Managem ent Presentation Presentation October 2 0 1 0 Forw ard - - PowerPoint PPT Presentation

Managem ent Presentation Presentation

October 2 0 1 0

Forw ard Looking Statem ents Forw ard Looking Statem ents

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 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 projection as reflected in the forward-looking information can be found in our annual information form and annual report that are available on

• ur 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 to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

2

Overview

About RioCan About RioCan

• Largest REIT in Canada with 289 properties, including 11 under

development, owned interests totalling over 41 million sq. ft. and an enterprise value in excess of $10.0 billion

• Able to prosperously grow in all cycles of the market using prudent
• Able to prosperously grow in all cycles of the market using prudent

strategies, core competencies, right partners and staying ahead of trends in commercial real estate

• Focused on retail real estate with experience in office and mixed use real

estate

• Management team of RioCan has experience in all the sectors of

commercial real estate

• Full service real estate entity with property management, asset

management, leasing, acquisitions, development and financing capabilities with 585 employees

• Able to undertake any task within the real estate business
• Conservative use of leverage
• Unmatched breadth of tenant relationships in Canada
• Approximately 6,400 tenants, no tenant representing over 4.7% of

annualized rental revenue

• Experienced asset manager with strong partners
• Completed a number of successful JVs and enjoyed a continued demand

for its asset management expertise from existing and new partners

4

Portfolio Fundam entals Portfolio Fundam entals

• High proportion of national tenants
• Approximately 86.0% of our annualized rental revenue is derived from national and

anchor tenants

As at September 30, 2010

anchor tenants

• Stable occupancy levels at 97.1% (total portfolio) and solid leasing activity
• For the quarter ended September 30, 2010, RioCan retained approximately 95.4% of our

expiring leases at an average net rent increase of 9.7%

• Focus on the six Canadian high growth markets, which are: Toronto, Ottawa, Montreal,

Calgary, Edmonton, and Vancouver Calgary, Edmonton, and Vancouver

• Only six metropolitan markets within Canada have in excess of one million people
• Approximately two-thirds of our revenue is from properties within the six high growth

major Canadian markets

• US Expansion:

– RioCan has acquired 15 properties in the northeast United States and 6 properties subsequent to quarter end – RioCan has acquired 3 properties in Texas and an additional 3 properties subsequent to quarter end

Annualized Rental Revenue Annualized Rental Revenue Net Leasable Area Net Leasable Area

6.3% 3.2% 30 6% 38.3% Calgary, Alberta Edmonton, Alberta Toronto, Ontario Montreal Quebec

4.7% 2.6% 23.7% 50 0%

Calgary, Alberta Edmonton, Alberta Toronto, Ontario Montreal Quebec

Annualized Rental Revenue Annualized Rental Revenue

30.6% 9.8% 7.5% 4.3% Montreal, Quebec Ottawa, Ontario Vancouver, BC All other markets

9.4% 6.5% 3.1% 50.0%

Montreal, Quebec Ottawa, Ontario Vancouver, BC All other markets

5

Geographic and Property Type Diversification Diversification

As a % of annualized rental revenue

Quebec 16 5% Western Canada 18 9%

Grocery

16.5% 18.9% Eastern Canada 2.8% US 5.6%

New Format Retail 50.5% Grocery Anchored Centre 21.4% Enclosed Shopping Centre 13.1%

Ontario 56.2%

Non-Grocery Anchored Centre 4.5% Urban Retail 6.1% Office 4.4%

September 30, 2010

6

p

Top Ten Tenants Top Ten Tenants

7

Unm atched Breadth of Tenant Relationships Relationships

• 6,400 tenancies capturing the top Canadian and

American retailers

• No tenant represents more than 4.7% of annualized

rental revenue

WEIGHTED TOP 10 TENANT NAME ANNUALIZED RENTAL REVENUE NUMBER OF LOCATIONS TOTAL AREA OCCUPIED (sq. ft. in 000s) AVG REMAINING LEASE TERM (yrs)

1 Famous Players/Cineplex/Galaxy Cinemas 4.7% 28 1,263 12.6 2 Metro/A&P/Super C/Loeb/Food Basics 4.6% 55 2,034 8.6 3 Wal-Mart 4.4% 25 2,842 13.2 4 Canadian Tire/PartSource/Mark's Work Wearhouse 3.8% 59 1,438 11.6 5 Zellers/The Bay/Home Outfitters 3.3% 40 2,662 9.1 6 Winners/HomeSense 2.8% 55 1,207 4.8 7 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 25 1,112 5.7 , 8 Staples/Business Depot 2.2% 46 939 7.4 9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 128 530 5.1 10 Shoppers Drug Mart 1.7% 38 429 10.4

8

Unm atched Breadth of Tenant Relationships – US Top Ten Tenants Relationships US Top Ten Tenants

As at September 30, 2010, RioCan’s Ten largest tenants in the US for completed acquisitions:

TOP 10 TENANT NAME ANNUALIZED RENTAL NUMBER OF LOCATIONS TOTAL AREA OCCUPIED WEIGHTED AVG REMAINING 10 REVENUE LOCATIONS (sq. ft. in 000s) LEASE TERM (yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 16 735 16.0 2 Bed Bath & Beyond 3.5% 7 161 8.6 3 Lowes 3.5% 3 294 16.7 4 Safeway 3.4% 3 141 12.5 4 Safeway 3.4% 3 141 12.5 5 HEB Supermarket 2.9% 2 114 10.4 6 PetSmart 2.9% 7 115 7.8 7 Best Buy 2.4% 3 79 8.7 8 Sports Authority 1.9% 2 68 7.3 9 Kohl's 1.8% 4 224 17.5 10 Old Navy 1.8% 4 60 2.9 4 2 .4 % 5 1 1 ,9 9 1 1 2 .9

Giant Food Stores, RioCan’s largest US tenant ranks as #16 overall in RioCan’s overall portfolio and represents 1.2% of total annualized rental revenue.

9

Lease Rollover Profile Lease Rollover Profile

As at September 30, 2010 – Canadian Portfolio Portfolio

4 ,0 0 5

4,000

% Square Feet expiring / portfolio NLA

’000s Square Feet 3 ,2 3 2 3 ,1 9 9 3 ,1 8 9

2,000 3,000 ,

8.9% 8.9% 8.8% 8.8% 8.8% 8.8% 11.0% 11.0%

7 6 7

1,000

2010 2011 2012 2013 2014

2.1% 2.1%

10

Stable Occupancy Stable Occupancy

Historical Occupancy Rates 1996 to 2010

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% 97.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 09/30/2010 Canadian Portfolio

11

Financial Highlights

Q3 2 0 1 0 Highlights Q3 2 0 1 0 Highlights

• Funds from operations (“FFO”) increased by 25% to $89.3 million in the third quarter
• f 2010 compared to $71.6 million in the third quarter of 2009. On a per unit basis

FFO increased 20% to $0.36 per unit from $0.30 per unit in the same period of 2009;

• FFO increased by 28% in the first nine months of 2010 to $268.4 million compared to

$210.1 million for the same period in 2009. On a per unit basis FFO increased 20% to $1.10 per unit from $0.92 per unit in the same period of 2009;

• Completed the acquisition of sixteen properties; six properties in Canada and ten

properties in the US, that at RioCan’s interest aggregate over 2.3 million square feet at a purchase price of approximately $372 million at a weighted average cap rate of 7.4% ;

• During the quarter RioCan issued US $100 million of Series N unsecured debentures

at 4.1% with a five year term, to facilitate continued purchases of Canadian and US properties;

• During the quarter RioCan issued 7.2 million units for gross proceeds of $149.4

g q g p $ million to facilitate continued acquisitions of Canadian and US properties;

• Announced fair value increase of $1.6 billion as of January 1, 2010 on the value of

Investment Properties under International Financial Reporting Standards compared with the carrying value under GAAP; and y g ;

• Maintained strong occupancy rate of 97.1% .

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Financial Highlights

I FRS Update I FRS Update

• RioCan has elected to use the “fair value” model for the valuation of its income properties

and properties under development (collectively, “Investment Property”) as provided under International Financial Reporting Standards (“IFRS”) ;

• The transition to IFRS is expected to increase the carrying value of RioCan’s Investment

Properties, as at January 1, 2010, by approximately $1.6 billion, to $6.9 billion. This $6.9 billion value compares to the historical cost amount under current Canadian GAAP (“GAAP”)

• f $5.3 billion as at January 1, 2010;
• RioCan primarily used the Direct Capitalization Income Approach method to value its income
• properties. Individual properties were valued using capitalization rates in the range of 6.0%

to 9.0% applied to stabilized net operating income (“NOI”), resulting in an overall weighted average capitalization rate for the portfolio of approximately 7.1% .

As at January 1 , 2 0 1 0 Overall Portfolio Prim ary Market Secondary Market Retail Class W eighted Average Cap. Rate* Range W eighted Average Cap. Rate* Range W eighted Average Cap. Rate* Range Enclosed Shopping Centre 8.00% 7.0% - 9.0% 7.80% 7.5% - 8.8% 8.10% 7.0% - 9.0% Mixed Use 7.20% 6.0% - 8.8% 7.00% 6.0% - 7.9% 8.30% 7.8% - 8.8% Grocery Anchored Shopping 7.30% 6.5% - 9.0% 7.20% 6.5% - 8.5% 7.50% 6.8% - 9.0% y pp g Centre Non-Grocery Anchored Centre 7.30% 6.0% - 9.0% 6.90% 6.0% - 7.5% 7.70% 7.0% - 9.0% New Format Retail 6.80% 6.3% - 8.5% 6.70% 6.3% - 7.3% 7.20% 6.4% - 8.5% Urban Retail 6.70% 6.0% - 7.3% 6.70% 6.0% - 7.3% n/ a n/ a Total Weighted Average 7 .1 0 % 6 .0 % - 9 .0 % 6 .9 0 % 6 .0 % - 8 .8 % 7 .5 0 % 6 .4 % - 9 .0 %

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* at RioCan’s Interest

Financial Highlights Financial Highlights

• Content

Three m onths ended ( in $ ’0 0 0 s except per unit am ounts)

• Sept. 3 0 ,

2 0 1 0 June 3 0 , 2 0 1 0

• Sept. 3 0 ,

2 0 0 9 % Change YoY Total Revenues

$216,643 $220,989 $189,022 14.6%

FFO

$89 331 $92 750 $71 600 24 8%

FFO

$89,331 $92,750 $71,600 24.8%

FFO per Unit

$0.36 $0.38 $0.30 20.0%

• Sept. 3 0 , 2 0 1 0

June 3 0 , 2 0 1 0

• Sept. 3 0 ,2 0 0 9

Distributions to unitholders

$85,220 $84,091 $81,036

Distributions to unitholders per Unit

$0.35 $0.35 $0.35

Distributions per Unit (annualized)

$1.38 $1.38 $1.38

Distributions to unitholders net of distribution reinvestment plan

$71,574 $71,671 $66,592

Distributions to unitholders net of distribution reinvestment plan per Unit

$0.29 $0.29 $0.28

Unit issue proceeds under distribution reinvestment plan

$13,646 $12,420 $14,444

Distribution reinvestment plan participation rate

16.0% 14.8% 17.8%

Total assets

6,500,777 6,108,605 5,649,857

Debt (mortgages and debentures payable)

4 188 620 3 936 205 3 533 360

Debt (mortgages and debentures payable)

4,188,620 3,936,205 3,533,360

Debt to Aggregate Assets

57.1% 57.0% 55.7%

Debt to total capitalization

42.0% 45.9% 45.5%

Market capitalization

5,781,685 4,646,674 4,233,672

Total capitalization

9,970,305 8,582,879 7,767,032

14

Financial Highlights Financial Highlights

2010 2009 2010 2009 Rental revenue 205,800 $ 179,928 $ 14% 610,954 $ 542,921 $ 13% Three Months Ended Sept. 30, Nine Months Ended Sept. 30, Property operating costs 66,354 62,238 7% 202,432 195,561 4% Net operating income 139,446 117,690 18% 408,522 347,360 18% Fees and other income 4,410 3,931 12% 12,622 11,223 12% Interest income 3,573 4,966 (28%) 11,603 13,237 (12%) Gains (loss) on properties held for resale 2,860 197 nm 17,064 67 nm 150,289 126,784 449,811 371,887 Interest expense 53,201 49,616 7% 158,368 142,130 11% General and administrative expense 6,011 5,464 10% 19,282 18,095 7% IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nm Restructuring costs – 65 nm – 1,357 nm g , Non‐controlling interest 602 – nm 1,572 – nm FFO 89,331 71,600 25% 268,372 210,075 28% Amortization expense 45,596 41,260 11% 135,545 123,054 10% Future income tax expense (recovery) 4,900 1,900 nm 9,994 700 nm Non‐controlling interest (337) – nm (720) – nm Non controlling interest (337) nm (720) nm Net earnings 39,172 28,440 38% 123,553 86,321 43% Net earnings per Unit – basic 0.16 $ 0.12 $ 33% 0.51 $ 0.38 $ 34% Net earnings per Unit – diluted 0.16 $ 0.12 $ 33% 0.50 $ 0.38 $ 32% FFO per Unit 0.36 $ 0.30 $ 20% 1.10 $ 0.92 $ 20% 15

Financial Highlights

Net Operating I ncom e – Year over Year Net Operating I ncom e – Year over Year

Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (thousands of dollars) 2010 2009 2010 2009 Same store (i) $112,003 $110,708 1.2% $333,568 $326,462 2.2% Land use intensification 1,082 600 nm 4,149 1,780 nm Same properties (ii) 113,085 111,308 1.6% 337,717 328,242 2.9% 2010 and 2009 acquisitions 8,424 – nm 24,213 – nm q , , Greenfield development 5,273 4,216 25.0% 14,360 11,662 23.1% NOI before adjustments 126,781 115,525 9.7% 376,290 339,904 10.7% Lease cancellation fees 4,704 232 nm 12,378 1,045 nm Straight‐lining of rents 1,306 1,180 10.7% 5,191 4,071 27.5% Differential between contractual and market rents 751 753 (0.2%) 2,347 2,340 0.3% NOI $133,542 $117,690 13.5% $396,206 $347,360 14.1%

(i) Same store refers to those properties that were owned by RioCan and had consistent leasable area in both periods (ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

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Financial Highlights

Net Operating I ncom e – Sequential Quarter over Quarter Net Operating I ncom e – Sequential Quarter over Quarter

(thousands of dollars) Three months ended September 30, 2010 June 30, 2010 Increase / (decrease) Same store (i) $121,694 $121,689 0.0% Land use intensification 889 721 23.3% Same properties (ii) 122,583 122,410 0.1% p p ( ) , , Acquisitions 1,324 325 nm Greenfield development 2,874 2,620 9.7% NOI before adjustments 126 781 125 355 1 1% NOI before adjustments 126,781 125,355 1.1% Lease cancellation fees 4,704 5,752 nm Straight‐lining of rents 1,306 1,489 (12.3%) Differential between contractual and market rents 751 769 (2 3%) Differential between contractual and market rents 751 769 (2.3%) NOI $133,542 $133,365 0.1% “nm” – not meaningful. (i) S f h i i h d b Ri C d h d

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(i) Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods. (ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

Financial Highlights

Q4 of 2 0 1 0 Outlook Q4 of 2 0 1 0 Outlook

• Robust acquisition activity that was completed in the nine months of

2010 and late 2009 will have an impact in the remainder of 2010 and 2011.

• In the fourth quarter of 2009 RioCan completed total acquisitions of $257

million at an average cap rate of 7.5%

• To Sept. 30 RioCan completed total acquisitions of $663 million at an

average cap rate of 7.7%

– $324.5 million Canadian Acquisitions at 7.3% cap rate – $338.6 million US Acquisitions at 8.0% cap rate

• RioCan is very well positioned with a strong balance sheet to continue to

capitalize on acquisition opportunities expected in the remainder of 2010 and into 2011

• Contractual Rent Steps
• Interest savings on maturing debt are expected to continue in 2011
• Mortgage debt maturing for the remainder of 2010 and in 2011 currently

carries an average interest rate of 5.8% providing an opportunity for g p g pp y RioCan to reduce interest expense at current interest rates

• Closing the gap – economic occupancy versus committed occupancy
• High quality, clean core income

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Acquisition Activity q y

Acquisition Activity

YTD Acquisitions YTD Acquisitions

Capitalization Purchase Price NLA Capitalization Rate Purchase Price ( $ ’0 0 0 s) NLA

Canada 7.3% 334,987 1,432,854 US 7 9% 479 552 3 303 786 US 7.9% 479,552 3,303,786 Total 7 .7 % 8 1 4 ,5 3 9 4 ,7 3 6 ,6 4 0

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Acquisition Activity

YTD Acquisitions - Canada

• Content

YTD Acquisitions - Canada

Property nam e and location Capitalization rate RioCan's purchase price ( i) ( '0 0 0 s) NLA ( in sqft) at RioCan's interest Year Built Asset class Major tenants RioCan's

• w nership

interest Acquisitions Completed in Q1 2010 Market at Citadel Village, St. Albert, AB 7.5% 17,413 51,029 2007/ 2008 Non-Grocery Anchored Shoppers Drug Mart 100% Summerwood Centre, Sherwood Park, AB 7.5% 29,524 83,911 2008/ 2009 Grocery Anchored Save On Foods, Shoppers Drug Mart 100% Timberlea Landing, Fort McMurray, AB 8.2% 63,063 105,467 2008 Mixed use ATB, Regional Municipality of Wood Buffalo 100% Chapman Mills Marketplace, Ottawa, ON (Additional 12.5% interest) 6.8% 11,884 53,979 -- New Format Retail Walmart, Galaxy Cinemas, Winners, Staples 75% Total Canadian Acquisitions Q1 7 .8 % 1 2 1 ,8 8 4 2 9 4 ,3 8 6 Acquisitions Completed i Q2 2010 in Q2 2010 Halton Hills, Georgetown, ON 7.2% 10,275 75,366 1979 Grocery Anchored Food Basics (36,002), Dollarama (10,970), TD Bank (10,000), Bulk Barn (5,000) 100% Clappison Crossing, Flamborough ON 7.3% 20,554 133,628 2007 New Format Retail Walmart (151,448), Rona (98 546) LCBO 100% Flamborough, ON (Additional 50% interest) Retail Rona (98,546), LCBO, (11,882), Bank of Nova Scotia (5,380) Corbett Centre, Fredericton, NB (Additional 37.5% interest) 7.3% 8,728 36,515 2008 New Format Retail HomeDepot* , Costco* ,Michael’s (17,438),Winners (29,948), Dollarama 100%

21

37.5% interest) (29,948), Dollarama (10,301), PetSmart (9,589) Total Canadian Acquisitions Q2 7 .3 % 3 9 ,5 5 7 2 4 5 ,5 0 9 (i) Excludes closing costs and other acquisition related costs.

