Management Presentation Q3 2011 November 11, 2011 Forward Looking - - PowerPoint PPT Presentation

Management Presentation ‐ Q3 2011

November 11, 2011

Forward Looking Statements

Certain information included in this presentation contains forward‐looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives,

• ur 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

• r projections.

Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward‐looking information can be found in our annual information form and annual report that are available on our website and at www.sedar.com. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward‐looking statement, whether as a result of new information, future events or otherwise.

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Overview

About RioCan

• Largest REIT in Canada with 308 properties, including 10 under development, owned interests

totalling over 46 million sq. ft. (75 million sq. ft. including partners’ interests and shadow anchors) and an enterprise value of $11.9 billion

• Since, Q4 2009 RioCan has assembled a portfolio of 40 shopping centres, or 5.8 million square

feet with a fair value in excess of $1.2 billion

• Able to grow in all cycles of the market using prudent strategies, core competencies, solid

partners while staying ahead of trends in commercial real estate

• Focused on retail real estate
• Experienced management team, many have been with the Trust from its inception
• Full service real estate entity with property management, asset management, leasing,

acquisitions, development and financing capabilities with 615 employees

• Conservative balance sheet and strong debt metrics
• Unmatched breadth of tenant relationships in Canada
• Approximately 7,000 tenants, no tenant representing over 4.8% of annualized rental revenue

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RioCan – A proven performer

• 30%
• 20%
• 10%

0% 10% 20% 30% 40% 50% 60% Annualized Returns

1 Year Total Return 3 Year Total Return 5 Year Total Return

Source: Green Street Advisors as at 05/19/2011

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Portfolio Fundamentals

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

anchor tenants

• Stable occupancy levels at 97.5% (total portfolio) and solid leasing activity
• For the quarter ended September 30, 2011, RioCan retained approximately 89% of our

expiring leases at an average net rent increase of 7.2%

• US Expansion:

– Focus on grocery anchored strip centres – 97.8% occupancy at September 30, 2011

As at September 30, 2011

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Ontario 54.0% Quebec 14.9% Western Canada 18.0% Eastern Canada 2.4% US 10.7%

New Format Retail 52.5% Grocery Anchored Centre 20.5% Enclosed Shopping Centre 12.0% Non-Grocery Anchored Centre 5.0% Urban Retail 7.8% Office 2.1%

As a % of Rental Revenue

Portfolio Fundamentals

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

Edmonton, and Vancouver, which represent approximately two‐thirds of RioCan’s revenue

• Only six metropolitan markets within Canada have in excess of one million people

As at September 30, 2011

6.6% 3.8% 32.9% 9.7% 8.2% 4.2% 34.6%

Calgary, Alberta Edmonton, Alberta Toronto, Ontario Montreal, Quebec Ottawa, Ontario Vancouver, BC All other markets

5.6% 3.4% 27.4% 10.5% 7.9% 3.5% 41.6% Calgary, Alberta Edmonton, Alberta Toronto, Ontario Montreal, Quebec Ottawa, Ontario Vancouver, BC All other markets

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Annualized Rental Revenue - Canada Net Leasable Area - Canada

Top Ten Tenants

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Unmatched Breadth of Tenant Relationships – Top 10 Canada & US Combined

• 7,000 tenancies capturing the top Canadian and American retailers
• No tenant represents more than 4.8% of annualized rental revenue
• National and anchor tenants generate 86.0% of RioCan’s rental revenue

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

1 Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere (i) 4.8% 109 2,059 10.1 2 Walmart 4.4% 28 3,187 13.2 3 Famous Players/Cineplex/Galaxy Cinemas 4.3% 29 1,279 11.7 4 Metro/A&P/Super C/Loeb/Food Basics 4.3% 57 2,088 7.8 5 Winners/HomeSense/Marshalls 3.0% 63 1,402 6.8 6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 27 1,132 5.1 7 Target Corporation 2.1% 24 1,960 8.7 8 Staples/Business Depot 2.1% 48 969 7.2 9 Future Shop/Best Buy 1.9% 30 665 7.5 10

Giant Foods/Stop & Shop (Royal Ahold)

1.9% 20 899 14.3

(i) On August 25, 2011, Canadian Tire Corporation, Limited announced that it had completed the acquisition of The Forzani Group Ltd.

Target Entry to Canada

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• Target has selected 24 locations across five provinces that are owned by RioCan and its partners

currently occupied by Zellers.

• Included in the 24 locations are 3 additional stores in RioCan’s portfolio as recently announced by
• Target. One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at

RioCan Niagara Falls. In addition, Target announced that the Zellers leases at 404 Town Centre and Parkland Mall were assumed by Wal‐Mart and Canadian Tire respectively.

• Currently in discussions with Target to expand a number of the selected locations and is expected to be

the anchor tenant at RioCan’s St. Clair and Weston Road development project.

• Target has committed substantial capital to remodel and renovate the selected locations, which will

serve to modernize and bring the stores to a format that is in keeping with a typical Target store.

• RioCan will be Target’s largest landlord in Canada.
• The remaining nine locations not selected by Target continue to operate as Zellers.

Target and RioCan’s Development Pipeline

• St. Clair & Weston Road

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• The St. Clair and Weston development benefits from a well‐established

urban node at the intersection of St. Clair Avenue and Weston Road.

• RioCan has completed the rezoning for its St. Clair and Weston Road

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

• Construction commenced in the fourth quarter of 2011.
• The 20 acre site is ultimately expected to feature a 484,000 square foot

property situated within a unique two storey retail format

• Target has signed letter of intent be the anchor tenant at the site
• 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.

Unmatched Breadth of Tenant Relationships – US Top Ten Tenants

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As at September 30, 2011, RioCan’s Ten largest tenants in the US for completed acquisitions:

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

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 20 899 14.3 2 Best Buy 5.2% 7 205 9.1 3 PetSmart 2.9% 9 142 10.0 4 Bed Bath & Beyond 2.8% 8 167 8.3 5 Lowes 2.6% 3 294 16.1 6 HEB Grocery Stores 2.3% 2 114 9.5 7 Ross Dress for Less 1.8% 5 110 6.9 8 Safeway 1.8% 2 101 12.3 9 Sports Authority 1.6% 2 67 7.3 10 Staples 1.5% 5 77 6.8 40.8% 63 2,176 11.8

Giant Food Stores, RioCan’s largest US tenant ranks as #10 overall in RioCan’s overall portfolio and represents 1.9% of total annualized rental revenue.

National and anchor tenants generate 87.5% of RioCan’s US rental revenue

Lease Rollover Profile

As at September 30, 2011 – Canadian Portfolio

13 864 2,812 3,216 4,223 4,395

1,000 2,000 3,000 4,000 5,000

2011 2012 2013 2014 2015

% Square Feet expiring / portfolio NLA

’000s Square Feet

11.1% 11.6% 8.5% 7.4%

2.3%

124 238 295 523 237

100 200 300 400 500 600

2011 2012 2013 2014 2015

’000s Square Feet

As at September 30, 2011 – US Portfolio

9.7% 4.4% 5.5% 4.4% 2.3%

Stable Occupancy

Historical Occupancy Rates 1996 to Q3 2011

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96.9% 95.0% 95.0% 95.4% 96.1% 95.6% 95.8% 96.3% 96.3% 97.1% 97.7% 97.6% 96.9% 97.4%97.4% 97.5%

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

Financial Highlights

Q3 2011 Highlights

• RioCan’s Operating FFO (“Funds From Operations”) increased by 14% for the quarter ended September 30, 2011 to $97 million

compared to $85 million for the same period in 2010. On a per unit basis, Operating FFO increased 6% to $0.37 per unit from $0.35 per unit for the same period in 2010;

• RioCan’s Operating FFO increased by 14% for the first nine months ended September 30, 2011 to $280 million compared to $246

million for the same period in 2010. On a per unit basis, Operating FFO increased 6% to $1.07 per unit from $1.01 per unit for the same period in 2010;

• Portfolio occupancy increased 40bps at September 30, 2011 to 97.5%, compared to 97.1% at September 30, 2010;
• RioCan has acquired interests in 7 income properties (3 in Canada and 4 in the United States (“US”)) at an aggregate purchase price
• f approximately $240 million at RioCan’s interest with a weighted average cap rate of 6.5% during the quarter. RioCan has also

added to its development portfolio through the acquisition of interests in several development sites at an aggregate purchase price of $56 million;

• Subsequent to the quarter end, RioCan has completed the purchase of four properties (two in Canada and two in the US) at an

aggregate purchase price of $157 million at RioCan’s interest with a weighted average cap rate of 6.8%. RioCan has also added to its development portfolio through the acquisition of an interest in two development properties at an aggregate purchase price of $8 million;

• Year to date RioCan has acquired interests in 25 properties (16 in Canada and nine in the US) at an aggregate purchase price of

approximately $620 million at RioCan’s interest with a weighted average cap rate of 6.7%;

• RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7% and $97

million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived; and

• RioCan issued 5.1 million units during the quarter, which generated $125 million of gross proceeds. Subsequent to the quarter end,

RioCan issued an additional 5.1 million units, which generated an additional $126.5 million of gross proceeds. 15

Financial Highlights

IFRS Valuation of Properties

• RioCan uses 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 Trust determined the fair value of each income property based upon the direct capitalization income

approach method of valuation. The fair value was determined by applying a capitalization rate to stabilized NOI, which incorporates allowances for vacancy, management fees and structural reserves for capital expenditures for the property. The resulting capitalized value was further adjusted, where appropriate, for extraordinary costs to stabilize the income and non recoverable capital expenditures.

• Individual properties were valued using capitalization rates in the range of 5.5% to 9.3% applied to

stabilized net operating income (“NOI”), resulting in an overall weighted average capitalization rate for the portfolio of approximately 6.6%.

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* at RioCan’s Interest Overall Portfolio Septem ber 3 0 , 2 0 1 1 Decem ber 3 1 , 2 0 1 0 W eighted Average Cap Rate* . Range W eighted Average Cap. Rate* Range Enclosed Shopping Centre 7.4% 6.2% - 9.3% 7.5% 6.50% - 9.00% Grocery Anchored Shopping Centre 6.7% 5.8% - 8.8% 7.0% 6.00% - 9.26% Mixed Use 6.7% 5.8% - 8.7% 7.0% 6.00% - 8.75% New Format Retail 6.4% 5.7% - 8.3% 6.7% 6.00% - 8.25% Non-Grocery Anchored Centre 6.8% 5.8% - 8.5% 7.1% 6.00% - 8.75% Urban Retail 6.1% 5.5% - 7.0% 6.3% 5.75% - 7.70% Total Weighted Average 6 .6 % 5 .5 % - 9 .3 % 6 .9 % 5 .7 5 % - 9 .2 6 % Fair Value of Investment Properties (in millions) $ 9 ,5 7 2 $ 8 ,4 6 6 First nine m onths 2 0 1 1 2 0 1 0 Jan 1 . 2 0 1 0 I FRS Bum p Fair Value Gain ($ millions) $ 3 8 7 $ 4 5 7 $ 1 ,6 2 4

Financial Highlights

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Three months ended September 30, Nine months Ended September 30, (in millions of $ except per unit amounts) 2011 2010 2011 2010 Total Revenues

$246 $215 $721 $649

Operating FFO

$97 $85 $280 $246

Operating FFO per Unit

$0.37 $0.35 $1.07 $1.01

Distributions to unitholders

$91 $85 $272 $253

Distributions to unitholders per Unit

$0.345 $0.345 $1.035 $1.035

Distributions to unitholders net of distribution reinvestment plan

$70 $71 $211 $212

Distributions to unitholders net of distribution reinvestment plan per Unit

$0.26 $0.29 $0.80 $0.87

Unit issue proceeds under distribution reinvestment plan

$21 $14 $61 $41

Distribution reinvestment plan participation rate

22.9% 16.0% 22.5% 16.2%

• Sept. 30, 2011
• Dec. 31, 2010
• Sept. 30, 2010

Total assets

$9,906 $8,886 $8,312

Debt (mortgages and debentures payable)

4,749 4,410 4,189

Debt to Total Assets

47.8% 49.1% 50.2%

Debt to total capitalization

40.4% 43.6% 42.0%

Interest coverage ratio

2.4x 2.5x n/c

Debt service coverage ratio

1.9x 1.9x n/c

Fixed charge coverage ratio

1.0x 1.0x n/c

Net debt to Adjusted EBITDA

7.2x 6.8x n/c

Market capitalization

7,010 5,716 5,782

Total capitalization (incl. Preferred Units)

11,887 10,126 9,971

Financial Highlights

Net Operating Income – Year over Year (Canada)

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“nm” – not meaningful. (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

Net Operating Income – Sequential Quarter over Quarter (Canada)

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“nm” – not meaningful. (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

2011 & 2012 Outlook

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• Robust acquisition activity the past two years will have an impact in 2011 and 2012.
• Year to date RioCan completed total acquisitions of $620 million at an average cap rate of 6.7%

– RioCan has also acquired an interest in several development properties with a total purchase price of $64 million – RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7% – $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived – RioCan will exceed its budgeted $600 million of acquisitions in Canada and the US for 2011

• In 2010, RioCan completed total acquisitions of $986 million at an average cap rate of 7.6%
• Contractual Rent Steps of $1 million expected in remainder of 2011 and $4 million in 2012
• Increased development activity is expected in 2011 and 2012
• US tenant expansion into Canada

– A number of US tenants have announced their entry into Canada

• Target, Marshall’s, J. Crew, Kohl’s, Bed Bath & Beyond, Dick’s Sporting Goods
• Interest savings on maturing debt are expected to continue in 2012
• Mortgage debt maturing in 2012 currently carries an average interest rate of 5.8% providing an opportunity

for RioCan to reduce interest expense at current interest rates

– During Q1 2011, RioCan redeemed the $180 million Series L unsecured debentures due April 2014, which carried a coupon of 8.33% and issued $225 million series O unsecured debentures with a five year term and a coupon of 4.499% resulting in annual interest savings of $6.9 million per annum

Acquisition Activity

Acquisition Activity

2011 Acquisitions

Acquisitions During 2011

Location Cap rate RioCan's purchase price (i) (millions) NLA (in sqft) at RioCan's interest

CANADA 6.3% $63 220,831 UNITED STATES 7.3% 94 467,726 Fourth Quarter to date 2011 Acquisitions 6.8% $ 157 688,557 CANADA 6.4% $74 298,208 UNITED STATES 6.5% 166 786,170 Third Quarter 2011 Acquisitions 6.5% $ 240 1,084,378 CANADA 6.7% $46 226,729 UNITED STATES 7.3% 90 587,416 Second Quarter 2011 Acquisitions 7.1% $ 136 814,145 CANADA 6.6% $87 391,920 UNITED STATES ‐‐ ‐ ‐ First Quarter 2011 Acquisitions 6.6% $ 87 391,920 2011 Acquisitions: Canada 7.3% $270 1,137,688 US 6.9% 350 1,841,312

2011 To Date Acquisitions 6.7% $ 620 2,979,000

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

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Acquisition Activity

2011 Acquisitions

24

Acquisition Activity

2011 Acquisitions

25

Acquisition Activity

2011 Acquisitions

26

Acquisition Activity

2011 Acquisitions

Acquisition Activity

2010 Acquisitions

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Capital Structure

Conservative Debt Profile

• Debt‐to‐Total Assets of 47.8% at September 30, 2011;
• Total operating lines ‐ $422 million with approximately $332

million available

• 54 properties unencumbered by debt with a fair value of

nearly $450 million as at September 30, 2011

• Floating rate debt ‐ 3.2% of total debt
• Strong coverage ratios

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Leverage and Coverage Ratios & Targets

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(i) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized). (ii) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized). (iii) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders. (iv) Net debt to Adjusted EBITDA is defined as: the average debt outstanding (net of cash) for the period divided by Adjusted EBITDA * adjusted to exclude interest capitalized.

