Management Investor Presentation - Year End 2015

RIOCAN PRESENTATION 2015 February 25, 2015

RioCan Investor Presentation Year End 2015 March 23, 2016

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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, RioCan’s Interest, Funds From Operations (“FFO”), Adjusted FFO, Operating FFO, Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Operating EBITDA, Net Consolidated Debt to Adjusted EBITDA, Net Operating Debt to Operating EBITDA, Adjusted Unitholders Equity, Same Store NOI, and Same Property NOI, and Total Enterprise Value 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 “Non-GAAP Measures” in RioCan’s Management’s Discussion and Analysis for the period ended December 31, 2015. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that investors may do the same.

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, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be found in our annual information form and annual report that are available on our website and at www.sedar.com. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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http://www.sedar.com/

One of North America’s Largest Retail REITS

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305 properties in Canada

65 million sqft total portfolio

$7.6 billion market cap

46 million sqft owned

$15.3 billion enterprise value

~84% revenue generated by national and anchor tenants

~6,500 tenancies

This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s Dec. 30, 2015 MD&A.

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 through acquisition and development

Positioned to benefit from robust development pipeline and acquisitions

Experienced, performance driven management team

Dominant platform, geographically diversified

Conservative balance sheet / financial strength

Property Portfolio – Canada

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Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

Annualized Rental Revenue by Province & Major Market

11.7%

6.6%

4.8% 4.1%

6.0%

41.7%

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BC, 7.3%

Alberta, 12.5%

Manitoba & Saskatchewan,

1.1%

Ontario, 67.7%

Quebec, 9.4% Eastern Canada,

2.0%

Strong Tenant Relationships

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Top 10 Tenants Canada

Top 10 Tenant Name Annualized

Rental Revenue

Number Of Locations

NLA (Sq. Ft. In

000s)

Weighted Avg Remaining Lease Term

(Yrs)

1 (i) 4.6% 82 2,099 7.4

2 (ii) 4.4% 90 2,402 8.1

3 4.0% 30 3,505 10.9

4 3.8% 29 1,443 8.4

5 3.5% 52 2,133 6.7

6 3.4% 72 1,825 7.4

7 1.8% 33 1,053 7.3

8 1.7% 106 489 5.8

9 1.5% 82 725 6.5

10 (iii) 1.4% 11 1,379 12.7

(i) Loblaws/Shoppers Drug Mart includes No Frills, Fortinos, Zehrs and Maxi. (ii) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark’s/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere. (iii) In February 2016, Lowe’s announced its intention to acquire Rona. If completed, Lowe’s would become RioCan’s ninth largest tenant by annualized rental revenue.

As at Dec. 31, 2015

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Lease Rollover Profile Broadly Distributed Lease Expiries

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3,578 4,181

4,720 5,376

4,916

2016 2017 2018 2019 2020

% Square Feet expiring / portfolio NLA

Canadian Portfolio As at Dec. 31, 2015

’000s Square Feet

8.5% 11.2% 12.8% 11.7% 9.9%

Occupancy since 1996 Historical Committed Occupancy Rates 1996 to 2015

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% 97.0%

94.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

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* RioCan’s committed occupancy rate as at Dec. 31, 2015 reflects 18 disclaimed leases by Target Canada in properties owned by RioCan.

Corporate Developments

• RioCan announced with its second quarter results that the Trust has engaged advisors to conduct a strategic review of its U.S. Operations.

• RioCan began acquiring assets in the U.S. in the fourth quarter of 2009 and since has seen strong gains in the value of the portfolio from cap rate compression and appreciation of the U.S. dollar.

• In the fourth quarter of 2015, RioCan announced that it had entered into an agreement with Blackstone Group to sell the U.S. portfolio at a sale price of US$1.9 billion.

• The Trust has hedged approximately 84% of the anticipated gross U.S. sale proceeds to be received on transaction closing through U.S. borrowings that will be repaid with U.S. sale proceeds received on closing.

