RIOCAN INVESTOR PRESENTATION Fourth Quarter and Year End 2013 March - - PowerPoint PPT Presentation

RIOCAN INVESTOR PRESENTATION Fourth Quarter and Year End 2013

March 6, 2014

TRANSFORMING…

Forward Looking Statements

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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.

One of North America’s Largest Retail REITS

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340

retail properties in Canada & U.S.

82 million

sqft total portfolio

$7.5 billion

market cap

54 million

sqft owned

$13.8 billion

enterprise value

~86%

revenue generated by national and anchor tenants

~7,600

tenancies

Core Strengths

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Strong, reliable distribution yield provided to investors Stable, diversified portfolio of national retail tenants Disciplined growth strategy in Canada and U.S. Positioned to benefit from robust acquisition activity and development pipeline Experienced, performance driven management team Dominant platform, geographically diversified Conservative balance sheet / financial strength

QC

PA VA

Property Portfolio

5

As at December 31, 2013 at RioCan’s interest

CT MA

BC AB ON QC SA MB NB NFLD

293

retail properties

44 million sqft 85%

annualized rental revenue

TX GTA

47

retail properties

9.9 million sqft 15%

annualized rental revenue

Property Portfolio – Canada

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Calgary Edmonton Vancouver Toronto Montreal Ottawa

BC AB ON QC

Annualized Rental Revenue by Major Market

8.7%

Major markets combined, 71.7% Rest of Canada, 28.3%

6.1% 3.8% 4.0% 7.2% 41.9%

PA VA

Property Portfolio – U.S.

7 RI

CT NH MA

TX

Regional Market Strategy & Focus

Annualized Rental Revenue by State

NY MD NJ

WV

54.4% 2.6%

1.8%

6.7% 2.2% 0.7% 3.2% 2.2% 21.1% 2.5% 2.2%

47

retail properties

9.9 million sqft

As at December 31, 2013 at RioCan’s interest

Strong Tenant Relationships

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Strong Tenant Relationships

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Top 10 Canada & US Combined

Top 10 Tenant Name Annualized Rental Revenue Number Of Locations Total Area Occupied (Sq. Ft. In 000s) Weighted Avg Remaining Lease Term (Yrs)

1

Walmart

3.7% 32 3,915 12.8

2

Canadian Tire Corporation (i)

3.4% 91 1,984 8.6

3

Cineplex/Galaxy Cinemas

3.2% 30 1,388 10.2

4

Metro/Super C/Loeb/Food Basics

3.2% 57 2,100 7.1

5

Winners/HomeSense/Marshalls

2.6% 72 1,612 7.1

6

Loblaws/No Frills/Fortinos/Zehrs/Maxi (ii)

2.5% 32 1,438 7.4

7

Target Corporation

1.8% 25 2,076 8.4

8

Staples/Business Depot

1.7% 51 1,009 5.9

9

Shoppers Drug Mart

1.6% 51 554 8.7

10 Cara/Prime Restaurants

1.6% 113 476 7.2

(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere (ii) Lowblaws has entered into an agreement to purchase Shoppers Drug Mart, that when completed will make Loblaws RioCan’s largest tenant by gross revenue.

As at December 31, 2013

Strong Tenant Relationships

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Top 10 U.S.

Top 10 Tenant Name Annualized Rental Revenue Number Of Locations Total Area Occupied (Sq. Ft. In 000s) Weighted Avg Remaining Lease Term (Yrs)

1

Giant Food Stores/ Stop & Shop (Royal Ahold)

10.1% 22 1,113 12.1

2

Best Buy

3.8% 11 359 6.6

3

PetSmart

2.8% 13 281 4.9

4

Walmart

2.6% 5 880 15.0

5

Michael’s

2.6% 14 291 5.4

6

Ross Dress for Less

2.0% 9 266 5.2

7

Office Depot / Max

2.0% 11 215 5.3

8

Bed Bath & Beyond

1.7% 9 237 6.4

9

Lowes

1.5% 3 476 13.8

10

Kohls

1.3% 4 338 11.8 As at December 31, 2013

Lease Rollover Profile

Broadly Distributed Lease Expiries

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4,395 4,108 4,752 3,568 4,592

2014 2015 2016 2017 2018

700 482 494 732 1,146

2014 2015 2016 2017 2018

% Square Feet expiring / portfolio NLA

Canadian Portfolio

As at December 31, 2013 U.S. Portfolio

As at December 31, 2013 ’000s Square Feet ’000s Square Feet

11.2% 10.4% 12.1% 9.1% 11.7% 7.1% 4.9% 5.0% 7.4% 11.6%

Occupancy since 1996

Historical Occupancy Rates 1996 to 2013

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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% 97.6% 97.4% 96.9%

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

Financial Highlights Q4 & 2013

Financial Highlights

(at RioCan’s interest in millions of $ except per unit amounts)

Revenues 758 882 988 1,114 1,195 2009 2010 2011 2012 2013 Operating FFO* 280 329 380 440 492

2009 2010 2011 2012 2013

Operating FFO* Per Unit 1.22 1.33 1.43 1.52 1.63

2009 2010 2011 2012 2013

14 Years ended December 31st

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

15% CAGR 7.5% CAGR 12% CAGR

Quarterly Financial Highlights

(in millions of $ except per unit amounts)

Revenues*

237 237 246 267 274 269 271 285 306 292 283 300

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

Operating FFO

90 93 97 100 103 106 115 116 124 121 124 124

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

Operating FFO Per Unit

0.35 0.36 0.37 0.36 0.37 0.37 0.40 0.39 0.41 0.40 0.41 0.41

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

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2011 2012 2011 2012 2011 2012 2013

* At RioCan’s interest

2013 2013

Financial Highlights

(in millions of $)