Modest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even

through periods of considerable growth

– Leverage of 47.8% at historical book cost at September 30, 2011; – 60% max permitted under covenant – Interest coverage well in excess of the 1.65x maintenance covenant

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47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 47.8% 2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x 2.7x 2.6x 2.2x 2.5x 2.4x

Leverage Interest Coverage IFRS

Debt Maturity Schedule

• Long‐term, staggered debt maturity profile
• 5.3% Overall WAIR
• 4.7 Year weighted avg. term to maturity
• Minimal floating rate debt exposure (3.2% of total debt)
• Financing mortgages today at around 3.5% to 4.5% (dependent on term)

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Leverage at Fair Value & Stock Market Value

• As at September 30, 2011

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47.8% 40.4% Debt to Total Assets Debt to Total Capitalization

Net of cash

52.2% 9.5% 38.3%

Capital Structure – September 30, 2011

34 Total Assets = $9.9 billion Enterprise Value = $11.9 billion

59.6%

8.2%

32.2%

Mortgages= $3.8 billion Debentures = $0.9 billion Equity = 270 million units outstanding

Borrowings in 2011

35

Mortgages Payable Quarter ended September 30, 2011 Nine Months ended September 30, 2011

(millions of dollars, except % data)

Contractua Debt l Weighted Average Contractual Interest Rate Contractua Debt l Weighted Average Contractua Interest Rate l Average term to maturity in years New borrowings: Fixed rate term mortgages – Canada $63 4.06% $309 4.98%* 7.5 Fixed rate term mortgages – US 61 4.34% 135 4.75% 6.5 Floating rate term mortgages 2 3.05% 3 3.27% 2.4 Construction 6 3.88% 43 3.45% 0.6 Operating Lines of Credit 51 3.36% 51 3.36% 1.8 Total $183 3.94% $541 4.63% 6.2

* includes $140 million of CMBS mortgage debt with a rate of 5.48%

Assets Available to Finance

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PRINCIPAL BALANCE OF DEBT MATURING (in millions except # properties) NUMBER OF PROPERTIES Fair Value of IPP At September 30, 2011 2011 2012 Collateral – Income Properties Encumbered Assets with Debt Maturing in 2011 1 99 15 ‐ Encumbered Assets with Debt Maturing in 2012 23 536 ‐ 253 Unencumbered Assets at September 30, 2011 54 449 ‐ ‐ Construction Financing on Properties Under Development

(1)

3 62 23 34 Unsecured Debt Maturity ‐ ‐ ‐ 220 TOTAL 81 $1,146 $38 $507

(1) Projects include components that are income producing at September 30, 2011. FV shown represents amounts in IPP only

Looking Ahead

Future Growth Drivers

• Organic Growth

– Contractual Rent Steps – contractual rent steps should generate $1 million in the remaining quarter of 2011 and $4 million in 2012 – Positive leasing spreads on maturing leases should provide positive same property NOI growth – US tenant demand providing additional rent growth and conversion of Zellers to Target will increase demand at those centres – Closing the gap – economic occupancy versus committed occupancy provides an annual NOI impact of approximately $12 million

• Acquisition Activity

– $986 million completed in 2010 – In the first ten months of 2011, RioCan has acquired interests in 25 properties (16 in Canada and 9 in the US) at an aggregate purchase price of approximately $620 million with a weighted average cap rate

• f 6.7%. RioCan has also acquired an interest in several development properties with a total purchase

price of $64 million; – RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7%, and $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived;

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Future Growth Drivers

• Greenfield Development

– Completions in 2011 will begin to provide additional income – New projects such as St. Clair & Weston have commenced with additional projects such as YEC expected to begin in 2012 – As at September 30, 2011, development projects comprise approximately 8.9 million square feet, of which RioCan’s ownership interest is approximately 7.4 million square feet. Once complete, these developments should generate strong returns and improve the overall quality of the portfolio. – Estimated project cost for these sites is $1.8 billion with $659 million having been incurred to date ($427 million at RioCan’s interest) – Completion of these sites is expected during 2012‐2014, with the majority expected to be completed during 2013

• Intensification of Existing Sites & Urban Development

– RioCan's intensification projects at Avenue Road and Queen and Portland are complete and have come

• n line

– YEC intensification expected to begin in 2012 – Recent Urban Development acquisitions include:

• Yonge & Eglinton Northeast corner – RioCan with its partners has begun to assemble parcels for future development
• Bathurst & College – Potential 140‐150k square feet of urban retail space
• 740 Dupont in the GTA ‐ Potential 184k square feet of urban retail space
• Herongate Mall in Ottawa, ON ‐ 16 acre site, redevelopment project

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Future Growth Drivers

Organic Growth Institutional Relationships Land Use Intensification Development Pipeline Acquisitions

New Entrants to Canadian Market Target Corporation

• On January 13, 2011 Target announced that it had agreed to acquire up to 220 Zellers leasehold interests

from Zellers Inc. and the Hudson Bay Company

• Included in the 24 locations are 3 additional stores in RioCan’s portfolio as recently announced by Target.

One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at RioCan Niagara Falls. In addition, Target announced that the Zellers leases at 404 Town Centre and Parkland Mall were assumed by Wal‐Mart and Canadian Tire respectively.

• Currently in discussions to expand several of the planned locations
• RioCan is contemplating an extensive capital improvement program for those locations where it feels cash

flow can eventually be increased as a result

• Current Target stores selected represent 2 million square feet (at 100%)
• Letter of intent to be the anchor tenant at RioCan’s St. Clair & Weston Road development site

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Portfolio Leasing Activity

• In Q3 2011, in Canada RioCan has renewed 838,000 square feet at and average rent

increase of $1.01 per square foot or 7.2%

• In first nine months of 2011, in Canada RioCan has renewed 3.1 million square feet at

and average rent increase of $1.40 per square foot or 10.1%

• In Q3 2011, excluding fixed rent renewals, RioCan renewed 0.4 million square feet at an

average rent increase of $1.76 per square foot, or 9.0%

• In first nine months of 2011, excluding fixed rent renewals, RioCan renewed 1.5 million

square feet at an average rent increase of $2.02 per square foot, or 11.7%

• Retained 88.9% of expiring leases in Q3 2011, 89.2% for the first nine months
• New vacancies during Q3 2011 were 186,000 square feet at RioCan’s interest compared

to 126,000 square feet in the same period of 2010

• In first nine months of 2011, vacancies during were 613,000 square feet at RioCan’s

interest compared to 620,000 square feet in the same period of 2010

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Occupancy Analysis

• RioCan’s committed occupancy rate is 97.5%. Included in this rate is 549,000 square

feet of leased but not yet open space, resulting in an economic occupancy rate of 96.3%

• The gap of leased but not yet paying rent represents an additional $12 million of

annualized rental revenue

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As at September 30, 2011

Portfolio Leasing Activity

44

Canadian portfolio – Renewal Leasing

Portfolio Leasing Activity

45

Total Portfolio – Lease Expiries for 2011

Organic Growth – Lease Expires

46

Canadian Portfolio US Portfolio

Interest Savings

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

• In 2010, by refinancing maturing debt with an interest rate in excess of 7% into debt

with an average interest rate of 4.8% RioCan has generated annual interest savings in excess of $6 million on refinanced mortgage debt.

• In Q1 2011, RioCan redeemed the $180 million Series L debentures which carried a

coupon of 8.33% and issued $225 million series O debentures with a coupon of 4.499% resulting in annual interest savings of $6.9 million and extended the term.

• Additional savings are anticipated again in 2012 as maturing mortgages carry an

average interest rate of 5.8% with current financings being completed at approximately 4% or a potential interest savings of 180 bps on $366 million.

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Debt Maturity Schedule

48

As at September 30, 2011

• Long‐term, staggered debt maturity profile
• 5.3% Overall WAIR
• 4.7 Year weighted avg. term to maturity
• Minimal floating rate debt exposure (3.2% of total debt)
• Financing mortgages today at around 3.5%‐4.5% (dependent on term)

Future Growth Drivers

Organic Growth Institutional Relationships Land Use Intensification Development Pipeline Acquisitions

Future Growth Drivers Acquisitions – Income Properties

• In first ten months of 2011, RioCan acquired interests in 25 properties (16 in

Canada and 9 in the US) at an aggregate purchase price of approximately $620 million with a weighted average cap rate of 6.7%;

• RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with

a weighted average cap rate of 6.7% and $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived;

• RioCan completed almost $1 billion of acquisitions in 2010 at a weighted

average cap rate of 7.6% and is on pace to complete nearly $1 billion of acquisitions again in 2011 at a cap rate of approximately 6.7%;

• Financing used to complete these acquisitions has been completed at interest

rates below 5%

2011 YTD Capitalization Rate Purchase Price ($ millions) NLA Canada 6.5% 270 1,137,688 US 6.9% 350 1,841,312 Total 2011 6.7% 620 2,979,000 50

Future growth potential

Acquisition Activity

Recent Acquisitions – Sheppard Centre

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• Entered into firm contract to acquire at a

purchase price of $218 million (6.11% cap rate)

• Mixed use property (Retail, Office, and

Residential)

• 672,854 sf space
• 257,039 sf of retail space
• Winners, Shoppers Drug Mart, BMO,

CIBC

• 5.3 year avg lease term
• 96% leased
• 415,815 sf of office space
• BMO, Aon Hewitt
• 6.8 avg lease term
• 100% leased
• To be acquired on a 50/50 basis with

KingSett Capital

• RioCan will manage the property, act

as leasing manager for the property and will be the development manager in connection with any redevelopment of the property.

• Strong demographics
• Direct access to two subway lines
• Opportunities for near term

revenue improvements

• Potential for

both retail and residential expansion

• Fast growing

area the North Toronto

Examples of nearby residential developments

Acquisition Activity

Recent Acquisitions United States – Selected Photos

52 Alamo Ranch, San Antonio, TX (Under firm contract)

Southpark Meadows, Austin, TX 1890 Ranch, Austin, TX Huntington Square, Huntington (Long Island), NY

Acquisition Activity

Recent Acquisitions

53

Edmonton West Retail Centre, Edmonton, AB RioCan Stoney Creek, Stoney Creek, ON RioCan LaGappe, Gatineau, QC

Future Growth Drivers

Organic Growth Institutional Relationships Land Use Intensification Development Pipeline Acquisitions

Potential Development Activity

• A number of US retailers have recently announced that they will be opening stores

in Canada over the next five years

• RioCan is in a prime position to assist these tenants with their growth needs to

develop new space in Canada

55

Strong Development Pipeline

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

At September 30, 2011

• Total developments comprise 8.9 million square feet, including shadow anchors
• RioCan and partners’ owned interest consists of 7.4 million square feet
• Total estimated project cost is $1.8 billion, with RioCan’s interest being approx. $1.4 billion
• Invested $427 million in these projects
• RioCan’s funding obligations, before construction financing is $614 million ($37 million is for current

development and $577 million is for potential future development)

– In addition, RioCan will fund approx. $176 million under mezzanine lending program to certain partners, primarily Trinity Developments ($12 million is for current development and $164 million is for potential future development)

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.5% to 9.5%
• Recent Urban Development acquisitions include Yonge & Eglinton Northeast corner, Bathurst & College, and

740 Dupont in the GTA and Herongate Mall in Ottawa, ON Projects Coming on Stream in 2011

• RioCan’s Urban intensification projects at 1717 Avenue Road and Queen & Portland have been completed.
• Grant Crossing, Okotoks and Lowe’s Centre Orleans have also begun to contribute to RioCan’s results.

56

Strong Development Pipeline

• St. Clair & Weston

57

• RioCan has completed the rezoning for its St.

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

• Construction commenced in late 2011.
• The 20 acre site is ultimately expected to

feature a 563,000 square foot property situated within a unique two storey retail. format

• Target has signed letter of intent be the

anchor tenant at the site

Strong Development Pipeline

58

RioCan Centre Belcourt

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

Grant Crossing

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

Strong Development Pipeline

59

Cimarron Shopping Centre

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 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 own its own location and opened in the third quarter of 2010. A 25,000 square foot Winners commenced operations in the first quarter of 2011.

Strong Development Pipeline

60

Jacksonport

• Jacksonport, located at 36th Street NE and

Country Hills Boulevard NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail centre

with CPPIB and Trinity

• Upon completion, the development is expected to

feature approximately 1.1 million square feet of retail space.

East Hills

• This 148 acre site located in Calgary,

Alberta is currently being developed into a 1.6 million square foot regional new format retail centre.

• The East Hills development is

planned in three phases. Phases I and III comprise approximately 111 acres.

• Phase I of the property will be co‐
• wned with CPP 37.5%, Trinity, and

Lansdowne 12.5%.

• Phase II, comprises approximately

37 acres, and will be co‐owned with CPP, Tristar, Trinity and Lansdowne.

Strong Development Pipeline

61

Windfield Farms

• This 160 acre site located in Oshawa, Ontario is

currently being developed into a 1.2 million square foot regional new format retail centre.

• RioCan acquired its partners’ interests in July 2011.

RioCan now owns 100% of this development site

Sage Hill

Subsequent to September 30, 2011. RioCan has waived conditions for the acquisition of Sage Hill Crossing, a 32 acre greenfield development site in Northwest Calgary. The purchase price for the lands, which will be serviced and zoned at the time

• f closing, will be $31.6 million. Once completed, the

anticipated gross leasable area is 347,000 square feet of retail

• use. The anticipated closing date is September, 2012.

Development is expected to commence in 2013.

Canadian Outlet Centre Development

• On January 24, 2011 RioCan Announced that it had entered into a

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

• On March 14, 2011 RioCan announced that through the joint venture it

has entered into a purchase and sale agreement for a 35 acre parcel located in the GTA market of Halton Hills.

62

Tanger Portfolio Examples

63

Tanger Joint Venture Development Site

64

Halton Hills Site

• 35 – acre site zoned for retail
• Located at 401 and James

Snow Parkway

• Excellent access to Brampton,

Mississauga and Metro Toronto

• Development expected to

begin in 2011 with completion targeted for 2013

Future Growth Drivers

Organic Growth Institutional Relationships Land Use Intensification Development Pipeline Acquisitions

Land Use Intensification

• Capitalize on trend in Canada’s six high growth

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

– Prohibitive costs of expanding infrastructure beyond urban boundaries – Environmental concerns – Maximizing use of mass transit – Generate high yields as land is already owned

66

Land Use Intensification – Eglinton Subway Extension

• Proposed subway extension along Eglinton Avenue through mid‐town Toronto will provide

multiple intensification opportunities for RioCan at its properties along Eglinton.

• City of Toronto has said that they will rezone areas surrounding new subway stops to permit

higher density developments.

67

Yonge Eglinton Centre

Toronto, Ontario

68

• One of RioCan’s largest acquisitions at $223 million (acquired in

January 2007)

– 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 intensification

– Improvements to parking increased revenues by $500,000 – 46,000 sq. ft. of new retail, and a connection to the office towers and 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 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 2012

• RioCan’s leasing and capital improvement efforts have resulted

in significant increases in NOI and occupancy

• NOI at acquisition was $13.3 million and is budgeted to

be in excess of $22 million for 2012

• Occupancy has increased from 88% at acquisition to

100%

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre

69

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre – Proposed Retail Addition

70

Creating New Cash Flow Sources

RioCan Yonge Eglinton Centre – Proposed Vertical Addition

71

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

Urban Intensification

1717 Avenue Road, Toronto, ON

• Rezoning urban properties to accommodate mixed use projects became RioCan REIT’s focus

in the last several years

72

• 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 mixed‐use facility, in keeping with the trend of urban intensification Residential air rights sold to Tribute Communities, who developed 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 Bank of Montreal and Pharma Plus commenced

• perations in March 2011

The retail component was completed, is 93% leased, and began producing rental revenue in Q1 2011

Urban Intensification

Queen & Portland, Toronto, ON

73

• One acre parking lot acquired in January 2006
• 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 occupying

the bulk of the ground floor and all of the second floor, with a flagship Joe Fresh store and a Loblaws supermarket, while Winners occupies the third floor

• Winners and Joe Fresh commenced operations early in the

fourth quarter of 2011. Loblaws will also open during the fourth quarter of 2011

• Total retail space is 91,000 sq ft over three levels ‐ 100%

leased

• Residential air rights sold to Tribute Communities, who

developed 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

Urban Intensification

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

74

• Sunnybrook Plaza, Toronto, ON

Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto The site benefits from excellent demographics and is a probable location for a stop along the proposed Eglinton subway line The property is an excellent location for a redevelopment project similar to what has been accomplished at 1717 Avenue Road.

• Queensway Cineplex, Toronto, ON

Located in Western Toronto at the corner of The Queensway and Islington Avenue with access to the Queen Elizabeth Way (QEW) Currently anchored by Cineplex this centre is an ideal property for additional density and potential redevelopment into a mixed‐ use facility, in keeping with the trend of urban intensification

Tillicum Centre

Victoria, BC

• Acquired in July 2002, expansion

initiated in 2004

• 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
• Mixed‐use expansion of will

feature 294,000 sq. ft. of residential uses

• In addition to improving tenant

quality and aesthetics, the return

• n investment (“ROI”) since

acquisition has increased by more than 100 bps

75

Future Growth Drivers

Organic Growth Institutional Relationships Land Use Intensification Development Pipeline Acquisitions

Institutional Relationships

• Through the years RioCan has developed strong

institutional relationships

• Leverage RioCan’s capital to enhance returns and

increase scale of investments

• Generate additional revenue streams

– Property and asset management fees

• RioCan recently entered into a Joint Venture

arrangement with KingSett Capital to acquire the Sheppard Centre

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

77

Institutional Relationships

Strong Partnerships

78

Institutional Relationships

RioKim Joint Venture

• RioCan REIT and Kimco Realty Corporation,

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

• Invested over $1.2 billion in 45 properties

since 2001 comprising over 9.3 million sq. ft.

• 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 Canada

• RioCan provides asset and property

management, development and leasing services to RioKim 79

Brentwood Village Tillicum Centre

Institutional Relationships

CPPIB Joint Venture

• In October 2004, RioCan REIT and CPPIB

announced an agreement to acquire premier regional power centres in Canada on a 50/50 basis as a core, long‐term holding strategy

• Today, RioCan and CPPIB are partners in over

1.3 million sq. ft. of completed regional power centres and approximately 3.0 million

• sq. ft. of planned development projects
• RioCan provides property and asset

management, leasing, development and construction management services for the co‐ownership 80

RioCan Centre Burloak ‐ Before RioCan Centre Burloak ‐ After

Institutional Relationships

CPPIB Strategic Alliance Grandview Corners

• 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
• 42 acre site
• 529,827 sq. ft. anchored by a 217,278 sq.
• ft. Walmart
• Other major tenants include The Brick,

Future Shop, Indigo

81

Institutional Relationships

CPPIB Strategic Alliance ‐ St. Clair & Weston

82

• RioCan has completed the rezoning for its
• St. Clair and Weston Road development

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

• Construction commenced in the fourth

quarter of 2011.