Acquisition Activity

YTD Acquisitions - Canada

• INSERT Q3 Acquisitions

YTD Acquisitions - Canada

Property nam e and location Capitalization rate RioCan's purchase price ( i) ( '0 0 0 s) NLA ( in sqft) at RioCan's interest Asset class Major tenants RioCan's

• w nership

interest Gatineau Walmart 6.7% 51,239 287,765 2006 New Walmart (158,801), 100% Centre, Gatineau, QC Format Retail Golf Town (18,761) Hamilton Walmart Centre, Hamilton, ON 6.7% 49,436 214,486 2008/ 2009 New Format Retail Walmart (133,555), Dollar Giant (10,118) 100% Niagara Square, Niagara Falls, ON (Additional 15% 8.4% 7,050 57,343 1977/ 1987/ 2008 Enclosed Shopping Center Cineplex (45,853), Winners (31,967), Sport Chek 30% (Additional 15% interest) Center Sport Chek (20,160), Future Shop (20,027) RioCan Centre Gravenhurst, Gravenhurst, ON (Additional 66 67% 7.5% 19,508 99,395 2008/ 2009 New Format Retail Canadian Tire (76,403), Sobeys (41,360) 100% (Additional 66.67% interest) Vaudreuil Shopping Centre, Vaudreuil- Dorion, QC 7.6% 23,144 118,330 2006/ 2007 New Format Retail Super C* , Canadian Tire* , Bureau en Gros (20,000), Golf Town (15,000) 100% Wharncliffe Centre, 7.0% 12,687 60,711 1991 Grocery No Frills (40,140) 100% , London, ON , , y Anchored ( , ) Total Canadian Acquisitions Q3 7 .0 % 1 6 3 ,0 6 4 8 3 8 ,0 3 0 March Road, Ottawa, ON n/ a 10,482 54,929 2010/ 2011 New Format Retail Sobeys (50,836), Pharma Plus (11,953) 50% Total Canadian 7 3 % 3 3 4 9 8 7 1 4 3 2 8 5 4

22

Total Canadian Acquisitions YTD 7 .3 % 3 3 4 ,9 8 7 1 ,4 3 2 ,8 5 4

Acquisition Activity q y

Investment in the US

Rationale for US I nvestm ent Rationale for US I nvestm ent

• RioCan’s objective is to take a measured and defensive

approach to its investment in the U.S.

– The U.S. market has yielded a greater number of attractive

• pportunities than what were available in Canada

– Targeting defensive retail assets (primarily grocery-anchored retail)

• Grocery anchored retail traditionally viewed as most defensive category due to non-

discretionary nature y

• Attractive Cap rate of 8.5% for the initial portfolio transaction with Cedar
• Subsequent Cedar JV acquisitions at a cap rate range of 7.5% to 8.3%
• Attractive Cap rate of 7.7% for the portfolio transaction with Inland Western

– JV allows RioCan to partner with a strong, experienced and well- connected U S management team that maintains an equity interest connected U.S. management team that maintains an equity interest to best align interests – Total proposed and completed property acquisitions represent less than 10% of gross real estate assets – RioCan has sought transactions where its position as a strong capital RioCan has sought transactions where its position as a strong capital partner can provide an enhanced liquidity position for future growth for our partners and in return RioCan has the benefit of local expertise and an experienced partner – Expanded relationship with recent acquisitions with Kimco

24

Acquisition Activity

YTD Acquisitions – United States YTD Acquisitions United States

Property nam e and location Capitalization rate RioCan's purchase price ( i) ( '0 0 0 s) NLA ( in sqft) at RioCan's interest Year Built Asset class Major tenants RioCan's

• w nership

interest Acquisitions Completed in Q1 2010 Franklin Village Plaza, Franklin, MA 8.5% 45,995 306,217 1987/ 2005 Grocery Anchored / Office Stop&Shop (75,000), Marshalls (26,890), Bath & Body Works (2,500), Bank of America (2,550) 80% Columbus Crossing, Philadelphia, PA 8.5% 20,645 113,734 2001 Grocery Anchored Super Fresh (61,506), Old Navy (25,000), ACMoore (22,000) 80% ( , ) Town Square Plaza, Reading, PA 8.3% 16,064 102,109 2008 New Format Retail Giant Food Supermarkets (73,727), ACMoore (21,600) 80% Total US Acquisitions Q1 8 .5 % 8 2 ,7 0 4 5 2 2 ,0 6 0 Acquisitions Completed in Q2 2010 Loyal Plaza, Williamsport, PA 8.5% 22,963 235,060 1969/ 2000 Grocery Anchored Giant Food Supermarkets (66,935), K-Mart (102,558), Staples (20,555), Eckerd Drugs (10,908) 80% Stop&Shop Plaza Bridgeport CT 8 5% 7 304 43 609 2006 Grocery Stop&Shop (54 510) 80% Stop&Shop Plaza, Bridgeport, CT 8.5% 7,304 43,609 2006 Grocery Anchored Stop&Shop (54,510) 80% Shaw’s Plaza, Raynham, MA 8.5% 16,572 141,288 1984 Grocery Anchored Shaw’s Supermarkets (60,748), Marshalls (25,752), CVS (10,125) 80% Total US Acquisitions Q2 8 .5 % 4 6 ,8 3 9 4 1 9 ,9 5 7

25

(i) Excludes closing costs and other acquisition related costs.

Acquisition Activity

YTD Acquisitions – United States YTD Acquisitions United States

Property nam e and location Cap rate RioCan's purchase price ( i) ( '0 0 0 s) NLA ( in sqft) at RioCan's interest Year Built Asset class Major tenants RioCan's

• w nership

interest

Acquisitions Com pleted in Q3 2 0 1 0 Inland Western Inland Western Bear Creek Shopping Center, Houston, TX 7.7% 12,987 70,330 2001 Grocery

Anchored HEB Supermarket (61,805), GNC (1,300), Papa John's (1,500) 80%

Cypress Mill Plaza, Houston, TX 7.7% 12,228 93,125 2005 New Format

Retail Walmart* , Home Depot* , Hobby Lobby (59,898), Palais Royale (24,000), Dollar Tree (9,998) 80%

New Forest Crossing, H t TX 7.7% 13,683 118,452 2005 New Format

Retail Lowe's* , Walmart* , Big Lots (34 076) Ross Dress for Less 80%

Houston, TX

Retail (34,076), Ross Dress for Less (30,047), Petsmart (18,975)

7.7% 38,898 281,907 Cedar Creekview Centre, Warrington, PA 7.6% 21,653 108,869 2001 New Format

Retail Target* , Lowe's* , Genuardi's Supermarket (Safeway) (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000) 80%

Monroe Marketplace, 7.6% 35,392 272,814 2008 New Format

R il Target* , Giant Foods S k (127 000) 80%

Sellinsgrove, PA

Retail Supermarket (127,000), Kohl's (68,430), Dick's Sporting Goods (51,119), Best Buy (22,504), Michael's (20,649), PetSmart (18,156), Staples (14,730)

New River Valley Centre, Christiansburg, VA 7.6% 22,751 131,730 2007 New Format

Retail Best Buy (30,041), Ross Dress for Less (30,037), Bed Bath & Beyond (24,152), Staples (20 443) PetSma t (17 878) 80% (20,443), PetSmart (17,878), Old Navy (15,413)

Pitney Road Plaza, Lancaster, PA 7.6% 9,127 36,732 2009 New Format

Retail Costco* , Lowe's* , Best Buy (45,915) 80%

Sunrise Plaza, Forked River, NJ 7.6% 21,766 203,168 2007 New Format

Retail Home Depot (130,601), Kohl's (96,171), Staples (20,388) 80%

Montville Commons Shopping Center, Montville, CT 7.7% 15,844 94,333 2007 Grocery

Anchored Home Depot* , Stop & Shop (63,000) 80%

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CT Exeter Commons, Reading, PA 7.8% 43,630 287,257 2009 New Format

Retail Target* , Lowe's (171,069), Giant Foods Supermarket (81,715), Staples (18,008) 80%

7.7% 170,163 1,134,904 Total US Acquisitions Q3 7 .7 % 2 0 9 ,0 6 1 1 ,4 1 6 ,8 1 1

(i) Excludes closing costs and other acquisition related costs.

Acquisition Activity

YTD Acquisitions – United States Subsequent to Quarter End YTD Acquisitions United States Subsequent to Quarter End

Property nam e and location Cap rate RioCan's purchase price ( i) ( '0 0 0 s) NLA ( in sqft) at RioCan's interest Year Built Asset class Major tenants RioCan's

• w nership

interest

Acquisitions Com pleted Subsequent to the Quarter End Cedar Cedar Cross Keys Place, Turnersville, NJ 8.3% $21,120 118,538 2007 New Format Retail

Home Depot* , Sports Authority (42,000), Bed Bath & Beyond (35,005), AC Moore (21,305), Old Navy (19,234)

80% Gettysburg Marketplace, Gettysburg, PA 7.8% 16,198 68,640 1998 Grocery Anchored

Giant Food (66,674), Blockbuster (5,010), Hallmark (4,500)

80% Marlboro Crossing, U M lb MD 7.8% 10,200 52,278 1993 Grocery A h d

Giant Food (60,951)

80% Upper Marlboro, MD Anchored Northland Center, State College, PA 7.8% 8,362 86,608 1988 Grocery Anchored

Giant Food (65,075), CVS (10,920)

80% Towne Crossing, Richmond, VA 7.8% 15,504 83,134 1980 Non- Grocery Anchored

Bed Bath & Beyond (40,000), Michael’s (20,000)

80% York Marketplace, York PA 7.8% 23,827 244,568 1955/ 2004 Grocery Anchored

Lowe’s Home (125,353), Giant Food (74,600), Office Max

80% York, PA Anchored

Food (74,600), Office Max (23,500), Super Shoes (20,000)

7.9% 95,211 653,766 Inland Western Coppell Town Center, Dallas-Fort Worth, TX 7.7% 9,312 73,086 2000Grocery Anchored

Tom Thumb (63,150), Starbucks (2,050), UPS Store (1,500)

80% Suntree Square 7.7% 9,426 77,112 1993/ 2001Grocery

Tom Thumb (63,556), Starbucks

80% q Dallas-Fort Worth , , / y Anchored

(1,960), Subway (1,200), T-mobile (2,000)

7.7% 18,738 150,198 Kimco Las Palmas Marketplace, El Paso, TX 2002/ 2008 New Format Retail

Lowe’s (179,421), Kohl’s (86,800), Ross Dress for Less (33,419), Babies R’Us (30,570), Bed Bath & Beyond (30,172),

31.7%

27

Office Depot (29,491), Michael’s (23,694)

Total US Acquisitions Subsequent to 09/ 30 7 .8 % $ 1 4 0 ,9 4 8 1 ,0 0 6 ,2 0 1 Total US Acquisitions YTD 7 .9 % $ 4 7 9 ,5 5 2 3 ,3 0 3 ,7 8 6

(i) Excludes closing costs and other acquisition related costs.

Acquisition Activity

Map of Northeastern US acquisitions* Map of Northeastern US acquisitions*

* completed or under contract 28

Acquisition Activity

Map of Texas acquisitions* Map of Texas acquisitions*

* completed or under contract 29

Acquisition Activity

Recently Com pleted Acquisitions – Exeter Com m ons Recently Com pleted Acquisitions – Exeter Com m ons

• Recently developed

(2009) new format retail centre in Reading, PA

• 361,000 Square

feet on 37 acres

• Well anchored

centre with strong Target shadow anchor

• 98% Leased

L t l

• Low near term lease

rollover, with only 3.6% of leases set to expire over next five years y

• Attractive cap rate

7.75%

• Total purchase price

$53 million ($42.4 million at RioCan’s 80% interest)

30

Acquisition Activity

New Markets – I nland W estern Retail REI T New Markets – I nland W estern Retail REI T

• Eight Grocery-anchored and

New Format Retail centres in Texas

• Major urban markets of

Dallas-Fort Worth, Houston, Austin

– These three cities combined have a population in excess of 14 million people

• Well anchored centres 5 of 8

are grocery anchored and

• ne is a Walmart anchored

property

• 100% Leased
• Attractive cap rate 7.7%
• Total purchase price $123

million at RioCan’s 80% interest

31

Acquisition Activity

Recently Announced Acquisitions – I nland W estern Retail REI T Recently Announced Acquisitions – I nland W estern Retail REI T

NLA ( i ft) t Property nam e and location NLA ( in sqft) at RioCan's interest Asset class Major tenants Year Built Southpark Meadows I, Austin 213,472 New Format Retail Walmart 2004 Riverpark Shopping Center I & II, Houston 197,524 New Format Retail HEB Supermarket 2002 Bear Creek Shopping Center, 70 330 Grocery Anchored HEB Supermarket 2001 Bear Creek Shopping Center, Houston 70,330 Grocery Anchored HEB Supermarket 2001 Suntree Square, Dallas- Fort Worth 77,112 Grocery Anchored Tom Thumb (Safeway) 1991 Coppell Town Center, Dallas-Fort Worth 73,086 Grocery Anchored Tom Thumb (Safeway) 1998 Great Southwest Crossing, Dallas-Fort Worth 73,816 New Format Retail Kroger (shadow) , Office Depot, PetSmart 1997/ 2002 New Forest Crossing, Dallas-Fort Worth 118,452 New Format Retail Walmart , Lowe’s (shadow) 2001 Big Lots, PetSmart Cypress Mill Plaza, Houston 93,125 New Format Retail Walmart, Home Depot (Shadow), Hobby Lobby 2004 Total US Acquisitions 9 1 6 ,9 1 7

32

Acquisition Activity

Recently Announced Acquisitions – I nland W estern REI T Selected Photos Selected Photos

Riverpark Shopping Center, Houston

Suntree Square, Dallas-Fort Worth Coppell Town Center Dallas-Fort Worth Southpark Meadows Austin

33

Coppell Town Center, Dallas Fort Worth Southpark Meadows, Austin

US Partners

I nland W estern Retail Real Estate Trust I nc I nland W estern Retail Real Estate Trust, I nc.

• Transaction with Inland Western represents an
• pportunity to expand into Texas with an

experienced partner experienced partner

– Self administered, publically registered, non listed real estate investment trust

• Owns and operates a portfolio of 294 primarily multi tenant shopping centres

aggregating ~ 46 million SF of GLA

• Total Assets = US$6.0B

L t t ti i T 20% b GLA

• Large asset concentration in Texas ~ 20% by GLA
• Diversified portfolio of predominantly multi-tenant retail (Neighbourhood Centres,

Community Centres, Power Centres, and Lifestyle Centres make up approximately ¾

• f GLA)
• Diversified tenant base no single tenant represents more than 2.6% of annualized

base rent – Largest tenant is Target g g

• Announced acquisition of eight new format and

grocery-anchored retail centres

– Dominant local grocers

HEB l l i t l d

• HEB – local privately owned grocer

– 300 stores in Texas and Mexico – Has been in operation for over 100 years

• Tom Thumb

– One of two banners operated by Safeway in Texas – Safeway is one of North America’s leading food and drug retailers operating over Safeway is one of North America s leading food and drug retailers operating over 1,700 stores in Canada and the US – Operates 112 stores under the Randall’s and Tom Thumb banner in Texas

34

US Partners

Cedar Shopping Centers I nc Cedar Shopping Centers, I nc.

• Transaction with Cedar was a first step towards growing a US platform

with an experienced partner. Cedar is a fully integrated U.S. REIT with an experienced partner. Cedar is a fully integrated U.S. REIT

– Owns and operates a portfolio of 131 primarily supermarket-anchored shopping centres aggregating ~ 15 million SF of GLA – Equity Market Cap = US$576MM; Total Enterprise Value = US$2.2B Total Assets = US$1.6B – Large asset concentration in eastern 2/ 3rds of Pennsylvania with a presence in – Large asset concentration in eastern 2/ 3rds of Pennsylvania, with a presence in Massachusetts, Connecticut, NJ, Virginia and Maryland – Diversified tenant base – with the exception of Royal Ahold, no single tenant represents more than 2.8% of annualized base rent

• Cedar, like a number of U.S. REITs in the current environment, required

b l h t it li ti t ith t di th t it d l i l a balance sheet recapitalization, notwithstanding that its underlying real estate assets have continued to perform well

• Transaction with RioCan provided Cedar with an enhanced liquidity

position and a strong capital partner for future growth and in return RioCan has the benefit of local expertise and an experienced partner RioCan has the benefit of local expertise and an experienced partner.

• To date RioCan has acquired or announced the acquisition of nine

properties that total approximately 1.6 million square feet

• RioCan has an equity ownership position in Cedar of approximately 14%
• r 9.4 million common shares
• 9
• s a

s

35

Capital Structure p

Conservative Debt Profile Conservative Debt Profile

• Debt-to-Gross Book Value (historical cost) of

57.1% at September 30, 2010 (56.9% net of cash);

• Total operating lines - $303 million with

approximately $247.4 million available

• 73 properties unencumbered by debt
• For the quarter ended September 30, 2010,

interest coverage was approximately 2.48x and g pp y debt service coverage was 1.92x

• Approximately 75% of RioCan’s debt was secured
• Floating rate debt - 3 5% of total debt
• Floating rate debt

3.5% of total debt

37

Unsecured Debenture Covenants Unsecured Debenture Covenants

• Maintain at all times a ratio of Consolidated
• Maintain at all times a ratio of Consolidated

EBITDA to Consolidated Interest Expense of not less than 1.65 to 1

• Maintain a debt to gross book value of

assets ratio of less than or equal to 60% assets ratio of less than or equal to 60%

• Maintain at all times an Adjusted

Unitholders’ Equity of at least $1 billion.