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Corporate Developments • The sale is expected to generate proceeds of approximately $1.2 billion (US$ 0.9

billion) net of outstanding mortgages payable, transaction costs and taxes. – From the sales proceeds, approximately $510 million will be used to repay operating lines that were used

to complete RioCan’s acquisition of Kimco’s interest in 23 properties in Canada. – A portion of the anticipated remaining net proceeds of approximately $725 million will be used to repay

operating lines and other debt obligations and further strengthen our balance sheet by reducing overall leverage.

• The proceeds from the sale will not only enhance our corporate liquidity to fund our Canadian growth strategy and development pipeline, but will also significantly deleverage our balance sheet. Debt to Total assets is expected to decline to approximately 39% from 46.1% at December 31, 2015 (on a pro forma basis).

• The sale will allow RioCan to simplify its business structure and improve its strategic advantage in Canada by allowing management to focus exclusively on its Canadian operations.

• The transaction is expected to be completed in April 2016

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Financial Highlights Operating Funds From Operations

(“OFFO”)

OFFO

329 380

440 492 517

557

2010 2011 2012 2013 2014 2015

OFFO Per Unit

1.33 1.43

1.52 1.63

1.68 1.74

2010 2011 2012 2013 2014 2015

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11.1% CAGR 5.5% CAGR


Note: OFFO includes results from continuing and discontinued operations

Financial Highlights

• RioCan's Operating Funds From Operations ("Operating FFO") for the three months ended December 31, 2015 ("Fourth Quarter") was $142 million or $0.44 per unit compared to $130 million or $0.42 per unit for the fourth quarter in 2014, representing an increase of $12 million or 9.8%, (6.4% on a per unit basis);

• RioCan's Operating FFO increased 7.6% to $557 million for the year ended December 31, 2015 compared to $517 million for the same period in 2014. On a per unit basis, Operating FFO increased by $0.06 or 3.7% to $1.74 compared to $1.68 for 2014;

• RioCan's AFFO payout ratio for the year ended December 31, 2015 improved to 90.4% as compared to 93.4% for 2014. In the Fourth Quarter, RioCan's AFFO payout ratio was 90.1% as compared to 95.3% for the same period in 2014;

• During the Fourth Quarter, RioCan announced that it had reached a settlement with Target Corporation resulting in a net payment of $132 million ($92 million at RioCan's interest) relating to the 18 leases that were disclaimed by Target Canada Co. RioCan has either successfully signed, conditional, or is in advanced discussions on lease deals representing 115% of the former Target rental revenue; 13


Financial Highlights

$ per unit Payout Ratio $ per unit Payout Ratio

Quarter % Change Q4 2015 Q4 2014 Q4 2015 Q4 2014 % Change 2015 2014 2015 2014

Distribution 0.0% 0.3525 0.3525 n/a n/a 0.0% 1.0575 1.0575 n/a n/a

FFO(i) 69.8% 0.69 0.40 51.1% 88.1% 18.4% 1.95 1.65 72.3% 85.5%

OFFO 6.4% 0.44 0.42 80.1% 83.9% 3.7% 1.74 1.68 81.0% 83.9%

AFFO 8.0% 0.40 0.37 90.1% 95.3% 3.8% 1.57 1.51 90.4% 93.4%

Canada United States

Q4 2015 Q4 2014 Q4 2015 Q4 2014

Same Store NOI Growth (2.5%) 0.6% (1.2%) 4.4%

Same Property NOI Growth (3.4%) 0.4% (1.6%) 4.4%

14 This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s Dec.. 31, 2015 MD&A.

($ millions) % Change 2015 2014

Total Revenue 6.1% 1,087.7 1,025.0

FFO(i) 22.8% 622.4 506.8

OFFO 7.6% 556.7 517.4

AFFO 8.1% 501.0 463.6

(i) Includes $88 million received in net proceeds through RioCan’s settlement with Target Corp. in Q4 2015

Financial Highlights (in millions)