• The 20 acre site is ultimately expected to

feature a 484,000 square foot property situated within a unique two storey retail. format

• Target has signed letter of intent be the

anchor tenant at the site

Institutional 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 Investment Board.

83

Jacksonport

• Jacksonport, located at 36th Street NE and Country Hills Boulevard

NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail centre
• Upon completion, the development is expected to feature

approximately 1.1 million square feet of retail space.

• RioCan has successfully completed the

rezoning requirements for its East Hills development with Trinity, CPPIB and the

• riginal vendor in Calgary, Alberta.
• The East Hills development consists of

three phases. Phase I and III comprise approximately 111 acres and Phase II comprises approximately 37 acres.

East Hills

Summary

• Canada’s largest REIT
• Seasoned management team
• Excellent portfolio, solid tenants and diversified
• Focus on urban markets
• 86% of annualized rental revenue from national

and anchor tenants

• Conservative debt profile and access to capital
• Strong institutional relationships
• Solid development pipeline

84

Appendix A Senior Management

Experienced Management Team

• Extensive experience in Canadian real estate market

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

EDWARD SONSHINE, O.Ont., Q.C. – President & Chief Executive Officer, RioCan REIT

• CEO of RioCan REIT since late 1993 and has overseen its growth from an asset base of under $100 million to its current

enterprise value which is in excess of $11 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 Income Fund, Cineplex Inc. and Chair of

Mount Sinai Hospital Foundation

FREDERIC WAKS – Executive Vice President & Chief Operating Officer, RioCan REIT

• 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 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 – Senior Vice President & Chief Financial Officer, RioCan REIT

• 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 prior to coming to RioCan at TD Securities as a Vice President and Director in corporate finance for two years, where he was focused on real estate industry coverage.

• Member of the board of directors of Cedar Shopping Centers, Inc.

86

Appendix B Supplemental Information Package

REAL ESTATE INVESTMENT TRUST

MEASURED DISCIPLINED

THIRD QUARTER 2011 SUPPLEMENTAL INFORMATION PACKAGE

03 Q_

Third Quarter 2011

Supplemental Information Package

Table of Contents

Real Estate Portfolio Fact Sheet . . . . . . . . . . . . . . . . . . . . 1 FINANCIAL INFORMATION Operational and Financial Highlights . . . . . . . . . . . . . . . . 2 Unaudited Interim Consolidated Financial Statements Balance Sheets Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . 4 Equity Reconciliation – January 1, 2010 . . . . . . . . . . . 5 Equity Reconciliation – December 31, 2010 . . . . . . . . 6 Consolidated Statements of Earnings . . . . . . . . . . . . . . 7 Consolidated Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Net Earnings and Comprehensive Income Reconciliations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Consolidated Statements of Cash Flows . . . . . . . . . . . . 9 Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Net Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Quarterly Reconciliation of Previous Canadian GAAP to IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 International Financial Reporting Standards (“IFRS”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Summary of Consolidated Debt . . . . . . . . . . . . . . . . . . . . .15 Interest Coverage, Debt Service Coverage, Fixed Charge Coverage and Net Debt to EBITDA Ratios . . . . . . . . . . .16 INVESTMENT ACTIVITY Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Greenfield Development Projects . . . . . . . . . . . . . . . . . . .21 Expansion and Redevelopment Activities . . . . . . . . . . . . .26 REAL ESTATE INFORMATION Leasing Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 Renewal Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Contractual Rent Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Economic versus Committed Occupancy . . . . . . . . . . . . .34 Top 50 Tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 Top Ten Tenants – Canada . . . . . . . . . . . . . . . . . . . . . . . . .37 Top Ten Tenants – US . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 Property Ownership by Geographic Area . . . . . . . . . . . . .38 Portfolio Geographic Diversification . . . . . . . . . . . . . . . . .39 Lease Expires by Geographic Area . . . . . . . . . . . . . . . . . .40 GENERAL General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 Senior Management and Unitholder Information . . . . . . .43

REAL ESTATE PORTFOLIO FACT SHEET

Fact Sheet as at September 30, 2011 Canadian Properties US Properties Grand Total Total Net Leasable Area (“NLA”) (sq.ft.): Retail Office Total Retail Office Total Income Producing Properties

36,443,171 1,588,499 38,031,670 5,319,621 51,758 5,371,379 43,403,049 Properties Under Development 3,498,500 – 3,498,500 – – – 3,498,500 Total 39,941,671 1,588,499 41,530,170 5,319,621 51,758 5,371,379 46,901,549

Number of Tenancies

7,000

Portfolio Occupancy Canadian Properties US Properties Total Retail

97.5% 98.0% 97.5% Office 97.2% 84.1% 96.8% Total 97.5% 97.8% 97.5%

Geographic Diversification Number of properties Percentage

• f annualized

rental revenue Income producing properties Properties under development Total Ontario 54.0% 166 7 173 Quebec 14.9% 44 – 44 Alberta 11.3% 28 2 30 British Columbia 5.6% 15 – 15 New Brunswick 1.7% 6 1 7 Manitoba 0.6% 2 – 2 Saskatchewan 0.5% 1 – 1 Prince Edward Island 0.3% 1 – 1 Newfoundland 0.3% 2 – 2 Nova Scotia 0.1% 1 – 1 USA 10.7% 38 – 38 100.0% 304 10 314 Anchor and National Tenants (including US) Percentage of annualized rental revenue Percentage of total NLA Anchor and National Tenants 86.0% 84.0% Top Ten Sources of Revenue by Tenant (including US) Ranking Tenant Percentage of annualized rental revenue Weighted average remaining lease term (yrs) 1. Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/ Sport Chek/ Sports Experts/National Sports/Atmosphere 4.8% 10.1 2. Walmart 4.4% 13.2 3. Famous Players/Cineplex/Galaxy Cinemas 4.3% 11.7 4. Metro/Super C/Loeb/Food Basics 4.3% 7.8 5. Winners/HomeSense/ Marshalls 3.0% 6.8 6. Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 5.1 7. Target Corporation 2.1% 8.7 8. Staples/Business Depot 2.1% 7.2 9. Future Shop/Best Buy 1.9% 7.5 10. Giant Food Stores/ Stop & Shop (Royal Ahold) 1.9% 14.3 Total 31.3% Lease Expiries – Canada Lease expiries (NLA) Retail Class Total NLA 2011 2012 2013 2014 2015 New Format Retail 19,029,948 287,279 955,635 1,414,113 1,589,696 2,097,974 1.5% 5.0% 7.4% 8.4% 11.0% Grocery Anchored Centre 7,663,700 205,942 738,536 643,807 1,243,326 1,004,582 2.7% 9.6% 8.4% 16.2% 13.1% Enclosed Shopping Centre 6,311,736 254,776 740,687 622,196 740,906 855,653 4.0% 11.7% 9.9% 11.7% 13.6% Non-Grocery Anchored Centre 2,090,738 28,366 115,755 209,634 166,570 318,713 1.4% 5.5% 10.0% 8.0% 15.2% Urban Retail 1,347,049 1,928 110,584 155,309 311,785 19,124 0.1% 8.2% 11.5% 23.1% 1.4% Office 1,588,499 85,556 150,972 171,038 170,696 98,679 5.4% 9.5% 10.8% 10.7% 6.2% Total 38,031,670 863,847 2,812,169 3,216,097 4,222,979 4,394,725 2.3% 7.4% 8.5% 11.1% 11.6% Average net rent per square foot $ 15.13 $ 16.81 $ 15.87 $ 16.30 $ 15.52 $ 14.41 Lease Expiries – US Lease expiries (NLA) Retail Class Total NLA 2011 2012 2013 2014 2015 New Format Retail 3,552,908 46,047 139,033 212,152 303,141 201,763 1.3% 3.9% 6.0% 8.5% 5.7% Grocery Anchored Centre 1,583,688 56,291 86,944 51,790 184,377 25,450 3.6% 5.5% 3.3% 11.6% 1.6% Non-Grocery Anchored Centre 183,025 9,061 7,774 19,120 32,000 10,243 5.0% 4.2% 10.4% 17.5% 5.6% Office 51,758 12,406 4,329 12,276 3,654 – 24.0% 8.4% 23.7% 7.1% 0.0% Total 5,371,379 123,805 238,080 295,338 523,172 237,456 2.3% 4.4% 5.5% 9.7% 4.4% Average net rent per square foot $ 14.82 $ 21.08 $ 18.40 $ 16.70 $ 13.47 $ 12.15 1 Third Quarter 2011 Supplemental Information Package

• II. OPERATIONAL AND FINANCIAL HIGHLIGHTS

Operational Information

(thousands of square feet, except other data)

As at and for the three months ended September 30, 2011 December 31, 2010 September 30, 2010 US Canada Total US Canada Total US Canada Total

Number of properties: Income properties 38 266 304 31 256 287 18 250 268 Under development (i) – 10 10 – 10 10 – 11 11 Portfolio occupancy 97.8% 97.5% 97.5% 98.2% 97.3% 97.4% 98.1% 97.0% 97.1% Net leasable area (“NLA”) at 100% * 9,692 58,132 67,824 7,468 56,251 63,719 4,002 55,183 59,185 Net leasable area (“NLA”) at RioCan’s interest: Total portfolio 5,371 38,032 43,403 3,998 36,849 40,847 2,455 36,255 38,710 Average in place rent $ 14.82 $ 15.13 $ 15.09 $ 14.69 $ 14.82 $ 14.75 $ 17.10 $ 14.86 $ 14.99 Completed development and land use intensification activities during the period ended – 78 78 – 237 237 – 9 9 Acquired during the period ended 786 298 1,084 1,542 441 1,983 1,417 838 2,255 Development pipeline upon completion: Total project NLA – 8,991 8,991 – 8,090 8,090 – 8,446 8,446 RioCan’s interest of project NLA – 4,715 4,715 – 3,046 3,046 – 3,397 3,397 Percentage of portfolio rental revenue derived from: Six Canadian high growth markets (annualized) (ii) n/a 65.4% 65.4% n/a 65.2% 65.2% n/a 61.7% 61.7% US market (annualized) 10.7% n/a 10.7% 8.2% n/a 8.2% 5.6% n/a 5.6% National and anchor tenants (annualized) 87.5% 85.9% 86.0% 90.2% 85.5% 85.9% 93.8% 85.6% 86.0% Largest tenant (annualized) 18.3% 5.4% 4.8% 21.3% 4.9% 4.6% 18.3% 4.9% 4.7% Percentage of portfolio NLA anchored or shadow anchored by grocery stores: 72.4% 74.4% 75.2% 71.0% 75.2% 74.8% 76.2% 75.1% 75.2% Number of employees (excluding seasonal) 615 598 585 (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 retailer owned anchors

2

Third Quarter 2011 Supplemental Information Package

Financial Information – IFRS (millions of dollars, except per Unit amounts) For the three months ended September 30, For the nine months ended September 30, 2011 2010 2011 2010

Total revenue $ 246 $ 215 $ 721 $ 649 Net earnings attributable to unitholders $ 168 $ 56 $ 632 $ 243 Net earnings per Unit attributable to common Unitholders - basic $ 0.63 $ 0.23 $ 2.39 $ 1.00 Net earnings per Unit attributable to common Unitholders - diluted $ 0.63 $ 0.23 $ 2.38 $ 0.99 Adjusted EBITDA (i) $ 159 $ 136 $ 463 $ 429 Operating FFO (ii) $ 97 $ 85 $ 280 $ 246 Operating FFO per Unit (ii) $ 0.37 $ 0.35 $ 1.07 $ 1.01 Weighted average common Units outstanding (in thousands) 265,515 246,314 262,743 244,284 Distributions to common Unitholders $ 91 $ 85 $ 272 $ 253 Distributions to common Unitholders per Unit $ 0.345 $ 0.345 $ 1.035 $ 1.035 Distributions per common Unit (annualized) $ 1.38 $ 1.38 $ 1.38 $ 1.38 Distributions to common Unitholders net of distribution reinvestment plan $ 70 $ 71 $ 211 $ 212 Distributions to common Unitholders net of distribution reinvestment plan per Unit $ 0.26 $ 0.29 $ 0.80 $ 0.87 Common Unit issue proceeds under distribution reinvestment plan $ 21 $ 14 $ 61 $ 41 Distribution reinvestment plan (“DRIP”) participation rate 22.9% 16.0% 22.5% 16.2% (millions of dollars, except other data) As at September 30, 2011 December 31, 2010 September 30, 2010 Total assets $ 9,906 $ 8,886 $ 8,312 Debt (mortgages and debentures payable) $ 4,749 $ 4,410 $ 4,189 Debt to total assets (iii) 47.8% 49.1% 50.2% Debt to total capitalization (iv) 40.4% 43.6% 42.0% Interest coverage ratio (v) 2.4 2.5 n/c Debt service coverage ratio (vi) 1.9 1.9 n/c Fixed charge coverage ratio (vii) 1.0 1.0 n/c Net debt to adjusted EBITDA (viii) 7.2 6.8 n/c Total unitholders’ equity $ 4,841 $ 4,165 $ 2,857 Common Units outstanding (in thousands) 269,630 259,818 252,255 Closing market price per common Unit $ 26.00 $ 22.00 $ 22.92 Common Units – market capitalization (ix) $ 7,010 $ 5,716 $ 5,782 Preferred units outstanding (in thousands) 5,000 n/a n/a Closing market price per preferred unit $ 25.55 n/a n/a Preferred units – market capitalization (x) $ 128 n/a n/a Total enterprise value (xi) $ 11,887 $ 10,126 $ 9,971 (i) A non-GAAP measurement. Adjusted EBITDA is defined as net earnings before changes in fair value of income properties, net interest expense and income taxes as well as other one-time adjustments such as expense for early redemption of debentures. A reconciliation of Adjusted EBITDA can be found in RioCan’s discussion under “Capital Strategy”. (ii) A non-GAAP measurement for which a reconciliation to net earnings can be found in RioCan’s discussion under “OFFO”. (iii) A non-GAAP measurement. Calculated as debt net of cash divided by total assets net of cash. (iv) A non-GAAP measurement. Calculated by the Trust as debt divided by total capitalization. RioCan’s method of calculating debt to total capitalization may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers. (v) A non-GAAP measurement. Interest coverage is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by total interest expense (including interest that has been capitalized). (vi) A non-GAAP measurement. Debt service coverage is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by total interest expense (including interest that has been capitalized) and scheduled mortgage principal amortization. (vii) A non-GAAP measurement. Fixed charge coverage ratio is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders. (viii) A non-GAAP measurement. Net debt to Adjusted EBITDA is calculated on a rolling twelve month basis and is defined as the average debt outstanding (net of cash) for the period divided by Adjusted EBITDA. (ix) A non-GAAP measurement. Calculated by the Trust as closing market price of the common Units trading on the TSX on December 31, 2010, September 30, 2010 and September 30, 2011 multiplied by the number of common Units outstanding at such date. RioCan’s method of calculating market capitalization may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers. (x) A non-GAAP measurement. Calculated by the Trust as closing market price of the preferred units trading on the TSX on September 30, 2011 multiplied by the number of preferred units outstanding at such date. RioCan’s method of calculating market capitalization may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers. (xi) A non-GAAP measurement. Calculated by the Trust as debt plus common Unit market capitalization plus preferred unit market capitalization. RioCan’s method of calculating total enterprise value may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers. n/c – not calculated

3

Third Quarter 2011 Supplemental Information Package

CONSOLIDATED BALANCE SHEETS

(unaudited – Canadian dollars, in millions)

IFRS Previous Canadian GAAP As at, September 30, 2011 December 31, 2010 September 30, 2010 January 1, 2010 December 31, 2010 December 31, 2009

ASSETS

Investment property $ 9,572 $ 8,466 $ 7,916 $ 6,938 $ 6,385 $ 5,314 Mortgages and loans receivable 154 188 208 236 188 236 Investments 30 59 59 50 59 50 Deferred tax asset 8 8 – – Receivables and other assets 115 73 97 66 135 115 Cash and equivalents 27 92 32 147 92 147 Total assets $ 9,906 $ 8,886 $ 8,312 $ 7,437 $ 6,859 $ 5,862

LIABILITIES

Mortgages payable and lines of credit $ 3,806 $ 3,316 $ 3,091 $ 2,669 $ 3,316 $ 2,669 Debentures payable 943 1,094 1,098 994 1,094 994 Deferred tax liability – – 994 890 – 140 Accounts payable and other liabilities 239 252 231 196 252 193 Total liabilities 4,988 4,662 5,414 4,749 4,662 3,996

NON-CONTROLLING INTEREST

– – – – 46 9

EQUITY

Preferred unitholders’ equity 121 – – – – – Common unitholders’ equity 4,720 4,165 2,857 2,680 2,151 1,857 Total unitholders’ equity 4,841 4,165 2,857 2,680 2,151 1,857 Non-controlling interest 77 59 41 8 – – Total equity 4,918 4,224 2,898 2,688 2,151 1,857 Total liabilities, non-controlling interest and equity $ 9,906 $ 8,886 $ 8,312 $ 7,437 $ 6,859 $ 5,862

