RioCan Real Estate Investment Trust · TSX:REI.UN
RioCan Real Estate Investment Trust — Q1 2015 Earnings Presentation
80 slides from RioCan Real Estate Investment Trust's earnings presentation, Jun 5, 2015
Slide 1: RioCan Investor Presentation First Quarter 2015
RIOCAN RioCan Investor Presentation PRESENTATION 2015 First Quarter 2015 Xxxxxxx June 5, 2015 Xxxxxx February 25, 2015
Slide 2: 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 3: Forward Looking Statements
Forward Looking Statements Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with resp
Slide 4: One of North America's Largest Retail REITs
One of North America’s Largest Retail REITS 353 79 million sqft total portfolio retail properties in Canada & U.S. 54 million sqft owned $ 9.2 billion $ 16.2 billion market cap enterprise value ~7,600 tenancies ~86% revenue generated by national and anchor tenants 4 This slide contains references to
Slide 5: Core Strengths
Core Strengths Dominant platform, geographically diversified Conservative balance sheet / financial strength 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 ro
Slide 6: Property Portfolio
Property Portfolio GTA BC MB AB SA QC NFLD ON QC NB 48 MA 305 retail properties CT retail properties PA 44 million sqft 10 million sqft 84% 16% VA annualized rental annualized rental revenue revenue TX As at March 31, 2015 at RioCan’s interest 6
Slide 7: Property Portfolio – Canada
Property Portfolio – Canada Annualized Rental Revenue by Major Market Rest of Canada, 26.7% Major markets combined, 73.6% BC 5.9% 4.2% 3.7% AB Edmonton QC 6.5% Vancouver Calgary ON 10.7% 42.7% Ottawa Montreal Toronto 7 7
Slide 8: Property Portfolio – U.S.
Property Portfolio – U.S. Regional Market Strategy & Focus Annualized Rental Revenue by State 2.1% 2.6% 20.3% 1.8% NH Annualized Rental Revenue 48 retail properties 2.5% PA NY NJ MA CT RI 0.7% U.S. 15.6% 3.6% 10 million sqft MD WV Canada VA 7.0% 84.4% 55.2% 1.7% 2.5% TX As at March 31, 2015 at RioCa
Slide 9: Property Portfolio – U.S.
Property Portfolio – U.S. High quality assets with a focus towards grocery anchored centres Shaw’s Plaza, Raynham, MA Loyal Plaza, Williamsport, PA Stop N Shop Plaza, Bridgeport, CT Town Square Plaza, Reading, PA Alamo Ranch, San Antonio Riverpark, Houston 9
Slide 10: Property Type Mix – Canada
Property Type Mix – Canada By Annualized Rental Revenue As at March 31, 2015 Office, 5.1% Urban Retail, 8.4% Enclosed Shopping Centre, 17.2% New Format Retail, 43.7% Non-Grocery Anchor, 4.8% Grocery Anchored Centre, 20.8% 10
Slide 11: Strong Tenant Relationships
Strong Tenant Relationships 11 11
Slide 12: Strong Tenant Relationships
Strong Tenant Relationships Top 10 Canada & US Combined As at March 31, 2015 Total Area Weighted Avg Annualized Number Of Occupied Remaining Top 10 Tenant Name Rental Locations (Sq. Ft. In Lease Term Revenue 000s) (Yrs) 1 Loblaws/Shoppers Drug Mart (i) 4.1% 83 2,017 7.2 2 Walmart 3.9% 34 4,117 12.6
Slide 13: Lease Rollover Profile
Lease Rollover Profile Broadly Distributed Lease Expiries % Square Feet expiring / portfolio NLA Canadian Portfolio As at March 31, 2015 4,575 5,031 ’000s Square Feet 4,448 3,883 2,783 7.0% 11.2% 9.7% 11.5% 12.6% 2015 2016 2017 2018 2019 U.S. Portfolio As at March 31, 2015 1,525 ’000s Square Feet 1,
Slide 14: Occupancy since 1996
Occupancy since 1996 Historical Committed Occupancy Rates 1996 to Q1 2015 97.7% 97.6% 97.4% 97.4%97.6% 97.4% 97.1% 96.9% 96.9% 96.9% 97.0% 96.7% 96.1% 96.3% 96.3% 95.4% 95.6% 95.8% 95.0% 95.0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 2015 14
Slide 15: Financial Highlights
Financial Highlights RIO CAN
Slide 16: Financial Highlights
Financial Highlights Revenues Operating FFO* 492 517 (at RioCan’s interest in millions of $ except per unit amounts) 13.0% CAGR 440 380 1,195 1,241 329 10.3% CAGR 1,114 280 988 882 758 2009 2010 2011 2012 2013 2014 Operating FFO* Per Unit 1.68 6.6% 1.63 CAGR 1.52 1.43 1.33 1.22 2009 2010 2011 2012 2
Slide 17: Quarterly Financial Highlights
Quarterly Financial Highlights Revenues* Operating FFO 134 138 130 (in millions of $ except per 124 121 124 124 127 127 unit amounts) 115 116 106 334 317 306 307 309 304 306 300 292 290 269 271 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2013 2014 2015 Operating FFO Per Unit 0.44 0.43 0.42 0.42 0.42 0.