Distributions to Unitholders

228 261 281 285 293 316 312 310

297 318 343 367

401 426 433 453

2008 2009 2010 2011 2012 2013 2014 2015

0.99 1.04 1.13 1.14 1.07 1.01 1.04 1.02 0.97

1.3275 1.36 1.38 1.38 1.38 1.38 1.41 1.41 1.41

2007 2008 2009 2010 2011 2012 2013 2014 2015

Distributions to Unitholders per Unit

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

Organic Growth

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Occupancy and Leasing Profile – Last eight quarters

2015 2014

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Committed occupancy 94.0% 93.2% 93.1% 96.7% 97.0% 97.0% 97.0% 96.9%

Economic occupancy 92.2% 91.6% 91.9% 95.3% 95.8% 95.9% 95.5% 95.6%

NLA leased but not paying rent (thousands of square feet) 789 616 494 565 469 446 473 500

Annualized rental impact (thousands) $16,884 $16,076 $15,273 $16,235 $14,652 $16,641 $14,368 $12,459

Retention rate – Canada 81.4% 89.8% 87.7% 83.5% 85.0% 91.7% 88.8% 91.2%

% increase in average net rent per sq ft –Canada 4.0% 8.6% 9.5% 9.5% 11.8% 12.9% 13.9% 7.0%


Target’s Departure from Canada

• On January 15, 2015, Target Corporation (Target) announced plans to discontinue its Canadian operations through its indirect wholly-owned subsidiary, Target Canada, and that it was utilizing the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) to wind down its operations.

• Pursuant to IFRS, effective July 1, 2015 RioCan is no longer recognizing rental revenue on the leases that were disclaimed by Target Canada.

• On November 23, 2015 RioCan announced that it had reached a settlement with Target Corporation in the amount of $132 million of which $91.8 million belongs to RioCan ($88 million net).

• RioCan is actively in discussion with potential retailers to backfill the vacant premises.

• Estimated 18 to 24 months to break-up the former Target spaces and a new tenant to commence paying rent in these reconfigured spaces taking into consideration lease negotiations, construction approvals, construction time and fitting out of such space.

• When complete re-tenanting will result in a more diversified revenue stream and potentially a better draw for consumers.

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Update on Backfill Progress

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RioCan currently 32 leases that are committed, conditional, or in advanced stages of negotiations that represent approximately $12.5 million at RioCan’s interest, or 115% of the total rental revenue lost through Target’s departure. These new leases will have a stronger growth profile than the previous Target Canada leases, which were assumed from Zellers and had little, if any, rent growth through the remaining lease terms and renewal options. In addition, the new leases are more market based, providing for a full pro-rata share of operating cost recoveries, utilities, and realty taxes, which were capped under the former Target Canada leases.

Deal Count

Square Feet at 100%

Square Feet at RioCan's Interest

Annual Base Rental Revenue at RioCan’s Interest

(millions) Former Target Canada Space 19 2,091,480 1,662,977 $10.9 Backfill Progress Committed Space 17 572,660 418,199 $7.4 Conditional Agreements 4 89,453 78,203 $1.3 Advanced Discussions 11 396,943 348,209 $3.8 Total Leased or in discussions 32 1,059,056 844,611 $12.5 Space Currently Marketed 255,442 136,238 NLA included in Properties Under Development Expansion & Redevelopment

1,314,498 980,849

Flamborough Power Centre 60,000 60,000 RioCan Niagara Falls 132,416 132,416

Total NLA upon completion of redevelopment 1,506,914 1,173,265

GLA converted for landlord uses (common area, loading docks, etc.) 415,446 320,593 n/a

Space for demolition/potential redevelopment 195,433 195,433 n/a Total* 2,117,793 1,689,290

* Expansion space at RioCan Niagara Falls will result in an additional 26,000 sf. of net leaseable area at this property.

Conservative Debt Profile

• Debt-to-Total Assets* of 46.3% at Dec. 31, 2015 • Total operating lines $934 million, $339 available as at Dec. 31, 2015 • Unencumbered pool has a fair value of $3.3 billion • Floating rate debt 15.5% of aggregate Canadian debt • Strong coverage ratios* (based on rolling 12 months to Dec. 31, 2015):

• EBITDA interest coverage of 3.10x • Debt service coverage of 2.39x and • Fixed charge coverage of 1.12x

19 * At RioCan’s interest This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s Dec. 31, 2015 MD&A.