38

Modest Leverage, Strong I nterest Coverage Modest Leverage, Strong I nterest Coverage

• RioCan has consistently adhered to a conservative debt

policy even through periods of considerable growth

– Leverage of 57.1% at September 30, 2010; – 60% max permitted under covenant – Interest coverage well in excess of the 1.65x maintenance covenant covenant

2 9x 2 9x 2.6x 2.6x 2.7x 2.8x 2 9x 2.7x 47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 57.1% 2.9x 2.9x 2.9x 2.6x 2.2x 2.5x

Leverage Interest Coverage

39

Debt Maturity Schedule Debt Maturity Schedule

• Long-term, staggered debt maturity profile
• 5 6% Overall WAIR
• 5.6% Overall WAIR
• 4.4 Year weighted avg. term to maturity
• Minimal floating rate debt exposure (3.5% of total debt)
• Financing mortgages today at well below 5% (4.25% -4.5% )

8.00% 1,200,000 Wtd $000s Debentures payable Mortgages payable Scheduled principal amortization 5.82% 5.30% 5.65% 5.42% 6.46% 5.81% 5.00% 6.00% 7.00% 600,000 800,000 1,000,000 . Avg. Interest Rate 5.01% 3.00% 4.00% 200,000 400,000 2010 2011 2012 2013 2014 2015 Thereafter e on Maturing Debt

40

As at September 30, 2010

Leverage at Historic Cost & Stock Market Value Leverage at Historic Cost & Stock Market Value

• As at September 30, 2010

57.1% 56.9% 42.1% Historic Cost Market Net of Cash

41

Capital Structure Capital Structure

Book Value = $6.5 billion Gross Book Value = $7.4 billion Enterprise Value = $10.0 $ $ p $ billion

50.8% 42.2% 11.0% 31.1% 18.0% 14.9% 57.9% 31.3% 42.9%

42 Mortgages= $3.1 billion Debentures = $1.1 billion Equity = 252 million units outstanding

Conservative Com m itm ents to Developm ent Pipeline Developm ent Pipeline

As at September 30, 2010

$1

$50 $60

Co-Ownerships - Other

in millions

$25

$2 $1

$20 $30 $40 $50

Co-Ownerships - Trinity/CPPIB Co-Ownerships - Trinity RioCan Owned Developments $5 $21

$0

$9

$3

$0

$3

$1

$0 $10

2010 2011 2012+

43

Debt Maturities by Lender Debt Maturities by Lender

Contractual Principal Balance by Type of Lender ( thousands

• f dollars)

Scheduled Principal Am ortization Life I nsurance I ndustry Mortgage Conduit Banks Pension Funds Other Unsecured Debentures Total As at As at September 30, 2010: For the year ended

• Dec. 31

2010 17,537 12,598 – – – 847 – 30,982 2011 72,294 8,941 53,952 26,787 4,679 65,649 200,000 432,302 2012 71,366 59,682 107,374 69,810 – – 220,000 528,232 2013 66,425 110,351 107,513 186,723 – 8,926 150,000 629,938 2014 56,707 115,821 6,592 261,675 5,922 34,772 180,000 661,489 2015 45,174 133,462 99,751 249,399 55,471 107,942 253,150 944,349

Thereafter

89,633 370,177 146,108 134,946 92,070 39,534 100,000 972,468 Total 4 1 9 1 3 6 8 1 1 0 3 2 5 2 1 2 9 0 9 2 9 3 4 0 1 5 8 1 4 2 2 5 7 6 7 0 1 1 0 3 1 5 0 4 1 9 9 7 6 0 Total 4 1 9 ,1 3 6 8 1 1 ,0 3 2 5 2 1 ,2 9 0 9 2 9 ,3 4 0 1 5 8 ,1 4 2 2 5 7 ,6 7 0 1 ,1 0 3 ,1 5 0 4 ,1 9 9 ,7 6 0

44

Borrow ings YTD in 2 0 1 0 Borrow ings YTD in 2 0 1 0

Mortgages Payable Quarter ended September 30, 2010 Nine months ended September 30, 2010

(thousands of dollars, h d ) Weighted A Weighted A Average T except other data) Contractual Debt Average Contractual Interest Rate Contractual Debt Average Contractual Interest Rate Term to Maturity (years)

New borrowings: Fixed rate term mortgages

$242,740 4.72% $584,833 5.01% 5.77

Floating rate term mortgages

• 12,450

2.91% 5.00

Construction

5,667 3.85% 16,359 3.42% 1.34

Total

$248,387 4.70% $613,642 4.92% 5.64

45

Assets Available to Finance Assets Available to Finance

• Content

PRINCIPAL BALANCE OF DEBT MONITORING (in thousands) NUMBER OF NBV of IPP At September 30 2009 ANNUALIZED 2010 2011 (in thousands) PROPERTIES At September 30, 2010 ANNUALIZED NOI (1) 2010 2011 Collateral – Income Properties Encumbered Assets with Debt Maturing in 2010 2 61,943 6,463 12,598

• g

Encumbered Assets with Debt Maturing in 2011 8 224,696 19,945

• 121,977

Unencumbered Assets at September 30, 2010 73 791,799 66,355

• Construction Financing on

Properties Under Development (2) 2

• 19,630

VTB on Properties Under Development 1 33,957 2,581 847

• Development

Unsecured Debt Maturity

• 200,000

TOTAL 86

1,112,395

95,344 13,445 341,607

46

(1) Excluding impact of straight-line rents and the differential between contractual and market rents. (2) Projects include components that are income producing at September 30, 2010. NBV shown represents amounts in IPP only

Looking Ahead g

Future Grow th Drivers Future Grow th Drivers

• Organic Growth

– Contractual Rent Steps – contractual rent steps should generate $1.4 million in 2010 and $3.6 million in 2011 – Positive leasing spreads on maturing leases should provide positive same property NOI growth – Interest savings on maturing debt: 2010 and 2011 maturities currently carry an average interest rate of 5.8% providing an opportunity for RioCan to reduce interest expense at current interest rates – Closing the gap – economic occupancy versus committed occupancy provides an annual NOI impact of approximately $11.6 million

• Acquisition Activity

– RioCan intends to continue to be an active acquirer in 2011 $663 million was completed in the first three quarters of 2010 – $663 million was completed in the first three quarters of 2010 – $349 million completed or under contract after Sept. 30, 2010 – RioCan is very well positioned with a strong balance sheet to capitalize on acquisition opportunities expected in 2010 and 2011

• Greenfield Development

p

– completions from 2009 will provide additional income in 2010 – As at September 30, 2010, Greenfield Development projects comprise approximately 8.4 million square feet, of which RioCan’s ownership interest is approximately 3.4 million square feet. Once complete these developments should generate strong returns and improve the overall quality of the portfolio. g g p q y p 48

Future Grow th Drivers

Organic Growth Institutional Relationships Land Use Intensification Greenfield Development Acquisitions

I nterest Savings I nterest Savings

• RioCan’s debt ladder staggers maturities such that there are

i l ith l t t i d bt no single years with a large exposure to maturing debt.

• This enables RioCan to take advantage of low interest rate

environments and insulates the impact of higher interest rate p g environments.

• In 2010 by refinancing maturing debt with an interest rate in

excess of 7% into debt with an average interest rate of excess of 7% into debt with an average interest rate of 4.96% RioCan has generated annual interest savings $6.7 million on refinanced mortgage debt.

50

Debt Maturity Schedule Debt Maturity Schedule

• Long-term, staggered debt maturity

profile

• 5.6% Overall WAIR

4 4 Yea eighted a g te m to

I n $ 0 0 0 ’s Mortgage Maturities in 2 0 1 1 Average I nterest Rate Potential I nterest Savings if refinanced at 4 2 5 % 4 5 0 % 4 7 5 %

• 4.4 Year weighted avg. term to

maturity

• Minimal floating rate debt exposure

(3.5% of total debt)

• Financing mortgages today at well

below 5% (4.25% -4.5% )

4 .2 5 % 4 .5 0 % 4 .7 5 %

$232,302 5.78% $3,554 $2,973 $2,393 below 5% (4.25% 4.5% )

8.00% 1,200,000 Wtd $000s Debentures payable Mortgages payable Scheduled principal amortization 5.82% 5.30% 5.65% 5.42% 6.46% 5.81% 5.00% 6.00% 7.00% 600,000 800,000 1,000,000 . Avg. Interest Rate 5.01% 3.00% 4.00% 200,000 400,000 2010 2011 2012 2013 2014 2015 Thereafter e on Maturing Debt

51

As at September 30, 2010

Occupancy Analysis Occupancy Analysis

• RioCan’s committed occupancy rate of 97.1% . Included in

thi t i 492 000 f t f l d b t t t

As at September 30, 2010

this rate is 492,000 square feet of leased but not yet open space, resulting in an economic occupancy rate of 95.8%

• The gap of leased but not yet paying rent represents an

additional $11.6 million of annualized rental revenue

97 5% 100.0% Occupied Occupancy 1000 1200 '000s

95.8% 1.30%

92.5% 95.0% 97.5%

97.1%

200 400 600 800 90.0% 30‐Jun‐10 Q4 2010 Q1 Q2 Q3 Monthly rent commencing Cumulative monthly rent commencing

2010 2011

52

Portfolio Leasing Activity Portfolio Leasing Activity

• YTD in Canada RioCan has renewed 2.8 million square

feet at and average rent increase of $1.53 per square f t 9 7% foot or 9.7%

• Retained 95% of expiring leases
• Vacancies YTD as a result of unanticipated vacancies

were 322 000 square feet at RioCan’s interest a were 322,000 square feet at RioCan s interest, a significant improvement from the 655,000 square feet at RioCan’s interest incurred in the same period in 2009

53

Portfolio Leasing Activity Portfolio Leasing Activity

quarter ended Sept. 30, 2010 Total New Format Retail Grocery Anchored Centre Enclosed Shopping Centre Non-Grocery Anchored Centre Urban Retail Office (sq ft in thousands) Retail Centre Centre Centre (sq t t ousa ds) Renewals at market rental rates Square feet renewed 456 97 182 100 66 10 1 Average net rent psf 21.43 24.35 20.83 20.30 17.02 44.26 19.50 Increase in average net rent psf 2.39 3.61 1.87 1.37 2.24 11.26 0.90 Fixed rental rate options in favour of our t t tenants Square feet renewed 485 213 52 219 – 1 – Average net rent psf 10.72 14.98 13.57 5.84 – 33.00 – Increase in average net rent psf 0.37 0.70 0.05 0.12 – 1.00 – Total: Square feet renewed 9 4 1 3 1 0 2 3 4 3 1 9 6 6 1 1 1 Average net rent psf 1 5 .9 1 1 7 .9 2 1 9 .2 1 1 0 .3 6 1 7 .0 2 4 3 .5 8 1 9 .5 Increase in average net rent psf 1 .3 5 1 .6 1 1 .4 7 0 .5 1 2 .2 4 1 0 .6 3 0 .9 0 Percent Increase 9 .3 % 9 .9 % 8 .3 % 5 .2 % 1 5 .2 % 3 2 .3 % 4 .8 %

Canadian portfolio

54

Organic Grow th – Lease Expires Organic Grow th Lease Expires

LEASE EXPIRIES (in thousands, except psf and percentage amounts) Portfolio NLA 2010 (i) 2011 2012 2013 2014 Square Feet: New Format Retail 17,635 220 1,186 1,216 1,445 1,501 Grocery Anchored Centre 7,571 170 966 1,003 560 1,229 Enclosed Shopping Centre 6,297 237 675 631 675 721 Non-Grocery Anchored Centre 1,873 40 87 119 201 138 Urban Retail 1,295 9 58 136 165 314 Office 1,583 91 260 94 143 102 Total 36,254 767 3,232 3,199 3,189 4,005 Square feet expiring/portfolio NLA 2 10% 8 90% 8 80% 8 80% 11 00% NLA 2.10% 8.90% 8.80% 8.80% 11.00% Average rent psf : New Format Retail 16.33 18.2 17.30 17.30 17.67 18.09 Grocery Anchored Centre 14.33 17.71 14.16 14.40 17.21 13.59 Enclosed Shopping Centre 11.13 13.41 11.97 12.35 14.58 13.60 Non-Grocery Anchored Centre 12.21 14.52 15.83 14.35 14.28 15.34 Urban Retail 22 36 25 63 19 43 29 20 15 11 16 97 Urban Retail 22.36 25.63 19.43 29.20 15.11 16.97 Office 12.84 9.58 13.14 11.43 10.90 12.72 Total average net rent psf 14.86 15.49 14.91 15.63 16.28 15.58

55

(i) for the remainder of 2010

Future Grow th Drivers

Organic Growth Institutional Relationships Land Use Intensification Greenfield Development Acquisitions

Future Grow th Drivers Acquisitions Acquisitions

• RioCan has completed over $800 million of acquisitions

year to date and over $1.2 billion over the past 12 th months

• Year to date acquisitions have been completed at a

weighted average cap rate of 7 7% weighted average cap rate of 7.7%

• Financing used to complete these acquisitions has been

completed at interest rates below 5% completed at interest rates below 5%

Capitalization Rate Purchase Price ( $ ’0 0 0 s) NLA

C n d Canada 7.3% 334,987 1,432,854 US 7.9% 479,552 3,303,786 Total 7 .7 % 8 1 4 ,5 3 9 4 ,7 3 6 ,6 4 0

Acquisition Activity

Assets Under Contract Assets Under Contract

C it li ti RioCan’s h NLA (in sq.ft.) at Ri C ’ A t Y RioCan’s hi Property name and location Capitalization Rate purchase price (‘000s) RioCan’s interest Asset class Year builtMajor tenant(s) and NLA

• wnership

interest CANADA Keswick Walmart, Keswick, ON 7.0% 20,942 122,061New Format Retail 2010Walmart (151,000) 75% Brant Power Centre, 7.4% 15,050 57,539New 2004Home Outfitters (32,000), Best 50% Burlington, ON Format Retail Buy (31,000) Millwoods Town Centre Edmonton, AB 7.7% 26,070 160,460Enclosed Shopping Centre 1975Canadian Tire (88,000), Safeway (49,000), Zellers (123,000) Repentigny Shoppers Drug Mart, Montreal, QC 7.0% 5,450 17,000Non‐ Grocery 2009Shoppers Drug Mart (17,000) 100% Anchored Queensway, Toronto, ON 6.0% 15,725 55,366New Format Retail 2000Cineplex (87,510) 50% Total Canada 7.1% 83,237 412,426 UNITED STATES Inland Portfolio (remaining) 7 7% 69 142 484 812Various VariousVarious 80% Inland Portfolio (remaining) 7.7% 69,142 484,812Various VariousVarious 80% Red Rose Commons, Lancaster, PA 7.6% 28,471 210,762New Format Retail 1998Home Depot*, Weis Markets*, Sports Authority (43,091), HH Greg (32,296), Office Max (30,078), PetSmart (28,710), Barnes & Noble (26,306) 80% Whitehall Mall, Whitehall PA 7.6% 16,296 278,751New Format 1965 /1998 Sears (212,850), Kohl’s (81 785) Bed Bath & Beyond 50%

58

Whitehall, PA Format Retail /1998(81,785), Bed Bath & Beyond (43,971), Gold’s Gym (27,213), Michael’s (22,965) Total US 7.7% 113,909 974,325 Total 7.4% 197,146 1,386,751

Future Grow th Drivers

Organic Growth Institutional Relationships Land Use Intensification Greenfield Development Acquisitions

Strong Developm ent Pipeline Strong Developm ent Pipeline

• Greenfield developments through in-house capabilities and with partners, such as Trinity and

Canada Pension Plan Investment Board (CPPIB) At Septem ber 3 0 , 2 0 1 0 Total G eenfield de elopments comp ise 8 5 million sq a e feet incl ding shado ancho s

• Total Greenfield developments comprise 8.5 million square feet, including shadow anchors
• RioCan’s owned interest consists of 3.6 million square feet
• Total estimated project cost is $1.6 billion, with RioCan’s interest being approx. $743 million
• Invested $363 million in these projects
• RioCan’s funding obligations, before construction financing is $379 million ($46 million is for

current development and $333 million is for potential future development) current development and $333 million is for potential future development) – In addition, RioCan will fund approx. $166 million under mezzanine lending program to certain partners, primarily Trinity Developments ($24 million is for current development and $142 million is for potential future development)

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

Strategic sales to CPPI B Strategic sales to CPPI B

• In Q1 2008, RioCan and Trinity sold a 50% non-managing interest in the Jacksonport

development in Calgary and St. Clair Avenue and Weston Road in Toronto development to

• CPPIB. In Q1 2010 RioCan successfully completed the rezoning of St Clair and Weston, which

generated a total gain of $3.3 million

• In October 2008, CPPIB purchased at 37.5% non-managing ownership interest in two of

h h i E Hill i C l I Q1 2010 Ri C f ll l d h i three phases in East Hills in Calgary. In Q1 2010 RioCan successfully completed the rezoning

• f East Hills, which generated a total gain of $4.0 million
• Significantly reduced development exposure on the three projects of $667 million
• The sales to CPPIB enabled RioCan to recoup 100% of its equity in these projects
• The sales further strengthened our existing relationship to Canada’s largest pension fund

60

Strong Developm ent Pipeline Strong Developm ent Pipeline

Lowe’s Centre Orleans

RioCan is currently developing its 39 acre site at Lowe’s Centre Orleans at Innes Road and Belcourt Boulevard in Ottawa, Ontario into a 417,000 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 j p p y Insurance, CIBC, and Empire Theatres, which have all commenced operations. Construction is expected to commence in 2011 on an additional phase, which will feature a national supermarket tenant of approximately 35,000 square feet.

Hazeldean

Construction has commenced at RioCan’s joint venture development on Hazeldean Road, in

• Ottawa. This 33 acre site is currently being

d l d i t 393 000 f t f t developed into a 393,000 square foot new format retail centre. The site will be anchored by Lowe’s Home Improvement Warehouse, which will own its

• wn store. Lowe’s is expected to open in late
• 2010. RioCan has also commenced construction
• f the first phase of this property which will include

61

Michael’s, Winners, HomeSense, and Bouclair.

Strong Developm ent Pipeline Strong Developm ent Pipeline

Okotoks

RioCan has commenced construction at its Okotoks site in Okotoks, Alberta, located approximately 40 kilometres south of

• Calgary. This 31 acre property is a joint venture development with

g y p p y j p

Trinity and is currently being developed into a 434,000 square foot

new format retail centre. The site is anchored by a 93,000 square foot Home Depot, which owns its own store. Costco, which will also

• wn its own location, has begun construction and expects to open

in the third quarter of 2010.