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Third Quarter 2011 Supplemental Information Package

EQUITY RECONCILIATION – JANUARY 1, 2010

(unaudited – Canadian dollars, in millions)

The following is a reconciliation of the Trust’s equity reported in accordance with previous Canadian GAAP to IFRS at January 1, 2010 (date of transition to IFRS). January 1, 2010 Previous Canadian GAAP Effect of transition to IFRS IFRS

ASSETS

Investment property $ 5,314 $ 1,624 $6,938 Mortgages and loans receivable 236 – 236 Investments 50 – 50 Receivables and other assets 115 (49) 66 Cash and equivalents 147 – 147 Total assets $ 5,862 $ 1,575 $7,437

LIABILITIES

Mortgages payable and lines of credit $ 2,669 $ – $2,669 Debentures payable 994 – 994 Deferred tax liability 140 750 890 Accounts payable and other liabilities 193 3 196 Total liabilities 3,996 753 4,749

NON-CONTROLLING INTEREST

9 (9) –

EQUITY

Common unitholders’ equity 1,857 823 2,680 Non-controlling interest – 8 8 Total equity 1,857 831 2,688 Total liabilities, non-controlling interest and equity $ 5,862 $ 1,575 $7,437

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Third Quarter 2011 Supplemental Information Package

EQUITY RECONCILIATION – DECEMBER 31, 2010

(unaudited – Canadian dollars, in millions)

The following is a reconciliation of the Trust’s equity reported in accordance with previous Canadian GAAP to IFRS at December 31, 2010. December 31, 2010 Previous Canadian GAAP Effect of transition to IFRS 2010 IFRS impact IFRS

ASSETS

Investment property $ 6,385 $ 1,624 $ 457 $8,466 Mortgages and loans receivable 188 – – 188 Investments 59 – – 59 Deferred tax asset – – 8 8 Receivables and other assets 135 (49) (13) 73 Cash and equivalents 92 – – 92 Total assets $ 6,859 $ 1,575 $ 452 $8,886

LIABILITIES

Mortgages payable and lines of credit $ 3,316 $ – $ – $3,316 Debentures payable 1,094 – – 1,094 Deferred tax liability – 750 (750) – Accounts payable and other liabilities 252 3 (3) 252 Total liabilities 4,662 753 (753) 4,662

NON-CONTROLLING INTEREST

46 (9) (37) –

EQUITY

Common unitholders’ equity 2,151 823 1,191 4,165 Non-controlling interest – 8 51 59 Total equity 2,151 831 1,242 4,224 Total liabilities, non-controlling interest and equity $ 6,859 $ 1,575 $ 452 $8,886

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Third Quarter 2011 Supplemental Information Package

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited – Canadian dollars, in millions, except per share amounts)

For the three months ended September 30, For the nine months ended September 30, Previous Canadian GAAP Previous Canadian GAAP 2011 2010 2010 2011 2010 2010 Rental revenue $ 236 $ 205 $ 206 $ 694 $ 608 $ 611 Property operating costs Recoverable under tenant leases 78 65 64 232 199 197 Non-recoverable from tenants 2 2 2 7 5 5 80 67 66 239 204 202 Net operating income 156 138 140 455 404 409 Fees and other income 8 4 4 17 13 13 Interest 2 3 3 10 11 11 Gains on properties held for resale – 3 3 – 17 17 Fair value gains on investment property 73 1 – 387 104 – 239 149 150 869 549 450 Expenses Interest and other 60 55 53 178 163 158 General and administrative 9 10 6 23 24 19 Business acquisition transaction costs – – – – 3 – Transition costs – – 1 – – 2 Expense for early redemption of debentures – – – 27 – – Amortization – – 46 – – 136 69 65 106 228 190 315 Earnings before income taxes 170 84 44 641 359 135 Income tax expense – 26 5 1 112 10 Net earnings $ 170 $ 58 $ 39 640 247 $ 125 Net earnings attributable to: Common and preferred unitholders $ 168 $ 56 $ 39 $ 632 $ 243 $ 124 Non-controlling interests 2 2 – 8 4 1 $ 170 $ 58 $ 39 $ 640 $ 247 $ 125 Net earnings per unit attributable to common unitholders – basic $ 0.63 $ 0.23 $ 0.16 $ 2.39 $ 1.00 $ 0.51 Net earnings per unit attributable to common unitholders – diluted $ 0.63 $ 0.23 $ 0.16 $ 2.38 $ 0.99 $ 0.50 Weighted average number of common units outstanding – basic (in thousands) 265,515 246,314 246,314 262,743 244,284 244,284 Weighted average number of common units outstanding – diluted (in thousands) 266,952 247,073 247,073 264,228 244,916 244,916

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Third Quarter 2011 Supplemental Information Package

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited – Canadian dollars, in millions)

For the three months ended September 30, For the nine months ended September 30, Previous Canadian GAAP Previous Canadian GAAP 2011 2010 2010 2011 2010 2010 Net earnings $ 170 $ 58 $ 39 $ 640 $ 247 $ 125 Other comprehensive income (loss), net of tax Unrealized gain on interest rate swap agreements (5) (4) (4) (7) (3) (3) Unrealized loss on translation of foreign operations 21 (1) (5) 12 – (2) Unrealized (loss) gain on available-for-sale securities (19) –

• (29)

(6) (7) Actuarial gains (losses) on pension plan – – – (1) Other comprehensive (loss) income (3) (5) (9) (24) (10) (12) Comprehensive income $ 167 $ 53 $ 30 $ 616 $ 237 $ 113 Comprehensive income attributable to Unitholders $ 161 $ 51 $ 30 $ 606 $ 233 $ 112 Non-controlling interest 6 2 – 10 4 1 $ 167 $ 53 $ 30 $ 616 $ 237 $ 113

NET EARNINGS AND COMPREHENSIVE INCOME RECONCILIATIONS

(unaudited – Canadian dollars, in millions)

Reconciliation of Net Earnings and Comprehensive Income as Reported Under Previous Canadian GAAP to IFRS The following is a reconciliation of the Trust’s net earnings and comprehensive income reported in accordance with previous Canadian GAAP to IFRS for the three and nine months ended September 30, 2010. Three months ended September 30, 2010 Nine months ended September 30, 2010 Net earnings as reported under previous Canadian GAAP $ 39 $ 125 Fair value gains recorded under IFRS 1 104 Depreciation and amortization recorded under previous Canadian GAAP 46 136 Capitalized costs (3) (7) Lease accounting (1) (3) Business acquisition transaction costs – (3) Income tax expense and other (24) (105) Net earnings as reported under IFRS $ 58 $ 247 Other comprehensive loss as reported under previous Canadian GAAP $ (8) $ (12) Decrease in unrealized loss on translation of foreign operations 3 1 Decrease in unrealized loss on available-for-sale securities – 1 Other comprehensive loss as reported under IFRS $ (5) $ (10) Comprehensive income as reported under IFRS $ 53 $ 237

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Third Quarter 2011 Supplemental Information Package

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited – Canadian dollars, in millions)

For the three months ended September 30, For the nine months ended September 30, Previous Canadian GAAP Previous Canadian GAAP 2011 2010 2010 2011 2010 2010 CASH FLOWS PROVIDED BY (USED IN): Operating activities Net earnings $170 $ 58 $ 39 $640 $247 $ 125 Amortization – – 46 1 1 136 Recognition of rents on a straight-line basis (2) (2) (2) (7) (5) (6) Unit-based compensation expense 1 1 1 3 2 2 Amortization of differential between contractual and market rents on in-place leases – – (1) – – (3) Deferred tax expense – 26 5 1 112 10 Fair value gains on investment properties (68) –

• (363)

(104)

• Fair value gains (losses) on properties under development

(5) –

• (24)

–

• Properties held for resale

– 3 3 – (1) (1) Acquisition and development of properties held for resale (1) (2) (1) (2) (3) (3) Changes in non-cash operating items and other (18) 13 11 (39) (13) (8) Cash flows provided by operating activities 77 97 101 210 236 252 Investing activities Acquisition of income properties and properties under development (240) (344) (345) (418) (516) (561) Acquisition of income properties by business combination – –

• –

(46)

• Capital expenditures on income properties

– –

• –

(2) (2) Capital expenditures on properties under development (20) (26) (32) (85) (44) (60) Maintenance capital expenditures recoverable from tenants (2) (3) (2) (10) (6) (6) Maintenance capital expenditures not recoverable from tenants (2) (1) (2) (4) (2) (3) Tenant installation costs (10) (12) (12) (29) (25) (26) Mortgages and loans receivable Advances (13) (14) (13) (19) (41) (41) Repayments 3 4 4 54 55 55 Investment in available-for-sale securities – –

• –

(19) (20) Cash flows used in investing activities (284) (396) (402) (511) (646) (664) Financing activities Mortgages payable Borrowings (net of NCI) 131 239 246 480 601 608 Repayments (103) (144) (144) (190) (339) (339) Issue of debentures payable, net – 102 99 223 102 99 Repayment of debentures payable 51 (3)

• 51

(3)

• Distributions paid to common unitholders

(91) (85) (91) (272) (253) (259) Distributions paid to preferred unitholders (2) –

• (4)

–

• Units issued under distribution reinvestment plan

21 14 14 61 41 42 Issue of preferred units – –

• 121

–

• Issue of common units

126 143 144 146 146 146 Cash flows provided by financing activities 133 266 268 236 295 297 Decrease in cash and equivalents during the period (74) (33) (33) (65) (115) (115) Cash and equivalents, beginning of period 101 65 65 92 147 147 Cash and equivalents, end of period $27 $ 32 $ 32 $27 $ 32 $ 32

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Third Quarter 2011 Supplemental Information Package

RESULTS OF OPERATIONS

The components of RioCan’s net earnings attributable to unitholders for each respective period are as follows:

(thousands of dollars, except per Unit amounts) Three months ended September 30, Increase (decrease) Nine months ended September 30, Increase (decrease) 2011 2010 2011 2010 Rental revenue $ 235,981 $ 204,811 $ 693,777 $ 608,182 Property operating costs 79,900 66,861 238,796 204,112 Net operating income 156,081 137,950 454,981 404,070 Fees and other income 8,273 4,421 16,828 12,658 Interest income 2,267 3,573 10,168 11,603 Fair value gains 73,230 674 387,382 104,308 Gains on properties held for resale

• 2,859
• 17,064

239,851 149,477 869,359 549,703 Interest expense 60,487 54,892 177,959 163,426 Expense for early retirement of debentures

• 27,217
• General and administrative expense

7,841 6,023 21,314 19,266 Foreign exchange loss 130 2,736 94 1,297 Demolition costs 940 447 1,338 1,311 IFRS and SIFT implementation costs

• 1,144
• 2,217

Acquisition transaction costs 86

• 247

3,255 Deferred income tax expense

• 26,143

700 112,279 Net earnings $ 170,367 $ 58,092 193% $ 640,490 $ 246,652 160% Net earnings attributable to Unitholders $ 168,676 $ 56,298 200% $ 632,337 $ 243,092 160% Net earnings attributable to non-controlling interest $ 1,691 $ 1,794 (6%) $ 8,153 $ 3,560 129% Net earnings per Unit attributable to common Unitholders - basic $ 0.63 $ 0.23 175% $ 2.39 $ 1.00 140% Net earnings per Unit attributable to common Unitholders - diluted $ 0.63 $ 0.23 174% $ 2.38 $ 0.99 139% Weighted average number of common Units

• utstanding - basic (in thousands)

265,515 246,314 8% 262,743 244,284 8% Weighted average number of common Units

• utstanding - diluted (in thousands)

266,952 247,073 8% 264,228 244,916 7%

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Third Quarter 2011 Supplemental Information Package

NET OPERATING INCOME

Consolidated NOI for the three and nine months ended September 30, 2011 and 2010 is as follows: (thousands of dollars) Three months ended September 30, Increase (decrease) Nine months ended September 30, Increase (decrease) 2011 2010 2011 2010 Base rent $157,917 $134,460 17% $459,514 $394,673 16% Percentage rent 920 894 3% 2,437 2,576 (5%) Rents subject to tenants’ sales thresholds 1,325 1,315 1% 3,960 4,066 (3%) Property taxes and operating cost recoveries 75,807 63,439 19% 227,111 194,489 17% 235,969 200,108 18% 693,022 595,804 16% Lease cancellation fees 12 4,704 nm 755 12,378 nm Rental revenue 235,981 204,812 15% 693,777 608,182 14% Recoverable property taxes and operating costs 77,582 64,936 19% 232,199 199,219 17% Non-recoverable property operating and site administration costs 2,318 1,926 20% 6,597 4,893 35% Property operating costs 79,900 66,862 19% 238,796 204,112 17% NOI $156,081 $137,950 13% 454,981 404,070 13% NOI as a percentage of rental revenue (excluding the impact of lease cancellation fees) 66% 67% (1%) 66% 66% 0%

“nm”—not meaningful.

QUARTERLY RECONCILIATIONS OF PREVIOUS CANADIAN GAAP TO IFRS

For the three months ended (thousands, except per unit amounts) Q1 2011* Q2 2011 Q3 2011 YTD 2011 Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010 FFO as calculated under previous Canadian GAAP $ 91,133 $ 94,259 $ 98,166 $283,558 $ 86,291 $ 92,750 $ 89,331 $ 88,404 $356,776 FFO per weighted average common unit outstanding $ 0.35 $ 0.36 $ 0.37 $ 1.08 $ 0.36 $ 0.38 $ 0.36 $ 0.35 $ 1.45 Reconciling items: Straight line rents (438) (292) (103) (833) (385) (438) (239) 204 (858) Deferred market rents (735) (785) (816) (2,336) (577) (614) (711) (1,009) (2,911) Pension plan adjustment – – – – – – – (2,033) (2,033) Capitalized interest and other adjustments affecting interest expense (1,511) (1,863) (1,683) (5,057) (1,727) (1,640) (1,690) (1,615) (6,672) Capitalized CAM and tax (348) (365) (251) (964) (485) (432) (489) (824) (2,230) Demolition costs (307) (90) (941) (1,338) (284) (576) (447) (1,054) (2,361) Total of reconciling items (3,339) (3,395) (3,794) (10,528) (3,458) (3,700) (3,576) (6,331) (17,065) FFO as calculated under IFRS $ 87,794 $ 90,864 $ 94,372 $273,030 $ 82,833 $ 89,050 $ 85,755 $ 82,073 $339,711 FFO per weighted average common unit outstanding $ 0.34 $ 0.35 $ 0.36 $ 1.05 $ 0.34 $ 0.37 $ 0.35 $ 0.32 $ 1.38 Weighted average common units

• utstanding

260,355 262,302 265,515 261,334 242,826 243,674 246,314 253,610 246,608

* FFO for Q1 2011 excludes one-time expense for early redemption of debentures

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Third Quarter 2011 Supplemental Information Package

The following tables provide the analysis of RioCan’s operating FFO and AFFO for the three and nine months ended September 30, 2011 and 2010.

(thousands of dollars, except per Unit amounts and other data) Nine months ended September 30, 2011 2010 Operating FFO Development/ redevelopment activities FFO Operating FFO Transaction gains Development/ redevelopment activities FFO Operating FFO Increase

Net operating income $455,945 $ (964) $454,981 $405,482 $ – $ (1,406) $404,076 Other revenue 26,989 – 26,989 21,485 19,804 – 41,289 482,934 (964) 481,970 426,967 19,804 (1,406) 445,365 Interest expense 172,902 5,057 177,959 158,369 – 5,058 163,427 General and administrative 21,314 – 21,314 19,278 – – 19,278 Demolition costs – 1,338 1,338 – – 1,311 1,311 Preferred unit distributions 4,432 – 4,432 – – – – IFRS and SIFT implementation – – – 2,217 – – 2,217 Non-controlling interest 3,898 – 3,898 1,496 – – 1,496 Expense for early retirement of debentures – – 27,217 – – – – 202,546 6,395 236,158 181,360 – 6,369 187,729 Operating FFO $280,388 $245,607 14% Other activities $ (7,359) $ 19,804 $ (7,775) FFO (i) $245,812 $257,636 Operating FFO per Unit $ 1.07 $ 1.01 6% FFO per Unit $ 0.94 $ 1.06 FFO, excluding expenses for early retirement of debentures $273,029 $257,636 FFO per Unit, excluding expenses for early retirement of debentures $ 1.04 $ 1.06 Adjustments to bring Operating FFO to AFFO (ii): Add back/(deduct): Deduction of rents recorded on a straight- line basis (6,982) (4,620) Non-cash unit based compensation expense 2,380 1,592 Normalized productive capacity maintenance cash expenditures capitalized: Leasing commissions and tenant improvements (12,000) (12,000) Maintenance capital expenditures recoverable from tenants (9,750) (9,750) Maintenance capital expenditures not recoverable from tenants (2,250) (2,250) IFRS and SIFT implementation costs 2,217 AFFO $251,786 $220,796 14% AFFO per Unit $ 0.96 $ 0.91 5% Weighted average number of common Units

• utstanding (in thousands)

262,743 244,284 Distribution Coverage Ratios: Cash distributions per Unit $ 1.035 $ 1.035 Distributions paid as a percentage of Operating FFO 96.7% 102.5% Distributions as a percentage of AFFO 107.8% 113.7% Distributions net of DRIP as a percentage of AFFO 83.7% 95.9%

(i) – FFO is generally the same as IFRS net earnings other than excluding changes in the fair values of investment properties, deferred income taxes, acquisition transaction costs and deducting preferred unit distributions. (ii) – AFFO is calculated by adjusting FFO for straight-line rent adjustments, non-cash compensation expenses, costs for capital expenditures and leasing costs for maintaining shopping centre infrastructure and current lease revenues (“productive capacity maintenance”). In addition, non-recurring costs that impact operating cash flow may be adjusted.