Conservative Debt Structure Growth in Asset vs Debt (at RioCan’s interest)

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In millions Debt

Assets

20082009

2010

2011

2012

2013

2014

2015

3,260

7,479

5,338

16,064

Debt

Assets

CAGR – 17.0%

CAGR – 12.6%


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

• Leverage increased in the Fourth Quarter of 2015 as a result of short term financing used to

complete the acquisition of Kimco’s interest in 23 properties. Leverage is expected to be reduced below 40% as debt is to be repaid with the proceeds from the U.S. sale.

47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 46.4% 43.6% 44.0% 43.8% 46.3%

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 2.9x 3.1x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Leverage Interest Coverage

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* At RioCan’s interest


Canadian Debt Maturity Schedule

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• Long-term, staggered debt maturity profile. • The weighted average contractual interest rate at Dec. 31, 2015 was 3.65% with a 3.6 year weighted avg. term to

maturity as compared to 4.04% and 3.95 years at Dec. 31, 2014. • Floating rate debt exposure – 15.5% of total debt. Increased largely due to draws on lines to temporarily fund

RioCan’s acquisition of interests in 23 properties from Kimco.

3.18% 3.76% 3.49% 3.38% 3.86% 4.02%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0200400600800

1,0001,2001,4001,6001,800

2016 2017 2018 2019 2020 Thereafter

Scheduled principal amortization Mortgages payable

Floating Rate Mortgages and Lines of Credit Debentures payable

Weighted average interest rate

$ Millions

Weighted Avg. Interest Rate on M

aturing Debt

1,177 1,096

792 883

601

1,624

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Leverage and Coverage Ratios & Targets

Rolling 12 Months Ended

At RioCan’s interest

Dec. 31/15

Dec. 31/14

Interest coverage ratio 3.10x 2.89x

Debt service coverage ratio 2.39x 2.20x

Fixed charge coverage ratio 1.12x 1.08x

Net operating debt to operating EBITDA ratio 7.93x 7.67x

Distributions as a percentage of AFFO 90.4% 94.5%

Unencumbered Assets to Unsecured Debt 166% 137%


Targeted Ratios

>3.00X

>2.25X

>1.10X

<6.50X

<90%

>200%

Future Growth Drivers

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Organic Growth

Development

Institutional Relationships

Acquisitions

Land Use Intensification

Organic Growth Canadian Portfolio

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Lease Expiries (thousands except psf and % amounts) Portfolio NLA 2016 2017 2018 2019 2020

Total 42,124 3,578 4,181 4,720 5,376 4,916

Square Feet expiring/portfolio NLA 8.5% 9.9% 11.2% 12.8% 11.7%

Total average net rent psf $18.76 $18.19 $18.32 $18.07 $17.13

Ability to add growth through rental renewals with more than 50% of leases renewing over next five years. • In 2015, achieved renewal rent increases of 8.1% or $1.37 psf with an average renewal rate of $18.37 psf. • Retention rate of 85.7% in 2015.

$10

$11

$12

$13

$14

$15

$16

$17

$18

$19

$20

0

1,000

2,000

3,000

4,000

5,000

6,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Rent

PSF

Squa

re fe

et ('

000s

)

RioCan Lease Maturity Schedule and Renewal History

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

Acquisition of Kimco’s interest in 23 Canadian properties

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• As announced on September 24, 2015, RioCan and Kimco agreed to unwind their Canadian joint venture. The portfolio of jointly owned properties ("RioKim Portfolio") will be divided into three groups:

• RioCan acquired Kimco’s interest in 23 properties at a total purchase price of $774 million and assumed Kimco's share of the existing in-place debt of $263 million that carries an weighted average interest rate of 4.0%;

• the second group consists of eight institutional-quality retail assets which the partners have agreed to market for sale; o two were sold at a price of $46 million, and the remaining six are in various stages of the disposition process

• the third group of assets includes three transitional properties (Charlottetown Mall, Desserte Ouest, and that were previously occupied by Target, which will be dealt with at a future date.

• The acquisition is immediately accretive. The portfolio is expected to generate additional annualized net operating income of approximately $45 million requires no additional resources to manage RioCan's cash commitment of approximately $510 million needed to complete the overall transaction was funded from a combination of internal resources and credit facilities.

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Joint Venture Agreement with Hudson’s Bay Company

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• On February 25, 2015, RioCan announced that it has agreed to form a joint venture (“JV Entity”) focused on real estate growth opportunities in Canada with Hudson’s Bay Company (“HBC”).

• The joint venture will enable RioCan and HBC to build on the strength of existing real estate assets through potential future redevelopment, as well as identify new real estate acquisition and redevelopment opportunities.

• The transaction is structured to facilitate an IPO or other monetization of the joint venture at a yet to be determined future date.

• Across the two tranches, contributions of real estate from HBC were valued at approximately $1.6 billion, resulting in a total HBC equity stake of $1.3 billion or 89.7% in the RioCan-HBC JV with a 10.3% equity interest for RioCan.

• RioCan will contribute a total of $325 million to the JV for an eventual pro forma equity stake of approximately 25%.

• $147 equity was contributed in the form of a 50% interest in Oakville Place and Georgian Mall. • The balance of RioCan’s contributions will consist of $53 million in tenant allowances, and $125 million in cash to be used to fund

future property acquisitions to increase the value and diversify the tenant base of the JV.

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Extracting Value by Recycling Capital • RioCan continues to evaluate its portfolio in order to selectively dispose of assets as a means of recycling

capital, and also to increase the portfolio weighting to the six major markets in Canada. • Since the start of 2013 through 2015, the Trust disposed of $924 million (excluding assets sold into HBC

Joint venture) of properties in Canada. • These asset sales will further enhance RioCan’s strategy to shift the portfolio’s geographic allocation away

from low growth markets to Canada’s high population, high growth markets;

– RioCan’s concentration in Canada’s six high growth markets is 74.8% (Year end 2004 - 57.7%) and will increase as the result of the Kimco asset acquisition.

– Capital from asset sales redeployed into acquisitions and development activities. – Markets with highest population growth will outperform smaller markets with little growth or negative population statistics.

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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.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

57.7%

74.8%

Development Activity - Current Portfolio

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Alberta 17%

Suburban GTA 27%

Toronto 50%

Other Ontario 6%

Development Portfolio by Geographic Diversification

(thousands of square feet) NLA - 100% NLA - RioCan%

Greenfield Development 2,716 1,766

Urban Intensification 4,269 2,173

Sub-total 6,985 3,939

Expansion & Redevelopment 2,669 1,862

Total 9,654 5,801

(thousands of dollars) 2016 2017 2018 2019+ Total

Greenfield Development 27,707 28,844 10,142 212,081 278,774

Urban Intensification 59,542 103,381 146,700 661,019 970,642

Expansion & Redevelopment 96,672 150,417 103,977 9,754 360,820

Total RioCan Share of Construction Expenditures 183,921 282,642 260,819 882,854 1,610,236

(i) Includes project costs funded by RioCan construction lines. (ii) Credits reflect proceeds from potential land parcel sale.

Toronto Development Projects and Recent Completions

Key Development Projects Eglinton & Warden (completed) The Stockyards (completed) 1860 Bayview Ave Bathurst & College Yonge & Eglinton Northeast Corner College and Manning Dupont Street The Well King & Portland

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Greenfield Developments

East Hills Sage Hill

Urban Intensification Calgary East village (CPA Lands)

Key Development Projects Grant Crossing (completed) Herongate Mall (completed) Tanger Outlets – Kanata (Phase I completed)

Calgary, AB

Toronto, ON

Ottawa, ON

Land Use Intensification – Residential Potential Transit Oriented Development

• RioCan’s Urban Platform holds a number of sites where the possibility for additional density through residential exist: – Properties with the greatest potential for residential intensification are located on or near transit lines

• 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 – Maximizing use of mass transit – Generate higher yields as land is already owned

• RioCan has a number of potential sites located in other major markets such as, Tillicum Centre in Victoria, BC and Brentwood Village Mall in Calgary Alberta

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Toronto

Development Activities - Residential Intensification Investment Rationale

• Demand for professionally managed, quality apartment units in Canada remains high.

