Riocan Real Estate Investment Trust · TSX:REI.UN
Riocan Real Estate Investment Trust — Investor Day (November 2025)
75 slides from Riocan Real Estate Investment Trust's investor day presentation, Nov 18, 2025
Slide 1: Strength in Retail. Durable Growth.
Strength in Retail. Durable Growth. INVESTOR DAY ❘ NOVEMBER 18, 2025
Slide 2: Welcome
Welcome Jennifer Suess SENIOR VICE PRESIDENT, GENERAL COUNSEL, ESG AND CORPORATE SECRETARY TSX: REI.UN | RIOCAN INVESTOR DAY 2025 |2
Slide 3: Non-GAAP Measures and Forward-Looking Information
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 4: Leadership Team
Leadership Team Jonathan Gitlin President and Chief Executive Officer John Ballantyne Chief Operating Officer Dennis Blasutti Chief Financial Officer Andrew Duncan Chief Investment Officer Terri Oliver Franca Jennifer Andrianopoulos Harrison Smith Suess, O. Ont. Senior Vice President, Senior Vice Pr
Slide 5: Agenda
Agenda Welcome JENNIFER SUESS Senior Vice President, General Counsel, ESG and Corporate Secretary Poised for Continued Growth JONATHAN GITLIN President and Chief Executive Officer Building on Strength: Focusing on Our Retail Core DENNIS BLASUTTI Chief Financial Officer JOHN BALLANTYNE Chief Operatin
Slide 6: Poised for Continued Growth
Poised for Continued Growth Jonathan Gitlin PRESIDENT AND CHIEF EXECUTIVE OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025 |6
Slide 7: Strength in Retail. Durable Growth.
Strength in Retail. Durable Growth. TSX: REI.UN | RIOCAN INVESTOR DAY 2025 |7
Slide 8: Strength in Retail. Durable Growth.
Strength in Retail. Durable Growth. +5% Structurally set up to grow Core FFO/unit 1 over the long-term 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this TSX: REI.UN for presentation | RIOCAN definitionINVESTOR DAY 2025 and reconciliation. |8 RIOCAN | INVESTOR DAY
Slide 9: 2026-2028 Expectations
2026-2028 Expectations ≥ 3.5 % Productive Retail Core Core FFO/Unit Growth 1 Disciplined ~1.5% Capital Allocation Core FFO/Unit Growth 1 Short-Term Interest ~ (1.5%) Expense Impact Core FFO/Unit Growth 1, 2 ≥ 3.5% Core FFO growth 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the
Slide 10: Strategy Built on Competitive Strengths
Strategy Built on Competitive Strengths Productive Disciplined Retail Capital Core Allocation Proven Operating Platform TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 10
Slide 11: Maximizing Growth in a Thriving Market
Maximizing Growth in a Thriving Market Canada: unique combination of stability and growth Retail Real Estate: strong demand and supply constrained TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 11 RIOCAN | INVESTOR DAY 2022
Slide 12: Canadian Retailers Innovate & Evolve
Canadian Retailers Innovate & Evolve TSX: REI.UN | RIOCAN INVESTOR DAY 2025 TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 12 RIOCAN | INVESTOR DAY 2022
Slide 13: Strong Position, Favourable Market, & High-Quality Portfolio
READY TO WIN Strong Position, Favourable Market, & High-Quality Portfolio TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 13
Slide 14: Simplified Business Focused on Core Retail
Simplified Business Focused on Core Retail WHAT WE’VE DONE IMPACT Increased focus 1 on productive retail STRONG RELIABLE RECYCLE foundation cash $1.3B to Delivered key for growth flow 1.4B 1 2 developments and of capital enhancements 1 - As at December 31, 2024. Condominium sales are based on contra
Slide 15: Building from a Position of Strength
Building from a Position of Strength 173 85% properties grocery2 32M SQ FT 1 Toronto (GTA) Ottawa Calgary 16.4M SQ FT 1 4.5M SQ FT 1 3.7M SQ FT 1 ~$ 155K ~ 277K within 5km avg within 5km Montreal Edmonton Vancouver household income3 avg population3 2.0M SQ FT 1 1.7M SQ FT 1 1.1M SQ FT 1 1 - As at Q3
Slide 16: Dynamic Capital Management Strategy
Dynamic Capital Management Strategy Maintain a Strong Balance Sheet 8-9x Debt to EBITDA Target2 Reinvest RECYCLE in Our Business $1.3B to 1.4B 1 9% Unlevered of capital Capitalize on High-Value IRR3 Opportunities 1 - As at December 31, 2024. Condominium sales are based on contracted sales of pre-sol