12

Third Quarter 2011 Supplemental Information Package

(thousands of dollars, except per Unit amounts and

• ther data)

Three months ended September 30, 2011 2010 Operating FFO Development/ redevelopment activities FFO Operating FFO Transaction gains Development/ redevelopment activities FFO Operating FFO Increase

Net operating income $156,331 $ (251) $156,080 $138,444 $ – $ (489) $137,955 Other revenue 10,536 – 10,536 7,428 3,415 – 10,843 166,867 (251) 166,616 145,872 3,415 (489) 148,798 Interest expense 58,804 1,683 60,487 53,201 – 1,690 54,891 General and administrative 7,841 – 7,841 6,011 – – 6,011 Demolition costs – 941 941 – – 447 447 Preferred unit distributions 1,641 – 1,641 – – – – IFRS and SIFT implementation – – – 1,144 – – 1,144 Non-controlling interest 1,336 – 1,336 550 – – 550 69,622 2,624 72,246 60,906 – 2,137 63,043 Operating FFO $ 97,245 $ 84,966 14% Other activities $ (2,875) $ 3,415 $ (2,626) FFO (i) $ 94,370 $ 85,755 Operating FFO per Unit $ 0.37 $ 0.35 6% FFO per Unit $ 0.36 $ 0.35 Adjustments to bring Operating FFO to AFFO (ii): Add back/(deduct): Deduction of rents recorded on a straight-line basis (2,051) (1,305) Non-cash unit based compensation expense 1,045 634 Normalized productive capacity maintenance cash expenditures capitalized: Leasing commissions and tenant improvements (4,000) (4,000) Maintenance capital expenditures recoverable from tenants (3,250) (3,250) Maintenance capital expenditures not recoverable from tenants (750) (750) IFRS and SIFT implementation costs – 1,144 AFFO $ 88,239 $ 77,439 14% AFFO per Unit $ 0.33 $ 0.31 5% Weighted average number of common Units outstanding (in thousands) 265,515 246,314 Distribution Coverage Ratios: Cash distributions per Unit $ 0.345 $ 0.345 Distributions paid as a percentage

• f Operating FFO

93.2% 98.6% Distributions as a percentage of AFFO 104.5% 109.7% Distributions net of DRIP as a percentage of AFFO 79.5% 99.2%

(i) – FFO is generally the same as IFRS net earnings other than excluding changes in the fair values of investment properties, deferred income taxes, acquisition transaction costs and deducting preferred unit distributions. (ii) – AFFO is calculated by adjusting FFO for straight-line rent adjustments, non-cash compensation expenses, costs for capital expenditures and leasing costs for maintaining shopping centre infrastructure and current lease revenues (“productive capacity maintenance”). In addition, non-recurring costs that impact operating cash flow may be adjusted.

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Third Quarter 2011 Supplemental Information Package

INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)

Valuation Process RioCan’s management conducted an international valuation of both its US and Canadian investment properties assets to determine the fair value of its property portfolio. The Trust included a sample of external appraisals, which were used as a data source. The Trust determined the fair value of each income property based upon the direct capitalization income approach method of valuation. The table below provides further details of the average capitalization rates (weighted based on stabilized NOI) and ranges for each retail class as at September 30, 2011, June 30, 2011, March 30, 2011 and December 31, 2011. September 30, 2011 December 31, 2010 Retail Class Weighted Average Cap. Rate* Range Weighted Average Cap. Rate* Range Enclosed Shopping Centre 7.37% 6.15% – 9.33% 7.54% 6.50% – 9.00% Grocery Anchored Shopping Centre 6.74% 5.75% – 8.75% 7.04% 6.00% – 9.26% Mixed Use 6.67% 5.75% – 8.65% 7.01% 6.00% – 8.75% New Format Retail 6.36% 5.65% – 8.25% 6.67% 6.00% – 8.25% Non-Grocery Anchored Centre 6.84% 5.75% – 8.50% 7.09% 6.00% – 8.75% Urban Retail 6.05% 5.50% – 7.00% 6.33% 5.75% – 7.70% Total Weighted Average 6.58% 5.50% – 9.33% 6.88% 5.75% – 9.26%

* at RioCan’s interest

The table below provides the fair value and weighted average capitalization rate split between Canada and US as at September 30, 2011, June 30, 2011, March 31, 2011 and December, 31, 2010: As at September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010 (in millions, except percentages) Weighted Average Cap. Rate* Value Weighted Average Cap. Rate* Value Weighted Average Cap. Rate* Value Weighted Average Cap. Rate* Value Canada 6.54% $8,471 6.60% $8,237 6.62% $8,105 6.85% $7,706 US 6.93% 1,101 7.07% 865 7.04% 770 7.22% 760 Total 6.58% $9,572 6.65% $9,102 6.66% $8,875 6.88% $8,466

* at RioCan’s interest

The table below provides details of the average capitalization rates (weighted based on stabilized NOI) and ranges for each retail class and market category as at September 30, 2011. Canadian Portfolio Overall Portfolio Primary Market Secondary Market Retail Class Weighted Average Cap. Rate* Range Weighted Average Cap. Rate* Range Weighted Average Cap. Rate* Range Enclosed Shopping Centre 7.37% 6.2% – 9.3% 7.11% 6.4% – 9.3% 7.62% 6.2% – 9.0% Grocery Anchored Shopping Centre 6.70% 5.8% – 8.8% 6.56% 5.8% – 8.6% 6.98% 6.3% – 8.8% Mixed Use 6.67% 5.8% – 8.7% 6.46% 5.8% – 7.3% 7.75% 6.9% – 8.7% New Format Retail 6.28% 5.7% – 8.3% 6.10% 5.7% – 7.0% 6.69% 6.0% – 8.3% Non-Grocery Anchored Centre 6.81% 5.8% – 8.5% 6.48% 5.8% – 7.3% 7.29% 6.5% – 8.5% Urban Retail 6.05% 5.5% – 7.0% 6.05% 5.5% – 7.0% – – 6.54% 5.5% – 9.3% 6.33% 5.5% – 9.3% 6.95% 6.0% – 9.0%

* at RioCan’s interest

14

Third Quarter 2011 Supplemental Information Package

US Portfolio Overall Portfolio North East** Texas Retail Class Weighted Average Cap. Rate* Range Weighted Average Cap. Rate* Range Weighted Average Cap. Rate* Range Grocery Anchored Shopping Centre 6.92% 6.2% – 8.0% 6.96% 6.2% – 8.0% 6.66% 6.5% – 6.8% New Format Retail 6.91% 6.2% – 7.7% 6.98% 6.8% – 7.6% 6.86% 6.2% – 7.7% Non-Grocery Anchored Centre 7.50% 7.5% – 7.5% 7.50% 7.5% – 7.5% – – 6.93% 6.2% – 8.0% 6.99% 6.2% – 8.0% 6.84% 6.2% – 7.7%

* at RioCan’s interest ** Area includes Connecticut, Maryland, Massachusetts, New Jersey, New York, Rhode Island, Pennsylvania and Virginia.

The following table provides a sensitivity analysis for the capitalization rate applied at September 30, 2011: (in billions, except percentages) Capitalization rate sensitivity Increase (decrease) Weighted average capitalization rate* Fair value of investment property (at RioCan’s

• wnership)

Fair value variance % change Ratio of Debt, net

• f cash, to Total

Assets, net of cash (0.75%) 5.83% $ 10.8 $ 1.2 12.6% 42.6% (0.50%) 6.08% $ 10.4 $ 0.8 8.0% 44.4% (0.25%) 6.33% $ 10.0 $ 0.4 3.9% 46.1% September 30, 2011 6.58% $ 9.6 $ – 0.0% 47.8% 0.25% 6.83% $ 9.3 $ (0.3) (3.5%) 49.5% 0.50% 7.08% $ 8.9 $ (0.7) (6.9%) 51.2% 0.75% 7.33% $ 8.6 $ (1.0) (10.0%) 52.9%

* at RioCan’s interest

SUMMARY OF CONSOLIDATED DEBT

Capital Structure As at September 30, 2011 and December 31, 2010, RioCan’s capital structure was as follows: (millions of dollars, except percentage amounts) September 30, 2011 December 31, 2010 Increase (decrease) Capital: Mortgages payable $ 3,806 $ 3,316 $ 490 Debentures payable 943 1,094 (151) Total Debt 4,749 4,410 339 Common and preferred unitholders’ equity 4,841 4,165 676 Total capital $ 9,590 $ 8,575 $ 1,015 Ratio of Debt, net of cash, to Total assets, net of cash 47.8% 49.1% (1.3%)

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Third Quarter 2011 Supplemental Information Package

Contractual Debt Repayment Contractual Principal maturities

(millions of dollars, except percentage amounts)

As at September 30, 2011 Scheduled principal amortization Mortgages payable Weighted average interest rate Debentures payable Weighted average interest rate Total Weighted average interest rate Year ending December 31: 2011 (i) $ 20 $ 44 5.14% $ – – $ 64 5.14% 2012 87 279 5.78% 220 5.25% 586 5.55% 2013 82 426 5.58% 150 5.23% 658 5.49% 2014 72 427 5.75% – – 499 5.75% 2015 62 674 5.00% 253 5.02% 989 5.00% 2016 45 490 4.99% 225 4.50% 760 4.85% Thereafter 139 965 5.52% 100 5.95% 1,204 5.55% $ 507 $ 3,305 5.39% $ 948 5.08% $4,760 5.33%

(i) Amounts pertain to the remaining three months of 2011.

Interest Coverage, Debt Service Coverage, Fixed Charge Coverage and Net Debt to Adjusted EBITDA Ratios Three months ended Rolling 12 months ended Targeted Ratios September 30, 2011* September 30, 2011 September 30, 2011 December 31, 2010 Interest coverage ratio (i) >2.5x 2.63 2.47 2.43 2.47 Debt service coverage ratio (ii) >2.0x 1.98 1.89 1.86 1.90 Fixed charge coverage ratio (iii) >1.1x 1.04 1.01 0.99 1.00 Net debt to Adjusted EBITDA ratio (iv) <6.5x 7.22 7.22 7.19 6.80

(i) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized). Adjusted EBITDA is calculated below. (ii) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized). (iii) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders. (iv) Net debt to Adjusted EBITDA is defined as: the average debt outstanding (net of cash) for the period divided by Adjusted EBITDA * adjusted to exclude interest capitalized.

Interest and debt service coverage ratios remained consistent in 2011 as compared to 2010, based on rolling twelve month results. As part of its capital management strategy, it is RioCan’s objective to further improve its leverage and coverage ratios. It is the Trust’s objective to achieve the targeted ratios indicated in the above table over time.

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Third Quarter 2011 Supplemental Information Package

Adjusted EBITDA is calculated as follows: (thousands of dollars) Three months ended September 30, 2011 12 months ended September 30, 2011 December 31, 2010 Net earnings attributable to unitholders $ 168,676 $ 1,884,262 $ 1,495,016 Deferred income tax (recovery) expense

• (1,009,162)

(897,583) Fair value gains on investment property (73,230) (556,557) (273,443) Interest expense 60,486 235,930 221,397 Expense for early redemption of debentures

• 27,217
• Amortization of capital assets included in general and administrative expense

277 1,414 1,536 Non-controlling interest 1,692 18,871 14,278 Foreign exchange loss on monetary item not forming part of a net investment in a foreign operation 129 93 1,297 Capitalized CAM and tax 251 1,788 2,230 Demolition costs 941 2,392 2,365 Acquisition transaction costs 86 153 3,350 Pension expense adjustment

• 2,034

2,034 IFRS and SIFT implementation costs

• 3,279

5,496 Adjusted EBITDA $ 159,308 $ 611,714 $ 577,973 Three months annualized $ 637,232 Net debt is calculated as follows: (thousands of dollars) Average debt outstanding $ 4,667,018 $ 4,470,251 $ 4,015,906 Less: average cash on hand (65,846) (69,739) (88,577) Net debt $ 4,601,172 $ 4,400,512 $ 3,927,329

17

Third Quarter 2011 Supplemental Information Package

ACQUISITIONS DURING 2011

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

• wnership

interest CANADA Repentigny Shoppers Drug Mart, Repentigny (Montreal), QC

7.0%

$ 5 17,035 $13.00 NGA 2009 100% 13.3 Shoppers Drug Mart (17,035) 100% Mega Centre Rive-Sud, Levis (Quebec City), QC

6.2%

48 207,201 15.17 NFR 2006 96% 8.7 Wal-Mart (111,930), Canadian Tire*, Home Depot* 100% Southwinds Crossing, Oliver, BC

6.7%

21 73,972 18.77 GA 2010 100% 13.7 Buy Low Foods (23,900), Canadian Tire (23,100) 100% Total Canada -Third Quarter 2011 Acquisitions

6.4%

74 298,208 15.94 UNITED STATES Inland Western Portfolio Acquisitions: Sawyer Heights SC, Houston, TX

6.2%

27 86,041 25.77 NFR 2007 88% 6.5 Staples (20,138), PetSmart (20,156), Target* 80% Southpark Meadows II, Austin, TX

6.6%

88 523,440 13.45 NFR 2006/2008 100% 6.4 JC Penney (98,132), Hobby Lobby (61,095), Sports Authority (42,000), Super Target* 80%

6.5%

115 609,481 15.19 US Acquisitions Without Partner: Huntington Square Plaza, Huntington, NY

6.2%

39 116,201 22.56 GA 2002 100% 11.8 Stop & Shop (69,215), Best Buy (47,000) 100% Stop & Shop Plaza, Richmond, Rhode Island

7.4%

12 60,488 15.72 GA 2008 100% 6.2 Stop & Shop (53,988) 100%

6.5%

51 176,689 20.22 Total US - Third Quarter 2011 Acquisitions

6.5%

166 786,170 16.32 Third Quarter 2011 Acquisitions

6.5%

$ 240 1,084,378 $16.21 CANADA RioCan Elgin Mills Richmond Hill, ON (additional 12.5% acquired)

6.0%

$ 10 40,041 $ 15.24 NFR 2009 100% 10.9 Costco (114,774), Michael’s (21,575), Staples (20,620) 75% Flamborough Power Centre, Hamilton, ON

6.9%

36 186,688 11.75 NFR 2007 100% 9.0 Target (116,493), Value Village (25,206) 100% Total Canada - Second Quarter 2011 Acquisitions

6.7%

46 226,729

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Third Quarter 2011 Supplemental Information Package

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

• wnership

interest UNITED STATES Cedar Northwoods Crossing, Taunton, MA

7.6%

18 127,651 11.38 NFR 2003/2010 100% 11.6 BJ’s Wholesale Club (115,367), Tractor Supply (19,097) 80% Inland Western Bird Creek Crossing, Temple, TX

7.7%

16 99,953 15.04 NFR 2007/2009 94% 6.6 Best Buy (30,038), PetSmart (19,900), OfficeMax (17,862), Target*, Home Depot* 80% Dunhill Lincoln Square, Arlington, TX

7.2%

56 359,812 13.05 NFR 1984/2008 91% 4.7 Stein Mart (45,000), Ross Dress for Less (30,049), Best Buy (30,038) 82% Total US - Second Quarter 2011 Acquisitions

7.3%

90 587,416 Second Quarter 2011 Acquisitions

7.1%

$ 136 814,145 CANADA Grant Crossing, Ottawa, ON (Additional 26.6%)

6.8%

$6 21,125 $ 12.15 NFR 2010/2011 100% 15 Lowe’s* (128,000), Winners, Homesense, Michaels 60% Highway 401 & Thickson Road - Phase I Whitby, ON (Additional 25%)

7.5%

6 24,645 13.51 NFR - 100% 18 Rona (98,580) 50% Pembroke Shoppers Drug Mart, Pembroke, ON

7.3%

5 17,020 21.98 NGA 2006 100% 10 Shoppers Drug Mart (17,035) 100% Rexall Pharma Plus - 2950 Carling Avenue, Ottawa, ON

6.9%

4 10,422 27.00 NGA 2008 100% 13 Pharma Plus (10,442) 100% RioCan Centre Belcourt, Ottawa, ON (Additional 26.6%)

6.8%

6 15,557 19.82 NFR 2011 100% 10 Lowe’s* (142,000), Empire Theatre, Food Basics 60% RioCan Colossus Centre, Vaughan, ON (Additional 10%)

6.3%

17 58,263 9.71 NFR 2000/2008 99% 7 Rona (121,000), Famous Players - Cineplex (101,000) Costco* (130,000) 70% Silver City Gloucester, Ottawa, ON (Additional 10%)

6.3%

7 22,722 14.86 NFR 2000 100% 5 Famous Players Silver City, Chapters, Future Shop 70% Trinity Common Brampton, Brampton, ON (Additional 10%)