• Rental rates in key major markets, like Toronto, have reached a level where the economics are attractive for redeveloping certain centres in urban, transit oriented locations. RioCan owns the underlying land, often at irreplaceable locations, thus giving it the unique opportunity to create a tremendous amount of value.

Market CMHC Reported Vacancy Rate October 2015

Toronto, Ontario 1.6%

Ottawa, Ontario 2.6%

Calgary, Alberta 5.3%

Edmonton, Alberta

4.2%

Vancouver, BC 0.8%

• RioCan is committed to ensuring that the individual properties in its portfolio are utilized to their highest and best use, and The addition of a residential component will enhance the value of the underlying retail element of RioCan’s property.

• It is a sector that allows a steady and continuous income stream with a growth profile that will serve as a hedge against inflation. The residential rental sector serves as a healthy diversification to RioCan’s retail portfolio.

• RioCan has focused on mixed use projects containing predominantly multi-residential rental buildings. RioCan has identified 46 properties that it deems to be strong intensification opportunities all located in Canada’s six major markets.

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Favourable demographic trends

• Demand for rental residential spaces has strengthened as home prices have increased dramatically. Average price of a detached home in Toronto now exceeds $1 million

Land Use Intensification – Residential Potential Transit Oriented Development

17% 14%

4%

16%

1991-2006 2006-2011 1991-2006 2006-2011

Gro

wth

%

Population Growth Rates Suburban GTA Downtown Toronto

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Land Use Intensification – Residential Potential Greater Toronto Area Case Study

34

N

12 1. 2955 Bloor Street 2. 740 Dupont Ave 3. College & Manning 4. 491 College Street 5. Dufferin Plaza 6. King & Portland 7. Lawrence Square 8. Markington Square 9. Queensway Cineplex 10. RioCan Hall 11. RioCan Leaside 12. RioCan Marketplace 13. RioCan Scarborough 14. Yonge Sheppard Centre 15. Sunnybrook Plaza 16. The Well 17. Northeast Yonge & Eglinton

Favourable barriers to entry: – Land is already owned aiding overall project yields – Intensification replaces old stock with dynamic retail. High demand space that attracts the

highest class of tenants and attracts the highest rents

Land Use Intensification – Residential Potential Greater Toronto Area Case Study

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Land Use Intensification – Residential Potential

• RioCan’s Residential development plans include amenities that meet or exceed offerings in current condominium developments providing a competitive advantage over that of existing residential stock.

• Given the extent of this initiative, RioCan will possess a scale that will result in numerous efficiencies going forward. Residential rental properties will typically attract favourable financing terms based on the availability of CMHC insurance.

• RioCan has established a team to carry forward the residential rental initiative, drawing from its existing areas of expertise. The team is comprised of existing RioCan executives as well as third-party consultants.

• As the initiative continues to grow, additional resources will be added to the platform to facilitate such growth, including potentially bringing in partners that have residential development and management expertise.

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Development Activities Residential Intensification

RioCan has filed applications for rezoning 21 projects which, upon completion, should comprise a total of 13.6 million square feet, which will include residential rental units, condominiums for sale and commercial gross leaseable area.

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Property Location Application