466 551 622 704 758

2009 2010 2011 2012 2013

Net Operating Income* Q1 2011 – Q4 2013

148 151 156 167 171 172 182 187 186 187 188 196

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

Net Operating Income* 2009 –2013

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2011 2012

* At RioCan’s interest

2013

Financial Highlights

(in millions)

Distributions to Unitholders 228 261 281 285 293 316 297 318 343 367 401 426

2008 2009 2010 2011 2012 2013 0.99 1.04 1.13 1.14 1.07 1.01 1.04

1.3275 1.36 1.38 1.38 1.38 1.38 1.41

2007 2008 2009 2010 2011 2012 2013*

Distributions to Unitholders per Unit

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

Financial Highlights

$ per unit Payout Ratio % Change 2013 2012 2013 2012 Distribution 2.2% 1.41 1.38 n/a n/a FFO 6.1% 1.56 1.47 90.4% 93.9% OFFO 7.2% 1.63 1.52 86.5% 91.8% AFFO 6.5% 1.48 1.39 95.3% 99.3%

Canada United States 2013 2012 2013 2012 Same Store NOI Growth 1.7% 0.9% 1.7% 0.5% Same Property NOI Growth 1.3% 1.0% 1.7% 0.5%

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Financial Highlights

• During 2013, RioCan consolidated its ownership of virtually all of the US properties that were

previously owned through joint venture arrangements. RioCan has opened regional offices in Mount Laurel, New Jersey and Dallas, Texas which are supported by RioCan’s headquarters in Toronto, Canada, to manage RioCan’s American portfolio;

• On January 29, 2014, RioCan and its partners, Allied Properties REIT and Diamond Corporation,

announced The Well. This mixed use development project, located at the corner of Front Street and Spadina Avenue in close proximity to downtown Toronto on a 7.7 acre site, is expected to comprise

• f up to 3.2 million square feet of retail, office and residential properties;
• As at December 31, 2013, RioCan had ownership interests in 16 properties under development that

will, upon completion, comprise approximately 5 million square feet at RioCan’s interest;

• For the year, RioCan acquired interests in 32 income properties in Canada and the US aggregating to

3.0 million square feet at an aggregate purchase price of approximately $849 million at RioCan’s interest at a weighted average capitalization rate of 5.7%;

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Financial Highlights

• For the year, RioCan completed the sale of 18 properties with a total net leaseable area of

approximately 3.3 million square feet. In Canada, RioCan sold 13 properties at a total sale price of $616 million at a weighted average capitalization rate of 5.9%. The total debt associated with these assets was $160 million. In the US, RioCan sold five properties as part of its US joint venture dissolutions at a total sale price of US$103 million at a weighted average capitalization rate of 6.8%. The total debt associated with these assets was $54 million;

• RioCan renewed 3.9 million square feet in the Canadian portfolio during the twelve months ended

December 31, 2013 at an average rent increase of $1.80 per square foot, representing an increase of 11.0%. The renewal retention rate in Canada and the US for the quarter was 97.0% and 98.2% respectively;

• During 2013, RioCan completed the offering of two series of debentures, $250 million Series S which

carries a coupon of 2.87% and matures March 2018 as well as $200 million Series T, which carries a coupon of 3.73% and matures April 2023. Subsequent to the year end, RioCan completed the offering of $150 million Series U debentures, which carry a coupon of 3.62% and mature June 2020; and

• In the fourth quarter of 2013 and to date, RioCan renegotiated the terms of its operating lines by

increasing the capacity of the facilities, extending the maturity dates, and reducing the interest rate spreads associated with these facilities.

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Financial Information

(millions of dollars, except where otherwise noted, for definitions see RioCan’s Q4 MD&A) % Change 2013/2012 For the Year Ended Dec. 31, 2013 2012 2011** Total revenue - Consolidated 7.4% 1,152 1,073 988 Total revenue - RioCan's interest 7.3% 1,195 1,114 n/a* Adjusted EBITDA 6.6% 748 702 625 FFO 10.3% 471 427 371 FFO per Unit 6.1% 1.56 1.47 1.40 Operating FFO 11.8% 492 440 380 Operating FFO per Unit 7.2% 1.63 1.52 1.43 AFFO 11.2% 447 402 342 AFFO per Unit 6.5% 1.48 1.39 1.29 Distributions as a percentage of AFFO

• 4.0%

95.3% 99.3% 107.0% Weighted average common Units outstanding - basic (in thousands) 4.3% 302,324 289,950 265,583 Distributions to common Unit holders 6.2% 426 401 367 Distributions to common Unitholders per Unit 2.2% 1.41 1.38 1.38 Distributions per common Unit (annualized) 2.2% 1.41 1.38 1.38 Distributions to common Unitholders net of distribution reinvestment plan 7.8% 316 293 285 Distributions to common Unitholders net of distribution reinvestment plan per Unit (last twelve months) 3.0% 1.04 1.01 1.07 Common Unit issue proceeds under distribution reinvestment plan 1.9% 110 108 82 Distribution reinvestment plan (DRIP) participation rate

• 4.1%

25.8% 26.9% 22.3%

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* Calculation at RioCan’s interest was not performed for the year ended December 31, 2011