Slide 17: Performance-Driven Culture
Performance-Driven Culture People Process Technology ▪ Cohesive culture ▪ Operational ▪ Proprietary analytics ▪ Experienced excellence ▪ Data-driven insights leadership ▪ Cost-effective ▪ Integrated systems ▪ Compensation ▪ Independence program aligned with to execute Unitholder interests TSX: REI.U
Slide 18: Poised for Continued Growth
Poised for Continued Growth DRIVING GROWTH AMPLIFYING GROWTH Productive Disciplined Retail Core Capital Allocation ≥ 3.5 % Core FFO/Unit Growth 1 ~1.5% Core FFO/Unit Growth 1 DELIVERING GROWTH Proven Operating Platform 1TSX: - Represents REI.UN | aRIOCAN non-GAAP measure.DAY INVESTOR Refer2025 to No
Slide 19: Building on Strength
Building on Strength FOCUSING ON OUR RETAIL CORE Dennis Blasutti CHIEF FINANCIAL OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 19
Slide 20: Growing from Our Strong Core Base
Growing from Our Strong Core Base $1.85 - $1.88 ~$ 0.27 Condo-related Income2 CORE FFO/UNIT1 $ 0.04 HBC JV3 AT LEAST AT LEAST $1.55 $1.55 2025 2025 2026 2027 2028 1 - Core FFO is calculated as FFO less Condo-related income, HBC-related income, as well as other specific items from time-to-time such a
Slide 21: Value of Our Business is Our Core
Value of Our Business is Our Core ✓ Exit lower value cash flows ✓ Retain high value cash flows in our Core business ~$24 $ 24+ 2 CONDO CONDO RCL Repatriated and reinvested into Core ~90% ~98% CORE1 CORE1 3 Q3-2025 NAV/UNIT PROFORMA NAV/UNIT 1 - Core NAV is IFRS NAV excluding RioCan Living equity val
Slide 22: Deploying Capital
Deploying Capital COMPETITIVE RISK-ADJUSTED RETURNS TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 22
Slide 23: Disciplined Capital Allocation
Disciplined Capital Allocation + = Dynamic Balanced Deploying Capital to Deliver Capital Investment Management Framework Highest Strategy Risk-Adjusted Returns TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 23
Slide 24: Balance Sheet Priorities
Balance Sheet Priorities APPROACH PRIORITIES Investment grade Large unencumbered Flexibility credit rating asset pool to manage risk and Target Debt-to-EBITDA ratio of 8x-9x 1 Well-distributed debt ladder pursue opportunities Payout ratio of Ample liquidity ~70% and declining 2 1 - Based on Adjusted
Slide 25: Delivering Competitive Risk-Adjusted Returns
Delivering Competitive Risk-Adjusted Returns Financial Capital Balanced Return Target 1 Management Strategy Investment Framework FINANCIAL RATING Maintain a Strong Core FFO/unit accretion Balance Sheet 9 % Reinvest in Our Business INVESTMENT NAV/unit accretion Debt-to-EBITDA improvement OPERATIONAL
Slide 26: Driving Growth
Driving Growth PRODUCTIVE RETAIL CORE John Ballantyne CHIEF OPERATING OFFICER Oliver Harrison SENIOR VICE PRESIDENT, LEASING AND TENANT EXPERIENCE TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 26
Slide 27: Driving Growth
Driving Growth ≥ 3.5 % SPNOI Growth 2026-2028 Expectations Productive Retail Core ✓ Unmatched Portfolio Productive Proven Operating Platform Retail Core ✓ Growth-Maximizing Team ✓ Data-Driven Insights TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 27
Slide 28: Prime Locations in Major Canadian Markets
Prime Locations in Major Canadian Markets ~32M SQ FT aggregate net leasable area1 gross rent from 94 % properties located in major Canadian markets 1 - Excludes income producing properties that are owned through joint TSX: REI.UN ventures | RIOCAN and reported INVESTOR under DAY 2025 equity-accounte
Slide 29: Well-Capitalized and Diversified Necessity-Based Tenants
Well-Capitalized and Diversified Necessity-Based Tenants 20.0 % Grocery, Pharmacy & Liquor 9.8% Experiential & Dine-in Restaurants Loblaws / Sobeys / Metro / Walmart / Costco / Shoppers Drug Mart / 8.0% Rexall Pharma Plus / LCBO / Jean Coutu / SAQ Quick Service No single Restaurants tenant exposure
