30, 2012: • RioCan’s development pipeline

has added 4.3 million square feet to the portfolio

• Invested $1.2 billion of total capital (development costs and land acquisition costs)

• Average cost psf including land of projects completed from 2006 to Sept. 2012 was approximately $280 psf Pipeline*

* Subject to preleasing and market conditions

Development Activity - Current Portfolio

77%

13%

1% 9%

Property Type as a % of Development Portfolio

Power Centre Main Street/Urban

Convenience Retail Excess Land

39

Alberta 33%

New Brunswick 3%

Toronto 15%

Ottawa 11%

Suburban GTA 26%

Other Ontario 12%

Ontario 64%

Development Portfolio by Geographic Diversification

Development Activity

40

Target will open 24 locations in RioCan’s portfolio

• First 15 locations,

• 9 are anticipated to open in Spring 2013

• The majority to open throughout the remainder 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 is contemplating an extensive capital improvement program for those locations where it feels the cash flow can be improved

Development Activity

At Sept. 30, 2012

• Total developments comprise 8.8 million square feet, including shadow anchors

• RioCan’s interest consists of 4.6 million square feet (7.3 million square feet with partners)

• Total estimated project cost is $1.7 billion, with RioCan’s interest being approx. $1.0 billion

• Invested $494 million in these projects

• RioCan’s funding obligations, before construction financing, is $517 million ($61 million is for current development and $456 million is for potential future development)

• In addition, RioCan will fund approx. $120 million under mezzanine lending program to certain partners, primarily Trinity Developments ($22 million is for current development and $98 million is for potential future development)

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.5% to 9.5%

• 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

• In November 2012 RioCan, Allied Properties and Diamond Corp announced that they had entered into a joint venture arrangement to acquire the Globe and Mail site in downtown Toronto at a purchase price of $136 million (at 100%).

41

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

Substantially completed in 2011

• RioCan’s Urban intensification projects at 1717 Avenue Road and Queen & Portland have been completed.

• Cimarron Shopping Centre, Okotoks AB(Phase I) and Grant Crossing, Ottawa, ON

Development Pipeline

42

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”)


• 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 will be 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.

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RioCan & Allied Properties REIT Joint Venture King Street

College and Manning

Photo Source: Google


• 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.

• Acquired at a purchase price of $136 million (at 100%).

• 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

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RioCan & Allied Properties REIT Joint Venture

Globe & Mail Lands

Source: RBC


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RioCan Centre Belcourt, Ottawa

Grant Crossing, Ottawa

RioCan is nearing completion of its 39 acre site at Lowe’s Centre Orleans at Innes Road and Belcourt Boulevard in Ottawa, Ontario into a 398,000 square foot new format retail centre. This joint venture development with our partner, Trinity, is anchored by Lowe’s Home Improvement Warehouse which owns its own location and has commenced operations. Other major tenants at the property include Allstate Insurance, CIBC, Food Basics and Empire Theatres, which have all commenced operations.

Construction is nearing completion at RioCan’s joint venture development on Hazeldean Road, in Ottawa. This 33 acre site is currently being developed into a 403,000 square foot new format retail centre. The site is anchored by a 128,000 square foot Lowe’s that commenced operations in the first quarter of 2011. Lowe’s owns its own store which operates as part of the overall site. A 31,000 square foot Winners, a 26,000 square foot Homesense and a 22,000 square foot Michael’s commenced operations in the fourth quarter of 2010.


• This 148 acre site located in Calgary, Alberta is currently being developed into a 1.6 million square foot regional new format retail centre.

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East Hills, Calgary

Will be developed into a new format retail centre with CPPIB and Trinity and is expected to feature approximately 1.1 million square feet of retail space.

Jacksonport, Calgary


• This 160 acre site located in Oshawa, Ontario is currently being developed into a 1.2 million square foot regional new format retail centre.

• RioCan acquired its partners’ interests in July 2011. RioCan now owns 100% of this development site.

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Sage Hill, Calgary

Windfield Farms, Oshawa

RioCan has waived conditions for the acquisition of Sage Hill Crossing, a 32 acre greenfield development site in Northwest Calgary. The purchase price for the lands, which will be serviced and zoned at the time of closing, will be $32 million ($16 million at RioCan’s interest). RioCan will own the development on a 50/50 basis with KingSett Capital. Once completed, the anticipated gross leasable area is 347,000 square feet of retail use. The anticipated closing date is September, 2012. Development is expected to commence in 2013.

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.

• 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 site in Kanata, Ontario under contract and is pursuing a site 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

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

Development Pipeline – Tanger Opportunities


• Well established outlet centre in suburban Montreal

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Les Factoreries, St-Sauveur Tanger Outlet Centre Currently under contract with Tanger Factory Outlet Centers.

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 Recently acquired with Tanger Factory Outlet Centers.

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’s 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: 2012

Today

Proposed


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The Sheppard Centre, Toronto


Intersection: Yonge & Sheppard



Today

Examples of nearby residential developments

• Potential for both retail and residential expansion

• Fast growing area of

North Toronto


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Intersection: Yonge & Eglinton



Anticipated Completion: 2017

NE Yonge Eglinton - Toronto, Ontario

Today Proposed


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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

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen


Design Concept: Mixed‐use facility Construction Completed: 2011


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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road


Design Concept: Mixed‐use facility Construction Completed: 2011


• 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 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

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 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.

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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 has 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.

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.

Jacksonport

Investment Highlights

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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

Experienced, performance driven management team

Dominant platform, geographically diversified

Conservative balance sheet / financial strength

DISCIPLINED GROWTH

Investor Presentation 2012

Investor Presentation Third Quarter...

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