Financial Information

(millions of dollars, except where otherwise noted, for definitions see RioCan’s Q4 MD&A) December 31, As at 2013 2012 2011 Total enterprise value 13,794 14,274 12,437 Total assets – Consolidated 13,530 12,619 10,484 Total assets - RioCan's interest 13,554 12,888 n/a* Debt** – Consolidated 5,959 5,451 4,781 Debt** – RioCan's interest 5,988 5,717 n/a* Debt to total assets (net of cash) - Consolidated 43.90% 42.40% 45.40% Debt to total assets (net of cash) - RioCan's interest 44.00% 43.60% n/a* Debt to total enterprise value - Consolidated 43.20% 38.20% 37.70% Debt to total enterprise value - RioCan's interest 43.40% 40.10% n/a* Debt service coverage ratio - RioCan's interest 2.10 1.98 1.87 Interest coverage ratio - RioCan's interest 2.83 2.69 n/a* Fixed charge coverage ratio - RioCan's interest 1.06 1.04 n/a* Net consolidated debt to Adjusted EBITDA 7.52 7.00 7.26 Operating debt to adjusted operating EBITDA - RioCan's interest 7.24 7.09 7.00 Total unitholders' equity 7,261 6,847 5,363 Common Units outstanding (in thousands) 304,075 300,099 279,113 Closing market price per common Unit 24.77 27.56 26.43 Common Units - market capitalization 7,532 8,271 7,377 Preferred Units, Series A outstanding (in thousands) 5,000 5,000 5,000 Closing market price per Preferred Unit, Series A 24.90 25.94 25.81 Preferred Unit, Series C outstanding (in thousands) 5,980 5,980 5,980 Closing market price per Preferred Unit, Series C 25.00 26.15 25.15 Preferred Units - market capitalization 274 286 279

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* Calculation at RioCan’s interest was not performed for the year ended December 31, 2011 ** Debt is defined as the sum of mortgages payable, lines of credit, and debentures payable.

Financial Summary

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Occupancy and Leasing Profile

2013 2012 (thousands of square feet, millions of dollars except PSF amounts) Fourth quarter Third quarter Second quarter First quarter Fourth quarter Third quarter Second quarter First quarter Committed occupancy 96.9% 97.0% 96.7% 97.0% 97.4% 97.3% 97.4% 96.9% Economic occupancy 95.8% 95.5% 95.4% 95.8% 95.9% 95.5% 95.5% 95.7% NLA leased but not paying rent 542 716 642 615 711 855 871 542 Annualized rental impact $14 $17 $15 $15 $15 $18 $18 $12 Retention rate - Canada 97.0% 91.1% 95.9% 68.3% 94.3% 84.8% 89.9% 91.2% % increase in average net rent per sq ft - Canada 8.8% 11.2% 12.0% 13.4% 18.4% 12.9% 13.4% 10.0% Retention rate - US 98.2% 98.4% 92.0% 98.8% 87.6% 96.3% 84.2% 83.1% % increase in average net rent per sq ft - US 4.8% 3.8% 4.3% 2.3% 5.1% 6.0% 7.3% 7.2% Average in place rent (PSF) $16.08 $16.07 $15.77 $15.77 $15.70 $15.85 $15.33 $15.37 Same store growth - Canada 2.7% 2.2% 0.6% 0.1% 0.2% 0.0% 1.5% 1.5% Same store growth - US 1.7% 0.9% 1.4% 1.4% 1.9% (0.3%) 1.3% (0.6%)

Financial Summary

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(thousands of dollars) Three Months Ended December 31,

2013 2012 Increase (decrease) Same Store Number of Properties 257 257

• Committed Occupancy

96.8% 97.1% (0.3%) Economic Occupancy 95.4% 95.4% 0.0% Net Operating Income Same store1 $144,731 $140,868 2.7% Redevelopment & intensification $1,851 $2,593 (28.6%) Same properties2 $146,582 $143,461 2.2% Acquisitions & Dispositions $8,025 $6,593 nm Greenfield development $3,532 $2,656 33.0% NOI before adjustments $158,139 $152,710 3.6% Lease cancellation fees $3,532 $4,290 (21.8%) Straight-lining of rents $731 $2,150 (66.0%) NOI from properties under development $945 $868 8.9% NOI – At RioCan’s interest $163,168 $160,018 2.0%

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

Net Operating Income Canadian Portfolio

Financial Summary

25

(thousands of dollars) Year Ended December 31,

2013 2012 Increase (decrease) Same Store Number of Properties 257 257

• Committed Occupancy

96.8% 97.1% (0.3%) Economic Occupancy 95.4% 95.4% 0.0% Net Operating Income Same store1 $557,811 $548,472 1.7% Redevelopment & intensification $6,803 $8,673 (21.6%) Same properties2 $564,614 $557,145 1.3% Acquisitions & Dispositions $38,560 $16,295 nm Greenfield development $16,792 $13,983 20.1% NOI before adjustments $619,966 $587,423 5.5% Lease cancellation fees $8,022 $13,139 (38.9%) Straight-lining of rents $4,463 $4,236 5.4% NOI from properties under development $3,709 $2,421 53.2% NOI – At RioCan’s interest $636,160 $607,219 4.8%

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

Net Operating Income Canadian Portfolio

Financial Summary

26

Three Months ended Dec. 31, (thousands of dollars)

2013 2012 Increase (decrease)

Base rent – US$ $25,706 $25,619 0.3% Property tax and operating cost recoveries – US$ 7,741 8,229 (5.9%) Other – US$ 190 268 (29.1%) Rental revenue – US$ 33,637 34,116 (1.4%) Property operating costs – US$ 9,213 10,110 (8.9%) Same store and same properties 12– US$ $24,424 $24,006 1.7% Foreign currency translation adjustment 1,006 (220) nm Same store and same properties 12 – CDN$ 25,430 23,786 6.9% Acquisitions 6,714 – nm Dispositions

• 1,775

nm NOI before adjustments $32,144 $25,561 25.8% Lease cancellation fee

• –

nm Straight-lining of rents 1,086 927 17.2% NOI – At RioCan’s interest $33,230 $26,488 25.5%

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

Net Operating Income

US Portfolio

Financial Summary

27

Year ended Dec. 31, (thousands of dollars)

2013 2012 Increase (decrease)