Slide 30: Grocery Success
Grocery Success Grocery Leasing Activity 2023 to Q3-25 ▪ 1.3M SQ FT renewals at 11% spread ▪ 230K SQ FT new deals at 24% rent lift o 25-50 bps cap rate compression Growth in Next Three Years ▪ Growing Grocery component from 85-90% ▪ Including new deals at Georgian Mall and Oakville Place ▪ Renew 1.7
Slide 31: Resilience Through Grocery
Resilience Through Grocery Property Mix 1 ~85% 10% properties with a grocery component 30% 60% Grocery Anchored Centre Mixed-Use/Urban 2 Open Air Centre and Other 1 - Percentage of fair value of income producing properties at RioCan's interest. Excludes equity-accounted investments. 2TSX: REI.UN / |
Slide 32: Strong Portfolio and Tenant Relationships
Strong Portfolio and Tenant Relationships 92.5 % Retention Ratios 2 Average Net 1, 2 YTD 2025 Rent per SQ FT $ 22.94 $22.39 97.8 % Occupancy 2, 3 $21.51 $20.98 YTD 2025 $20.16 Blended 2021 2022 2023 2024 YTD 2025 21.0 Leasing Spreads % LTM 2025 2, 4 1 - Net rent is primarily contractual base rent pu
Slide 33: Secure Source of Growth
Secure Source of Growth Renewal Upside 30 % 1 ≥3.5% SPNOI 65 % of Growth Growth FROM CORE Contractually 2 RETAIL Secured 5% Strategic Initiatives Occupancy, adding GLA, and other ancillary revenue streams 1 - Assumes 90% retention rate and blended leasing spreads in the mid-teens. 2TSX: - Based on c
Slide 34: Data-Driven Platform to Accelerate Growth and Maximize Value
Data-Driven Platform to Accelerate Growth and Maximize Value IDENTIFY LEVERAGING INSIGHTS ACROSS high-value opportunities 4,200 Retail Spaces PRIORITIZE resources and capital TO POWER ASSET-LEVEL STRATEGIES BREAK THROUGH Proprietary analytics platform, North Star, barriers to growth consolidates dat
Slide 35: Data-Driven Insights Closing Mark-to-Market Gaps
Data-Driven Insights Closing Mark-to-Market Gaps + = SQ 10.7M FT Mark-to-Market Opportunity $10M Expiring GLA Average 2026-2028 2026-2028 Annualized SPNOI Increase TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 35
Slide 36: Maximizing Embedded Portfolio Rent Mark-to-Market Potential
Maximizing Embedded Portfolio Rent Mark-to-Market Potential Mark-to-Market North Star-informed asset-level strategies to: Opportunity ✓ Target rents for new leases + 25% average net rent per SQ FT 1 ✓ Identify fixed rent renewal options ✓ Enhance merchandising mix ✓ Grow ancillary revenues 1TSX: - A
Slide 37: Prime Intersection
Prime Average Intersection Household Income ▪ Yonge Subway Line 1 ▪ Eglinton Crosstown $ 260K Light Rail Transit (LRT) Mixed-Use Centre Population 1 ▪ 300K SQ FT retail 217K ▪ 760K SQ FT office 1 - Within TSX: REI.UN 3 km of the property. | RIOCAN INVESTOR DAY 2025 | 37 RIOCAN | INVESTOR DAY 2022
Slide 38: Strength in Retail In-Action
Flagship RBC Relocation 12,000 SQ FT Store Front Strength in Retail In-Action Space Reimagined: Future Initiatives The rendering may differ from the final results. Metro Expansion 30,000 SQ FT Store TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 38
Slide 39: Strength in Retail In-Action
Winners Expansion Completed Strength in Retail In-Action Space Evolution: Tenant Upgrades The rendering may differ from the final results. GoodLife Relocation and Expansion TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 39
Slide 40: Enhanced Tenant Mix in Retail Concourse
Enhanced Tenant Mix in Retail Concourse New 2700 SQ FT Tenant ✓ Exemplifying Embedded Growth Potential The rendering may differ from the final results. ~$ 23M NAV GROWTH Recently Renovated Food Hall at today’s IFRS cap rate 16 % UNLEVERED IRR on $19M investment The rendering may differ from the fina
Slide 41: Burloak
BURLOAK ✓ Leveraging tenants needs ✓ Repositioning an underperforming asset for growth 3M $ NOI GROWTH COSTCO HALO EFFECT 40K SQ FT of $21M NAV new leases at GROWTH 180% higher $41M Value average rent $20M Cost TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 41 RIOCAN | INVESTOR DAY 2022
Slide 42: Driving Growth
Driving Growth ