23 slides from Riocan Real Estate Investment Trust's earnings presentation, Feb 18, 2026
Slide 1: Strength in Retail – Fourth Quarter 2025 Investor Presentation
STRENGTH IN RETAIL FOURTH QUARTER 2025 INVESTOR PRESENTATION East Hills FEBRUARY 17, 2026 Calgary, AB
Slide 2: RioCan At a Glance
RioCan At a Glance LOCATED IN PRIME, IN-DEMAND AND GROWING MARKETS 168 properties ~98% Committed Occupancy(5) ~31M Sq. Ft. aggregate net leasable area (3) ~86% (2) of properties with grocery component STRONG DEMOGRAPHIC PROFILE VANCOUVER Within 5 km of RioCan's portfolio: 4 assets EDMONTON 1.1M SF (
Slide 3: A Unique Opportunity
A Unique Opportunity STRONG, RELIABLE, GROWING CORE CASH FLOWS AT AN ATTRACTIVE DISCOUNT (3) THRIVING RETAIL PORTFOLIO STRATEGIC CAPITAL MANAGEMENT 94% of Gross Rent from Properties Located in Major Canadian Markets with High Barriers to Entry (6) ~86% of Properties with Grocery Component $1.3B to $
Slide 4: 2025 Key Takeaways
2025 Key Takeaways CONTINUED DEMAND FOR HIGH-QUALITY RIOCAN SPACE $1.87 5.1% growth over the comparable period last year. 97.8% Maintaining high occupancy with retail essentially full at FUNDS FROM COMMITTED OPERATIONS (“FFO”) In line with annual guidance OCCUPANCY (4) 98.5% PER UNIT (1) of $1.85 to
Slide 5: Financial Outlook
Financial Outlook STABLE, HIGH QUALITY RETAIL INCOME GROWTH FY26 2026-2028 Guidance Targets (1)(2) Core FFO per unit $1.60 to $1.62/unit ≥3.5% CAGR Commercial Same 3.5% to 4.0% ≥3.5% Property NOI (2)(3) Core FFO growth is driven by organic Commercial Same Property NOI expansion and disciplined, accr
Slide 6: Commercial Same Property NOI (SPNOI)
Commercial Same Property NOI (SPNOI) (1) GROWTH FROM CORE RETAIL 20 Mark to Market Opportunity % 2026 Outlook (2) 3.5% to 4.0% 75 of Growth % SPNOI Contractually Growth Secured 5 % Strategic Initiatives Occupancy, adding NLA, and other ancillary revenue streams 1) Figure represents a Non-GAAP measur
Slide 7: Favourable Market Dynamics
Favourable Market Dynamics LONG-TERM MACRO-TRENDS PRESENT MEANINGFUL DEMAND DRIVERS ◦ Lack of quality new retail supply exacerbated by high ◦ Community centres focused on convenience, necessity, replacement cost while retailers maintain expansion plans service and value ◦ Construction of new retail
Slide 8: High-quality, Necessity-based Retail revenue
High-quality, Necessity-based Retail revenue BUILDS RESILIENCE AND GENERATES LONG-TERM VALUE ~86% Property Mix (1) (2) properties with a grocery 10.2% component 28.4% z 61.4% (3) Grocery Anchored Centre Mixed-Use / Urban Open Air Centre and Other 1) Percentage of fair value of income producing prope
Slide 9: Curated & Diversified Tenant Base
Curated & Diversified Tenant Base PROVIDES CONSUMERS WITH EFFICIENT AND CONVENIENT ACCESS TO DAILY SHOPPING ESSENTIALS Furniture & Other Tenants ■ Grocery, Pharmacy & Liquor stores are Home 4.9% 5.0% fundamental components of our necessity-based portfolio, represented by large tenants with strong Fi
Slide 10: Sustained Demand For High-quality Retail Space
Sustained Demand For High-quality Retail Space DRIVING CONTINUED LEASING MOMENTUM (2) (1) (2) Retention Ratios Blended Leasing Spreads (2) Average Net Rent PSF 93.1% 21.1% 91.5% 87.7% 88.6% $23.18 83.8% 18.7% $22.39 $21.51 $20.98 10.7% $20.16 9.0% 6.3% 2021 2022 2023 2024 2025 2021 2022 2023 2024 20
Slide 11: Continued Balance Sheet Improvement
Continued Balance Sheet Improvement CAPITAL STRUCTURE METRICS TARGET (1) Q4 2025 (2) Q4 2024 (2) Liquidity (3)(4) N/A $1.5B $1.7B Adjusted Spot Debt to Adjusted EBITDA (4) 8.0x - 9.0x 8.64x 9.12x BBB DBRS Investment Grade Credit Rating (or higher) BBB BBB Unencumbered Assets (3)(4) N/A $9.3B $8.2B R