62

Future Grow th Drivers

Organic Growth Institutional Relationships Land Use Intensification Greenfield Development Acquisitions

Land Use I ntensification Land Use I ntensification

• Capitalize on trend in Canada’s six high

growth markets towards “densifying” growth markets towards densifying existing urban locations, driven by:

• Prohibitive costs of expanding infrastructure

beyond urban boundaries beyond urban boundaries

• Environmental concerns
• Maximizing use of mass transit

Maximizing use of mass transit

• Generate high yields as land is already
• wned

64

Yonge Eglinton Centre

Toronto Ontario Toronto, Ontario

• One of RioCan’s largest acquisitions at $223

million (acquired in January 2007)

• (acqu ed

Ja ua y 00 )

– 750,126 sq. ft. of office area and 264,391

• sq. ft. of retail area
• RioCan has launched a thorough

revitalization and expansion plan that will capitalize on the area’s residential p intensification

– Improvements to parking increased revenues by $500,000 – 46,000 sq. ft. of new retail, and a connection to the office towers and i / t th f d t d ingress/ egress to the food court and subway – A combined 12-storey, 210,000 sq. ft. expansion of the

• ffice towers

– received Toronto City Council approval for received Toronto City Council approval for its development plans and is currently submitting plans for site plan approval, and subject to receipt of all approvals, it is expected that construction can begin in 2011

Ri C ’ l i d it l i t 65

• RioCan’s leasing and capital improvement

efforts have resulted in significant increases in NOI and occupancy

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre RioCan Yonge Eglinton Centre

66

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre – Proposed Retail Addition RioCan Yonge Eglinton Centre – Proposed Retail Addition

67

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre – Proposed Vertical Addition RioCan Yonge Eglinton Centre – Proposed Vertical Addition

• Potential to add 210,000 square feet of office space

68

Potential to add 210,000 square feet of office space

Urban I ntensification

1 7 1 7 Avenue Road Toronto ON 1 7 1 7 Avenue Road, Toronto, ON

• Rezoning urban properties to accommodate mixed use projects

became RioCan REIT’s focus in the last several years

• 1717 Avenue Road, Toronto

Assembled a city block over four year period located in one of the busiest nodes in Toronto on Avenue Road, between Fairlawn Avenue and St. Germain Avenue The block was made up of four, one storey, properties, the largest being 21,000 sq. ft. strip centre anchored by an LCBO and Blockbuster Ideal property for redevelopment into a i d f ili i k i i h h d mixed-use facility, in keeping with the trend

• f urban intensification

Residential air rights sold to Tribute Communities, who are developing this mixed-use property RioCan REIT retained o nership of the RioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiums The residential component is 89% sold The retail component is 90% leased 69 The retail component is 90% leased

Urban I ntensification

Queen & Portland Toronto ON Queen & Portland, Toronto, ON

• One acre parking lot acquired in January 2006

S f Q S

• Southwest corner of Queen and Portland Streets,
• ccupying the entire length of the block
• Ideal property for redevelopment into a mixed-use

facility, in keeping with the trend of urban intensification

• Development includes retail footprint - Loblaws
• ccupying the bulk of the ground floor and all of

the second floor, with a flagship Joe Fresh store and a Loblaws supermarket, while Winners will be

• ccupying the third floor
• Total retail space is 92,000 sq ft over three levels
• 100% leased
• Five-storey residential condominium, above the

retail, unaffected by change – 85% sold

• Residential air rights sold to Tribute Communities,

who will develop this mixed-use property

• RioCan REIT retained ownership of the retail

portion and shares in a portion of the profits created on the sale of the condominiums 70

Tillicum Centre

Victoria BC Victoria, BC

• Acquired in July 2002,

expansion initiated in 2004

• 62,000 sq. ft. addition anchored

62,000 sq. ft. addition anchored by introduction of two marquee tenants

• Fabricland relocated to a larger

store and TD Bank also took

• ccupancy during phase 2
• Despite various construction

challenges owing to site’s geography, RioCan’s development team was able to development team was able to deliver on schedule and within budget

• Mixed-use expansion scheduled

for commencement in 2009, , and will feature 294,000 sq. ft.

• In addition to improving tenant

quality and aesthetics, the t i t t (“ROI”) return on investment (“ROI”) since acquisition has increased by more than 100 bps

71

Future Grow th Drivers

Organic Growth Institutional Relationships Land Use Intensification Greenfield Development Acquisitions

I nstitutional Relationships I nstitutional Relationships

• Through the years RioCan has developed

strong institutional relationships strong institutional relationships

• Leverage RioCan’s capital to enhance

returns and increase scale of investments

• Generate additional revenue streams

– Property and asset management fees

73

I nstitutional Relationships I nstitutional Relationships

Strong Partnerships

Partner Type

• f Partner

Total Property GLA (sf) Partner GLA (sf)

• a t e

G (s ) G (s ) Cedar Public 2,717,091 543,418 Inland Western Public 352,383 70,477 Kimco Public 8,885,608 4,442,804 CPPIB Institutional 1,793,971 896,986 Trinity Private 2 174 530 812 355 Trinity Private 2,174,530 812,355 Kimco/Trinity Public/Private 331,283 220,855 Kimco/Fieldgate Public/Private 28,222 23,848 RRVLP (TIAA-CREF, OMERS) Public / Institutional 382,291 324,947 Sun Life Institutional 758,597 499,585 CMHC Private 370 454 185 227 CMHC Private 370,454 185,227 Devimco – Quebec Hydro Private 1,128,134 564,067 Effort Properties Private 147,234 73,617 Bayfield Private 1,357,645 950,352 The Wynn Group Private 98,580 73,935 Fi t G lf P i t 386 718 193 359 First Gulf Private 386,718 193,359 Tawse Private 244,409 122,205 Trinity / Shenkman / Tamuz Private 378,055 158,608 Frum Development Group Private 276,330 138,165 Dale-Vest Marketvest Private 66,720 40,352

74

Total 21,878,255 10,335,162

In addition to RioKim JV and CPPIB strategic alliance, RioCan REIT maintains numerous

• ther partnerships where partners rely on RioCan’s expertise in leasing, property

management and development

I nstitutional Relationships I nstitutional Relationships

RioKim Joint Venture

Ri C REIT d Ki R lt

Brentwood Village

• RioCan REIT and Kimco Realty

Corporation, a U.S. REIT listed on the NYSE which also focuses on the ownership

• f shopping centres, each have a

50% interest in RioKim joint 50% interest in RioKim joint venture

• Invested over $1.2 billion in 45

properties since 2001 comprising

• ver 9.3 million sq. ft.
• f GLA

Tillicum Centre

• f GLA
• In September 2008, created a

second joint venture partnership with Kimco (RioKim II) with the acquisition of a 10 properties portfolio in central and eastern p Canada

• RioCan provides asset and property

management, development and leasing services to RioKim 75

I nstitutional Relationships I nstitutional Relationships

CPPIB Joint Venture

I O t b 2004 Ri C REIT d

RioCan Centre Burloak - Before

• 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 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.

• f planned development projects

RioCan Centre Burloak - After

• f planned development projects
• RioCan provides property and asset

management, leasing, development and construction management services for the co-ownership 76

I nstitutional Relationships I nstitutional Relationships

CPPIB Strategic Alliance Grandview Corners

• Acq i ed in Decembe 2009 on a
• 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

Diverse and strong tenant mix

• 42 acre site
• 529,827 sq. ft. anchored by a

217,278 sq. ft. Walmart

• Other major tenants include The

Brick, Future Shop, Indigo

• St. Clair & W eston
• RioCan has completed the rezoning for its St.

Clair and Weston Road development with Trinity and Canada Pension Plan Investment Board (“CPPIB”) in Toronto Board ( CPPIB ) in Toronto.

• Construction is anticipated to commence in

the fourth quarter of 2010.

• The 19 acre site is ultimately expected to

feature a 570,000 square foot property situated within a unique two storey retail. f t

77

format

I nstitutional Relationships I nstitutional Relationships

CPPIB Strategic Alliance

In September 2008 the Trust and Trinity sold a 50% non-managing interest in two developments to CPP Investment

• Board. The two developments are Jacksonport located in Calgary, Alberta and St. Clair Avenue and Weston Road

located in Toronto, Ontario. Additionally, in October 2008 RioCan and Trinity sold a 37.5% non-managing ownership interest in East Hills phases I and III a development featuring approximately 115 acres in Calgary Alberta to CPP interest in East Hills, phases I and III, a development featuring approximately 115 acres in Calgary, Alberta, to CPP Investment Board.

• RioCan has successfully completed

the rezoning requirements for its E t Hill d l t ith T i it

East Hills

East Hills development with Trinity, CPPIB and the original vendor in Calgary, Alberta.

• The East Hills development consists
• f three phases. Phase I and III

comprise approximately 111 acres

Jacksonport

• Jacksonport, located at 36th Street NE and

Country Hills Boulevard NE in Calgary is a and Phase II comprises approximately 37 acres. Country Hills Boulevard NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail

centre

• Upon completion, the development is

expected to feature approximately 1.1 million square feet of retail space

78

square feet of retail space.

Sum m ary Sum m ary

• Canada’s largest REIT
• Seasoned management team
• Seasoned management team
• Excellent portfolio, solid tenants and

diversified

• Focus on urban markets
• 86% of annualized rental revenue from

national tenants national tenants

• Conservative debt profile and access to

capital

• Strong institutional relationships
• Solid development pipeline

79

Appendix A pp

Senior Management

Experienced Managem ent Team Experienced Managem ent Team

• Extensive experience in Canadian real estate market

– Multi-disciplinary team with experience across a wide spectrum of real estate classes

EDWARD SONSHINE, Q.C EDWARD SONSHINE, Q.C. – President & Chief Executive Officer, RioCan REI T

• CEO of RioCan REIT since late 1993 and has overseen its growth from an asset base
• f under $100 million to its current enterprise value which is in excess of $8 billion
• Previously practiced law for 15 years, during which he was awarded his Queen’s

Counsel in 1983

• Member of the board of directors of Royal Bank of Canada, Chair of Chesswood

y , Income Fund and Chair of Mount Sinai Hospital Foundation FREDERIC WAKS FREDERIC WAKS – Senior Vice President & Chief Operating Officer, RioCan REI T

• COO of RioCan REIT since 1995
• Began real estate career in 1981 with Royal LePage, where he earned the honourable

designation of Rookie of the Year in the Commercial Division and President’s Round designation of Rookie of the Year in the Commercial Division and President s Round Table

• In 1984, he joined First Plazas as Vice President of Leasing/ Marketing. Moved to

Dominion Trust in 1988, where he took on the position of Senior Vice President. From 1993 to 1995, acted as Vice-President, Retail Leasing for Confederation Life. RAGS DAVLOOR CA RAGS DAVLOOR CA – Senior Vice President & Chief Financial Officer RioCan REI T RAGS DAVLOOR, CA RAGS DAVLOOR, CA – Senior Vice President & Chief Financial Officer, RioCan REI T

• CFO of RioCan REIT since 2008
• Over 25 years of real estate, management, finance, accounting and tax experience
• Began his career with Arthur Anderson & Co where he spent 8 years in audit, tax and

advisory roles, followed by over 10 years at O&Y Properties and O&Y REIT ultimately becoming CFO and p io to coming to RioCan at TD Sec ities as a Vice P esident becoming CFO, and prior to coming to RioCan at TD Securities as a Vice President and Director in corporate finance for two years, where he was focused

• n real estate industry coverage.

81

Appendix B pp

Supplemental Information Package

THIRD QUARTER 2010 SUPPLEMENTAL INFORMATION PACKAGE

AFTER THE STORM

REAL ESTATE INVESTMENT TRUST

Q3

THIRD QUARTER 2010

Supplemental Information Package

Table of Contents

Real Estate Portfolio Fact Sheet.........................................1 FINANCIAL INFORMATION Operational and Financial Highlights..................................2 Consolidated Balance Sheets..............................................3 Consolidated Statement of Earnings...................................4 Consolidated Statement of Cash Flows..............................5 Results of Operations..........................................................6 Summary of Consolidated Debt...........................................7 INVESTMENT ACTIVITY Acquisitions.........................................................................8 Greenfield Development Projects................................11–15 Expansion and Redevelopment Projects...........................16 REAL ESTATE INFORMATION Leasing Activity..................................................................18 Renewal Activity.................................................................19 Property Ownership by Geographic Area..........................23 Portfolio Geographic Diversification.................................24 Occupancy..........................................................................24 Economic Versus Committed Occupancy..........................24 Top 50 Tenants..................................................................25 Top 10 Tenants – Canada...................................................26 Top 10 Tenants – US..........................................................26 Lease Expiries by Geographic Area...................................27 GENERAL General Information..........................................................28

REAL ESTATE PORTFOLIO FACT SHEET

Fact Sheet as at Sept 30, 2010 Canadian Properties US Properties Grand Total Total Net Leaseable Area ("NLA") (sq. ft.): Retail Office Total Retail Office Total Income Producing Properties

34,671,228 1,583,434 36,254,662 2,403,823 51,758 2,455,581 38,710,243 Properties Under Development 2,438,232 – 2,438,232 – – – 2,438,232 Total 37,109,460 1,583,434 38,692,894 2,403,823 51,758 2,455,581 41,148,475

Number of Tenancies

6,400

Occupancy Canadian Properties American Properties Total Retail

97.2% 98.4% 97.3% Office 92.2% 85.5% 91.9% Total: 97.0% 98.1% 97.1%

Geographic Diversification Number of properties Percentage

• f annualized

rental revenue Income producing properties Properties under development Total Ontario 56.3% 155 7 162 Quebec 16.5% 42 42 Alberta 11.6% 26 3 29 British Columbia 6.1% 14 14 New Brunswick 1.9% 6 1 7 Saskatchewan 0.5% 1 1 Manitoba 0.7% 2 2 Prince Edward Island 0.4% 1 1 Newfoundland 0.3% 2 2 Nova Scotia 0.1% 1 1 USA 5.6% 18 18 100.0% 268 11 279 Anchor and National Tenants (including US) Percentage of annualized rental revenue Percentage of total NLA Anchor and National Tenants 86.0% 83.9% Top Ten Sources of Revenue by Tenant (including US) Ranking Tenant Percentage of annualized rental revenue Weighted average remaining lease term (yrs) 1. Famous Players/Cineplex/Galaxy Cinemas 4.7% 12.6 2. Metro/A&P/Super C/Loeb/Food Basics 4.6% 8.6 3. Walmart 4.4% 13.2 4. Canadian Tire/PartSource/Mark's Work Wearhouse 3.8% 11.6 5. Zellers/The Bay/Home Outfitters 3.3% 9.1 6. Winners/HomeSense 2.8% 4.8 7. Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 5.7 8. Staples/Business Depot 2.2% 7.4 9. Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 5.1 10. Shoppers Drug Mart 1.7% 10.4 Total 32.1% Lease Expiries – Canada Lease expiries (NLA) Retail Class Total NLA 2010 2011 2012 2013 2014 New Format Retail 17,635,189 220,178 1,185,950 1,215,433 1,444,571 1,500,515 31.6% 1.2% 6.7% 6.9% 8.2% 8.5% Grocery Anchored Centre 7,570,736 170,447 966,236 1,003,289 559,559 1,229,087 51.9% 2.3% 12.8% 13.3% 7.4% 16.2% Enclosed Shopping Centre 6,297,125 236,555 674,690 631,282 675,400 721,438 46.7% 3.8% 10.7% 10.0% 10.7% 11.5% Non-Grocery Anchored Centre 1,873,343 40,077 87,452 118,952 201,054 137,723 31.2% 2.1% 4.7% 6.3% 10.7% 7.4% Urban Retail 1,294,833 9,171 58,215 136,161 165,060 314,474 52.8% 0.7% 4.5% 10.5% 12.7% 24.3% Office 1,583,434 90,495 259,876 93,739 143,163 102,111 43.5% 5.7% 16.4% 5.9% 9.0% 6.4% Total 36,254,662 766,923 3,232,419 3,198,856 3,188,807 4,005,348 2.1% 8.9% 8.8% 8.8% 11.0% Average net rent per square foot $ 14.86 $ 15.49 $ 14.91 $ 15.63 $ 16.28 $ 15.58 Lease Expiries – US Lease expiries (NLA) Retail Class Total NLA 2010 2011 2012 2013 2014 New Format Retail 1,354,257 1,072 5,886 23,394 62,145 19,744 8.3% 0.1% 0.4% 1.7% 4.6% 1.5% Grocery Anchored Centre 1,049,566 45,089 71,780 91,724 45,489 93,079 40.9% 4.3% 14.7% 8.7% 4.3% 8.9% Enclosed Shopping Centre 0.0% 0.0% 0.0% 0.0% 0.0% Non-Grocery Anchored Centre 0.0% 0.0% 0.0% 0.0% 0.0% Urban Retail 0.0% 0.0% 0.0% 0.0% 0.0% Office 51,758 4,645 11,159 4,329 9,932 3,654 65.1% 9.0% 21.6% 8.4% 19.2% 7.1% Total 2,455,581 50,806 88,825 119,447 117,566 116,477 2.1% 3.6% 4.8% 4.8% 4.8% Average net rent per square foot $ 17.10 $ 21.61 $ 19.64 $ 17.25 $ 15.01 $ 16.73 1 Third Quarter Ended September 30, 2010 Supplemental Information Package

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Operational Information

(thousands of square feet, except other data)

As at September 30, 2010 June 30, 2010 December 31, 2009 September 30, 2009 ** US Canada Total US Canada Total Number of properties: Income properties 18 250 268 8 246 254 243 234 Under development (i) – 11 11 – 11 11 12 13 Portfolio occupancy 98.1% 97.0% 97.1% 96.2% 97.0% 97.0% 97.4% 97.3% Net leasable area (“NLA”) at 100%* 4,002 55,193 59,185 1,425 54,549 55,974 54,301 52,102 Net leasable area (“NLA”) at RioCan’s interest: Total portfolio 2,455 36,255 38,710 1,039 35,476 36,515 35,103 33,920 Average in place rent $ 17.10 $ 14.86 $ 14.99 $ 18.02 $ 14.97 15.06 $ 14.40 $ 14.33 Completed Greenfield Development and land use intensification activities during the quarter ended – 9 9 – 10 10 39 230 Acquired during the quarter ended 1,417 838 2,255 420 245 665 1,194 231 Greenfield Development pipeline upon completion: Total project NLA – 8,446 8,446 – 8,493 8,493 8,480 8,623 RioCan’s interest of project NLA – 3,397 3,397 – 3,289 3,289 2,956 3,044 Percentage of portfolio rental revenue derived from: Six Canadian high growth markets (annualized) (ii) n/a 61.7% 61.7% n/a 63.8% 63.8% 66.3% 66.4% US market (annualized) 5.6% n/a 5.6% 3.1% n/a 3.1% n/a n/a National and anchor tenants (annualized) 86.0% 85.5% 84.5% 84.2% Largest tenant (annualized) 18.3% 4.9% 4.7% 33.3% 5.0% 4.9% 5.0% 5.1% Number of employees (excluding seasonal) 585 591 592 574

(i) The number of properties under development excludes those properties with phased development where tenancies have already commenced

• perations. These properties are included in the number of income properties.

(ii) See discussion in “About RioCan”. * Includes retail owned anchors ** US portfolio information is only applicable beginning in the fourth quarter of 2009.