6.3%

18 66,255 13.06 NFR 1999/2004 100% 6 Famous Players - Cineplex, Zellers, Metro, Canadian Tire*, Home Depot* 70% Whiteshield Plaza, Toronto, ON

6.5%

18 155,911 9.09 GA 1959/1985 80% 3 Lone Thai Grocery 100%

19

Third Quarter 2011 Supplemental Information Package

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

• wnership

interest Total Canada - First Quarter 2011 Acquisitions

6.6%

87 391,920 First Quarter 2011 Acquisitions

6.6%

$ 87 391,920 Canada

6.5%

$ 207 916,857 US Cedar

7.6%

18 127,651 Inland Western

6.7%

131 709,434 Dunhill

7.2%

56 359,812 Without Partner

6.5%

51 176,689

6.8%

256 1,373,586 2011 Acquisitions

6.7%

$ 463 2,290,443 (i) Excludes closing costs and other acquisition related costs. (ii) “GA” - Grocery Anchored Centre; “NGA” - Non Grocery Anchored Centre; “NFR” - New Format Retail; “ MIX” - Mixed use (iii) Weighted average based on gross rental revenue *

• Shadow Anchor

20

Third Quarter 2011 Supplemental Information Package

GREENFIELD DEVELOPMENT PROJECTS

Highlights of RioCan’s development pipeline as at September 30, 2011 are as follows:

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

Active Leasing Sites: Cimarron Shopping Centre, Okotoks, AB 50% 434 244 190 36 4 56 96 94 Corbett Centre, Fredericton, NB 100% 473 242 231 108 51 72 231 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 169 – 169 144 7 18 169 – Flamborough Power Centre, Hamilton, ON 100% 281 – 281 187 – 94 281 – Flamborough Wal-Mart Centre, Hamilton, ON 100% 317 – 317 267 38 12 317 – Grant Crossing, Ottawa, ON 60% 403 128 275 91 38 36 165 110 Herongate Mall, Ottawa, ON 75% 180 – 180 – – 135 135 45 Riocan Centre Belcourt, Ottawa, ON 60% 398 142 256 85 34 35 154 102 Westney Road & Taunton Road, Ajax, ON 20% 174 – 174 13 3 19 35 139 2,829 756 2,073 931 175 477 1,583 490 Greenfield and Urban Development Properties: Bathurst Street & College Street, Toronto, ON 60% 139 – 139 – – 83 83 56 Dupont Street, Toronto, ON 100% 184 – 184 – – 184 184 – East Hills, Calgary, AB 37.5% 1,586 – 1,586 – – 595 595 991 Highway 401 & Thickson Road – Phase II, Whitby, ON 100% 115 – 115 – – 115 115 – Jacksonport, Calgary, AB 25% 1,141 427 714 – – 179 179 535 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 300 – 300 – – 94 94 206

• St. Clair Avenue and Weston Road, Toronto,

ON 25% 563 – 563 – – 141 141 422 Stouffville, ON 41.75% 60 – 60 – – 25 25 35 Windfield Farms, Oshawa, ON 100% 1,217 156 1,061 – – 1,061 1,061 – 5,305 583 4,722 – – 2,477 2,477 2,245 Excess Land Sites: Highway 401 & Thickson Road – Phase I, Whitby, ON 50% 205 – 205 49 – 53 102 103 Riocan Gravenhurst, ON 100% 301 – 301 150 – 151 301 – RioCan Renfrew Centre, Renfrew, ON 100% 210 74 136 53 – 83 136 – 716 74 642 252 – 287 539 103 Total Development NLA 8,850 1,413 7,437 1,183 175 3,241 4,599 2,838 (i) Retailer owned anchors include both completed and sale transactions under contract. (ii) 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. 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 costs tendering process and continuing tenant negotiations.

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Third Quarter 2011 Supplemental Information Package

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

• wnership

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

Active Leasing Sites: Cimarron Shopping Centre, Okotoks, AB 50% 79 42% Q4 2011 2013 Home Depot *, Costco *, Winners Corbett Centre, Fredericton, NB 100% 151 65% Q3 2012 2013 Home Depot*, Costso*, Winners Eglinton Avenue & Warden Avenue, Toronto, ON 100% 151 89% Q2 2012 2012 Target Flamborough Power Centre, Hamilton, ON 100% 187 67% – 2013 Target Flamborough Wal-Mart Centre, Hamilton, ON 100% 298 94% Q4 2012 2013 Wal-Mart, Rona, Staples Grant Crossing, Ottawa, ON 60% 215 78% Q2 2012 2013 Lowe’s*, Winners Herongate Mall, Ottawa, ON 75% – 0% Q1 2013 2013 Lowe’s*, Winners Riocan Centre Belcourt, Ottawa, ON 60% 198 77% Q2 2012 2013 Lowe’s*, Food Basics Westney Road & Taunton Road, Ajax, ON 20% 76 44% Q2 2012 2013 Sobeys 1,355 65% Greenfield and Urban Development Properties: Bathurst Street & College Street, Toronto, ON 60% – 0% – 2013 – Dupont Street, Toronto, ON 100% – 0% – 2013 – East Hills, Calgary, AB 37.5% – 0% – 2013(iii) – Highway 401 & Thickson Road – Phase II, Whitby, ON 100% – 0% – 2013 – Jacksonport, Calgary, AB 25% – 0% – 2013(iii) – RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – 0% – 2013 –

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

25% – 0% – 2013 – Stouffville, ON 41.75% – 0% – 2013 – Windfield Farms, Oshawa, ON 100% – 0% – 2014(iii) – – 0% Excess Land Sites: Highway 401 & Thickson Road – Phase I, Whitby, ON 50% 99 48% – 2013 Rona Riocan Gravenhurst, ON 100% 150 50% – 2013 Canadian Tire, Sobeys RioCan Renfrew Centre, Renfrew, ON 100% 53 39% – 2013 Loblaws *, Staples 302 47% 1,657 22% (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 dates indicated.

22

Third Quarter 2011 Supplemental Information Package

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

Active Leasing Sites: Cimarron Shopping Centre, Okotoks, AB 50% $ 46,111 $ 11,006 $ 1,304 $ 12,310 $ 12,310 $ 24,620 $ 10,745 $ 10,746 $ 21,491 Corbett Centre, Fredericton, NB 100% 44,929 21,485 1,387 22,872 – 22,872 22,058 – 22,058 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 44,368 32,647 6,862 39,509 – 39,509 4,858 – 4,858 Flamborough Power Centre, Hamilton, ON 100% 57,000 30,637 6,027 36,664 – 36,664 20,336 – 20,336 Flamborough Wal-Mart Centre, Hamilton, ON 100% 52,930 38,379 4,155 42,534 – 42,534 10,397 – 10,397 Grant Crossing, Ottawa, ON 60% 68,869 23,384 7,275 30,659 20,439 51,098 10,662 7,108 17,770 Herongate Mall, Ottawa, ON 75% 45,786 – 12,940 12,940 4,313 17,253 21,399 7,133 28,532 Riocan Centre Belcourt, Ottawa, ON 60% 59,050 15,195 11,789 26,984 17,989 44,973 8,446 5,631 14,077 Westney Road & Taunton Road, Ajax, ON 20% 51,045 3,837 2,182 6,019 24,075 30,094 4,190 16,761 20,951 470,088 176,570 53,921 230,491 79,126 309,617 113,091 47,379 160,470 Greenfield and Urban Development Properties: Bathurst Street & College Street, Toronto, ON 60% 76,022 – 9,155 9,155 6,104 15,259 36,458 24,305 60,763 Dupont Street, Toronto, ON 100% 79,936 – 12,049 12,049 – 12,049 67,887 – 67,887 East Hills, Calgary, AB 37.5% 343,976 – 22,742 22,742 37,903 60,645 106,249 177,081 283,330 Highway 401 & Thickson Road – Phase II, Whitby, ON 100% 29,753

–

7,364 7,364 – 7,364 22,389 – 22,389 Jacksonport, Calgary, AB 25% 183,366 – 13,142 13,142 39,426 52,568 32,700 98,099 130,799 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 60,512

–

7,267 7,267 22,374 29,641 9,648 21,225 30,873

• St. Clair Avenue and Weston Road,

Toronto, ON 25% 152,290 – 8,712 8,712 26,136 34,848 29,360 88,080 117,440 Stouffville, ON 41.75% 24,990 – 7,068 7,068 9,862 16,930 3,365 4,695 8,060 Windfield Farms, Oshawa, ON 100% 196,326 – 44,049 44,049 – 44,049 152,277 – 152,277 1,147,171 – 131,548 131,548 141,805 273,353 460,333 413,485 873,818 Excess Land Sites: Highway 401 & Thickson Road – Phase I, Whitby, ON 50% 45,129 9,665 1,302 10,967 10,967 21,934 11,597 11,597 23,194 Riocan Gravenhurst, ON 100% 60,866 35,281 4,498 39,779 – 39,779 21,087 – 21,087 RioCan Renfrew Centre, Renfrew, ON 100% 28,574 11,456 2,882 14,338 – 14,338 14,236 – 14,236 134,569 56,402 8,682 65,084 10,967 76,051 46,920 11,597 58,517 $1,751,828 $232,972 $194,151 $427,123 $231,898 $659,021 $620,344 $472,461 $1,092,805 (i) Proceeds from sale to shadow anchors reduce projected cost.

23

Third Quarter 2011 Supplemental Information Package

Estimated remaining development activity to be funded by RioCan 2011 2012 2013 & 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

Active Leasing Sites: Cimarron Shopping Centre, Okotoks, AB 50% $ 287 $ 144 $ 135 $ 67 $ 19 $ 10 $ 10,303 $ 5,152 Corbett Centre, Fredericton, NB 100% 1,010 – 1,040 – – – 20,007 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 900 – – – – – 3,958 – Flamborough Power Centre, Hamilton, ON 100% 90 – 367 – – – 19,878 – Flamborough Wal-Mart Centre, Hamilton, ON 100% 922 – 5,933 – – – 3,541 – Grant Crossing, Ottawa, ON 60% 1,544 1,029 719 479 11 7 8,388 5,592 Herongate Mall, Ottawa, ON 75% 2 1 3,999 1,333 5,548 1,849 11,850 3,950 Riocan Centre Belcourt, Ottawa, ON 60% 2,857 1,905 832 555 – – 4,757 3,171 Westney Road & Taunton Road, Ajax, ON 20% 468 – 75 – – – 3,647 – 8,080 3,079 13,100 2,434 5,578 1,866 86,329 17,865 Greenfield and Urban Development Properties: Bathurst Street & College Street, Toronto, ON 60% – 1 82 55 335 223 36,041 24,027 Dupont Street, Toronto, ON 100% 180 1 734 734 778 – 66,195 – East Hills, Calgary, AB 37.5% 341 172 1,376 688 711 356 103,821 51,910 Highway 401 & Thickson Road – Phase II, Whitby, ON 100% 110 – 448 – 475 – 21,355 – Jacksonport, Calgary, AB 25% 197 196 794 795 546 273 31,299 31,299 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 59 130 199 437 47 104 2,710 5,962

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

25% 131 132 527 526 181 90 28,567 28,567 Stouffville, ON 41.75% 117 163 435 607 – – 2,813 3,924 Windfield Farms, Oshawa, ON 100% 271 – 690 – 210 – 151,105 – 1,406 795 5,285 3,108 3,283 1,046 443,906 145,689 Excess Land Sites: Highway 401 & Thickson Road – Phase I, Whitby, ON 50% 20 – 79 – 84 – 11,414 – Riocan Gravenhurst, ON 100% 68 – 282 – – – 20,737 – RioCan Renfrew Centre, Renfrew, ON 100% – – – – 86 – 14,149 – 88 – 361 – 170 – 46,300 – $9,574 $ 3,874 $18,746 $ 5,542 $9,031 $ 2,912 $576,535 $163,554

24

Third Quarter 2011 Supplemental Information Package

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

Active Leasing Sites: Cimarron Shopping Centre, Okotoks, AB 50% $ – $ – $ – $ 10,744 $ 5,373 $ 16,117 $ 5,373 $ 21,490 Corbett Centre, Fredericton, NB 100% – – – 22,057 – 22,057 – 22,057 Eglinton Avenue & Warden Avenue, Toronto, ON 100% – – – 4,859 – 4,859 – 4,859 Flamborough Power Centre, Hamilton, ON 100% – – – 20,337 – 20,337 – 20,337 Flamborough Wal-Mart Centre, Hamilton, ON 100% – – – 10,397 – 10,397 – 10,397 Grant Crossing, Ottawa, ON 60% 17,000 14,828 2,172 9,360 6,239 15,599 – 15,599 Herongate Mall, Ottawa, ON 75% – – – 21,400 7,133 28,533 – 28,533 Riocan Centre Belcourt, Ottawa, ON 60% 40,000 26,125 13,875 121 81 202 – 202 Westney Road & Taunton Road, Ajax, ON 20% – – – 4,190 – 4,190 16,761 20,951 57,000 40,953 16,047 103,465 18,826 122,291 22,134 144,425 Greenfield and Urban Development Properties: Bathurst Street & College Street, Toronto, ON 60% – – – 36,459 24,305 60,764 – 60,764 Dupont Street, Toronto, ON 100% – – – 67,888 – 67,888 – 67,888 East Hills, Calgary, AB 37.5% – – – 106,251 53,124 159,375 123,957 283,332 Highway 401 & Thickson Road – Phase II, Whitby, ON 100% – – – 22,390 – 22,390 – 22,390 Jacksonport, Calgary, AB 25% – – – 32,699 32,700 65,399 65,399 130,798 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – – – 9,646 – 9,646 21,225 30,871

• St. Clair Avenue and Weston Road,

Toronto, ON 25% – – – 29,361 29,360 58,721 58,721 117,442 Stouffville, ON 41.75% – – – 3,365 4,695 8,060 – 8,060 Windfield Farms, Oshawa, ON 100% – – – 152,277 – 152,277 – 152,277 – – – 460,336 144,184 604,520 269,302 873,822 Excess Land Sites: Highway 401 & Thickson Road – Phase I, Whitby, ON 50% – – – 11,598 – 11,598 11,597 23,195 Riocan Gravenhurst, ON 100% – – – 21,087 – 21,087 – 21,087 RioCan Renfrew Centre, Renfrew, ON 100% – – – 14,236 – 14,236 – 14,236 – – – 46,921 – 46,921 11,597 58,518 $57,000 $40,953 $ 16,047 $610,722 $163,010 $773,732 $303,033 $1,076,765

25

Third Quarter 2011 Supplemental Information Package

EXPANSION AND REDEVELOPMENT ACTIVITIES

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

As at September 30, 2011 Project Estimated project cost including land Development expenditures to date at RioCan’s interest Estimated remaining development activity at RioCan’s interest (thousands of square feet, millions of dollars) RioCan’s % RioCan’s Partners’

• wnership

Tenant(s) NLA interest interest Total 2011 2012 RioCan owned: Shoppers World Brampton, Brampton, ON 100% Bad Boy, Imperial Buffet, Winners, Bulk Barn 80 $ 32 $ – $ 32 $ 16 $ 7 $ 8 Yonge & Eglinton Centre, Toronto, ON 100% 43 25 – 25 2 – 22 123 $ 57 $ – $ 57 $ 18 $ 7 $ 30 Co-ownerships: 404 Town Centre, Newmarket, ON 50% Shoppers Drug Mart 24 3 3 6 – 2 – 147 $ 60 $ 3 $ 63 $ 18 $ 9 $ 30 Bathurst Street and College Street Toronto, Ontario

This 1.3 acre site is located just west of the downtown core in Toronto near Bathurst Street and College Street. The property will be developed into a 139,000 square foot three storey urban retail building. RioCan sold a 40%

• wnership interest in the site to Trinity

in the third quarter of 2011. Cimarron Shopping Centre Okotoks, Alberta This site is currently being developed into a 434,000 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

• wn store, commenced operations in

the third quarter of 2010. A 25,000 square foot Winners commenced

• perations in the first quarter of 2011.

RioCan’s ownership interest in the property is 50%. Clappison’s Crossing Flamborough, Ontario This 31-acre 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 operations 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 473,000 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, commenced

• perations in the third quarter of 2011.

RioCan purchased Trinity’s interest in the property in the second quarter of 2010. East Hills Calgary, Alberta This 148 acre site is currently being developed into a 1.6 million square foot regional new format retail centre. The East Hills development is planned in three phases. Phases I and III comprise approximately 111 acres and the

• wnership structure is CPP 37.5%,

RioCan 37.5%, Trinity 12.5% and Lansdowne 12.5%. Phase II, comprises approximately 37 acres, and the

• wnership structure is CPP 37.5%,

Tristar 25%, RioCan 16.7%, Trinity 8.3% and Lansdowne 12.5%. Phases I, II and III will ultimately form an integrated site. 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. A 23,000 square foot PetSmart and a 5,000 square foot TD Bank commenced operations in the fourth quarter of 2010. An additional 25,000 square feet of retail space will be developed at the property. Flamborough Power Centre Flamborough, Ontario This 25-acre site is currently being developed into a 281,000 square foot new format retail centre. The site is anchored by a 116,000 square foot Zellers store that will be converted into a Target store in 2013. An additional 94,000 square feet of retail space will be developed at the property. Grant Crossing Ottawa, Ontario This 33 acre site is currently being developed into a 403,000 square foot new format retail centre as a joint venture with Trinity and Shenkman

• Corporation. The site is anchored by a

128,000 square foot Lowe’s that commenced operations in the first quarter of 2011. Lowe’s owns its own store which operates as part of the

• verall site. A 31,000 square foot

Winners, a 26,000 square foot HomeSense and a 22,000 square foot Michael’s commenced operations in the fourth quarter of 2010. RioCan purchased an additional 13.3% interest in the property from each of Trinity and Shenkman Corporation in the first quarter of 2011. Herongate Mall Ottawa, Ontario This 16 acre site currently consists of a 196,000 square foot enclosed mall. The existing building will be demolished and the property will be redeveloped into a 180,000 square foot new format retail centre. The site will be developed with Trinity. RioCan’s ownership interest in the property is 75%.

