DEVELOPMENT PROPERTY TOUR FOR ANALYSTS June 17, 2019 NON-GAAP - PowerPoint PPT Presentation

DEVELOPMENT PROPERTY TOUR FOR ANALYSTS June 17, 2019

NON-GAAP MEASURES 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, Funds From Operations (“FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Debt to Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge Coverage, and Enterprise Value as well as other measures discussed 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 “Non -GAAP Measures” in RioCan’s Management’s Discussion and Analysis for the quarter ended March 31, 2019. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that investors may do the same. PEER DATA PRESENTATION RioCan data and statistics are based on the quarter ended March 31, 2019 information. Certain slides contain a peer comparison that is based on the respective issuer’s reported information as at March 31, 2019. Peer group includes: First Capital Realty Corp. (FCR), SmartCentres REIT (SRU), Choice Properties REIT (CHP), CT REIT (CRT), and Crombie REIT (CRR). All information presented is at RioCan’s interest unless otherwise noted. CAGR refers to compound annual growth rate of a specific metric over a period of time. FORWARD LOOKING INFORMATION Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. The forward looking information contained in this presentation is made as of the date hereof. 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 most recent 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.

ANNUALIZED REVENUE FROM SIX MAJOR MARKETS: 87.5% AT A GLANCE Edmonton 5.6% Calgary Growth driven by strategic insight Montreal BC 10.4% 5.4% Vancouver Ottawa 5.5% 13.0% Toronto 47.6% • One of Canada’s first and largest REITs, focused on the ownership, management and QUICK FACTS – Q1 2019 development of high-quality, mixed-use properties in Canada’s six major markets Enterprise Value $14.1 B Number of Properties 230 • 25-year proven track record Net Leasable Area (NLA) (M sf) 38.3 • Diversified and predominantly necessity-based, Major Market Same Property NOI (SPNOI) 2.4% 2 service-focused tenant mix Total Portfolio SPNOI 2.0% 2 • Robust 26.3 M sf development pipeline, Major Market Committed Occupancy - Commercial 97.5% 11.2 M sf or 43% already with zoning approvals. Committed Occupancy - Commercial 96.9% 2,300 residential rental units under construction with Blended New and Renewal Leasing Spread 10.7% additional 2,000 units underway by 2021 1 Renewal Retention Rate 86.3% • Rated BBB with stable outlook by S&P Greater Toronto Area (GTA) Focus and BBB (high) with stable trend by DBRS % of Annualized Revenue 47.6% - Peer Average 3 24.5% 1. At 100% of project 2. Excludes the impact of the Bombay/Bowring disclaimed leases. If completed properties under development are included and the disclaimed Bombay/Bowring leases are excluded, SPNOI increased by 2.9% and 2.5% for its major market portfolio and total portfolio, respectively, when compared to the same period in 2018 3. Source: Company reports. Peer group includes: FCR, CHP, and CRT (CRR and SRU do not disclose this info) 3

OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER KEY DIFFERENTIATORS STRATEGIC PRIORITIES CONCENTRATE WITHIN MAJOR MARKETS Strengthen Canada’s leading major market portfolio by focusing on properties within fast-growing, high-population and high-income areas in order to achieve higher occupancy and rent growth. 25 YEARS OF REIT LEADERSHIP DRIVE ORGANIC GROWTH LEADING MAJOR Strategically evolve our tenant mix to stay ahead of changing consumer trends MARKET PORTFOLIO and drive strong results from operating efficiency and ancillary revenue. UNPARALLELED UNLOCK INTRINSIC VALUE DEVELOPMENT PIPELINE Bring our major market assets to their highest and best use by capitalizing on opportunities to intensify transit-oriented properties with mixed-use and residential developments, generating new sources of cash flow and NAV growth from completions. STRONG BALANCE SHEET MANAGE RISK EFFECTIVELY Utilize our diversified and strong tenant base, disciplined and staggered development approach, sophisticated management team and fortress balance sheet to control development risks, embed sustainability and diversify our portfolio. 4

TOTAL UNITHOLDER RETURNS OVER RIOCAN’S 25 -YEAR HISTORY TOTAL UNITHOLDER RETURNS OVER RIOCAN’S 25 -YEAR HISTORY Total Return to Unitholders Assuming an Initial Investment of $100 and Distributions are Re-Invested $4,000 $3,559 $3,500 YE 1994 to Q1 2019 CAGR RioCan: 15.9% $3,000 S&P/TSX Composite Index: 7.7% $2,500 $2,000 $1,500 $1,000 $608 $500 $0 1994 1998 2002 2006 2010 2014 2018 Q1 2019 RioCan REIT S&P/TSX Composite Index Source : Bloomberg 5

OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER Operating metrics and balance sheet are producing the highest quality income in RioCan’s history Total 2013 1 Metric Q1 2019 Improvement +15.8%  Major Market Presence (% of Revenue) 71.7% 87.5% +6.0%  GTA Presence (% of Revenue) 41.6% 47.6% +21.4M  Total NLA from Development Pipeline (in SF) 4.9M 26.3M 2.0% 2 +0.7%  Same Property NOI growth 1.3% Average Net Rent PSF (Canada Only) $16.63 $19.16 +$2.53  Committed Occupancy (Canada Only) 96.9% 96.9% -- -4.5%  % Revenue from Department Stores & Apparel 13.0% 8.5% Largest Revenue Exposure from One Tenant 3.7% 4.6% +0.9%  +$625M  Development Costs on the Balance Sheet $583M $1,208M 3 +0.38x  Debt to Adjusted EBITDA 7.56x 7.94x 2.83x +0.72x  Interest Coverage 3.55x +0.91x  Debt Service Coverage 2.10x 3.01x +0.09x  Fixed Charge Coverage 1.06x 1.15x $2,068M +$5,932M  Unencumbered Assets $8,000M +87%  Unencumbered Assets / Unencumbered Debt 142% 229% +40.4%  NOI % from Unencumbered Assets 19.2% 59.6% 24.3% +33.4%  Unsecured Debt as % of Total Debt 57.7% -12.5%  FFO Payout Ratio 90.4% 77.9% -1.8%  Leverage 44.0% 42.2% $23.01 +$2.33  Net Book Value Per Unit $25.34 1. Includes US operations unless otherwise noted 2. Excludes the impact of the Bombay/Bowring disclaimed leases. If completed properties under development are included and the disclaimed Bombay/Bowring leases are 6 excluded, SPNOI increased by 2.5% when compared to the same period in 2018 3. Includes $181M of Residential Inventory

25 YEARS OF REIT LEADERSHIP LEADERSHIP TEAM Deep industry knowledge and unparalleled experience Deep executive bench operating Long track record of driving Uniquely integrated to drive the Proven balance of calculated one of the largest and longest- success and value, resulting in highest returns and best use of risk-taking running REITs in Canada. respect, trust and deep every property for continued and prudent financial relationships. optimization. management. Andrew Duncan John Ballantyne Oliver Harrison Jonathan Gitlin Senior Vice President, Senior Vice President, Senior Vice President, President & Development Asset Management Operations Chief Operating Officer Jeff Ross Qi Tang Jennifer Suess Edward Sonshine O.Ont, Q.C Senior Vice President, Senior Vice President Senior Vice President, Chief Executive Officer Leasing & Tenant Coordination & Chief Financial Officer General Counsel & 7 Corporate Secretary