Financial Information Three months ended September 30, Nine months ended September 30, 2010 2009 2010 2009 Total revenue $ 216,643 $ 189,022 $ 652,243 $ 567,448 Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Net earnings per Unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38 Net earnings per Unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38 FFO (i) $ 89,331 $ 71,600 $ 268,372 $ 210,075 FFO per Unit $ 0.36 $ 0.30 $ 1.10 $ 0.92 Distributions to unitholders $ 85,220 $ 81,036 $ 253,043 $ 236,284 Distributions to unitholders per Unit $ 0.345 $ 0.345 $ 1.035 $ 1.035 Distributions per Unit (annualized) $ 1.38 $ 1.38 $ 1.38 $ 1.38 Distributions to unitholders net of distribution reinvestment plan $ 71,574 $ 66,592 $ 211,988 $ 194,128 Distributions to unitholders net of distribution reinvestment plan per Unit $ 0.29 $ 0.28 $ 0.87 $ 0.85 Unit issue proceeds under distribution reinvestment plan $ 13,646 $ 14,444 $ 41,055 $ 42,156 Distribution reinvestment plan (“DRIP”) participation rate $ 16.0% 17.8% 16.2% 17.8%

(i) A non generally accepted accounting principle (“GAAP”) measurement for which a reconciliation to net earnings can be found in RioCan’s discussion under “FFO”.

2

Third Quarter Ended September 30, 2010 Supplemental Information Package

CONSOLIDATED BALANCE SHEETS

(unaudited – in thousands)

As at September 30, 2010 As at December 31, 2009

ASSETS

Real estate investments Income properties $ 5,683,339 $ 5,042,151 Properties under development 360,522 263,293 Investments 59,236 50,219 Properties held for resale 9,433 8,730 Mortgages and loans receivable 208,283 235,683 6,320,813 5,600,076 Receivables and other assets 147,593 114,633 Cash and equivalents 32,371 146,842 $ 6,500,777 $ 5,861,551

LIABILITIES

Mortgages payable and lines of credit $ 3,090,721 $ 2,669,054 Debentures payable 1,097,899 994,167 Accounts payable and other liabilities 218,345 192,644 Future income taxes 143,987 140,158 4,550,952 3,996,023

NON-CONTROLLING INTEREST

37,898 8,443

UNITHOLDERS’ EQUITY

Unitholders’ equity 1,911,927 1,857,085 $ 6,500,777 $ 5,861,551

Debt Ratio Analysis

At September 30, 2010

(unaudited – in thousands of dollars, except percentage amounts)

September 30, 2010 Leverage ratio (Note 1) 57.1% % of debt at fixed rates 96.5% % of debt at floating rates 3.5%

Note 1 Leverage Ratio Calculation

Contractual debt Mortgages payable per balance sheet $ 3,090,721 Debentures payable per balance sheet 1,097,899 Add: Unamortized debt financing costs 16,412 Less: Unamortized differential between contractual and market interest rates on liabilities assumed at the acquisition of properties (5,272) $ 4,199,760 Aggregate assets Total assets per balance sheet $ 6,500,777 Add: Accumulated amortization of income properties 849,580 $ 7,350,357 Leverage Ratio (Defined by RioCan's Declaration of Trust) $ 4,199,760 / $ 7,350,357 57.14% Additional debt permitted to be at 60% leverage (($7,350,357 X 60%) – $4,199,760) / (1 – 60%) $ 526,136 Additional debt permitted to be at 59% leverage (($7,350,357 X 59%) – $4,199,760) / (1 – 59%) $ 334,026

The accompanying notes are an integral part of the consolidated financial statements

3

Third Quarter Ended September 30, 2010 Supplemental Information Package

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited – in thousands, except per unit amounts)

For the three months ended September 30, For the nine months ended September 30, 2010 2009 2010 2009 Revenue Rentals $ 205,800 $ 179,928 $ 610,954 $ 542,921 Fees and other income 4,410 3,931 12,622 11,223 Interest 3,573 4,966 11,603 13,237 Gain on properties held for resale 2,860 197 17,064 67 Total revenue 216,643 189,022 652,243 567,448 Expenses Property operating costs 66,354 62,238 202,432 195,561 Interest 53,201 49,616 158,368 142,130 General and administrative 6,011 5,464 19,282 18,095 Transition costs 1,144 104 2,217 1,587 Amortization 45,596 41,260 135,545 123,054 Total expenses 172,306 158,682 517,844 480,427 Earnings before income taxes and non-controlling interest 44,337 30,340 134,399 87,021 Future income tax expense 4,900 1,900 9,994 700 Non-controlling interest 265 – 852 – Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Net earnings per unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38 Net earnings per unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38 Weighted average number of units

• utstanding – basic

246,314 234,806 244,284 227,836

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited – in thousands)

For the three months ended September 30, For the nine months ended September 30, 2010 2009 2010 2009 Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Other comprehensive income (loss), net of tax Unrealized (loss) gain on interest rate swap agreements (3,657) (443) (2,992) 1,173 Unrealized loss on translation of self- sustaining foreign operations (4,536) – (1,960) – Unrealized gain (loss) on available-for-sale securities 94 – (7,056) – Reclassification of available-for-sale marketable securities to net earnings upon disposition – 622 – – Other comprehensive (loss) income (8,099) 179 (12,008) 1,173 Comprehensive income $ 31,073 $ 28,619 $ 111,545 $ 87,494

The accompanying notes are an integral part of the consolidated financial statements

4

Third Quarter Ended September 30, 2010 Supplemental Information Package

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited – in thousands, except per unit amounts)

For the three months ended September 30, For the nine months ended September 30, 2010 2009 2010 2009

CASH FLOWS PROVIDED BY (USED IN):

Operating activities Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Items not affecting cash Amortization 46,116 41,626 136,685 124,102 Recognition of rents on a straight-line basis (1,544) (1,181) (5,705) (4,074) Unit based compensation expense 634 476 1,592 1,567 Amortization of the differential between contractual and market rents on in-place leases (1,143) (752) (2,940) (2,340) Future income tax expense 4,900 1,900 9,994 700 Properties held for resale 2,593 1,141 (1,380) 6,815 Acquisition and development of properties held for resale (1,229) (1,585) (2,721) (8,695) Changes in non-cash operating items and other 11,267 (5,773) (9,379) (22,536) Non-controlling interest 265 – 852 – Cash flows provided by operating activities 101,031 64,292 250,551 181,860 Investing activities Acquisition of income properties and properties under development (344,500) (24,532) (560,516) (78,720) Capital expenditures on income properties (44) (362) (1,903) (1,613) Capital expenditures on properties under development (31,553) (32,845) (59,645) (68,232) Maintenance capital expenditures recoverable from tenants (2,066) (1,207) (5,579) (2,105) Maintenance capital expenditures not recoverable from tenants (1,876) (768) (2,761) (2,179) Tenant installation costs (11,815) (5,445) (26,073) (17,483) Mortgages and loans receivable Advances (13,591) (7,254) (41,078) (55,847) Repayments 3,815 24,712 54,760 41,001 Investment in available-for-sale securities – 14,567 (19,559) 1,105 Cash flows used in investing activities (401,630) (33,134) (662,354) (184,073) Financing activities Mortgages payable Borrowings 245,927 89,780 607,549 385,243 Repayments (144,130) (59,730) (338,771) (173,009) Advances drawn against line of credit (3,044) – (3,044) – Issue of debentures payable 102,416 (71) 102,416 178,538 Repayment of debentures payable – (79,681) – (134,681) Distributions paid (84,276) (80,926) (251,962) (234,676) Distributions paid to non controlling interest (6,808) – (6,808) – Units issued under distribution reinvestment plan 13,895 14,757 41,799 43,170 Units repurchased under normal course issuer bid – – – (3,426) Issue of units 143,663 (137) 146,153 143,761 Cash flows provided by (used in) financing activities 267,643 (116,008) 297,332 204,920 Increase (decrease) in cash and equivalents during the period (32,956) (84,850) (114,471) 202,707 Cash and equivalents, beginning of period 65,327 298,934 146,842 11,377 Cash and equivalents, end of period $ 32,371 $ 214,084 $ 32,371 $ 214,084 Supplemental cash flow information Acquisition of real estate investments through assumption of liabilities and mortgages given by vendors $ 51,936 $ 15,978 $ 157,798 $ 15,978 Acquisition of real estate in settlement of mortgage receivable 14,298 – 23,136 – Mortgages taken back on property dispositions – – – (4,361) Interest paid 62,273 57,159 173,990 154,981 Cash equivalents, end of period 1,733 97,987 1,733 97,987 Distributions to unitholders per unit 0.345 0.345 1.035 1.035 The accompanying notes are an integral part of the consolidated financial statements

5

Third Quarter Ended September 30, 2010 Supplemental Information Package

RESULTS OF OPERATIONS

The components of RioCan’s consolidated net earnings for each respective period are as follows: Three months ended September 30, Increase (decrease) Nine months ended September 30, Increase (decrease)

(thousands of dollars, except per Unit amounts)

2010 2009 2010 2009 Rental revenue $ 205,800 $ 179,928 14% $ 610,954 $ 542,921 13% Property operating costs 66,354 62,238 7% 202,432 195,561 4% Net operating income 139,446 117,690 18% 408,522 347,360 18% Fees and other income 4,410 3,931 12% 12,622 11,223 12% Interest income 3,573 4,966 (28%) 11,603 13,237 (12%) Gains on properties held for resale 2,860 197 nm 17,064 67 nm 150,289 126,784 449,811 371,887 Interest expense 53,201 49,616 7% 158,368 142,130 11% General and administrative expense 6,011 5,464 10% 19,282 18,095 7% IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nm Restructuring costs – 65 nm – 1,357 nm Non-controlling interest 602 – nm 1,572 – nm FFO (i) 89,331 71,600 25% 268,372 210,075 28% Amortization expense 45,596 41,260 11% 135,545 123,054 10% Future income tax expense 4,900 1,900 nm 9,994 700 nm Non-controlling interest – amortization expense (337) – (720) – nm Net earnings $ 39,172 $ 28,440 38% $ 123,553 $ 86,321 43% Net earnings per Unit – basic $ 0.16 $ 0.12 33% $ 0.51 $ 0.38 34% Net earnings per Unit – diluted 0.16 0.12 33% 0.50 0.38 32% FFO per Unit (i) $ 0.36 $ 0.30 20% $ 1.10 $ 0.92 20%

“nm” – not meaningful (i) Refer to the discussion under FFO.

NET OPERATING INCOME

Consolidated NOI for the three and nine months ended September 30, 2010 and 2009 is as follows: Three months ended September 30, Increase (decrease) Nine months ended September 30, Increase (decrease)

(thousands of dollars)

2010 2009 2010 2009 Base rent $ 135,515 $ 117,820 15% $ 397,741 $ 350,538 13% Percentage rent 821 965 (15%) 2,282 2,357 (3%) Rents subject to tenants’ sales thresholds 1,316 1,482 (11%) 4,067 4,430 (8%) Property taxes and operating cost recoveries 63,444 59,430 7% 194,486 184,551 5% 201,096 179,697 598,576 541,876 Lease cancellation fees 4,704 231 nm 12,378 1,045 nm Rental revenue 205,800 179,928 14% 610,954 542,921 13% Recoverable property taxes and operating costs 64,580 59,369 9% 198,121 185,927 7% Non-recoverable property operating and site administration costs 1,774 2,869 (38%) 4,311 9,634 (55%) Property operating costs 66,354 62,238 7% 202,432 195,561 4% NOI $ 139,446 $ 117,690 18% $ 408,522 $ 347,360 18% NOI as a percentage of rental revenue (excluding the impact of lease cancellation fees) 67% 65% 2% 66% 64% 2%

“nm” – not meaningful.

6

Third Quarter Ended September 30, 2010 Supplemental Information Package

SUMMARY OF CONSOLIDATED DEBT

As at September 30, 2010 and December 31, 2009, RioCan’s capital structure was as follows:

(thousands of dollars, except percentage amounts)

September 30, 2010 December 31, 2009 Increase (decrease) Capital: Mortgages payable $ 3,090,721 $ 2,669,054 $ 421,667 Debentures payable 1,097,899 994,167 103,732 Unitholders’ equity 1,911,927 1,857,085 54,842 Total capital $ 6,100,547 $ 5,520,306 $ 580,241 Debt to Aggregate Assets ratio 57.1% 55.6% 1.5%

CONTRACTUAL DEBT REPAYMENT

Contractual Principal maturities

(thousands of dollars, except percentage amounts)

As at September 30, 2010 Scheduled principal amortization Mortgages payable Weighted average interest rate Debentures payable Weighted average interest rate Total Weighted average interest rate Year ending December 31: 2010 (i) $ 17,537 $ 13,455 5.82% $ – – $ 30,982 5.82% 2011 72,294 160,008 5.78% 200,000 4.91% 432,302 5.30% 2012 71,366 236,866 6.01% 220,000 5.25% 528,232 5.65% 2013 66,425 413,513 5.49% 150,000 5.23% 629,938 5.42% 2014 56,707 424,782 5.75% 180,000 8.33% 661,489 6.46% 2015 45,174 646,025 5.01% 253,150 5.02% 944,349 5.01% Thereafter 89,633 782,835 5.79% 100,000 5.95% 972,468 5.81% $ 419,136 $ 2,677,474 $ 1,103,150 $ 4,199,760

(i) Amounts pertain to the remaining three months of 2010

Interest coverage and debt service coverage ratios are as follows: Interest Coverage and Debt Service Coverage Ratios Rolling 12 month Analysis for the period ended (i) (ii) Q3 2010 Annualized September 30, 2010 June 30, 2010 September 30, 2009 Interest coverage ratio 2.48 2.42 2.36 2.38 Debt service coverage ratio 1.92 1.87 1.82 1.82

(i) Interest coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and income property amortization (including provisions for impairment) divided by total interest expense (including interest that has been capitalized). (ii) Debt service coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and income property amortization (including provisions for impairment) divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized).

7

Third Quarter Ended September 30, 2010 Supplemental Information Package

ACQUISITIONS DURING 2010

During the three months ended September 30, 2010, RioCan completed total acquisitions of $ 372 million, representing RioCan’s proportionate share of the purchase price, ($ 427.7 million, representing 100% of the purchase price and including closing costs) comprised of approximately 2.3 million additional square feet. During the nine months ended September 30, 2010, RioCan completed total acquisitions of $ 663 million, representing RioCan’s proportionate share of the purchase price, ($ 752.3 million, representing 100% of the purchase price and including closing costs) comprised of approximately 3.7 million additional square feet.

Property name and location Capitalization rate RioCan’s purchase price (i) (‘000s) NLA (in sqft) at RioCan’s interest Asset class (ii) Year Built % Leased Weighted Average Remaining Lease Term (years) (iii) Largest tenant(s) and NLA RioCan’s

• wnership

interest CANADA Gatineau Walmart Centre, Gatineau, QC 6.7% $ 51,239 287,765 NFR 2006 98.5% 12 Walmart (158,801), Golf Town (18,761) 100% Hamilton Walmart Centre, Hamilton, ON 6.7% 49,436 214,486 NFR 2008/ 2009 99.3% 11 Walmart (133,555), Dollar Giant (10,118) 100% Niagara Square, Niagara Falls, ON (Additional 15% interest) 8.4% 7,050 57,343 ESC 1977/ 1987/ 2008 83.3% 13 Cineplex (45,853), Winners (31,967), Sport Chek (20,160), Future Shop (20,027) 30% RioCan Centre Gravenhurst, Gravenhurst, ON (Additional 66.67% interest) 7.5% 19,508 99,395 NFR 2008/ 2009 100% 18 Canadian Tire (76,403), Sobeys (41,360) 100% Vaudreuil Shopping Centre, Vaudreuil-Dorion, QC 7.6% 23,144 118,330 NFR 2006/ 2007 100% 9 Super C*, Canadian Tire*, Bureau en Gros (20,000), Golf Town (15,000) 100% Wharncliffe Centre, London, ON 7.0% 12,687 60,711 GA 1991 100% 7 No Frills (40,140) 100% Total Canada 7.0% 163,064 838,030 UNITED STATES Inland Western Portfolio Acquisitions: Bear Creek Shopping Center, Houston, TX 7.7% 12,987 70,330 GA 2001 100% 5 HEB Supermarket (61,805), GNC (1,300), Papa John’s (1,500) 80% Cypress Mill Plaza, Houston, TX 7.7% 12,228 93,125 NFR 2005 100% 7 Walmart*, Home Depot*, Hobby Lobby (59,898), Palais Royale (24,000), Dollar Tree (9,998) 80% New Forest Crossing, Houston, TX 7.7% 13,683 118,452 NFR 2005 100% 4 Lowe’s*, Walmart*, Big Lots (34,076), Ross Dress for Less (30,047), Petsmart (18,975) 80% 7.7% 38,898 281,907 Cedar Creekview Centre, Warrington, PA 7.6% 21,653 108,869 NFR 2001 100% 7 Target*, Lowe’s*, Genuardi’s Supermarket (Safeway) (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000) 80% Monroe Marketplace, Sellinsgrove, PA 7.6% 35,392 272,814 NFR 2008 100% 12 Target*, Giant Foods Supermarket (127,000), Kohl’s (68,430), Dick’s Sporting Goods (51,119), Best Buy (22,504), Michael’s (20,649), PetSmart (18,156), Staples (14,730) 80%

8

Third Quarter Ended September 30, 2010 Supplemental Information Package

Property name and location Capitalization rate RioCan’s purchase price (i) (‘000s) NLA (in sqft) at RioCan’s interest Asset class (ii) Year Built % Leased Weighted Average Remaining Lease Term (years) (iii) Largest tenant(s) and NLA RioCan’s

• wnership

interest New River Valley Centre, Christiansburg, VA 7.6% 22,751 131,730 NFR 2007 100% 7 Best Buy (30,041), Ross Dress for Less (30,037), Bed Bath & Beyond (24,152), Staples (20,443), PetSmart (17,878), Old Navy (15,413) 80% Pitney Road Plaza, Lancaster, PA 7.6% 9,127 36,732 NFR 2009 100% 9 Costco*, Lowe’s*, Best Buy (45,915) 80% Sunrise Plaza, Forked River, NJ 7.6% 21,766 203,168 NFR 2007 97.3% 22 Home Depot (130,601), Kohl’s (96,171), Staples (20,388) 80% Montville Commons Shopping Center, Montville, CT 7.7% 15,844 94,333 GA 2007 100% 10 Home Depot*, Stop & Shop (63,000) 80% Exeter Commons, Reading, PA 7.8% 43,630 287,257 NFR 2009 100% 15 Target*, Lowe’s (171,069), Giant Foods Supermarket (81,715), Staples (18,008) 80% 7.7% 170,163 1,134,904 Total US 7.7% 209,061 1,416,811 Third Quarter 2010 Acquisitions 7.4% 372,125 2,254,841 CANADA Halton Hills Georgetown, ON 7.2% 10,275 75,366 GA 1979 100% 9 Food Basics (36,002), Dollarama (10,970), TD Bank (10,000), Bulk Barn (5,000) 100% Clappison Crossing Flamborough, ON (Additional 50% interest) 7.3% 20,554 133,628 NFR 2007 100% 18 Walmart (151,448), Rona (98,546), LCBO (11,882), Bank of Nova Scotia (5,380) 100% Corbett Centre Fredericton, NB (Additional 37.5% interest) 7.3% 8,728 36,515 NFR 2008 100% 9 Home Depot*, Costco*, Michael’s (17,438), Winners (29,948), Dollarama (10,301), PetSmart (9,589) 100% Total Canada 7.2% 39,557 245,509 UNITED STATES Cedar “Initial Portfolio” Acquisitions: Loyal Plaza Williamsport, PA 8.5% 22,963 235,060 GA 1969/ 2000 100% 22 Giant Food Supermarkets (66,935), K-Mart (102,558), Staples(20,555), Eckerd Drugs (10,908) 80% Stop & Shop Plaza Bridgeport, CT 8.5% 7,304 43,609 GA 2006 100% 20 Stop & Shop (54,510) 80% Shaw’s Plaza Raynham, MA 8.5% 16,572 141,288 GA 1984 93.7% 22 Shaw’s Supermarkets (60,748), Marshalls (25,752), CVS (10,125) 80% Total US 8.5% 46,839 419,957 Second Quarter 2010 Acquisitions 7.9% 86,396 665,466