Slide 18: Financial Highlights
Financial Highlights Distributions to Unitholders Distributions to Unitholders per Unit (in millions) 1.38 1.41 1.41 1.38 1.38 1.38 1.41 1.3275 1.36 426 432 447 401 367 318 343 297 0.99 1.04 1.13 1.14 1.07 1.01 1.04 1.02 0.99 261 281 285 293 316 313 310 228 2007 2008 2009 2010 2011 2012 2013 2014 Q1
Slide 19: Financial Highlights
Financial Highlights $ per unit Payout Ratio Quarter % Change Q1 2015 Q1 2014 Q1 2015 Q1 2014 Distribution 0.0% 0.3525 0.3525 n/a n/a FFO (2.4%) 0.40 0.41 88.1% 86.0% OFFO 4.8% 0.44 0.42 80.1% 83.9% AFFO 2.6% 0.39 0.38 90.4% 92.8% Canada United States Q1 2015 Q1 2014 Q1 2015 Q1 2014 Same Store NOI G
Slide 20: Financial Highlights
Financial Highlights • RioCan's Operating Funds From Operations ("Operating FFO") increased 8.8% to $138 million for the three months ended March 31, 2015 compared to $127 million for the same period in 2014; • On a per unit basis, Operating FFO increased by $0.02 or 4.8% to $0.44 compared to $0.42
Slide 21: Financial Summary
Financial Summary Occupancy and Leasing Profile – Last eight quarters 2015 2014 2013 First Fourth Third Second First Fourth Third Second Quarter quarter quarter quarter quarter quarter quarter quarter Committed occupancy 96.7% 97.0% 97.0% 96.9% 96.8% 96.9% 97.0% 96.7% Economic occupancy 95.5% 96.0%
Slide 22: Target's Departure from Canada
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
Slide 23: Target's Departure from Canada
Target’s Departure from Canada • In April 2015, RioCan received notice from Target that they have disclaimed 18 of the 26 leases (representing 2.0 million sf, 1.6 million as at RioCan’s interest) in properties owned by RioCan as a result of Target's CCAA proceedings. These 18 stores have an average
Slide 24: Target's Departure from Canada
Target’s Departure from Canada Through the CCAA process RioCan has been informed that the remaining eight Target leases have been conditionally assigned to Canadian Tire and Lowe’s. Assignments remain subject to certain approvals. Min. RioCan % GLA Rent Site City Province ownership GLA (100%) (RioCa
Slide 25: Conservative Debt Profile
Conservative Debt Profile • Debt‐to‐Total Assets (net of cash) of 44.3% at March 31, 2015. • Total operating lines $726 million • Unencumbered pool has a fair value of $2.9 billion • Floating rate debt 10.4% of aggregate debt • Strong coverage ratios (based on rolling 12 months to March 31, 2015): •
Slide 26: RioCan Capital Structure
RioCan Capital Structure Total Assets* – $15.1 Billion Total Enterprise Value* – $16.2 Billion 100% 100% 75% 52.6% 75% 56.9% 50% 1.8% 50% 12.3% 1.5% 11.2% 25% 25% 33.3% 30.4% 0% 0% Book Value* Market Value Common Units - 316 million units outstanding, $9.2 billion market capitalization Preferred Uni
Slide 27: Conservative Debt Structure
Conservative Debt Structure Growth in Asset vs Debt Debt Assets 15,129 5,338 3,260 CAGR – 18.1% 2008 6,729 2009 2010 CAGR – 11.8% 2011 2012 2013 2014 Assets Debt In millions, at RioCan’s Interest. Q1 2015 27 This slide contains references to non-GAAP Measures. For a definition of such measures pleas
Slide 28: Modest Leverage, Strong Interest Coverage
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 Interest Coverage 3.1x 2.9x 2.9x 2.8x
Slide 29: Debt Maturity Schedule
Debt Maturity Schedule Scheduled principal amortization Mortgages payable Weighted Avg. Interest Rate on Maturing Debt $ Millions Floating Rate Mortgages and Lines of Credit Debentures payable Weighted average interest rate 3,000 6.0% 2,569 2,500 4.30% 5.0% 4.11% 3.88% 3.71% 2,000 3.56% 3.56% 4.0% 1
Slide 30: Leverage and Coverage Ratios & Targets
Leverage and Coverage Ratios & Targets 3 Months 12 Months Targeted Mar. Mar. Mar. Dec. Ratios 31/15 31/155 31/15 31/14 Interest coverage ratio1 >3.00x 3.10x 3.41x 2.93x 2.89x Debt service coverage ratio2 >2.25x 2.36x 2.54x 2.25x 2.20x Fixed charge coverage ratio3 >1.1x 1.12x 1.16x 1.09x 1.08x Net op
Slide 31: Future Growth Drivers
Future Growth Drivers Acquisitions Organic Development Growth Pipeline Future Growth Drivers Institutional Land Use Relationships Intensification 31
Slide 32: Organic Growth