26

Third Quarter 2011 Supplemental Information Package

Highway 401 and Thickson Road – Phase I & II Whitby, Ontario Phase I of site is currently being developed into a 205,000 square foot new format retail centre as a joint venture with The Wynn Group. 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. RioCan purchased Trinity’s 25% interest in the property in the first quarter of 2011 increasing our ownership interest in the property to 50%. Phase II of the site consists of 11 acres and it will be developed into a 115,000 square foot new format retail centre. A portion of the site totalling 37 acres was sold to Metrolinx in the fourth quarter of 2010. RioCan has a 100%

• wnership interest in this portion of the

site. 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. 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 is being 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. A 29,000 square foot Winners commenced operations in the third quarter of 2011. Loblaws will commence operations in the fourth quarter of 2011. RioCan Centre Belcourt Ottawa, Ontario This 39 acre site is currently being developed into a 398,000 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 owns 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 purchased an additional

13.3% interest in the property from each of Trinity and Shenkman Corporation in the first quarter of 2011. 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 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 2011.

• 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 20 acre site is expected to ultimately feature approximately 563,000 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 24 acre 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 which increased RioCan’s ownership interest in the property to 83.5%. In the fourth quarter

• f 2010, a 50% interest in the site was

sold to Minto Communities, with a 41.75% interest being retained by RioCan and an 8.25% interest being retained by Trinity. Five acres of the site will be developed into a 60,000 square foot retail centre. Westney Road and Taunton Road Ajax, Ontario This site is currently being developed into a 174,000 square foot new format retail centre as a joint venture with the Sun Life Assurance Company of

• Canada. A 50,000 square foot Sobeys

anchors 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 purchased an additional 33.3% interest from each of Frum Development Group and Tribute Communities in the third quarter of 2011. Yonge Street & Eglinton Avenue Toronto, Ontario This site is located on the north-east corner of Yonge Street and Eglinton Avenue in Toronto. The property currently consists of three retail buildings as well as a thirty unit residential apartment building. It is anticipated that the project will contain residential, office and retail components upon completion. The site will be developed with Metropia and

• Baziz. RioCan’s ownership interest in

the property is 50%.

27

Third Quarter 2011 Supplemental Information Package

LEASING ACTIVITY

A summary of RioCan’s 2011 and 2010 new leasing on the existing portfolio by property type is as follows: Canadian Portfolio New Leasing 2011 2011 2011 2011 2010

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet leased: New format retail 415 89 194 132 108 Grocery anchored centre 223 44 97 82 99 Enclosed shopping centre 278 61 127 90 89 Non-grocery anchored centre 61 13 22 26 15 Urban retail 104 18 45 41 30 Office 109 31 21 57 1 Total 1,190 256 506 428 342 Average net rent per square foot: New format retail $21.18 $ 22.48 $ 21.33 $ 20.06 $ 18.05 Grocery anchored centre 16.32 20.92 15.28 15.07 13.32 Enclosed shopping centre 15.42 17.48 16.30 12.70 15.51 Non-grocery anchored centre 16.11 11.98 16.30 18.05 11.22 Urban retail 28.66 21.33 39.25 20.18 17.01 Office 14.97 9.24 15.55 17.90 12.50 Total $18.75 $ 18.80 $ 20.05 $ 17.16 $ 15.61 United States Portfolio New Leasing 2011 2011 2011 2011 2010

(in thousands, except per sqft amounts)

Year to date Third quarter Second quarter First quarter Third quarter Square feet leased: New format retail 49 24 7 18 2 Grocery anchored centre 27 19 2 6 10 Office 1 1 – – – Total 77 44 9 24 12 Average net rent per square foot (US dollars): New format retail $20.93 $ 19.68 $ 27.50 $ 22.00 $ 19.91 Grocery anchored centre 18.64 18.34 20.54 17.49 19.41 Office 19.76 19.76 – – – Total $19.96 $ 19.11 $ 21.95 $ 20.77 $ 19.50

28

Third Quarter 2011 Supplemental Information Package

RENEWAL ACTIVITY

A summary of RioCan’s 2011 and 2010 renewals by property type is as follows: Canadian Portfolio Renewal Leasing 2011 2011 2011 2011 2010 (in thousands, except per sqft amounts) Year to date Third quarter Second quarter First quarter Third quarter Square feet renewed: New format retail 1,237 264 512 461 310 Grocery anchored centre 938 337 228 373 234 Enclosed shopping centre 667 191 153 323 319 Non-grocery anchored centre 69 11 33 25 66 Urban retail 53 1 44 8 11 Office 159 34 52 73 1 Total 3,123 838 1,022 1,263 941 Average net rent per square foot: New format retail $17.54 $ 18.93 $ 17.14 $ 17.20 $ 17.92 Grocery anchored centre 14.33 13.55 13.39 15.61 19.21 Enclosed shopping centre 11.73 12.72 16.22 9.02 10.36 Non-grocery anchored centre 17.49 20.38 18.38 15.04 17.02 Urban retail 23.97 25.00 22.48 32.13 43.58 Office 14.41 12.46 15.10 14.81 19.50 Total $15.29 $ 15.12 $ 16.33 $ 14.55 $ 15.91 Increase in average net rent per square foot $ 1.40 $ 1.01 $ 1.99 $ 1.17 $ 1.35 Percentage increase in average net rent per square foot 10.1% 7.2% 13.9% 8.7% 9.3% United States Portfolio Renewal Leasing 2011 2011 2011 2011 2010 (in thousands, except per sqft amounts) Year to date Third quarter Second quarter First quarter Third quarter Square feet renewed*: New format retail 46 4 39 3 – Grocery anchored centre 101 48 46 7 104 Non-grocery anchored centre 6 6 – – – Total 153 58 85 10 104 Average net rent per square foot (US dollars): New format retail $13.46 $ 23.62 $ 11.69 $ 23.60 $ – Grocery anchored centre 19.68 19.41 21.15 11.38 2.95 Non-grocery anchored centre 26.58 26.58 – – – Total $18.03 $ 20.47 $ 16.78 $ 15.47 $ 2.95 Increase in average net rent per square foot (US dollars) $ 1.35 $ 1.24 $ 1.43 $ 1.41 $ 0.02 Percentage increase in average net rent per square foot 8.1% 6.4% 9.3% 10.0% 0.7%

*All renewals were made at market rates.

29

Third Quarter 2011 Supplemental Information Package

Including anchor tenants, the components of renewal activity for the Canadian portfolio for the three months ended September 30, 2011 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 357 130 114 83 11 1 18 Average net rent per sqft $21.34 $22.95 $ 20.69 $ 21.19 $ 20.38 $ 25.00 $14.71 Increase in average net rent per sqft $ 1.76 $ 2.21 $ 1.41 $ 1.48 $ 1.54 $ 3.00 $ 2.04 Renewals at fixed rental rate options: Square feet renewed 481 134 223 108 – – 16 Average net rent per sqft $10.51 $15.06 $ 9.91 $ 6.17 $ – $ – $10.00 Increase in average net rent per sqft $ 0.45 $ 0.52 $ 0.48 $ 0.38 $ – $ – $ – Total: Square feet renewed 838 264 337 191 11 1 34 Average net rent per sqft $15.12 $18.93 $ 13.55 $ 12.72 $ 20.38 $ 25.00 $12.46 Increase in average net rent per sqft $ 1.01 $ 1.35 $ 0.79 $ 0.86 $ 1.54 $ 3.00 $ 1.07 Percentage increase in average net rent per sqft 7.2% 7.7% 6.2% 7.3% 8.2% 13.6% 9.4% Including anchor tenants, the components of renewal activity for the US portfolio for the three months ended September 30, 2011 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 18 1 14 – 3 – – Average net rent per sqft $19.50 $22.50 $ 17.47 $ – $ 27.22 $ – $ – Increase in average net rent per sqft $ 0.59 $ – $ 0.70 $ – $ 0.28 $ – $ – Renewals at fixed rental rate options: Square feet renewed 40 3 34 – 3 – – Average net rent per sqft $20.90 $24.00 $ 20.18 $ – $ 25.92 $ – $ – Increase in average net rent per sqft $ 1.52 $ 2.00 $ 1.45 $ – $ 1.92 $ – $ – Total: Square feet renewed 58 4 48 – 6 – – Average net rent per sqft $20.47 $23.62 $ 19.41 $ – $ 26.58 $ – $ – Increase in average net rent per sqft $ 1.24 $ 1.49 $ 1.23 $ – $ 1.09 $ – $ – Percentage increase in average net rent per sqft 6.4% 6.7% 6.8% 4.3%

30

Third Quarter 2011 Supplemental Information Package

Including anchor tenants, the components of renewal activity for the Canadian portfolio for the nine months ended September 30, 2011 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 1,530 681 318 296 68 24 143 Average net rent per sqft $ 19.26 $19.47 $ 19.97 $ 19.66 $ 16.69 $ 31.56 $ 14.91 Increase in average net rent per sqft $ 2.02 $ 2.18 $ 2.11 $ 1.40 $ 1.78 $ 3.02 $ 2.36 Renewals at fixed rental rate options: Square feet renewed 1,593 556 619 371 2 29 16 Average net rent per sqft $ 11.48 $15.19 $ 11.43 $ 5.40 $ 46.08 $ 17.55 $ 10.00 Increase in average net rent per sqft $ 0.79 $ 0.75 $ 0.92 $ 0.59 $ 3.95 $ 1.60 $ – Total: Square feet renewed 3,123 1,237 937 667 70 53 159 Average net rent per sqft $ 15.29 $17.54 $ 14.33 $ 11.73 $ 17.49 $ 23.97 $ 14.41 Increase in average net rent per sqft $ 1.40 $ 1.53 $ 1.32 $ 0.95 $ 1.84 $ 2.25 $ 2.12 Percentage increase in average net rent per sqft 10.1% 9.6% 10.1% 8.8% 11.8% 10.4% 17.2% Including anchor tenants, the components of renewal activity for the US portfolio for the nine months ended September 30, 2011 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 (US dollars): Square feet renewed 69 36 30 – 3 – – Average net rent per sqft $13.68 $11.19 $ 15.17 $ – $ 27.22 $ – $ – Increase in average net rent per sqft $ 0.72 $ 0.23 $ 1.34 $ – $ 0.28 $ – $ – Renewals at fixed rental rate options (US dollars): Square feet renewed 84 10 71 – 3 – – Average net rent per sqft $21.68 $20.89 $ 21.62 $ – $ 25.92 $ – $ – Increase in average net rent per sqft $ 1.87 $ 1.85 $ 1.87 $ – $ 1.92 $ – $ – Total: Square feet renewed 153 46 101 – 6 – – Average net rent per sqft $18.09 $13.46 $ 19.68 $ – $ 26.58 $ – $ – Increase in average net rent per sqft $ 1.35 $ 0.61 $ 1.71 $ – $ 1.09 $ – $ – Percentage increase in average net rent per sqft 8.1% 4.7% 9.5% 4.3%

31

Third Quarter 2011 Supplemental Information Package

Lease Expiries RioCan’s lease expiries for the Canadian portfolio by property type as at September 30, 2011 are as follows: Lease expiries

(in thousands, except per sqft and percentage amounts)

Portfolio NLA 2011 (i) 2012 2013 2014 2015 Square feet: New format retail 19,030 287 956 1,414 1,590 2,098 Grocery anchored centre 7,664 206 739 644 1,243 1,005 Enclosed shopping centre 6,312 255 741 622 741 856 Non-grocery anchored centre 2,091 28 116 210 167 319 Urban retail 1,347 2 111 155 312 19 Office 1,588 86 151 171 171 99 Total 38,032 864 2,814 3,216 4,224 4,396 Square feet expiring/Portfolio NLA 2.3% 7.4% 8.5% 11.1% 11.6% Average net rent per occupied square foot: New format retail $ 16.51 $ 20.51 $18.73 $17.53 $ 17.85 $ 16.64 Grocery anchored centre 14.38 16.53 15.75 17.03 13.36 14.27 Enclosed shopping centre 11.77 13.68 11.22 14.94 13.53 9.49 Non-grocery anchored centre 16.37 19.22 14.18 14.43 16.55 12.80 Urban retail 22.29 30.11 30.62 15.73 17.68 32.17 Office 9.58 13.30 11.74 11.02 13.16 12.77 Total average net rent per square foot $ 15.13 $ 16.81 $15.87 $16.30 $ 15.52 $ 14.41

(i) Lease expiries for the remaining three months of 2011.

RioCan’s lease expiries for the US portfolio, at RioCan’s interest, as at September 30, 2011 are as follows: Lease expiries

(in thousands, except per sqft and percentage amounts)

Portfolio NLA (i) 2011 (ii) 2012 2013 2014 2015 Square feet: New format retail 3,553 46 139 212 303 202 Grocery anchored centre 1,584 56 87 52 184 25 Non-grocery anchored centre 183 9 8 19 32 10 Office 52 12 4 12 4 – Total 5,372 123 238 295 523 237 Square feet expiring/Portfolio NLA 2.3% 4.4% 5.5% 9.7% 4.4% Average net rent per occupied square foot (US dollars): New format retail $ 13.52 $ 18.73 $18.32 $15.94 $13.76 $10.71 Grocery anchored centre 17.67 20.11 18.04 17.44 13.48 23.08 Non-grocery anchored centre 13.41 26.31 19.63 15.42 9.50 13.26 Office 22.64 30.43 26.20 28.85 23.76 – Total average net rent per square foot $ 14.82 $ 21.08 $18.40 $16.70 $13.47 $12.15

(i) Represents RioCan’s proportionate ownership share. (ii) Lease expiries for the remaining three months of 2011.

32

Third Quarter 2011 Supplemental Information Package

The components of RioCan’s Canadian and US lease expiries for the remaining three months of 2011 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 2011 expiries at market rental rates: Square feet expiring 899 301 217 247 34 2 98 Average net rent per sqft $17.06 $19.98 $ 17.20 $ 13.42 $ 20.60 $30.11 $15.47 2011 expiries with fixed rental rate options: Square feet expiring 88 32 45 7 4 – – Average in-place net rent per sqft $20.29 $22.89 $ 17.76 $ 22.36 $ 24.00 $ – $ – Average renewal net rent per sqft $21.76 $24.02 $ 19.40 $ 24.07 $ 25.95 $ – $ – Increase in average net rent per sqft $ 1.47 $ 1.13 $ 1.64 $ 1.71 $ 1.95 $ – $ –

Total

Square feet expiring 987 333 262 254 38 2 98 Average net rent per sqft $17.35 $20.27 $ 17.30 $ 13.68 $ 20.94 $30.11 $15.47 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 millions)

2011 (i) 2012 2013 2014 2015 Net increase in contractual rent receipts $ 1 $ 4 $ 3 $ 3 $ 3

(i) Increases for the remaining three months of 2011.

33

Third Quarter 2011 Supplemental Information Package

OCCUPANCY – MOST RECENT EIGHT QUARTERS

The historical occupancy rate of the Canadian portfolio is as follows:

95.0% 100.0% Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q2 2011 Q1 2011 Q3 2011 97.5% 97.4% 97.0% 97.0% 97.0% 97.3% 97.4% 97.5%

The historical occupancy rate of the US portfolio is as follows:

95.0% 100.0% Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q3 2011 Q2 2011 95.1% 96.2% 98.2% 97.4% 97.8% 98.1% 95.8% 98.0%

ECONOMIC VERSUS COMMITTED OCCUPANCY

Leasing Activities RioCan’s committed occupancy rate remained at 97.5% at September 30, 2011 as compared to 97.5% at June 30, 2011. Included in this occupancy rate is 549,000 square feet of NLA that has been leased but is not yet paying rent, resulting in an economic

• ccupancy rate of 96.3% which represents the occupied NLA for which tenants are paying rent. The annualized rental impact once

these tenants take occupancy paying rent is approximately $12 million.