9

Third Quarter Ended September 30, 2010 Supplemental Information Package

Property name and location Capitalization rate RioCan’s purchase price (i) (‘000s) NLA (in sqft) at RioCan’s interest Asset class (ii) Year Built % Leased Weighted Average Remaining Lease Term (years) (iii) Largest tenant(s) and NLA RioCan’s

• wnership

interest CANADA Portfolio Acquisition: Market at Citadel Village

• St. Albert, AB

7.5% 17,413 51,029 NGA 2007/ 2008 97.4% 10 Shoppers Drug Mart (17,020) 100% Summerwood Centre Sherwood Park, AB 7.5% 29,524 83,911 GA 2008/ 2009 100% 16 Save-On-Foods (41,265), Shoppers Drug Mart (16,911) 100% Timberlea Landing Fort McMurray, AB 8.2% 63,063 105,467 MIX 2008 100% 13 ATB, Regional Municipality of Wood Buffalo 100% 7.9% 110,000 240,407 Chapman Mills Marketplace Ottawa, ON (Additional 12.5% interest) 6.8% 11,884 53,979 NFR 100% 8 Walmart (130,000), Galaxy Cinemas (26,905), Winners (26,240), Staples (25,890), Loblaws* (115,000) 75% Total Canada 7.8% 121,884 294,386 UNITED STATES Cedar “Initial Portfolio” Acquisitions: Franklin Village Plaza Franklin, MA 8.5% 45,995 244,974 GA/Office 1987/ 2005 87.2% 14 Stop & Shop (75,000), Marshalls (26,890), Bath & Body Works (2,500), Bank of America (2,550) 80% Columbus Crossing Philadelphia, PA 8.5% 20,645 113,734 GA 2001 100% 14 Super Fresh (61,506), Old Navy (25,000), AC Moore (22,000) 80% 8.5% 66,640 358,708 Town Square Plaza Reading, PA 8.3% 16,064 102,109 NFR 2008 100% 16 Giant Food Supermarkets (73,727), AC Moore (21,600) 80% Total US 8.5% 82,704 460,817 First Quarter 2010 Acquisitions 8.1% $204,588 755,203 YTD 2010 Acquisitions: Canada 7.3% 324,505 1,377,925 US 8.0% 338,604 2,297,585 YTD 2010 Acquisitions 7.7% 663,109 3,675,510 (i) Excludes closing costs and other acquisition related costs. (ii) “GA” – Grocery Anchored; “NGA” – Non Grocery Anchored; “MIX” – Mixed Use; “NFR” – New Format Retail; “ESC” – Enclosed Shopping Centre (iii) Weighted average based on gross rental revenue. * – Shadow Anchor

10

Third Quarter Ended September 30, 2010 Supplemental Information Package

GREENFIELD DEVELOPMENT PROJECTS

Highlights of RioCan’s development pipeline as at September 30, 2010, are as follows: As at September 30, 2010

Estimated square feet upon completion of the development project RioCan’s interest (thousands of square feet, except percentage amounts) RioCan’s %

• wnership

Total estimated development Retailer

• wned

anchors (ii) RioCan’s and partners’ interests Income producing (“IPP”) Under development (“PUD”) Potential Future Developments (iii) Total RioCan Total partner

RioCan owned: Avenue Road, Toronto, ON 100% 21 – 21 – 21 – 21 – RioCan Centre Barrie, Barrie, ON 100% 261 – 261 220 20 21 261 – Clappison’s Crossing, Hamilton, ON 100% 317 – 317 267 44 6 317 – Corbett Centre, Fredericton, NB 100% 474 242 232 100 42 90 232 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 169 – 169 116 28 25 169 – RioCan Gravenhurst, Gravenhurst, ON 100% 301 – 301 150 – 151 301 – Queen Street & Portland Street, Toronto, ON 100% 91 – 91 – 91 – 91 – RioCan Renfrew Centre, Renfrew, ON 100% 210 74 136 53 – 83 136 – 1,844 316 1,528 906 246 376 1,528 – Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 401 128 273 – 57 34 91 182 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 205 – 205 24 – 26 50 155 Lowe’s Centre Orleans, Ottawa, ON 33.3% 397 142 255 19 45 22 86 169 Cimarron Shopping Centre, Okotoks, AB 50% 433 244 189 – 39 56 95 94 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 (i) 31.25% 300 – 300 – – 94 94 206 Stouffville, ON 83.5% 179 – 179 – – 149 149 30 1,915 514 1,401 43 141 381 565 836 CPPIB/Trinity East Hills, Calgary, AB 37.5% 1,586 – 1,586 – – 595 595 991 Jacksonport, Calgary, AB 25% 1,141 427 (iv) 714 – – 179 179 535

• St. Clair Avenue & Weston Road,

Toronto, ON 25% 570 – 570 – – 142 142 428 3,297 427 2,870 – – 916 916 1,954 Other Westney Road & Taunton Road, Ajax, ON 20% 173 – 173 9 4 22 35 138 Windfield Farms, Oshawa, ON 33.3% 1,217 156 1,061 – – 354 354 707 1,390 156 1,234 9 4 376 389 845 Total Development NLA 8,446 1,413 7,033 958 391 2,049 3,398 3,635 Lands Under Conditional Contract Alberta 370 Ontario 971 PEI 660 Total Lands Under Conditional Contract 2,001 Total Development Projects 10,447 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) RioCan purchased Trinity and Strathallen’s interests in Phase 1 of this property in September 2009. (ii) Retailer owned anchors include both completed and sale transactions under contract. (iii) Future development projects will be deferred until economic conditions warrant. RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. (iv) Retailer owned anchor contemplated in the site plan (for projection purposes only).

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Third Quarter Ended September 30, 2010 Supplemental Information Package

As at September 30, 2010

Anticipated date of development completion (thousands of square feet, except percentage amounts) RioCan’s %

• wnership

Leasing activity (i) % leased Current development Potential future developments Anticipated anchors (ii)

RioCan owned: Avenue Road, Toronto, ON 100% 19 90% Q2 2011 – RioCan Centre Barrie, Barrie, ON 100% 240 92% Q4 2010 2013 Loblaws, Lowe’s Clappison’s Crossing, Hamilton, ON 100% 296 93% Q1 2012 2012 Rona, Wal-Mart, Staples Corbett Centre, Fredericton, NB 100% 108 47% Q3 2011 2012-2013 Home Depot *, Costco *, Winners Eglinton Avenue & Warden Avenue, Toronto, ON 100% 144 85% Q4 2010 2012 Zellers RioCan Gravenhurst, Gravenhurst, ON 100% 150 50% – 2012-2013 Canadian Tire, Sobeys Queen Street & Portland Street, Toronto, ON 100% 91 100% Q3 2011 – Loblaws, Winners RioCan Renfrew Centre, Renfrew, ON 100% 53 39% – 2012-2013 Loblaws *, Staples 1,101 72% Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 149 55% 2010-2011 2011-2012 Lowe’s*, Winners Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 99 48% – 2011-2013 Rona Lowe’s Centre Orleans, Ottawa, ON 33.3% 178 70% 2010-2011 2011-2012 Lowe’s*, Food Basics Cimarron Shopping Centre, Okotoks, AB 50% 65 34% Q1 2011 2011-2012 Home Depot *, Costco *, Winners RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – 0% – 2012-2013 Stouffville, ON 83.5% – 0% – 2012-2013 491 35% CPPIB/Trinity East Hills, Calgary, AB 37.5% – – – 2012-2014 (iii)

• Jacksonport, Calgary, AB

25% – – – 2012-2014 (iii)

• St. Clair Avenue & Weston Road, Toronto, ON

25% – – – 2011-2013 (iii)

• –

– Other Westney Road & Taunton Road, Ajax, ON 20% 65 38% Q2 2011 2012-2013 Sobeys Windfield Farms, Oshawa, ON 33.3% – – – 2014 (iii)

• 65

38% 1,657 24% RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (ii) Anchors that are retailer owned are designated with an asterisk (*). (iii) The first phases are expected to be substantially complete by the dates indicated.

12

Third Quarter Ended September 30, 2010 Supplemental Information Package

As at September 30, 2010

Acquisition and development expenditures incurred to date Estimated remaining construction expenditures to complete RioCan’s interest (thousands of dollars) RioCan’s %

• wnership

Estimated project cost (100%) (i) Amount included in IPP Amount included in PUD Total Partners’ interest Total RioCan’s interest Partners’ interest Total

RioCan owned: Avenue Road, Toronto, ON 100% $ 24,431 $ – $ 22,210 $ 22,210 $ – $ 22,210 $ 2,221 $ – $ 2,221 RioCan Centre Barrie, Barrie, ON 100% 38,605 27,632 4,042 31,674 – 31,674 6,931 – 6,931 Clappison’s Crossing, Hamilton, ON 100% 52,209 33,767 8,288 42,055 – 42,055 10,154 – 10,154 Corbett Centre, Fredericton, NB 100% 45,287 18,668 6,122 24,790 – 24,790 20,497 – 20,497 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 44,624 23,270 15,799 39,069 – 39,069 5,556 – 5,556 RioCan Gravenhurst, Gravenhurst, ON 100% 61,036 30,539 8,762 39,301 – 39,301 21,735 – 21,735 Queen Street & Portland Street, Toronto, ON 100% 38,078 (ii) – 27,029 27,029 – 27,029 11,049 – 11,049 RioCan Renfrew Centre, Renfrew, ON 100% 29,198 11,098 3,150 14,248 – 14,248 14,950 – 14,950 333,468 144,974 95,402 240,376 – 240,376 93,093 – 93,093 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 68,699 – 10,682 10,682 21,365 32,047 12,217 24,434 36,651 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 40,465 4,768 671 5,439 16,318 21,757 4,677 14,031 18,708 Lowe’s Centre Orleans, Ottawa, ON 33.3% 60,131 4,948 7,109 12,057 24,116 36,173 7,987 15,971 23,958 Cimarron Shopping Centre, Okotoks, AB 50% 46,208 – 9,631 9,631 9,630 19,261 13,475 13,472 26,947 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 60,577 – 6,930 6,930 20,708 27,638 10,293 22,646 32,939 Stouffville, ON 83.5% 41,931 – 20,091 20,091 3,970 24,061 14,921 2,949 17,870 318,011 9,716 55,114 64,830 96,107 160,937 63,570 93,503 157,073 CPPIB/Trinity East Hills, Calgary, AB 37.5% 339,765 – 21,497 21,497 35,829 57,326 105,916 176,524 282,440 Jacksonport, Calgary, AB 25% 183,044 – 13,045 13,045 39,136 52,181 32,715 98,148 130,863

• St. Clair Avenue & Weston

Road, Toronto, ON 25% 135,622 – 8,088 8,088 24,264 32,352 25,817 77,453 103,270 658,431 – 42,630 42,630 99,229 141,859 164,448 352,125 516,573 Other Westney Road & Taunton Road, Ajax, ON 20% 48,115 2,450 2,339 4,789 19,154 23,943 4,834 19,338 24,172 Windfield Farms, Oshawa, ON 33.3% 192,244 – 10,708 10,708 21,416 32,124 53,374 106,746 160,120 240,359 2,450 13,047 15,497 40,570 56,067 58,208 126,084 184,292 $ 1,550,269 $ 157,140 $ 206,193 $ 363,333 $ 235,906 $ 599,239 $ 379,319 $ 571,712 $ 951,031

RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations.

(i) Proceeds from sale to shadow anchors reduce projected cost. (ii) Estimated project cost has been reduced by a $11.5 million lease termination payment in January 2009.

13

Third Quarter Ended September 30, 2010 Supplemental Information Package

As at September 30, 2010

Estimated remaining development activity to be funded by RioCan 2010 2011 2012 & Thereafter Future Development (thousands of dollars) RioCan’s %

• wnership

RioCan’s interest Mezzanine financing RioCan’s interest Mezzanine financing RioCan’s interest Mezzanine financing RioCan’s interest Mezzanine financing

RioCan owned: Avenue Road, Toronto, ON 100% $ 834 $ – $ 1,386 $ – $ – $ – $ – $ – RioCan Centre Barrie, Barrie, ON 100% 285 – 62 – 62 – 6,522 – Clappison’s Crossing, Hamilton, ON 100% 1,039 – 7,409 – – – 1,706 – Corbett Centre, Fredericton, NB 100% 334 – 1,289 – 141 – 18,733 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 1,764 – 81 – – – 3,709 – RioCan Gravenhurst, Gravenhurst, ON 100% 118 – 86 – 68 – 21,462 – Queen Street & Portland Street, Toronto, ON 100% 869 – 10,180 – – – – – RioCan Renfrew Centre, Renfrew, ON 100% 47 – 192 – 177 – 14,534 – 5,290 – 20,685 – 448 – 66,666 – Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 1,188 2,376 3,883 7,767 491 982 6,654 13,308 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 2 2 1 1 – – 4,675 4,675 Lowe’s Centre Orleans, Ottawa, ON 33.3% 684 1,367 3,554 7,107 251 502 3,497 6,995 Cimarron Shopping Centre, Okotoks, AB 50% 2,002 1,001 1,028 514 342 171 10,101 5,050 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 64 – 1,306 – 94 – 8,830 – Stouffville, ON 83.5% 199 39 178 35 178 35 14,366 2,839 4,139 4,785 9,950 15,424 1,356 1,690 48,123 32,867 CPPIB/Trinity East Hills, Calgary, AB 37.5% 135 67 536 268 990 495 104,254 52,127 Jacksonport, Calgary, AB 25% 134 134 262 262 502 502 31,817 31,817

• St. Clair Avenue & Weston Road,

Toronto, ON 25% 9 9 298 298 287 287 25,224 25,224 278 210 1,096 828 1,779 1,284 161,295 109,168 Other Westney Road & Taunton Road, Ajax, ON 20% 182 – 281 – 41 – 4,167 – Windfield Farms, Oshawa, ON 33.3% 416 – 375 – 335 – 52,246 – 598 – 656 – 376 – 56,413 – $ 10,305 $ 4,995 $ 32,387 $16,252 $3,959 $ 2,974 $ 332,497 $ 142,035 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations.

14

Third Quarter Ended September 30, 2010 Supplemental Information Package

As at September 30, 2010

Development financing RioCan and partners Third party RioCan (thousands of dollars) RioCan’s %

• wnership

Total in place financing Advanced to date Remaining to be advanced RioCan’s interest RioCan on behalf of partners Total RioCan funded Partners Total

RioCan owned: Avenue Road, Toronto, ON 100% $21,000 (i) $ 7,120 $ 13,880 $ – $ – $ – $ – $ – RioCan Centre Barrie, Barrie, ON 100% – – – 6,931 – 6,931 – 6,931 Clappison’s Crossing, Hamilton, ON 100% – – – 10,154 – 10,154 – 10,154 Corbett Centre, Fredericton, NB 100% – – – 20,497 – 20,497 – 20,497 Eglinton Avenue & Warden Avenue, Toronto, ON 100% – – – 5,556 – 5,556 – 5,556 RioCan Gravenhurst, Gravenhurst, ON 100% – – – 21,735 – 21,735 – 21,735 Queen Street & Portland Street, Toronto, ON 100% 28,000 (ii) 18,177 9,823 1,226 – 1,226 – 1,226 RioCan Renfrew Centre, Renfrew, ON 100% – – – 14,950 – 14,950 – 14,950 49,000 25,297 23,703 81,049 – 81,049 – 81,049 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% – – – 12,218 24,434 36,652 – 36,652 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% – – – 4,677 4,677 9,354 9,354 18,708 Lowe’s Centre Orleans, Ottawa, ON 33.3% – – – 7,987 15,971 23,958 – 23,958 Cimarron Shopping Centre, Okotoks, AB 50% – – – 13,474 6,736 20,210 6,736 26,946 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – – – 10,293 – 10,293 22,646 32,939 Stouffville, ON 83.5% – – – 14,921 2,949 17,870 – 17,870 – – – 63,570 54,767 118,337 38,736 157,073 CPPIB/Trinity East Hills, Calgary, AB 37.5% – – – 105,916 52,957 158,873 123,567 282,440 Jacksonport, Calgary, AB 25% – – – 32,715 32,716 65,431 65,432 130,863

• St. Clair Avenue & Weston Road,

Toronto, ON 25% – – – 25,817 25,818 51,635 51,635 103,270 – – – 164,448 111,491 275,939 240,634 516,573 Other Westney Road & Taunton Road, Ajax, ON 20% – – – 4,834 – 4,834 19,338 24,172 Windfield Farms, Oshawa, ON 33.3% – – – 53,374 – 53,374 106,746 160,120 – – – 58,208 – 58,208 126,084 184,292 $ 49,000 $ 25,297 $ 23,703 $ 367,275 $ 166,258 $ 533,533 $ 405,454 $ 938,987 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) RioCan’s estimated share of the $52M facility. (ii) RioCan’s estimated share of the $52M facility.