Organic Growth Canadian Portfolio Ability to add growth through rental renewals with 52% of leases renewing over next five years. • In Q1 2015 achieved renewal rent increases of 9.8% or $1.70 psf with an average renewal rate of $19.12 psf. • Retention rate of 90% in Q1 2015 RioCan Lease Maturity Sch
Slide 33: Organic Growth
Organic Growth U.S. Portfolio Ability to add growth through rental renewals and leasing of vacant space. • 44% of US Leases will expire over the next five years creating the potential for organic rental growth in the US portfolio • In Q1 2015, achieved renewal rent increases of 8.3% or $1.61 psf wit
Slide 34: Organic Growth
Organic Growth Occupancy March 31, 2015 March 31, 2014 Canada US Total Canada US Total Majors (>10,000 sf) 99.1% 99.5% 99.2% 98.6% 99.7% 98.8% Small Shop (<10,000 sf) 92.0% 88.3% 91.4% 93.5% 87.5% 92.5% Blended 96.7% 96.6% 96.7% 96.9% 96.6% 96.8% Leasing Activity Canada US Quarter ended March 31, 20
Slide 35: Joint Venture Agreement with Hudson's Bay Company
Joint Venture Agreement with Hudson’s Bay Company • 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
Slide 36: Joint Venture Agreement with Hudson's Bay Company
Joint Venture Agreement with Hudson’s Bay Company RioCan’s Contributions to the JV Entity RioCan has committed to contribute $325 million to the JV Entity for a minority equity stake in a newly established joint venture entity (“JV Entity”). RioCan’s Equity Contribution is comprised of three element
Slide 37: Extracting Value by Recycling Capital
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 to March 31, 2015, the Trust disposed
Slide 38: Extracting Value by Recycling 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 ma
Slide 39: Development Activity
Development Activity Development Pipeline Greenfield developments through in‐house capabilities and with partners, such as Allied Properties, KingSett Capital, and Canada Pension Plan Investment Board (CPPIB) At March 31, 2015 • Total developments comprise 8.4 million square feet, including shadow a
Slide 40: Development Activity
Development Activity Development Pipeline RioCan’s development portfolio is expected to add considerable value to the overall investment property portfolio over the next six years. These assets are expected to generate higher yields than what can currently be achieved in the acquisition market and c
Slide 41: Development Activity - Current Portfolio
Development Activity - Current Portfolio Property Type as a % of Development Development Portfolio by Portfolio Geographic Diversification 47.9% 52.1% Suburban GTA* 27.8% Toronto* Alberta, 14.9% Ontario, 85.1% 49.9% Other Ontario* 7.4% * % of total portfolio New Format Retail Urban Retail 41
Slide 42: Development Activity
Development Activity Current Portfolio – Greenfield and Urban Intensification Projects Calgary Developments Greenfield Developments • East Hills • Sage Hill GTA Developments Ottawa Developments Urban Intensification Greenfield Developments Greenfield Developments • East Village (CPA Lands) • RioCan
Slide 43: Toronto Development Projects and Recent Completions
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 Properties not mapped: Westney Road a
Slide 44: Calgary Development Projects
Calgary Development Projects Greenfield Developments East Hills Sage Hill Urban Intensification Calgary East village (CPA Lands) 44
Slide 45: Ottawa Development Projects and Recent Completions
Ottawa Development Projects and Recent Completions Key Development Projects Grant Crossing (completed) Herongate Mall (completed) Tanger Outlets – Kanata (Phase I completed) 45
Slide 46: Land Use Intensification – Residential Potential
Land Use Intensification – Residential Potential Transit Oriented Development Toronto • 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 n
Slide 47: Development Activities - Residential Intensification
Development Activities - Residential Intensification Investment Rationale • Demand for professionally managed, quality Market CMHC Reported Vacancy Rate October 2014 apartment units in Canada remains high. Toronto, Ontario 1.6% • Rental rates in key major markets, like Toronto, have reached a level
Slide 48: Land Use Intensification – Residential Potential