Base rent – US$ $95,048 $94,230 0.9% Property tax and operating cost recoveries – US$ 28,964 27,502 5.3% Other – US$ 816 1,066 (23.5%) Rental revenue – US$ 124,828 122,798 1.7% Property operating costs – US$ 35,466 34,452 2.9% Same store and same properties 12– US$ $89,362 $88,346 1.2% Foreign currency translation adjustment 2,664 49 nm Same store and same properties 12 – CDN$ 92,026 88,395 4.1% Acquisitions 26,140 – nm Dispositions

• 4,646

nm NOI before adjustments $118,166 $93,041 27.0% Lease cancellation fee 299 – nm Straight-lining of rents 3,264 3,270 (0.2%) NOI – At RioCan’s interest $121,729 $96,311 26.4%

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

Net Operating Income

US Portfolio

Conservative Debt Profile

• Debt-to-Total Assets of 44.0% at December 31, 2013;
• Total operating lines $640 million with approximately $598 million

available at February 12, 2014

• Unencumbered pool has a fair value of $2.1 billion
• Floating rate debt 8.0% of aggregate debt
• Strong coverage ratios in Q4 2013
• EBITDA interest coverage of 3.10x
• Debt service coverage of 2.26x and
• Fixed charge coverage of 1.10x

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* At RioCan’s interest

RioCan Capital Structure

34.8% 11.1% 2.0% 52.1%

0% 25% 50% 75% 100% Book Value*

Common Units - 304 million units outstanding, $7.5 billion market capitalization Preferred Units - $274 million market capitalization Debentures - $1.4 billion Mortgages & Lines of Credit - $4.5 billion 29

34.1% 10.8% 2.1% 53.0%

0% 25% 50% 75% 100% Market Value

Total Assets – $13.6 Billion Total Enterprise Value* – $13.8 Billion * At RioCan’s interest

Conservative Debt Structure

Growth in Asset vs Debt

30

2000 4000 6000 8000 10000 12000 14000

2008 2009 2010 2011 2012 2013

3,260 3,663 4,410 5,034 5,717 5,988 5,338 5,862 8,886 10,767 12,888 13,554

Debt Assets

CAGR - 20.5% CAGR - 12.9%

Modest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even

through periods of considerable growth

• 60% max permitted under covenant
• Interest coverage well in excess of the 1.65x maintenance covenant

47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 46.4% 43.5% 44.0%

2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x 2.7x 2.6x 2.2x 2.5x 2.5x 2.7x 2.8x

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

Leverage Interest Coverage

31

* At RioCan’s interest

Debt Maturity Schedule

32

• Long-term, staggered debt maturity profile.
• 4.3% overall WAIR and 4.7 Year weighted avg. term to maturity at RioCan’s interest.
• Low floating rate debt exposure (8.0% of total debt) at RioCan’s interest.

4.6% 4.6% 4.5% 3.6% 3.5% 4.4% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

500 1,000 1,500 2,000 2,500

2014 2015 2016 2017 2018 Thereafter

Scheduled principal amortization Mortgages payable Debentures payable Weighted average interest rate

$ Millions

Weighted Avg. Interest Rate on Maturing Debt 413 790 943 1,123 779 1,936

Leverage and Coverage Ratios & Targets

33

3 Months 12 Months Targeted Ratios Dec. 31/13 5 Dec. 31/13 Dec. 31/13 5 Dec. 31/12 Interest coverage ratio1 >2.75x 3.10x 2.80x 2.83x 2.69x Debt service coverage ratio2 >2.25x 2.26 2.10 2.10 1.98 Fixed charge coverage ratio3 >1.1x 1.10 1.06 1.06 1.04 Net operating debt to operating EBITDA ratio4 <6.5x 7.49 7.49 7.24 7.09 Unencumbered Assets ($millions) $2,068 $1,353 Unsecured Debentures ($millions) $1,456 $1,299 Unencumbered Assets to Unsecured Debt >130% 142% 104%

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

* At RioCan’s interest

Growth Strategy

Future Growth Drivers

35

Future Growth Drivers

Institutional Relationships Organic Growth Acquisitions Development Pipeline Land Use Intensification

Organic Growth

Canadian Portfolio

36 Lease Expires

(thousands except psf and % amounts Portfolio NLA 2014 2015 2016 2017 2018 Total 39,358 4,395 4,108 4,752 3,568 4,592 Square Feet expiring/portfolio NLA 11.2% 10.4% 12.1% 9.1% 11.7%

Total average net rent psf

$16.63 $16.75 $16.44 $16.73 $18.86 $17.14

Ability to add growth through rental renewals with 55% of leases renewing over next five years.

• In 2013 achieved renewal rent increases of 11% or $1.80 psf with an average renewal rate of $18.22.
• Retention rate of 97.0% in Q4 2013

$12 $13 $14 $15 $16 $17 $18 $19 $20 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

RioCan Lease Maturity Schedule and Renewal History

Square feet renewed/expiring (left axis - 000's) Achieved Renewal Rent PSF Expiring Rent PSF

Organic Growth

U.S. Portfolio

37

Lease Expires

(thousands except psf and % amounts

Portfolio NLA 2014 2015 2016 2017 2018 Total 9,882 700 482 494 732 1,146

Square Feet expiring/portfolio NLA 7.1% 4.9% 5.0% 7.4% 11.6%

0% 20% 40% 60% 80% 100% 2004 2015 2016 2017 2018

Leases Expiring Total Portfolio Cumulative

Square Feet expiring/portfolio NLA Ability to add growth through rental renewals with 36% of leases renewing over next five years.