15

Third Quarter Ended September 30, 2010 Supplemental Information Package

EXPANSION AND REDEVELOPMENT ACTIVITIES

Highlights of RioCan’s expansion and redevelopment projects are as follows:

As at September 30, 2010 Estimated project cost including land Development expenditures to date at RioCan’s interest Estimated remaining development activity at RioCan’s interest (thousands, except RioCan’s % Project RioCan’s Partners’ percentage amounts)

• wnership

Tenant(s) NLA interest interest Total 2010 2011 RioCan owned: Shoppers World Brampton, Brampton, ON 100% Bad Boy, Imperial Buffet, Designer Depot, Bulk Barn 77 $ 26,324 $ – $ 26,324 $ 13,543 $ 450 $ 12,331 Co-ownerships: 404 Town Centre, Newmarket, ON 50% Shoppers Drug Mart 24 2,081 2,081 4,162 296 941 844 101 28,405 2,081 30,486 13,839 1,391 13,175

DEVELOPMENT PROJECTS

Avenue Road Toronto, Ontario Construction is well underway on RioCan’s development located at the northeast corner of Avenue Road and Fairlawn Avenue in one of the busiest nodes in the City of Toronto. Comprising over 1.5 acres, the former retail facility has been demolished and is being redeveloped to accommodate a mixed-use building featuring a 5.5 storey residential component, along with 21,000 square feet of single storey retail street-front space. The project will be co-developed by RioCan and Tribute Communities. Barrie Essa Road 11 Bryne Drive, Barrie, Ontario The centre currently consists of a 72,000 square foot single-storey freestanding Zehrs (Loblaws) store, a 142,000 square foot Lowe’s and a 6,000 square foot Royal Bank. The centre is located in one of the busiest areas in Barrie and benefits from excellent visibility from Highway 400. Upon completion, this new format retail centre will feature an additional 41,000 square feet of retail space including a 20,000 square foot Mountain Equipment Co-Op that will commence

• perations in the fourth quarter of

2010. Cimarron Shopping Centre Okotoks, Alberta This 31 acre site is currently being developed into a 433,000 square foot new format retail centre as a joint venture with Trinity and Tristar. The site is anchored by a 93,000 square foot Home Depot which owns its own store and operates as part of the overall site. A 151,000 square foot Costco, which also owns its own store, commenced

• perations in the third quarter of 2010.

RioCan’s ownership interest in the property is 50%. Clappison’s Crossing Flamborough, Ontario This site is currently being developed into a 317,000 square foot new format retail centre. The site is anchored by a 99,000 square foot Rona, which commenced operations in the fourth quarter of 2007 and a 151,000 square foot Wal-Mart which commenced

• perations in the third quarter of 2009.

An additional 50,000 square feet of retail space will be developed at the

• property. RioCan purchased Trinity’s

interest in the property in the second quarter of 2010. Corbett Centre Fredericton, New Brunswick This 26 acre site, acquired by way of a 66-year long-term lease, is currently being developed into a 474,000 square foot new format retail centre. The site is anchored by Home Depot, which

• wns its own store and operates as

part of the overall site. A Costco, which also owns its own store, will commence operations in 2011. RioCan purchased Trinity’s interest in the property in the second quarter of 2010. East Hills Calgary, Alberta This 145 acre site is currently being developed into a 1.6 million square foot regional new format retail centre. In October 2008, RioCan, Trinity and the

• riginal vendor reduced their
• wnership interests to 37.5%, 12.5%

and 12.5% respectively, with CPPIB acquiring a 37.5% non-managing

• interest. The site is being developed

with our partner, Trinity. Eglinton Avenue and Warden Avenue Toronto, Ontario Located at the northeast corner of Eglinton Avenue East and Warden Avenue, the site is currently being developed into a 169,000 square foot new format retail centre anchored by a 116,000 square foot Zellers which commenced operations in the third quarter of 2009. An additional 53,000 square feet of retail space will be developed at the property including a 23,000 square foot Petsmart and a 5,000 square foot TD Bank that are scheduled to commence operations in the fourth quarter of 2010.

16

Third Quarter Ended September 30, 2010 Supplemental Information Package

DEVELOPMENT PROJECTS (CONT’D)

Grant Crossing Ottawa, Ontario This 33 acre site is currently being developed into a 401,000 square foot new format retail centre as a joint venture with Trinity and Shenkman

• Corporation. The site will be anchored

by Lowe’s, which will own its own store and operate as part of the overall site. Lowe’s will commence operations in late-2010. RioCan’s ownership interest in the property is 33.3%. Highway 401 and Thickson Road Whitby, Ontario This site is currently being developed into a 205,000 square foot new format retail centre as a joint venture with Trinity and The Wynn Group. RioCan’s

• wnership interest in the property is

25%. The property is well located with easy access off Highway 401. The site is anchored by a 99,000 square foot Rona store, which commenced operations in the fourth quarter of 2007. Jacksonport Calgary, Alberta Jacksonport, located at 36th Street NE and Country Hills Bouelvard NE in Calgary, is a 105 acre development that will consist predominately of new format retail. Upon completion, the development is expected to feature approximately 1.1 million square feet

• f retail space. A 50% interest in this

property was sold to the CPPIB in June 2008 and a 25% interest has been retained by each of Trinity and RioCan. Lowe’s Centre Orleans Ottawa, Ontario This 39 acre site is currently being developed into a 397,000 square foot new format retail centre as a joint venture with Trinity and Shenkman

• Corporation. The site is anchored by a

142,000 square foot Lowe’s that commenced operations in the fourth quarter of 2009. Lowe’s own its own store which operates as part of the

• verall site. In addition, a 41,000

square foot Empire Theatres commenced operations in December

• 2009. RioCan’s ownership interest in

the property is 33.3%. Queen Street and Portland Street Toronto, Ontario Construction has begun on a one acre site in downtown Toronto, located in an area bound by Richmond Street to the south, Portland Street to the east, and Queen Street to the north. This site will be developed into a mixed-use building featuring a four-storey residential component as well as approximately 91,000 square feet of retail space on three storeys. Loblaws and Winners will anchor the site. The site will be developed with Tribute Communities, which owns the residential component. RioCan Centre Vaughan Vaughan, Ontario This 54 acre site is currently being developed into a 561,000 square foot new format retail centre that is anchored by a 213,000 square foot Wal-Mart Supercentre that opened in the first quarter of 2009. The site is being developed with our partners, Trinity and Strathallen Capital

• Corporation. RioCan purchased Trinity

and Strathallen Capital Corporation’s interests in phase one of the property in September 2009. Phase one of the project features approximately 261,000 square feet and is substantially

• complete. RioCan’s ownership interest

in phase two of the property is 31.25%. RioCan Gravenhurst Talisman Drive and Edward Street, Gravenhurst, Ontario This 29 acre site is currently being developed into a 301,000 square foot new format retail centre. The site is anchored by a 76,000 square foot Canadian Tire and a 41,000 square foot

• Sobeys. RioCan purchased Trinity’s and

The Otis Group of Companies’ interests in the third quarter of 2010. RioCan Renfrew Centre O’Brien Road and Gillan Street, Renfrew, Ontario This 14 acre site is currently being developed into a 210,000 square foot retail strip plaza. The site is anchored by a 74,000 square foot Loblaws (which

• wns its own lands) and is expected to

be accompanied by 136,000 square feet

• f ancillary retail space. Tenants

totalling approximately 53,000 square feet commenced operations as at September 2010.

• St. Clair Avenue and Weston Road

Toronto, Ontario The St. Clair and Weston development benefits from a well-established urban node at the intersection of St. Clair Avenue and Weston Road. The 19 acre site is expected to ultimately feature approximately 570,000 square feet of

• space. The project concept features a

unique urban, two-storey retail prototype that has been successfully utilized in the United States. A 50% interest in this property was sold to the CPPIB in June 2008 and a 25% interest has been retained by each of Trinity and RioCan. Stouffville Stouffville, Ontario This 30 acre site is currently being developed into a 179,000 square foot retail centre. The site was originally a joint venture between RioCan, Trinity and Rice/Fryberg. RioCan purchased Rice/Fryberg’s interest in the site in the first quarter of 2010. RioCan’s

• wnership interest in the property is

now 83.5%. Westney Road and Taunton Road Ajax, Ontario This site is currently being developed into a 173,000 square foot new format retail centre as a joint venture with the Sun Life Assurance Company of

• Canada. A 46,000 square foot Sobeys

will anchor the property. RioCan’s

• wnership interest in the property is

20%. Windfield Farms Oshawa, Ontario This 160 acre site is currently being developed into a 1.2 million square foot regional new format retail centre. RioCan’s ownership interest in the property is 33.3%. The site is being developed with two partners.

17

Third Quarter Ended September 30, 2010 Supplemental Information Package

LEASING ACTIVITY

A summary of RioCan’s 2010 and 2009 new leasing on the existing portfolio by property type is as follows: Canadian Portfolio New Leasing 2010 2010 2010 2010 2009

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet leased: New format retail 473 108 260 105 189 Grocery anchored centre 327 99 133 95 114 Enclosed shopping centre 227 89 86 52 125 Non-grocery anchored centre 17 15 2 – 35 Urban retail 52 30 13 9 16 Office 73 1 13 59 25 Total 1,169 342 507 320 504 Average net rent per square foot: New format retail $ 18.33 $ 18.05 $ 17.14 $ 21.56 $ 17.93 Grocery anchored centre 14.41 13.32 14.64 15.24 13.07 Enclosed shopping centre 13.60 15.51 11.63 13.56 13.58 Non-grocery anchored centre 12.06 11.22 18.57 – 14.01 Urban retail 19.44 17.01 19.71 27.08 22.30 Office 11.56 12.50 12.28 11.39 16.50 Total $ 15.85 $ 15.61 $ 15.50 $ 16.66 $ 15.55 United States Portfolio New Leasing 2010 2010 2010 2010 2009

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet leased: New format retail 2 2 – n/a n/a Grocery anchored centre 17 10 7 n/a n/a Office 1 – 1 n/a n/a Total 20 12 8 n/a n/a Average net rent per square foot (US dollars): New format retail $ 19.91 19.91 – n/a n/a Grocery anchored centre 19.06 19.41 18.48 n/a n/a Office 22.91 – 22.91 n/a n/a Total 19.40 19.50 19.23 n/a n/a

18

Third Quarter Ended September 30, 2010 Supplemental Information Package

RENEWAL ACTIVITY

A summary of RioCan’s 2010 and 2009 renewals by property type is as follows: Canadian Portfolio Renewals 2010 2010 2010 2010 2009

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet renewed: New format retail 1,074 310 361 403 144 Grocery anchored centre 658 234 140 284 138 Enclosed shopping centre 875 319 344 212 156 Non-grocery anchored centre 131 66 45 20 35 Urban retail 55 11 24 20 11 Office 22 1 10 11 39 Total 2,815 941 924 950 523 Average net rent per square foot: New format retail $ 20.20 $ 17.92 $ 19.25 $ 22.81 $ 15.76 Grocery anchored centre 16.03 19.21 17.28 12.80 20.10 Enclosed shopping centre 9.90 10.36 9.72 9.51 19.24 Non-grocery anchored centre 16.29 17.02 16.58 13.17 19.11 Urban retail 36.50 43.58 45.08 22.55 15.19 Office 12.48 19.50 14.69 10.06 9.85 Total $ 16.10 $ 15.91 $ 15.88 $ 16.49 $ 17.71 United States Portfolio Renewals 2010 2010 2010 2010 2009

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet renewed*: Grocery anchored centre 119 104 2 13 n/a Office 2 – – 2 n/a Total 121 104 2 15 n/a Average net rent per square foot (US dollars): Grocery anchored centre $ 4.32 2.95 16.88 12.20 n/a Office 23.94 – – 23.94 n/a Total $ 4.72 2.95 16.88 15.32 n/a Average net increase rent per square foot (US dollars) $ 0.20 $ 0.02 $ 2.50 $ 1.15 n/a Percentage increase in average net rent per sqft 4.4% 0.7% 17.4% 8.1% n/a

*All renewals were made at market rates.

19

Third Quarter Ended September 30, 2010 Supplemental Information Package

Including anchor tenants, the components of renewal activity for the Canadian portfolio for the three months ended September 30, 2010 by property type are as follows:

(in thousands, except per sqft amounts)

Total New format retail Grocery anchored centre Enclosed shopping centre Non- grocery anchored centre Urban retail Office Renewals at market rental rates: Square feet renewed 456 97 182 100 66 10 1 Average net rent per sqft $ 21.43 $ 24.35 $ 20.83 $ 20.30 $ 17.02 $ 44.26 $ 19.50 Increase in average net rent per sqft $ 2.39 $ 3.61 $ 1.87 $ 1.37 $ 2.24 $ 11.26 $ 0.90 Fixed rental rate options in favour of our tenants: Square feet renewed 485 213 52 219 – 1 – Average net rent per sqft $ 10.72 $ 14.98 $ 13.57 $ 5.84 $ – $ 33.00 $ – Increase in average net rent per sqft $ 0.37 $ 0.70 $ 0.05 $ 0.12 $ – $ 1.00 $ – Total: Square feet renewed 941 310 234 319 66 11 1 Average net rent per sqft $ 15.91 $ 17.92 $ 19.21 $ 10.36 $ 17.02 $ 43.58 $ 19.50 Increase in average net rent per sqft $ 1.35 $ 1.61 $ 1.47 $ 0.51 $ 2.24 $ 10.63 $ 0.90 Percentage increase in average net rent per sqft 9.3% 9.9% 8.3% 5.2% 15.2% 32.3% 4.8% Including anchor tenants, the components of renewal activity for the Candadian portfolio for the nine months ended September 30, 2010 by property type are as follows:

(in thousands, except per sqft amounts)

Total New format retail Grocery anchored centre Enclosed shopping centre Non- grocery anchored centre Urban retail Office Renewals at market rental rates: Square feet renewed 1,655 676 374 418 118 47 22 Average net rent per sqft $ 20.20 $ 22.73 $ 21.11 $ 14.81 $ 16.42 $ 37.54 $ 12.48 Increase in average net rent per sqft $ 2.12 $ 2.28 $ 1.74 $ 1.72 $ 2.05 $ 7.03 $ 1.53 Fixed rental rate options in favour of our tenants: Square feet renewed 1,160 398 284 457 13 8 – Average net rent per sqft $ 10.24 $ 15.92 $ 9.35 $ 5.41 $ 15.12 $ 29.70 $ – Increase in average net rent per sqft $ 0.43 $ 0.77 $ 0.31 $ 0.19 $ 1.00 $ 0.09 $ – Total: Square feet renewed 2,815 1,074 658 875 131 55 22 Average net rent per sqft $ 16.10 $ 20.20 $ 16.03 $ 9.90 $ 16.29 $ 36.50 $ 12.48 Increase in average net rent per sqft $ 1.43 $ 1.72 $ 1.12 $ 0.92 $ 1.95 $ 6.11 $ 1.53 Percentage increase in average net rent per sqft 9.7% 9.3% 7.5% 10.2% 13.6% 20.1% 14.0%

20

Third Quarter Ended September 30, 2010 Supplemental Information Package

Lease Expires RioCan’s lease expiries for the Canadian portfolio by property type as at September 30, 2010 are as follows: Lease expiries

(in thousands, except per sqft and percentage amounts)

Portfolio NLA 2010 (i) 2011 2012 2013 2014 Square feet: New format retail 17,635 220 1,186 1,216 1,445 1,501 Grocery anchored centre 7,571 170 966 1,003 560 1,229 Enclosed shopping centre 6,297 237 675 631 675 721 Non-grocery anchored centre 1,873 40 87 119 201 138 Urban retail 1,295 9 58 136 165 314 Office 1,583 91 260 94 143 102 Total 36,254 767 3,232 3,199 3,189 4,005 Square feet expiring/Portfolio NLA 2.1% 8.9% 8.8% 8.8% 11.0% Average net rent per occupied square foot: New format retail $ 16.33 $ 18.20 $ 17.30 $ 17.30 $ 17.67 $ 18.09 Grocery anchored centre 14.33 17.71 14.16 14.40 17.21 13.59 Enclosed shopping centre 11.13 13.41 11.97 12.35 14.58 13.60 Non-grocery anchored centre 12.21 14.52 15.83 14.35 14.28 15.34 Urban retail 22.36 25.63 19.43 29.20 15.11 16.97 Office 12.84 9.58 13.14 11.43 10.90 12.72 Total average net rent per sqft $ 14.86 $ 15.49 $ 14.91 $ 15.63 $ 16.28 $ 15.58

(i) Lease expiries for the remaining three months of 2010.

RioCan’s lease expiries for the US portfolio, at RioCan’s interest, as at September 30, 2010 are as follows: Lease expiries

(in thousands, except per sqft and percentage amounts)

Portfolio NLA (i) 2010 (ii) 2011 2012 2013 2014 Square feet: New format retail 1,354 1 6 23 62 20 Grocery anchored centre 1,050 46 72 92 45 93 Office 52 4 11 4 10 4 Total 2,456 51 89 119 117 117 Square feet expiring/Portfolio NLA 2.1% 3.6% 4.8% 4.8% 4.8% Average net rent per occupied square foot (US$): New format retail $ 14.12 $ 24.00 $ 14.10 $ 15.64 $ 11.79 $ 25.12 Grocery anchored centre 21.01 21.13 18.33 17.23 15.82 14.67 Office 23.56 25.76 30.99 26.20 31.52 23.76 Total average net rent per square foot $ 17.10 $ 21.61 $ 19.64 $ 17.25 $ 15.01 $ 16.73

(i) Represents 80% ownership share. (ii) Lease expiries for the remaining three months of 2010.

21

Third Quarter Ended September 30, 2010 Supplemental Information Package

The components of RioCan’s Canadian and US lease expiries for the remaining three months of 2010 by property type are as follows:

(in thousands, except per sqft amounts)

Total New format retail Grocery anchored centre Enclosed shopping centre Non- grocery anchored centre Urban retail Office 2010 expiries at market rental rates: Square feet expiring 679 203 180 201 40 9 46 Average net rent per sqft $ 17.14 $ 18.65 $ 19.21 $ 14.88 $ 14.52 $ 25.63 $12.88 2010 expiries with fixed rental rate options in favour of our tenants: Square feet expiring 139 18 36 36 – – 49 Average in-place net rent per sqft $ 9.65 $ 13.50 $ 14.50 $ 5.04 $ – $ – $ 7.98 Average renewal net rent per sqft $ 10.13 $ 13.74 $ 16.15 $ 5.14 $ – $ – $ 7.98 Increase in average net rent per sqft $ 0.48 $ 0.24 $ 1.65 $ 0.10 $ – $ – $ – Total Square feet expiring 818 221 216 237 40 9 95 Average net rent per sqft $ 15.49 $ 18.20 $ 17.71 $ 13.41 $ 14.52 $ 25.63 $ 9.58 CONTRACTUAL RENT ACTIVITIES Contractual Rent Increases Certain of RioCan’s leases allow for periodic increases in rates during the term of the leases. Contractual rent increases in each year for the next five years are as follows: For the years ending

(in thousands)

2010 (i) 2011 2012 2013 2014 Net increase in contractual rent receipts $ 1,394 $ 3,557 $ 2,449 $ 2,635 $ 3,139

(i) Increases for the remaining three months of 2010.