Land Use Intensification – Residential Potential Transit Oriented Development Favourable demographic trends Population Growth Rates Suburban GTA Downtown Toronto 17% 16% 14% Growth % 4% 1991-2006 2006-2011 1991-2006 2006-2011 • Demand for rental residential spaces has strengthened as home prices hav
Slide 49: Land Use Intensification – Residential Potential
Land Use Intensification – Residential Potential Greater Toronto Area Case Study 12 1. 2955 Bloor Street 2. 740 Dupont Ave N 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 Leasid
Slide 50: Land Use Intensification – Residential Potential
Land Use Intensification – Residential Potential Greater Toronto Area Case Study
Slide 51: Land Use Intensification – Residential Potential
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
Slide 52: Development Activities Residential Intensification
Development Activities Residential Intensification RioCan has filed applications for rezoning eight projects which, upon completion, should comprise a total of 5.7 million square feet, of which 2.5 million square feet will be residential rental units held for long-term rental income, 1.0 million squ
Slide 53: Creating New Cash Flow Sources
Creating New Cash Flow Sources Residential Intensification Yonge & Eglinton Northeast Corner - Toronto, Ontario Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed Retail GLA: 54,000 square feet* Proposed Rental Residential Units: 458 Units Design Concept: Urban Retail Anticipat
Slide 54: Creating New Cash Flow Sources
Creating New Cash Flow Sources Residential Intensification RioCan has a number of Urban Intensification opportunities in the GTA market Proposed Sunnybrook Plaza, Toronto, ON • Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto. • The site benefits from excelle
Slide 55: Creating New Cash Flow Sources
Creating New Cash Flow Sources The Sheppard Centre, Toronto • Plans include substantial renovation of retail space including a new four storey retail addition fronting Sheppard Avenue and substantial Location: Toronto, Ontario upgrade to the interior retail space. Intersection: Yonge & Sheppard • Wh
Slide 56: Creating New Cash Flow Sources
Creating New Cash Flow Sources Residential Intensification 740 Dupont - Toronto, Ontario Location: Toronto, Ontario Intersection: 740 Dupont Street Total Proposed GLA: 192,000 square feet Proposed Rental Residential Units : 225 Design Concept: Urban Retail/Residential Anticipated Completion: 2020 Ri
Slide 57: Development Pipeline
Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture • 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
Slide 58: Development Pipeline
Development Pipeline 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. 58
Slide 59: Development Pipeline
Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture THE WELL – Potential Layout and Vision 59
Slide 60: Development Pipeline
Development Pipeline RioCan & Allied Properties REIT Joint Venture King & Portland • 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
Slide 61: Development Pipeline
Development Pipeline Calgary East Village Potential Design • 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. • The intention is for two re
Slide 62: Development Pipeline
Development Pipeline Greenfield Development 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 are
Slide 63: "Densifying" existing urban locations
“Densifying” existing urban locations Yonge Eglinton Centre - Toronto, Ontario • RioCan acquired the property in 2007 and launched revitalization and expansion plan to capitalize on area’s residential intensification significant increases in NOI and occupancy 63
Slide 64: Creating New Cash Flow Sources
Creating New Cash Flow Sources RioCan Yonge Eglinton Centre –The Cube Proposed Today Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 45,000 square feet Design Concept: Urban Retail Construction Start: Q2 2013 Expected Completion: 2015 RioCan Interest: 100% RioCan has le
Slide 65: Urban Intensification
Urban Intensification 420 Bathurst Street, Toronto Location: Toronto, Ontario Intersection: Bathurst & College Total Proposed GLA: 145,000 square feet Design Concept: Urban Retail/Office Anticipated Completion: 2017 65
Slide 66: Development Pipeline