Slide 12: Enhanced Financial Flexibility
Enhanced Financial Flexibility ENABLED THROUGH CONDOMINIUM SALES AND MONETIZATION OF RIOCAN LIVINGTM PORTFOLIO CAPITAL ALLOCATION STRATEGY $1.3B to $1.4B(1) of capital repatriation ADDITIONAL FINANCIAL FLEXIBILITY FOR ~ $1.0B ~ $0.4B Asset Additional Dispositions Financial (including RioCan Living P
Slide 13: Continued Execution of Asset Monetization Strategy
Continued Execution of Asset Monetization Strategy UNLOCKING CAPITAL TO FUEL GROWTH (1) $453.1M ON TRACK TO MEET Strategic dispositions of eight (2) OUR $1.3B-$1.4B RioCan Living properties CAPITAL $674.8M REPATRIATION REPATRIATED GOAL $221.7M Closing of Condominium Sales ADDITIONAL $113.3M CAPITAL
Slide 14: Well-Distributed Debt Maturity
Well-Distributed Debt Maturity Pro forma Debt Maturity Profile and Weighted Average Interest Rate (1) 2,000 1,800 1,600 1,400 4.81% 1,200 4.58% 1,241 3.36% 3.18% 1,162 (in $M) 1,000 1,052 1,061 4.64% 3.27% 946 800 882 600 4.52% 521 400 4.34% 200 4.54% 184 144 — 2026 2027 2028 2029 2030 2031 2032 203
Slide 15: Embedding Best Practices in Everything We Do
Embedding Best Practices in Everything We Do SELECT ACHIEVEMENTS ENVIRONMENT SOCIAL GOVERNANCE First Place Greater Toronto's AA Rating Ranking Top 100 Employers Maintained an ESG rating upgrade to Achieved top rank amongst North American Recognized as one of the GTA's AA from Morgan Stanley Capital
Slide 16: Favourable Market Dynamics
APPENDIX Favourable Market Dynamics RioCan Durham Ajax, ON RIOCAN | INVESTOR PRESENTATION (March 2022) | 16 RIOCAN | INVESTOR PRESENTATION (Fourth Quarter 2025)
Slide 17: Physical Stores - The Hub of Omni-channel
Physical Stores - The Hub of Omni-channel BRICK & MORTAR IS CENTRAL TO SERVING CUSTOMERS HOW, WHERE AND WHEN THEY WANT Distribution Centre Brick & Mortar Store Home Occupancy costs trending higher Located in industrial park Located in heart of community In-store purchase Delivery from store BOPIS (1
Slide 18: Retailers Continue to Expand Their Physical Footprint
Retailers Continue to Expand Their Physical Footprint Gui Loureiro, Regional CEO, “Walmart Canada is on an ambitious growth journey to serve even more Canadians – Walmart Canada, Chile, Mexico and better and differently than ever before. This $6.5 billion investment is the largest we’ve Central Amer
Slide 19: Canadian Retail Real Estate is Supply Constrained
Over the last five years, newly constructed retail represents Canadian Retail only ~1% of existing supply Real Estate is Supply 0.9% 1.0% 0.6% Constrained 0.9% 0.6% With replacement costs for well- In Millions of Sq. Ft. ~17Sq. located retailFt. well over market values, supply constraints are expect
Slide 20: Sustainable Demand
Sustainable Demand Square Feet of Retail per Capita RETAIL REAL ESTATE SUPPLY HAS NOT KEPT PACE WITH POPULATION GROWTH IN CANADA (‘000s) Sq. ft. of Retail per Capita (1) (‘000s) 16.7 Sq. ft. 25.5 25.6 25.6 25.6 25.6 25.6 25.6 Sq. ft. 17.6 17.5 17.4 17.4 17.1 16.7 Canada offers stronger retail operat
Slide 21: Forward-Looking Information
FORWARD-LOOKING INFORMATION All information other than statements of current and historical fact included in this presentation is forward-looking information within the meaning of applicable securities laws. Forward-looking information can generally be identified by the use of forward-looking termin
Slide 22: Non-GAAP Measures
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 I
Slide 23: Head Office
Head Office | RioCan Yonge Eglinton Centre, 2300 Yonge Street, Suite 2200, Box 2386, Toronto, Ontario M4P 1E4 • 1-800-465-2733 • riocan.com RIOCAN | INVESTOR PRESENTATION (Fourth Quarter 2025)