• In Q4 2013 achieved renewal rent increases of 4.8% or $0.55 psf with an average renewal rental rate of $12.06
• Maintained a retention rate of 98.2% in Q4 2013

Acquisitions

38

2010 2011 2012 2013 $986 $1,100 $926 $849 Annual Acquisitions – Canada & US

Purchase price at RioCan’s interest (millions)

Total

$3.9 Billion

Acquisitions

Track Record – Acquisitions 2011 – 2013

39

Location Cap Rate RioCan’s Purchase Price (millions) Canada 6.4% 506 United States 6.9% 567 2011 Acquisitions 6.6% $1,073 Canada 5.7% 543 United States 6.8% 383 2012 Acquisitions 6.1% $926 Canada 5.3% 571 United States 6.6% 278 2013 Acquisitions 5.7% $849 Grand Total 2011-2013 6.2% $2,848

Dissolution of JV with Retail Properties of America, Inc. (“RPAI”) and Dunhill Partners

Transaction Highlights - RPAI

• RioCan and RPAI have dissolved their joint venture arrangement formed in 2010;
• RioCan acquired a 100% interest in eight high quality retail assets in Texas, including the dominant

power centres in Austin and San Antonio. The portfolio includes four Target shadow anchored centres in Austin, San Antonio and Temple, as well as four exceptional grocery anchored or shadow anchored centres in Houston and Dallas.

• The gross purchase price for the 8 properties was $96.6 million, representing a capitalization rate of

6.9%. Under the terms, RioCan assumed RPAI’s share of the current in place mortgage financing of $41.8 million, which carries an average interest rate of 3.7% and has an average term to maturity of 2.9

• years. The purchase price for the 8 properties net of financing and mark to market adjustment on debt

was $53.7 million.

• RPAI acquired from RioCan its 80% ownership in five assets at a gross purchase price of $102.8 million

($45.6 million net of financing and mark to market adjustment on debt) to increase RPAI’s ownership interest to 100% in these five properties.

41

Transaction Highlights - RPAI

42

High quality assets with a focus towards grocery anchored centres

Transaction Highlights - RPAI

Assets Acquired

43 Property Name Location NLA

Occupancy

Major Tenants

1890 Ranch Austin 486,896 90.5% Super Target (shadow), Ross Dress for Less, Beall’s, PetSmart Alamo Ranch San Antonio 424,371 89.4% Super Target (shadow), Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Michaels Bear Creek Shopping Center Houston 87,912 98.8% HEB Bird Creek Crossing Temple 124,941 100.0% Target (Shadow), Home Depot (Shadow), PetSmart, Michaels, Office Max Great Southwest Crossing Dallas 168,000 100.0% Sam’s Club (shadow), Kroger (Shadow), PetSmart, Office Depot Riverpark Phase I,II Houston 253,011 95.9% HEB, LA Fitness, Dollar Tree Southpark Meadows Austin 923,141 97.0% Walmart (ground lease), Super Target (Shadow), Bed Bath & Beyond, Marshalls, Ross Dress for Less, Sports Authority Suntree Square Dallas 99,269 94.2% Tom Thumb (Safeway),

TOTAL / W.A.

2,567,541 94.4%

Transaction Highlights - Dunhill

Dunhill Partners Inc. (Dunhill)

• RioCan has dissolved its joint venture agreement with Dunhill. RioCan acquired its

partner’s interests in six properties for a total purchase price of US$83.5 million, which equates to a capitalization rate of 6.4%. The six properties are; Arbor Park, Las Colinas Village, Las Palmas Marketplace, Lincoln Square, Louetta Central and Timber Creek Crossing.

• RioCan assumed Dunhill’s share of the existing in place mortgage financing on the six

properties aggregating to approximately US$42 million, which carries an average interest rate of 4.97% and has an average term to maturity of 8.2 years.

44

Transaction Highlights - Dunhill

Assets Acquired

45

Property Name Dunhill’s interest Location NLA

Occupancy

Major Tenants Arbor Park 15% San Antonio 139,718

98.5% Ross Dress for Less, Office Max, Michaels

Las Colinas Village 15% Irving (Dallas) 104,741

100% Staples

Las Palmas Marketplace 36.6% El Paso 637,272

98.2% Lowe’s, Kohl’s, Bed Bath & Beyond, Ross Dress for Less

Lincoln Square 18.12% Arlington (Dallas) 471,597

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

Louetta Central 15% Houston 179,995

100% Walmart (shadow), Kohl’s, Ross Dress for Less, Michaels,

Timber Creek Crossing 20% Dallas 474,057

98.5% Walmart, JC Penny

TOTAL / W.A. 2,007,380 97.1%

RioCan Cedar Dissolution Transaction Highlights

• In October 2012, RioCan and Cedar Realty Trust entered into an agreement to dissolve their joint

venture formed in late 2009.

• RioCan acquired Cedar’s 20% interest in 21 properties to increase its ownership to 100% and Cedar has

acquired from RioCan an 80% interest in Franklin Village to increase its ownership to 100% in the property.

• The gross purchase price for the 21 properties was $120 million, representing a capitalization rate of

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

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

net of financing).

• Net cash investment by RioCan of approximately $39 million.
• In February 2013, RioCan sold its entire position of 9.4 million shares of Cedar for $48 million.
• In January 2013, RioCan opened a regional office in Mount Laurel, New Jersey and effective February 1,

2013 RioCan assumed property and asset management functions for its Northeast portfolio.

46

Figures in US dollars

Recent Enclosed Mall Acquisitions

47

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

Recent Enclosed Mall Acquisitions

Impact on Property Type Mix

48

RioCan plans to actively increase its presence in two sectors in Canada; enclosed regional malls and urban retail centers, as a means of leveraging its retail tenant base across the US and Canada.