Development Pipeline Recent Completions The Stockyards - St. Clair & Weston, Toronto 551,000 sqf. two storey retail – Opened Spring 2014 • This unique site at the corner of St. Clair and Weston Road in Toronto, Ontario; • On March 31, 2014, RioCan acquired its partner Trinity’s 25% interest in the s
Slide 67: Urban Intensification – Completed Projects
Urban Intensification – Completed Projects Queen & Portland, Toronto, ON Location: Toronto, Ontario Intersection: Portland & Queen Total GLA: 91,000 square feet Design Concept: Mixed‐use facility Construction Completed: 2011 After Before 67
Slide 68: Urban Intensification – Completed Projects
Urban Intensification – Completed Projects 1717 Avenue Road, Toronto, ON Location: Toronto, Ontario Intersection: 1717 Avenue Road Total GLA: 91,000 square feet Design Concept: Mixed‐use facility Construction Completed: 2011 68
Slide 69: Canadian Outlet Centre Development
Canadian Outlet Centre Development • In 2011, RioCan entered into an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centres similar in concept and design to those within the existing Ta
Slide 70: Outlet Centre Development
Outlet Centre Development Tanger Outlets - Kanata • 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 grand opening on October 17, 2014 was very well received with tenants reporting sales abov
Slide 71: Outlet Centre Development
Outlet Centre Development Completed Projects Cookstown Outlet Mall Purchased in December 2011 with Tanger Factory Outlet Centers. • 161,000 square foot outlet centre with the construction in progress to add a further 158,000 square feet of retail space. • Construction on the expansion began in Q2 20
Slide 72: Appendix – Development Tables
Appendix Development Tables
Slide 73: Greenfield Development Portfolio
Greenfield Development Portfolio Greenfield Development Anticipated date of Properties Estimated square feet upon completion of development the development project completion (thousands of square feet) Retailer RioCan’s Total owned Total Potential estimated anchors RioCan’s Partners’ leasing % Curre
Slide 74: Greenfield Development Portfolio
Greenfield Development Portfolio Development Expenditures Greenfield Development Expenditures Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest RioCan’s Estimated Amount Amount % project cost included in included in
Slide 75: Greenfield Development Portfolio
Greenfield Development Portfolio Development Expenditures Greenfield Development Projects Estimated remaining development activity to be funded by RioCan 2015 2016 2017 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s
Slide 76: Urban Intensification Properties
Urban Intensification Properties Urban Intensification Properties Estimated square feet upon completion of the Anticipated date of development project development completion Total Retailer Total RioCan’s estimated owned RioCan’s Partners’ leasing % Current Potential future (thousands of square feet)
Slide 77: Urban Intensification Properties
Urban Intensification Properties Development Expenditures Urban Intensification Expenditures Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest Estimated Amount Amount RioCan’s % project cost included in included in P
Slide 78: Urban Intensification Properties
Urban Intensification Properties Development Expenditures Urban Intensification Projects Estimated remaining development activity to be funded by RioCan 2015 2016 2017 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s
Slide 79: Expansion & Redevelopment Portfolio
Expansion & Redevelopment Portfolio Development Expenditures Expansion & Redevelopment Development expenditures Sub-total Estimated remaining Estimated project cost to date at Costs development activity (thousands of square feet, thousands of dollars) RioCan’s Project RioCan’s Partners’ Historical R
Slide 80: Expansion & Redevelopment Portfolio
Expansion & Redevelopment Portfolio Development Expenditures Expansion & Redevelopment Development Continued expenditures Sub-total Estimated remaining Estimated project cost to date at Costs development activity (thousands of square feet, thousands of dollars) RioCan’s Project RioCan’s Partners’ Hi
RioCan Real Estate Investment Trust — Q1 2015 Earnings Presentation on 6ix