(in thousands, except percentage amounts)

Total Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Square feet: NLA commencing 549 275 66 43 117 40 8 Cumulative NLA commencing 549 275 341 384 501 541 549 % of NLA commencing 50% 12% 8% 21% 7% 1% Cumulative % total 50% 62% 70% 91% 99% 100% Average net rent: Monthly rent commencing $1,031 $ 496 $ 191 $ 100 $ 165 $ 67 $ 12 Cumulative monthly rent commencing $1,031 $ 496 $ 687 $ 787 $ 952 $ 1,019 $ 1,031 % of rent for NLA commencing 48% 19% 10% 16% 6% 1% Cumulative % total rent commencing 48% 67% 76% 92% 99% 100%

34

Third Quarter 2011 Supplemental Information Package

A continuity of RioCan’s vacancies and leasing activities for the third quarter of 2011 is as follows: (in thousands of square feet) Total Leased Space Space for which rent is currently being paid Total Area Occupancy Rates Annualized rental impact (in millions

• f dollars)

Committed Occupancy, June 30, 2011 41,159 41,159 42,232 97.5% Less: space leased but not paying rent (485) – Economic Occupancy at June 30, 2011 40,674 42,232 96.3% $ 13 Less: GLA vacated in Q3 2011 (186) (186) – Add: Re-Leasing of vacant space 194 194 – Other (i) 89 89 87 97 97 87 Acquisitions 1,066 1,066 1,084 Committed Occupancy, September 30, 2011 42,322 43,403 97.5% Add: tenant openings in Q3 2011 266 – Less: GLA leased in Q3 2011 but not yet paying rent (223) – Other (i) (99) Economic Occupancy at September 30, 2011 41,781 43,403 96.3% $ 12

(i) represents additional GLA from tenant expansions and properties under development.

Occupancy rates and their rental impact over the last eight quarters is as follows: 2011 2010 2009 (thousands of square feet, millions of dollars) Third quarter Second quarter First quarter Fourth quarter Third quarter Second quarter First quarter Fourth quarter Committed occupancy 97.5% 97.5% 97.4% 97.4% 97.1% 97.0% 97.0% 97.4% Economic occupancy 96.3% 96.3% 96.3% 96.4% 95.8% 95.7% 95.8% 96.4% NLA leased but not paying rent 549 485 470 407 492 476 407 323 Annualized rental impact $ 12.0 $ 13.0 $ 11.7 $ 9.2 $ 11.6 $ 11.6 $ 10.2 $ 7.8

35

Third Quarter 2011 Supplemental Information Package

TOP FIFTY TENANTS – CANADA AND US

As at September 30, 2011, RioCan’s fifty largest tenants in Canada and the US combined have the following profile:

Rank Tenant name Annualized rental revenue Number of locations NLA (in thousands) Percentage of total NLA Weighted average remaining lease term (years)* 1 Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere 4.80% 109 2,059 4.90% 10.1 2 Walmart 4.40% 28 3,187 7.50% 13.2 3 Famous Players/Cineplex/Galaxy Cinemas 4.30% 29 1,279 3.00% 11.7 4 Metro/Super C/Loeb/Food Basics 4.30% 57 2,088 4.90% 7.8 5 Winners/HomeSense/Marshalls 3.00% 63 1,402 3.30% 6.8 6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.50% 27 1,132 2.70% 5.1 7 Target Corporation 2.10% 24 1,960 4.60% 8.7 8 Staples/Business Depot 2.10% 48 969 2.30% 7.2 9 Future Shop/Best Buy 1.90% 30 665 1.60% 7.5 10 Giant Food Stores/ Stop & Shop (Royal Ahold) 1.90% 20 899 2.10% 14.3 11 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.70% 128 538 1.30% 4.7 12 Shoppers Drug Mart 1.60% 40 460 1.10% 9.9 13 Harvey’s/Swiss Chalet/Kelsey’s/Montana’s/Milestone’s (Cara) 1.60% 92 386 0.90% 8.5 14 Sobeys/IGA/Price Chopper/Empire Theatres 1.40% 22 623 1.40% 10.4 15 PetSmart 1.30% 35 489 1.20% 7.8 16 Dollarama 1.30% 66 556 1.30% 7.2 17 Zellers/The Bay/Home Outfitters 1.20% 18 874 2.10% 8.5 18 Chapters/Indigo 1.10% 24 320 0.80% 3.2 19 Lowes 1.10% 7 844 2.00% 16.6 20 TD Bank 1.00% 50 205 0.50% 7.6 21 Safeway 1.00% 15 500 1.20% 8.7 22 Blue Notes/Stitches/Suzy Shier/Urban Planet (YM Inc.) 0.80% 49 220 0.50% 4.9 23 The Brick 0.80% 14 309 0.70% 8.7 24 Sears 0.70% 15 362 0.90% 3.1 25 Premier Fitness 0.70% 10 291 0.70% 6.9 26 Michael’s 0.70% 21 280 0.70% 5.8 27 Bank of Nova Scotia 0.60% 36 133 0.30% 6.5 28 Liquor Control Board of Ontario (LCBO) 0.60% 21 165 0.40% 9.5 29 Rona/Revy/Reno 0.60% 5 284 0.70% 14.6 30 Pharma Plus 0.50% 16 102 0.20% 8.9 31 London Drugs 0.50% 10 204 0.50% 6.5 32 Jysk Linen 0.50% 12 207 0.50% 5.2 33 Value Village 0.50% 13 229 0.50% 8.0 34 CIBC 0.50% 26 98 0.20% 5.9 35 BouClair 0.40% 20 153 0.40% 7.0 36 Bell/The Source 0.40% 72 102 0.20% 5.8 37 Bank of Montreal 0.40% 24 88 0.20% 7.0 38 Golf Town 0.40% 12 145 0.30% 6.3 39 Bed Bath & Beyond 0.40% 12 222 0.50% 8.9 40 Liz Claiborne/Mexx 0.40% 26 113 0.30% 5.3 41 East Side Mario’s/Casey’s (Prime Restaurants) 0.40% 19 95 0.20% 7.2 42 The Shoe Company 0.40% 24 122 0.30% 5.3 43 Moores 0.40% 22 105 0.30% 4.5 44 Subway 0.40% 82 87 0.20% 4.8 45 Old Navy 0.40% 10 134 0.30% 3.1 46 Ardene 0.40% 37 103 0.20% 6.0 47 Royal Bank of Canada 0.40% 20 79 0.20% 6.1 48 Pier 1 Imports 0.30% 16 110 0.30% 3.6 49 Sleep Country Canada 0.30% 19 84 0.20% 5.0 50 Boston Pizza 0.30% 18 88 0.20% 12.4 59.70% 1,613 26,149 61.80% 8.6 * – Weighted average based on gross rental revenue.

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Third Quarter 2011 Supplemental Information Package

TOP TEN TENANTS – CANADA

As at September 30, 2011, 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 Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere 5.4% 109 2,059 5.6% 10.1 2 Walmart 4.8% 27 3,023 8.2% 13.2 3 Famous Players/Cineplex/Galaxy Cinemas 4.8% 29 1,279 3.5% 11.7 4 Metro/Super C/Loeb/Food Basics 4.8% 57 2,088 5.6% 7.8 5 Winners/HomeSense/ Marshalls 3.3% 60 1,338 3.6% 6.8 6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.8% 27 1,132 3.1% 5.1 7 Target Corporation 2.4% 24 1,960 5.3% 8.7 8 Staples/Business Depot 2.3% 47 954 2.6% 7.1 9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 128 538 1.5% 4.7 10 Shoppers Drug Mart 1.8% 40 460 1.2% 9.9 34.3% 548 14,831 40.2% 9.1 * – Weighted average based on gross rental revenue

TOP TEN TENANTS – US

As at September 30, 2011, 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% 20 899 16.9% 14.3 2 Best Buy 5.2% 7 205 3.8% 9.1 3 PetSmart 2.9% 9 142 2.7% 10.0 4 Bed Bath & Beyond 2.8% 8 167 3.1% 8.3 5 Lowes 2.6% 3 294 5.5% 16.1 6 HEB Grocery Stores 2.3% 2 114 2.1% 9.5 7 Ross 1.8% 5 110 2.1% 6.9 8 Safeway 1.8% 2 101 1.9% 12.3 9 Sports Authority 1.6% 2 67 1.3% 7.3 10 Staples/Business Depot 1.5% 5 77 1.5% 6.8 40.8% 63 2,176 40.9% 11.8 * – Weighted average based on gross rental revenue

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Third Quarter 2011 Supplemental Information Package

PROPERTY OWNERSHIP BY GEOGRAPHIC AREA (SQUARE FEET)

At September 30, 2011 Provincial RioCan’s Interest NLA Partners’ interests Retailer

• wned

anchors Total Site NLA Ontario Central 15,021,028 3,419,595 3,021,016 21,461,639 Ontario East 4,788,628 1,090,076 1,257,045 7,135,749 Ontario West 2,735,977 80,817 650,187 3,466,981 Total Ontario 22,545,633 4,590,488 4,928,248 32,064,369 Quebec 7,128,143 1,282,401 2,058,634 10,469,178 Alberta 4,177,001 1,962,884 2,240,151 8,380,036 British Columbia 2,113,785 1,462,814 426,074 4,002,673 New Brunswick 1,081,742 138,165 470,615 1,690,522 Manitoba 269,603 211,695 92,604 573,902 Saskatchewan 267,667 – – 267,667 Newfoundland 212,331 – – 212,331 Prince Edward Island 166,717 166,717 – 333,434 Nova Scotia 69,047 69,047 – 138,094 USA 5,371,380 1,673,512 2,647,131 9,692,023 Income Producing Properties 43,403,049 11,557,723 12,863,457 67,824,229 Properties Under Development 3,498,500 2,611,500 1,413,000 7,523,000 Total 46,901,549 14,169,223 14,276,457 75,347,229 Six High Growth Markets RioCan’s interests NLA Partners’ interests Retailer

• wned

anchors Total site NLA Calgary, Alberta 2,136,612 743,933 1,265,971 4,146,516 Edmonton, Alberta 1,308,328 1,187,245 822,680 3,318,253 Montreal, Quebec 3,987,715 1,139,148 429,553 5,556,416 Ottawa, Ontario 1 3,011,343 820,156 1,397,000 5,228,499 Toronto, Ontario 2 10,434,806 2,581,926 1,982,941 14,999,673 Vancouver, British Columbia 3 1,322,613 1,040,157 373,074 2,735,844 Income Producing Properties 22,201,417 7,512,565 6,271,219 35,985,201 Properties Under Development 2,997,500 2,611,500 935,000 6,544,000 Total 25,198,917 10,124,065 7,206,219 42,529,201

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.

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Third Quarter 2011 Supplemental Information Package

PORTFOLIO GEOGRAPHIC DIVERSIFICATION

At September 30, 2011 Area Percentage of annualized rental revenue Occupancy percentage Percentage of area

• ccupied by anchor

and national tenants Percentage of annualized rental revenue from anchor and national tenants Ontario Central 34.6% 37.6% 98.1% 85.5% 87.3% Ontario East 11.0% 10.9% 97.4% 85.1% 87.1% Ontario West 6.3% 5.5% 96.8% 80.4% 88.0% Total Ontario 51.9% 54.0% 97.8% 84.8% 87.3% Quebec 16.4% 14.9% 96.5% 80.5% 84.3% Alberta 9.0% 11.3% 99.1% 84.2% 83.4% British Columbia 5.5% 5.6% 98.3% 85.3% 82.2% New Brunswick 2.5% 1.7% 90.3% 82.3% 87.8% Saskatchewan 0.6% 0.5% 96.2% 74.9% 96.6% Newfoundland 0.5% 0.3% 96.7% 87.6% 89.8% Manitoba 0.6% 0.6% 94.3% 66.5% 77.9% Prince Edward Island 0.4% 0.3% 97.8% 70.1% 74.5% Nova Scotia 0.2% 0.1% 100.0% 98.9% 96.8% USA 12.4% 10.7% 97.8% 86.2% 87.5% Total Portfolio 100.0% 100.0% 97.5% 84.0% 86.0%

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Third Quarter 2011 Supplemental Information Package

LEASE EXPIRIES BY GEOGRAPHIC AREA

At September 30, 2011 Property

• wnership

NLA (sq.ft.) Expiries Year 2011 2012 2013 2014 2015 Total Ontario Central Square feet 15,021,029 375,785 1,025,340 1,419,974 1,703,045 1,477,128 6,001,272 Percentage 2.5% 6.8% 9.5% 11.3% 9.8% 40.0% Ontario East Square feet 4,788,628 100,748 296,017 314,947 426,160 634,295 1,772,167 Percentage 2.1% 6.2% 6.6% 8.9% 13.2% 37.0% Ontario West Square feet 2,735,977 25,246 252,464 279,336 480,892 557,417 1,595,355 Percentage 0.9% 9.2% 10.2% 17.6% 20.4% 58.3% Total Ontario Square feet 22,545,634 501,779 1,573,821 2,014,257 2,610,097 2,668,840 9,368,794 Percentage 2.2% 7.0% 8.9% 11.6% 11.8% 41.6% Quebec Square feet 7,128,143 133,760 571,386 411,673 631,376 821,747 2,569,942 Percentage 1.9% 8.0% 5.8% 8.9% 11.5% 36.1% Alberta Square feet 4,177,001 79,383 375,440 350,849 452,745 475,685 1,734,102 Percentage 1.9% 9.0% 8.4% 10.8% 11.4% 41.5% British Columbia Square feet 2,113,785 44,228 165,906 324,890 230,812 206,890 972,726 Percentage 2.1% 7.8% 15.4% 10.9% 9.8% 46.0% New Brunswick Square feet 1,081,742 71,090 74,589 75,213 65,675 104,303 390,870 Percentage 6.6% 6.9% 7.0% 6.1% 9.6% 36.1% Saskatchewan Square feet 267,667 18,987 7,176 6,755 53,655 5,573 92,146 Percentage 7.1% 2.7% 2.5% 20.0% 2.1% 34.4% Newfoundland Square feet 212,331 1,732 2,378 7,155 74,488 44,721 130,474 Percentage 0.8% 1.1% 3.4% 35.1% 21.1% 61.4% Manitoba Square feet 269,603 12,042 15,071 13,351 89,584 20,257 150,305 Percentage 4.5% 5.6% 5.0% 33.2% 7.5% 55.8% Prince Edward Island Square feet 166,717 846 25,558 10,633 14,547 46,709 98,293 Percentage 0.5% 15.3% 6.4% 8.7% 28.0% 59.0% Nova Scotia Square feet 69,047 – 844 1,321 – – 2,165 Percentage 0.0% 1.2% 1.9% 0.0% 0.0% 3.1% Total Square feet 38,031,670 863,847 2,812,169 3,216,097 4,222,979 4,394,725 15,509,817 Percentage 2.3% 7.4% 8.5% 11.1% 11.6% 40.8%

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Third Quarter 2011 Supplemental Information Package

GENERAL INFORMATION

At September 30, 2011 Distributions per Unit: Distributions are paid, Common Units Monthly Preferred Units Quarterly 2011 YTD $ 1.03500 $ 0.88633* 2010 $ 1.38000 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

* Preferred units were issued January 26, 2011 at an annual rate equal to $1.3125 per unit.

Common Unitholder Distribution Reinvestment Plan: RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested without commission 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: Common Units 2011 2010 2009 2008 2007 4th quarter 498,834 504,418 568,328 441,883 3rd quarter 325,919 500,554 601,290 444,161 524,291 2nd quarter 423,402 507,743 690,923 495,014 500,470 1st quarter 531,993 647,952 588,563 534,105 560,320 Annual 538,336 596,329 513,692 506,883 Preferred Units – Series A 2011 4th quarter 3rd quarter 2,455 2nd quarter 4,040 1st quarter * 26,707

* Preferred Units were issued on January 26, 2011

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Third Quarter 2011 Supplemental Information Package

Unit Prices ($): Common Units Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 High $ 26.32 $ 26.20 $ 25.50 $ 23.40 $ 23.12 $ 20.00 $ 20.07 $ 20.05 Low $ 24.51 $ 25.20 $ 22.01 $ 21.12 $ 18.80 $ 17.25 $ 17.45 $ 17.15 Close $ 26.00 $ 25.94 $ 25.46 $ 22.00 $ 22.92 $ 19.04 $ 18.48 $ 19.85 Preferred Units Q3 2011 Q2 2011 Q1 2011* High $ 25.97 $ 26.16 $ 26.10 Low $ 25.42 $ 25.41 $ 25.05 Close $ 25.55 $ 25.56 $ 26.00

* Preferred Units were issued on January 26, 2011 at $25.00 per Unit

Non-resident Ownership of units*: Common Units Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Canadian 73.23% 73.99% 73.17% 66.35% 65.69% 63.27% 65.84% 68.13% Non-Resident 26.77% 26.01% 26.83% 33.65% 34.31% 36.73% 34.16% 31.87% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

* Estimate based on mailing addresses as at the end of each quarter

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Third Quarter 2011 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) 464-2733 Fax: (416) 866-3020 Website: www.riocan.com E-mail: inquiries@riocan.com Senior Management: Edward Sonshine, O.Ont., 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 Howard Rosen Senior Vice President, Chief Accounting Officer John Ballantyne Senior Vice President, Asset Management Michael Connolly Senior Vice President, Construction Jonathan Gitlin Senior Vice President, Investments 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 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 Symbols: Common Units REI.UN Preferred Units REI.PR.A 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

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Third Quarter 2011 Supplemental Information Package

RioCan Yonge Eglinton Centre 2300 Yonge Street, Suite 500 P.O. Box 2386, Toronto, Ontario M4P IE4 T 416 866 3033 or 1 800 465 2733 F 416 866 3020 W www.riocan.com

RioCan Yonge Eglinton Centre

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

www.riocan.com