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

Office, 4.3% Urban Retail, 8.6% Enclosed Shopping Centre, 15.1% Non-Grocery Anchor, 5.0% Grocery Anchored Centre, 18.3% New Format Retail, 48.7%

As at March 31, 2013

Office, 5.0% Urban Retail, 8.6% Enclosed Shopping Centre, 18.1% Non-Grocery Anchor, 4.8% Grocery Anchored Centre, 19.6% New Format Retail, 43.9%

December 31, 2013

Enclosed Mall Acquisitions

• RioCan completed the purchase of a 50% interest in Burlington Mall in Burlington, Ontario, and a 100% interest in Oakville

Place in Oakville, Ontario in the second quarter of 2013.

– The gross purchase price for these two properties was approximately $362 million (at RioCan’s interest) at a cap rate of approximately 5.0%. In connection with the purchase, RioCan assumed, at its interest, the in place mortgage financing of approximately $165 million. The purchase price was reduced by a mark-to-market adjustment on closing in consideration of the debt’s above market interest rate, which was $9.8 million.

• Extends RioCan’s retail reach to develop deeper relationships with fashion tenants and could create additional
• pportunities at RioCan’s urban properties and Outlet Centres.
• RioCan also acquired a third asset, South Cambridge Centre from H&R REIT at a purchase price of $35 million at a cap rate
• f approximately 6.7%.

49

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

Extracting Value by Recycling Capital

• In Canada during 2013, RioCan sold 13 properties at a total sale price of $616 million at a weighted

average capitalization rate of 5.9%. The total debt associated with these assets was $160 million.

• Subsequent to year end RioCan sold two properties in Canada at a total sale price of $48 million at a

weighted average cap rate of 6.1%. Both properties were sold free and clear of financing.

• RioCan has one property for sale under conditional contract for a sales price of $5 million.
• Current asset sales plan involves selling centres in lower growth and secondary markets;
• These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high

growth markets;

– RioCan’s concentration in Canada’s six high growth markets exceeds 70% (Year end 2012 68%) – Capital from asset sales redeployed into enclosed mall acquisitions and development activities. 50

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

Extracting Value by Recycling Capital

Growth in Canada’s 6 Major Markets

RioCan’s program of recycling capital is to shift the portfolio’s geographic allocation away from low growth markets into Canada’s six high growth major markets. Markets with highest population growth will outperform smaller markets with little growth or negative populations statistics.

2008 2012 5-Jul-05

65.9% 67.5% 71.7%

51

Development Activity Development Pipeline

52 RioCan’s development program consists of 16 projects that are expected to add 11.9 million square feet (5.9 million square feet at RioCan’s interest) over the next six years.

• 0.8 million square feet is already

income producing

• Key component of RioCan’s organic

growth strategy

• Focused on well located urban and

suburban developments in Canada’s six major markets

* Subject to preleasing and market conditions

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

• 200

400 600 800 1,000 1,200 2014 2015 2016 2017 2018 2019 Pipeline NLA (000's Sq. Ft.) Committed Non-committed

Development Activity - Current Portfolio

5% 60% 33% 2%

Property Type as a % of Development Portfolio

Outlet Centre Power Centre Main Street/Urban Convenience Retail 53

Alberta 18% New Brunswick 5% Ottawa 11% Suburban GTA 24% Toronto 33% Other Ontario 9% Ontario 77%

Development Portfolio by Geographic Diversification

* % of total portfolio

Development Activity

At December 31, 2013

Total developments comprise 10.5 million square feet, including shadow anchors (7.4 million square feet included in Greenfield developments and 3.1 million square feet of Urban intensification projects).

• RioCan’s interest consists of 3.4 million square feet of Greenfield development and 1.5 million square feet of Urban

intensification projects.

• Total estimated development spending of $86.7 million for 2014 on Greenfield and Urban intensification activities. Overall

development spending in the next five to seven years will range from $100 million to $200 million per year.

• RioCan’s committed active development pipeline totals approximately $332 million, with an additional $203 million of

Non-committed development costs projected.

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.0% to 9.0%.
• Recent Urban Development acquisitions include Spadina and Front Street, Yonge & Eglinton Northeast corner, Bathurst &

College, and 740 Dupont in the GTA and Herongate Mall in Ottawa, ON.

• In July 2012, RioCan formed a JV with Allied Property REIT to develop sites in major markets across Canada.
• RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement and have acquired two parcels which

comprise “The Well” site in downtown Toronto. 54

Development Pipeline

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

Development Activity

In millions of square feet NLA – 100% NLA – RioCan% Income producing (i) 2014 2015 2016

Greenfield Development 7.4 3.4 0.8 0.5 0.7 1.4 Urban Intensification 3.1 1.5

• 0.1

1.4 10.5 4.9 0.8 0.5 0.8 2.8 Expansion & Redevelopment 1.4 1.0

• 0.4

0.4 0.2 Total 11.9 5.9 0.8 0.9 1.2 3.0

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

Estimated NLA Summary by Development Category

55

Development Activity

PUD Balance: Active Committed Non-Committed Non-active Total

Greenfield Development $218 $73

• $291

Urban Intensification 28 100

• 128

Expansion and Redevelopment 86 30

• 116

Excess Density

• 41

41 Other (i)

• 7

7 Total $332 $203 $48 $583

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

Properties Under Development at December 31, 2013

56

Development Activity

In millions 2014 2015 2016 Future Development Total

Greenfield Development $79.3 $19.9 $6.2 $257.2 $362.6 Urban Intensification 7.4 10.0 13.9 392.1 423.4 Expansion & Redevelopment 104.4 53.6 17.4

• 175.4

Total Construction Expenditures 191.1 83.5 37.5 649.3 961.4 Construction Financing (i) (16.5) (16.8) (2.5) (470.8) (506.6) Mezzanine Financing 3.7 1.5 0.9 35.4 41.5 Total RioCan Financing $178.3 $68.2 $35.9 $213.9 $496.3

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

Estimated Spending Summary by Development Category

57

Development Pipeline

58

• RioCan, Allied Properties and Diamond Corp announced in

November 2012 that they had entered into a joint venture arrangement to acquire the Globe and Mail site in downtown

• Toronto. In April 2013, the partners also purchased an

adjacent parcel.