22

Third Quarter Ended September 30, 2010 Supplemental Information Package

PROPERTY OWNERSHIP by GEOGRAPHIC AREA

Property Ownership by Geographic Area (square feet) At Sept 30, 2010 Provincial RioCan’s interests NLA Partners’ interests Retailer

• wned

anchors Total site NLA Ontario Central 14,261,774 3,423,760 3,046,016 20,731,550 Ontario East 4,460,406 982,643 1,157,045 6,600,094 Ontario West 2,694,545 80,817 650,187 3,425,549 Total Ontario 21,416,725 4,487,220 4,853,248 30,757,193 Quebec 6,932,305 1,286,596 1,656,634 9,875,535 Alberta 3,808,416 1,613,719 1,995,915 7,418,050 British Columbia 2,037,932 1,459,932 426,074 3,923,938 New Brunswick 1,073,919 138,165 470,615 1,682,699 Saskatchewan 267,667 – – 267,667 Newfoundland 212,331 – – 212,331 Manitoba 269,603 211,695 92,604 573,902 Prince Edward Island 166,717 166,717 – 333,434 Nova Scotia 69,047 69,047 – 138,094 USA 2,455,581 613,893 932,367 4,001,841 Income Producing Properties 38,710,243 10,046,984 10,427,457 59,184,684 Properties Under Development 2,438,232 3,487,768 1,413,000 7,339,000 Total 41,148,475 13,534,752 11,840,457 66,523,684 Six High Growth Markets RioCan's interests NLA Partners' interests Retailer

• wned

anchors Total site NLA Calgary, Alberta 1,984,717 715,238 1,021,735 3,721,690 Edmonton, Alberta 1,091,638 866,775 822,680 2,781,093 Montreal, Quebec 3,976,190 1,144,658 349,553 5,470,401 Ottawa, Ontario 1 2,731,031 712,723 1,297,000 4,740,754 Toronto, Ontario 2 10,036,582 2,626,778 2,007,941 14,671,301 Vancouver, British Columbia 3 1,319,732 1,037,275 373,074 2,730,081 Income Producing Properties 21,139,890 7,103,447 5,871,983 34,115,320 Properties Under Development 1,981,232 3,487,768 935,000 6,404,000 Total 23,121,122 10,591,215 6,806,983 40,519,320

Notes: 1. Area extends from Nepean and Vanier, to Gatineau, Quebec. 2. Area extends north to Newmarket, west to Burlington and east to Ajax. 3. Area extends east to Abbotsford.

23

Third Quarter Ended September 30, 2010 Supplemental Information Package

PORTFOLIO GEOGRAPHIC DIVERSIFICATION

At Sept 30, 2010 Area Percentage

• f annualized

rental revenue Occupancy percentage Percentage

• f area
• ccupied by

anchor and national tenants Percentage

• f annualized

rental revenue from anchor and national tenants Ontario Central 36.9% 38.5% 96.4% 85.6% 86.8% Ontario East 11.5% 11.6% 98.0% 85.3% 86.5% Ontario West 7.0% 6.2% 96.7% 80.8% 87.8% Total Ontario 55.4% 56.3% 96.8% 84.9% 86.9% Quebec 17.9% 16.5% 97.6% 79.1% 83.8% Alberta 9.1% 11.6% 99.4% 83.3% 81.7% British Columbia 6.0% 6.1% 98.8% 84.9% 86.2% New Brunswick 2.8% 1.9% 89.4% 82.9% 89.0% Saskatchewan 0.7% 0.5% 83.7% 75.0% 92.7% Newfoundland 0.5% 0.3% 95.9% 87.1% 87.2% Manitoba 0.7% 0.7% 96.2% 65.0% 73.3% Prince Edward Island 0.4% 0.4% 98.0% 70.4% 74.8% Nova Scotia 0.2% 0.1% 97.7% 98.9% 98.7% USA 6.3% 5.6% 98.1% 93.4% 93.8% Total Portfolio 100.0% 100.0% 97.1% 83.9% 86.0%

OCCUPANCY – MOST RECENT EIGHT QUARTERS

The occupancy rate of the Canadian portfolio has remained relatively stable over the most recent eight fiscal quarters:

95.0% 100.0% Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q2 2010 Q1 2010 Q3 2010 96.9% 97.5% 97.1% 97.3% 97.4% 97.0% 97.0% 97.0%

The occupancy rate of the US portfolio has increased over the most recent four fiscal quarters:

95.0% 100.0% Q4 2009 Q1 2010 Q2 2010 Q3 2010 95.8% 95.1% 96.2% 98.1%

ECONOMIC VERSUS COMMITTED OCCUPANCY

At September 30, 2010, RioCan’s committed occupancy rate of the total portfolio is 97.0%. Included in this rate is 492,000 square feet of NLA that has been leased but is not paying rent, resulting in an economic occupancy rate of 95.8% which represents the

• ccupied NLA for which tenants are paying rent. A rent commencement timeline for the NLA which has been leased but is not

currently open is as follows:

(in thousands, except percentage amounts)

Total Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Square feet: NLA commencing 492 227 123 102 36 4 Cumulative NLA commencing 492 227 350 452 488 492 % of NLA commencing 100% 46% 25% 21% 7% 1% Cumulative % total 46% 71% 92% 99% 100% Average net rent: Monthly rent commencing $ 967 $ 499 $ 245 $ 181 $ 35 $ 7 Cumulative monthly rent commencing 967 $ 499 $ 744 $ 925 $ 960 $ 967 % of rent for NLA commencing 100% 52% 25% 19% 4% 1% Cumulative % total rent commencing 52% 77% 96% 99% 100% The annualized rental impact once these tenants take occupancy and commence paying rent is approximately $11.6 million.

24

Third Quarter Ended September 30, 2010 Supplemental Information Package

TOP FIFTY TENANTS – CANADA AND US

As at September 30, 2010, RioCan’s fifty largest tenants in Canada and the US have the following profile:

Rank Tenant name Annualized rental revenue Number of locations NLA (in thousands) Percentage

• f total NLA

Weighted average remaining lease term (years) 1 Famous Players/Cineplex/Galaxy Cinemas 4.7% 28 1,263 3.3% 12.6 2 Metro/Super C/Loeb/Food Basics 4.6% 55 2,034 5.4% 8.6 3 Walmart 4.4% 25 2,842 7.5% 13.2 4 Canadian Tire/PartSource/Mark’s Work Wearhouse 3.8% 59 1,438 3.8% 11.6 5 Zellers/The Bay/Home Outfitters 3.3% 40 2,662 7.0% 9.1 6 Winners/HomeSense/TJX Companies 2.8% 55 1,207 3.2% 4.8 7 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 25 1,112 2.9% 5.7 8 Staples/Business Depot 2.2% 46 939 2.5% 7.4 9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 128 530 1.4% 5.1 10 Shoppers Drug Mart 1.7% 38 429 1.1% 10.4 11 Harvey’s/Swiss Chalet/Kelsey’s/Montana’s/Milestone’s (Cara) 1.7% 87 372 1.0% 9.0 12 Future Shop/Best Buy 1.5% 23 475 1.3% 6.8 13 Sobeys/IGA/Price Chopper/Empire Theatres 1.5% 23 637 1.7% 10.7 14 Sport Mart/ Sport Chek/Sports Experts/National Sports/ Atmosphere 1.4% 42 451 1.2% 5.8 15 Chapters/Indigo 1.2% 23 317 0.8% 4.0 16 Giant Food Stores/ Stop & Shop (Royal Ahold) 1.2% 12 521 1.4% 17.2 17 Dollarama 1.1% 54 465 1.2% 6.9 18 PetSmart 1.1% 27 350 0.9% 5.9 19 TD Bank 1.0% 49 195 0.5% 8.3 20 Safeway 0.9% 12 418 1.1% 7.9 21 The Brick 0.9% 16 325 0.9% 9.6 22 Lowes 0.8% 4 564 1.5% 17.2 23 Blue Notes/Stitches/Suzy Shier/Urban Planet (YM Inc.) 0.8% 49 211 0.6% 5.9 24 Sears 0.8% 13 350 0.9% 3.2 25 Premier Fitness 0.7% 9 285 0.8% 7.7 26 Liquor Control Board of Ontario (LCBO) 0.7% 20 161 0.4% 10.2 27 Bank of Nova Scotia 0.6% 32 121 0.3% 6.0 28 Michael’s 0.6% 15 202 0.5% 5.6 29 Rona/Revy/Reno 0.5% 5 246 0.7% 15.3 30 Liz Claiborne/Mexx 0.5% 31 127 0.3% 6.1 31 CIBC 0.5% 26 99 0.3% 6.3 32 London Drugs 0.5% 10 205 0.5% 8.2 33 Tim Horton’s/Wendy’s 0.5% 44 122 0.3% 7.4 34 Jysk Linen 0.5% 11 187 0.5% 6.2 35 Bell/The Source 0.5% 68 97 0.3% 4.9 36 Golf Town 0.5% 12 142 0.4% 7.2 37 East Side Mario’s/Casey’s (Prime Restaurants) 0.4% 20 94 0.2% 6.5 38 BouClair 0.4% 18 146 0.4% 6.1 39 Rogers Video 0.4% 47 103 0.3% 3.0 40 Sleep Country Canada 0.4% 21 94 0.2% 5.7 41 The Shoe Company 0.4% 24 119 0.3% 5.2 42 Moores 0.4% 22 104 0.3% 5.1 43 Bank of Montreal 0.4% 22 80 0.2% 6.2 44 Royal Bank of Canada 0.4% 20 81 0.2% 6.9 45 Blockbuster Video 0.4% 23 102 0.3% 3.3 46 Ardene 0.4% 36 95 0.3% 6.4 47 La Senza 0.4% 21 83 0.2% 5.7 48 International Clothiers 0.3% 18 93 0.2% 7.8 49 Boston Pizza 0.3% 17 82 0.2% 13.0 50 Subway 0.3% 71 76 0.2% 5.3 59.9% 1,596 23,453 61.9% 8.7

25

Third Quarter Ended September 30, 2010 Supplemental Information Package

TOP TEN TENANTS CANADA

Top Ten Tenants – Canada As at September 30, 2010, RioCan’s ten largest tenants in Canada have the following profile:

Rank Tenant name Annualized rental revenue Number of locations NLA (in thousands) Percentage

• f total NLA

Weighted average remaining lease term (years) 1 Famous Players/Cineplex/Galaxy Cinemas 4.9% 28 1,263 3.6% 12.6 2 Metro/Super C/Loeb/Food Basics 4.9% 55 2,034 5.7% 8.6 3 Walmart 4.7% 25 2,842 8.0% 13.2 4 Canadian Tire/PartSource/Mark’s Work Wearhouse 4.0% 59 1,438 4.1% 11.6 5 Zellers/The Bay/Home Outfitters 3.5% 40 2,662 7.5% 9.1 6 Winners/HomeSense/TJX Companies 2.9% 54 1,185 3.4% 4.8 7 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.9% 25 1,112 3.1% 5.7 8 Staples/Business Depot 2.3% 45 924 2.6% 7.3 9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 2.0% 128 530 1.5% 5.1 10 Shoppers Drug Mart 1.8% 38 429 1.2% 10.4 33.9% 497 14,419 40.7% 9.4

Top Ten Tenants—US As at September 30, 2010, RioCan’s Ten largest tenants in the US have the following profile:

Rank Tenant name Annualized rental revenue Number of locations NLA (in thousands) Percentage

• f total NLA

Weighted average remaining lease term (years) 1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 16 735 15.8% 16.0 2 Bed Bath & Beyond 3.5% 7 161 3.5% 8.6 3 Lowes 3.5% 3 294 6.3% 16.7 4 Safeway 3.4% 3 141 3.0% 12.5 5 HEB Supermarket 2.9% 2 114 2.5% 10.4 6 PetSmart 2.9% 7 115 2.5% 7.8 7 Best Buy 2.4% 3 79 1.7% 8.7 8 Sports Authority 1.9% 2 68 1.5% 7.3 9 Kohl’s 1.8% 4 224 4.8% 17.5 10 Old Navy 1.8% 4 60 1.3% 2.9 42.4% 51 1,991 42.9% 12.9

26

Third Quarter Ended September 30, 2010 Supplemental Information Package

LEASE EXPIRIES BY GEOGRAPHICAL AREA

At Sept 30, 2010 Property

• wnership

NLA (sq. ft.) Expiries Year 2010 2011 2012 2013 2014 Total Ontario Central Square feet 14,261,774 315,357 1,233,915 1,067,685 1,440,328 1,637,461 5,694,746 Percentage 2.2% 8.7% 7.5% 10.1% 11.5% 51.3% Ontario East Square feet 4,460,406 58,676 355,326 318,754 296,915 421,476 1,451,147 Percentage 1.3% 8.0% 7.1% 6.7% 9.4% 32.5% Ontario West Square feet 2,694,545 25,347 173,415 324,372 256,020 421,950 1,201,104 Percentage 0.9% 6.4% 12.0% 9.5% 15.7% 44.6% Total Ontario Square feet 21,416,725 399,380 1,762,656 1,710,811 1,993,263 2,480,887 8,346,997 Percentage 1.9% 8.2% 8.0% 9.3% 11.6% 50.2% Quebec Square feet 6,932,305 202,706 674,526 776,767 436,237 602,994 2,693,230 Percentage 2.9% 9.7% 11.2% 6.3% 8.7% 38.9% Alberta Square feet 3,808,416 66,722 317,164 356,402 327,667 409,974 1,477,929 Percentage 1.8% 8.3% 9.4% 8.6% 10.8% 38.8% British Columbia Square feet 2,037,932 21,540 197,104 231,136 313,005 225,204 987,989 Percentage 1.1% 9.7% 11.3% 15.4% 11.1% 48.5% New Brunswick Square feet 1,073,919 45,255 131,253 66,102 64,521 62,752 369,883 Percentage 4.2% 12.2% 6.2% 6.0% 5.8% 34.4% Saskatchewan Square feet 267,667 6,093 124,317 8,083 6,755 47,384 192,632 Percentage 2.3% 46.4% 3.0% 2.5% 17.7% 74.8% Newfoundland Square feet 212,331 5,342 10,935 2,378 7,155 73,763 99,573 Percentage 2.5% 5.1% 1.1% 3.4% 34.7% 79.5% Manitoba Square feet 269,603 18,629 13,240 20,980 25,777 88,056 166,682 Percentage 6.9% 4.9% 7.8% 9.6% 32.7% 54.0% Prince Edward Island Square feet 166,717 1,256 1,224 25,353 13,106 14,334 55,273 Percentage 0.8% 0.7% 15.2% 7.9% 8.6% 52.4% Nova Scotia Square feet 69,047 – – 844 1,321 – 2,165 Percentage 0.0% 0.0% 1.2% 1.9% 0.0% 3.1% Total Square feet 36,254,662 766,923 3,232,419 3,198,856 3,188,807 4,005,348 14,392,353 Percentage 2.1% 8.9% 8.8% 8.8% 11.0% 39.7%

27

Third Quarter Ended September 30, 2010 Supplemental Information Package

GENERAL INFORMATION

At September 30, 2010 Distributions per Unit: Distributions are paid monthly Year 2010 YTD $1.03500 2009 $1.38000 2008 $1.36000 2007 $1.32750 2006 $1.29750 2005 $1.27250 2004 $1.22750 2003 $1.14000 2002 $1.10500 2001 $1.07500 2000 $1.07125 1999 $1.04000 1998 $0.95000 1997 $0.77500 1996 $0.65000 1995 $0.58000 1994 $0.43000 Unitholder Distribution Reinvestment Plan: RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested without commissions and provides participants with a number of bonus units equal to 3.1% of the number of units acquired upon the reinvestment. Average Daily Volume of Units Traded: 2010 2009 2008 2007 2006 4th quarter 504,418 568,328 441,883 552,492 3rd quarter 500,554 601,290 444,161 524,291 351,576 2nd quarter 507,743 690,923 495,014 500,470 478,740 1st quarter 647,952 588,563 534,105 560,320 410,957 Annual 596,329 513,692 506,883 448,263 Unit Prices ($): Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 High $ 23.12 $ 20.00 $ 20.07 $ 20.05 $ 18.94 $ 15.74 $ 15.69 $ 20.80 Low $ 18.80 $ 17.25 $ 17.45 $ 17.15 $ 14.00 $ 12.20 $ 11.23 $ 12.10 Close $ 22.92 $ 19.04 $ 18.48 $ 19.85 $ 18.00 $ 15.28 $ 12.55 $ 13.66 Non-resident Ownership*: Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Canadian 65.69% 63.27% 65.84% 68.13% 70.37% 68.72% 66.67% 68.98% Non-resident 34.31% 36.73% 34.16% 31.87% 29.63% 31.28% 33.33% 31.02% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

* Estimate based on mailing addresses at September 30, 2010.

28

Third Quarter Ended September 30, 2010 Supplemental Information Package

SENIOR MANAGEMENT AND UNITHOLDER INFORMATION

Head Office: RioCan Real Estate Investment Trust 2300 Yonge Street, Suite 500 PO Box 2386, Toronto, Ontario M4P 1E4 Tel: (416) 866-3033 or 1 (800) 465-2733 Fax: (416) 866-3020 Website: www.riocan.com E-mail: inquiries@riocan.com Senior Management: Edward Sonshine, Q.C. President & Chief Executive Officer Frederic A. Waks Executive Vice President & Chief Operating Officer Raghunath Davloor Senior Vice President, Corporate Secretary & Chief Financial Officer John Ballantyne Senior Vice President, Asset Management Danny Kissoon Senior Vice President, Operations Donald MacKinnon Senior Vice President, Real Estate Finance Jordan Robins Senior Vice President, Planning & Development Jeff Ross Senior Vice President, Leasing Michael Connolly Vice President, Construction Therese Cornelissen Vice President Accounting Standards & Taxation Jonathan Gitlin Vice President, Investments Oliver Harrison Vice President, Asset Management Suzanne Marineau Vice President, Human Resources Jane Plett Vice President, Operations – Western Canada Maria Rico Vice President, Financial Reporting Kenneth Siegel Vice President, Leasing Investor Relations Contact: Christian Green Director, Investor Relations and Compliance Tel: (416) 864-6483 or 1 (800) 465-2733 Fax: (416) 866-3128 E-mail: cgreen@riocan.com Stock Exchange Listing: The Toronto Stock Exchange Trading Symbol: REI.UN Transfer Agent & Registrar: CIBC Mellon Trust Company P.O. Box 7010 Adelaide Street Postal Station, Toronto, ON M5C 2W9 Answerline: (416) 643-5500/Toll free North America: 1 (800) 387-0825 Website: www.cibcmellon.com E-mail: inquiries@cibcmellon.com

29

Third Quarter Ended September 30, 2010 Supplemental Information Package

RioCan Yonge Eglinton RioCan Yonge Eglinton Centre

2300 Yonge Street Suite 500 PO Box 2386 Suite 500, PO Box 2386, Toronto, ON 416-866-3033 / 1-800-465-2733 416 866 3033 / 1 800 465 2733

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