Submission Date RioCan Ownership %

(Partner) Estimated square feet upon completion of the

development project (at 100%) Commercial Residential (i) Total Northeast & Yonge Eglinton (ii) (iv) Toronto, ON Jan-2012 50% (Metropia / Bazis) 64,000 904,000 968,000 College & Manning (ii) (iv) Toronto, ON Sep-2013 50% (Allied) 6,000 57,000 63,000 740 Dupont Street (ii) (iv) Toronto, ON Jul-2014 100% 86,000 102,000 188,000 Sheppard Centre (iii) (iv) Toronto, ON May-2013 50% (KingSett) 216,000 339,000 555,000 King & Portland (ii) (iv) Toronto, ON Aug-2013 50% (Allied) 267,000 118,000 385,000 The Well Toronto, ON Feb-2014 40% (Allied / Diamond) 1,611,000 1,485,000 3,096,000 Sunnybrook Plaza Toronto, ON Dec-2014 100% 23,000 349,000 372,000 Tillicum (iv) Victoria, BC Feb-2009 100% 18,000 275,000 293,000 2955 Bloor Street West Toronto, ON Aug-2015 100% 8,000 67,000 75,000 Markington Square Toronto, ON Oct-2015 100% 20,000 415,000 435,000 RioCan Grand Park GTA, ON Aug-2015 100% 9,000 259,000 268,000 Brentwood Village Calgary, AB Oct-2015 100% 13,000 184,000 197,000 Dufferin Plaza Toronto, ON Nov-2015 100% 63,000 603,000 666,000 Southland Crossing Calgary, AB Nov-2015 100% 29,000 784,000 813,000 RioCan Scarborough Centre Toronto, ON Nov-2015 100% 600,000 2,520,000 3,120,000 Silver City Gloucester (iv) Gloucester, ON Dec-2015 80% (Trinity) 12,000 787,000 799,000 Elmvale Acres Ottawa, ON Dec-2015 100% 31,000 130,000 161,000 Queensway Cineplex Toronto, ON Dec-2015 50% (Talisker) 28,000 467,000 495,000 Westgate Shopping Centre Ottawa, ON Dec-2015 100% 19,000 144,000 163,000 Mill Woods Town Centre Edmonton, AB Dec-2015 40% (Bayfield) — 251,000 251,000 Spring Farm Marketplace GTA, ON Jan-2016 100% 25,000 225,000 250,000 Total 3,148,000 10,465,000 13,613,000

(i) Residential gross leaseable area (GLA) represents residential rental units that will produce long-term rental income as well as condominium units that will be sold (where applicable). (ii) GLA excludes the square footage that is currently generating income. (iii) Commercial square footage to be developed at Sheppard Centre represents redevelopment of existing enclosed mall retail space. (iv) As at the date of the MD&A for the period ending December 31, 2015, RioCan has obtained planning approvals for the development of this site.

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Location: Toronto, Ontario

Intersection: Yonge & Eglinton

Total Proposed Retail GLA: 57,000 square feet*

Proposed Rental Residential Units: 461 Units

Design Concept: Urban Retail

Anticipated Completion: 2018

RioCan Interest 50%

Yonge & Eglinton Northeast Corner - Toronto, Ontario

• Located across the street from RioCan’s head office

• 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 100% pre-sold.

• North tower to be developed as rental residential. Current plans are for a 461 unit residential apartment building.

• Construction commenced in Q2 2014.

* RioCan will purchase 100% of the retail space at a 7% capitalization rate upon completion of the project.

Investing for the Future Creating New Cash Flow Sources

Residential 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.

• RioCan has filed for rezoning to permit a 372,000 sf mixed use, retail/residential redevelopment project including 23,000 sf of retail and 349,000 sf of residential.

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

Sunnybrook Plaza, Toronto, ON

Today

Proposed



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Sheppard Centre, Toronto Location: Toronto, Ontario

Intersection: Yonge & Sheppard

Total Commercial GLA: 216,000 square feet

Design Concept: Urban Retail

Expected Construction Start: 2015


RioCan Interest 50%

• Plans include substantial renovation of retail space including a new four storey retail addition fronting Sheppard Avenue and substantial upgrade to the interior retail space.

• Retail portion currently undergoing renovations

• Plans also contemplate the addition of a new 39 storey residential tower containing 339,000 square feet of residential rental space.

• In June 2015, RioCan and its partner received zoning approval

• Anchored by Shoppers Drug Mart, Winners, and three major banks. Agreements in place with Longo’s and LA Fitness

Potential Design



Development Pipeline

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• RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement to acquire the Globe and Mail site in downtown The site is approximately 7.7 acres.

• During the quarter, RioCan and its partners received an Official Plan Amendment from The City of Toronto for approximately 3.1 million square feet of Gross Floor Area.

• Project is expected to be approximately 3.1 million square feet of mixed use space including approximately 1.6 million sf of retail and office space and 1.5 million sf of residential space (1.0 million sf rental and 0.5 million sf as condominium space) that will be built out in phases.

• The joint venture is structured on a 40/40/20 basis between RioCan, Allied and Diamond. RioCan and Allied will act as joint development and construction managers. Upon completion of any projects RioCan will act as property manager for any retail portion of the property and Allied will act as property manager for any office portion.

• Currently exploring strategic options at the site, including bringing in a partner on the residential component.

RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture


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RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

THE WELL – Potential Layout and Vision

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


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• RioCan and Allied Properties announced in July 2012 that they had entered into a joint venture arrangement on a non exclusive basis 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. Upon completion of any projects RioCan will act as property manager for any retail portion of the property and Allied will act as property manager for any office portion.

• First two sites to be developed are: – King and Portland which will be developed into a mixed use

complex with approx. 385,000 square feet of gross floor area in Toronto, Ontario. RioCan and its partner received zoning approval in July 2015 for this project.

– College and Manning will be developed into a mixed use complex with approx. 122,000 square feet, including 59,000 square feet that is currently income producing, 57,000 square feet of residential density, and 6,000 square feet of retail.

RioCan & Allied Properties REIT Joint Venture King & Portland

College and Manning


• 2.8 acre site located in the East Village area of downtown Calgary, Alberta. One of Calgary’s few remaining privately owned blocks.

• The site was acquired on a 50/50 joint venture basis with KingSett Capital. RioCan purchased KingSett’s 50% interest in the property in Q2 2015, resulting in a 100% interest in the property.

• The site is zoned for the proposed development and RioCan has submitted for a development permit, which was approved by the Calgary Planning Commission in Q4 2015.

• The intention is for two residential towers to be erected upon the retail podium that will be anchored by Loblaws.

• RioCan has entered into an agreement with developer, Embassy BOSA Inc., to sell up to $30 million in air rights (representing 600,000 square feet) above the site.

• Development is anticipated to commence in 2016.

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Calgary East Village Potential Design

Current Site

Development Pipeline Greenfield Development

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Sage Hill, Calgary

• Sage Hill Crossing, a 32 acre greenfield development site in Northwest Calgary.

• RioCan owns the development on a 50/50 basis with KingSett Capital.

• Development commenced in 2013.

• Once completed, the anticipated gross leasable area is 394,000 square feet of retail use.

• The property is 80% preleased with Walmart and Loblaws as anchor tenants. Walmart commenced operations in January 2015. Loblaws opened in January 2016.

• Other major tenants include, RBC, Scotiabank, McDonalds, Liquor Depot and London Drugs.

• RioCan is responsible for the development, management and leasing of the property.

“Densifying” existing urban locations

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RioCan Yonge Eglinton Centre –The Cube

Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 45,000 square feet Design Concept: Urban Retail Construction Start: Q2 2013 Completion: 2015 RioCan Interest: 100% RioCan has leased the media screens to CBS Outdoor Canada, which will generate additional revenue at the site.

Before After

Urban Intensification

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420 Bathurst Street, Toronto


Intersection: Bathurst & College

Total Proposed GLA: 145,000 square feet

Design Concept: Urban Retail/Office


Urban Intensification – Completed Projects

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen

Total GLA: 91,000 square feet

Design Concept: Mixed-use facility Construction Completed: 2011

Urban Intensification – Completed Projects

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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road

Total GLA: 91,000 square feet

Design Concept: Mixed-use facility Construction Completed: 2011

• 52.5 acre site, approximately 20 kilometres west of Ottawa • Construction was completed on the initial phase comprising 299,000 square foot in Q4 2014. • The site is performing well since the grand opening on October 17, 2014. • Saks Off Fifth, part of the phase two development on the site, took possession of their space in Q4 2015 and is expected to commence

operations in the first quarter of 2016.

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Tanger Outlets - Kanata

Outlet Centre Development

Documents

Management Investor Presentation - Year End 2015