• Initial parcel acquired at a purchase price of $136 million (at

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

• Project is expected to be 3.2 million square feet of mixed use

including 570,000 square feet of retail, 1.1 million square feet of office and 1.5 million square feet of residential space.

• The joint venture will be structured on a 40/40/20 basis

between RioCan, Allied and Diamond. RioCan and Allied would act as joint development and construction managers. Upon completion of any projects RioCan would act as property manager for any retail portion of the property and Allied would act as property manager for any office portion

RioCan & Allied Properties REIT Joint Venture

Development Pipeline

59

RioCan & Allied Properties REIT Joint Venture

THE WELL – Potential Layout and Vision

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

Development Pipeline

60

RioCan & Allied Properties REIT Joint Venture

THE WELL – Potential Layout and Vision

Development Pipeline

61

• RioCan and Allied Properties announced in July 2012 that

they had entered into a joint venture arrangement to acquire sites in the urban areas of major Canadian cities that are suitable for mixed use intensification

• The joint venture is structured on a 50/50 basis between

RioCan and Allied. RioCan and Allied would act as joint development and construction managers. Upon completion

• f any projects RioCan would act as property manager for

any retail portion of the property and Allied would act as property manager for any office portion

• First two sites to be developed are:

– College and Manning which will be developed into a mixed use complex with approx. 125,000 square feet and – King and Portland which will be developed into a mixed use complex with approx. 400,000 square feet in Toronto, Ontario.

RioCan & Allied Properties REIT Joint Venture

King Street College and Manning

Development Activity

62

Target has 25 locations in RioCan’s Canadian portfolio

• Target will be the anchor tenant at RioCan’s St Clair

and Weston road project Stockyards

• Canada’s first purpose built Target location
• pening spring 2014
• RioCan will continue to upgrade existing shopping

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

Development Pipeline

63

• St. Clair & Weston, Toronto

555,000 sqf. two storey retail – Projected Completion 2014

Anchor Tenant - Target

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

Development Pipeline

64

Sage Hill, Calgary

• Sage Hill Crossing, a 34 acre greenfield

development site in Northwest Calgary.

• RioCan will own the development on a 50/50

basis with KingSett Capital.

• RioCan acquired the site at a purchase price of

$32 million ($16 million at RioCan’s interest).

• Development commenced in 2013.
• Once completed, the anticipated gross leasable

area is 386,000 square feet of retail use.

• The property is 70% preleased with Walmart

and Loblaws slated to be the anchor tenants.

• Other major tenants include, RBC, Scotiabank,

McDonalds, Liquor Depot and London Drugs. The property is expected to be completed in 2016.

Development Pipeline

• 2.8 acre site located in the East

Village area of downtown Calgary, Alberta.

• The site was acquired on a 50/50

joint venture basis with KingSett Capital at a purchase price of $20 million.

• The joint venture is

contemplating the development

• f 316,000 square feet of mixed

use retail and office space.

• Development is anticipated to

commence in the spring of 2014.

65

Calgary East Village

Land Use Intensification and Urban Development

• Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban

locations, driven by:

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

66

“Densifying” existing urban locations

67

Yonge Eglinton Centre - Toronto, Ontario

• RioCan acquired the property for $223 million

launched revitalization and expansion plan to capitalize on area’s residential intensification significant increases in NOI and occupancy

Creating New Cash Flow Sources

68

RioCan Yonge Eglinton Centre –The Cube

Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 51,000 square feet Design Concept: Urban Retail Construction Start: Q2 2013 Expected Completion: Spring 2015

Today Proposed

Creating New Cash Flow Sources

69

The Sheppard Centre, Toronto

Location: Toronto, Ontario Intersection: Yonge & Sheppard Total Proposed GLA: 678,000 square feet Design Concept: Urban Retail Expected Construction Start: Late 2014 Anticipated Completion: 2016

Today

• Plans include substantial renovation of retail

space including a new four storey retail addition fronting Sheppard Avenue.

• When complete will add approximately

110,000 square feet of new retail space.

• Plans also contemplate the addition of a

new 39 storey residential tower containing 290,000 square feet.

• Fast growing area of North Toronto
• Conditional agreements in place with:
• Longo’s
• Goodlife Fitness

Proposed

Creating New Cash Flow Sources

70 Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 54,000 square feet Design Concept: Urban Retail Anticipated Completion: 2017

Yonge & Eglinton Northeast Corner - Toronto, Ontario

• 1.1 acre site has been approved for

redevelopment by the city of Toronto with a 58 storey tower at corner of Yonge and Eglinton and a 36 storey tower fronting Roehampton Avenue (first street north of Eglinton).

• Condominium portion of the project is 90%

pre-sold by dollar value.

• North tower to be developed as rental residential.

Current plans are for 458 unit residential apartment building.

Creating New Cash Flow Sources

71 Location: Toronto, Ontario Intersection: 740 Dupont Street Total Proposed GLA: 184,000 square feet Design Concept: Urban Retail Anticipated Completion: 2017

740 Dupont - Toronto, Ontario

Creating New Cash Flow Sources

72

420 Bathurst Street, Toronto

Location: Toronto, Ontario Intersection: Bathurst & Dundas Total Proposed GLA: 126,000 square feet Design Concept: Urban Retail Anticipated Completion: 2015

Urban Intensification

• Located at the busy intersection of Bayview Avenue and

Eglinton Avenue in midtown Toronto

• The site benefits from excellent demographics and is a

probable location for a stop along the proposed Eglinton subway line

• The property is an excellent location for a redevelopment

project similar to what has been accomplished at 1717 Avenue Road 73

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

Sunnybrook Plaza, Toronto, ON Queensway Cineplex, Toronto, ON

• Located in Western Toronto at the corner of The Queensway

and Islington Avenue with access to the Queen Elizabeth Way (QEW)

• The Currently anchored by Cineplex, which will be expanded

to include VIP screens. This centre is an ideal property for additional density and potential redevelopment into a mixed-use facility, in keeping with the trend of urban intensification

Urban Intensification – Completed Projects

74

Queen & Portland, Toronto, ON

Before After

Location: Toronto, Ontario Intersection: Portland & Queen Total Proposed GLA: 91,000 square feet Design Concept: Mixed-use facility Construction Completed: 2011

Urban Intensification – Completed Projects

75

1717 Avenue Road, Toronto, ON

Location: Toronto, Ontario Intersection: 1717 Avenue Road Total Proposed GLA: 91,000 square feet Design Concept: Mixed-use facility Construction Completed: 2011

Canadian Outlet Centre Development

• In 2011, RioCan entered into an exclusive joint venture for the acquisition, development and leasing
• f sites across Canada that are suitable for development or redevelopment as outlet shopping

centres similar in concept and design to those within the existing Tanger U.S. portfolio.

• In December 2011, RioCan and Tanger acquired the Cookstown Outlet Mall, located about 45

minutes north of Toronto. A 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space, which broke ground during the second quarter of 2013.

• In November 2012, RioCan and Tanger acquired two sites in the Montreal area, Les Factoreries

Saint-Sauveur, and Le Carrefour Champetre (Bromont Outlet Centre). The Montreal sites are existing centres which will be expanded and re-branded as Tanger Outlet Centers.

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

second quarter 2013.

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

76

Development Pipeline

• 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space
• Ground breaking ceremonies on expansion were held in Q2 2013.

77

Cookstown Outlet Mall

Purchased in December 2011 with Tanger Factory Outlet Centers.

Development Pipeline

• 52.5 acre site, approximately 20 kilometres west of Ottawa
• To be developed into a 347,000 square foot outlet centre
• Ground breaking ceremonies on expansion were held in

Q2 2013.

78

West Kanata Lands

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

Development Pipeline Tanger Opportunities

• 116,000 square foot outlet centre with the potential to add a further 15,000 square feet of retail space
• Well established outlet centre in suburban Montreal

79

Les Factoreries, St-Sauveur Tanger Outlet Centre

Development Pipeline Tanger Opportunities

• 162,000 square foot outlet centre with the potential to add a further 89,000 square feet of retail space
• Established outlet centre located 85kms east of Montreal, near the eastern townships

80

Bromont Tanger Outlet Centre – Bromont, Quebec

Strong Institutional Relationships

• Through the years RioCan has developed strong institutional relationships
• Leverage RioCan’s capital to enhance returns and increase scale of investments
• Generate additional revenue streams through property and asset management fees
• RioCan recently entered into a Joint Venture arrangement with KingSett Capital when it

acquired the Sheppard Centre

– RioCan manages the property, acts as leasing manager for the property and will be the development manager in connection with any redevelopment of the property. – Currently partnered with KingSett on the acquisition of the Sage Hill development site. – Currently partnered with KingSett on the acquisition of Burlington Mall as part of the Primaris acquisition

• RioCan has also developed a strong relationship with Allied properties

– RioCan has partnered with Allied on the urban development sites of King & Portland and College street in Toronto. – RioCan, Allied, and Diamond Corp. have entered into a joint venture to develop The Well (formerly the Globe and Mail lands) at Front Street and Spadina in downtown Toronto.

81

Strong Institutional Relationships

• 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 including a 10 property portfolio in

central and eastern Canada purchased in September 2008.

• RioCan provides asset and property

management, development and leasing services to RioKim in Canada.

• RioCan recently acquired an 80% interest in

Montgomery Plaza in Fort Worth, Texas from Kimco, who remains a 20% owner in the property and provides property management and leasing services.

82

RioKim Joint Venture

Brentwood Village Tillicum Centre

Strong Institutional Relationships

• 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

1.8 million sq. ft. of completed regional power centres and approximately 3.2 million sq. ft. of planned development projects

• RioCan provides property and asset

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

83

CPPIB Joint Venture

RioCan Centre Burloak - Before RioCan Centre Burloak - After

Strong Institutional Relationships

• Acquired in December 2009 on a 50-50 basis
• Unique asset located in the Greater

Vancouver Area market of Surrey

• Diverse and strong tenant mix
• 529,827 sq. ft. anchored by a 217,278 sq. ft.

Walmart 84

CPPIB Strategic Alliance

Grandview Corners

• RioCan completed the rezoning for its St.

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

• Site work commenced in the fourth quarter
• f 2011. Expected completion in first half
• f 2014
• St. Clair & Weston

Strong Institutional Relationships

• RioCan has successfully completed the rezoning

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

• The East Hills development consists of three phases.

Phase I and III comprise approximately 111 acres and Phase II comprises approximately 37 acres. 85

CPPIB Strategic Alliance

East Hills

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

in Calgary, is a 105 acre development site.

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

Trinity

• Upon completion, the development is expected to feature

approximately 1.1 million square feet of retail space.

McCall Landing

Non-GAAP Measures

86

RioCan’s consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. The following measures, RioCan’s Interest, Funds From Operations (“FFO”), Operating Funds From Operations (“Operating FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Unit holders Equity, Same Store NOI, and Same Property NOI, as well as other measures discussed elsewhere in this presentation, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. Non GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the “Use of Non- GAAP Measures” in RioCan’s fourth quarter and year ended December 31, 2013. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that investors may do the same.

RioCan Yonge Eglinton Centre 2300 Yonge Street, Suite 500 PO Box 2386 Toronto, Ontario M4P 1E4

TRANSFORMING…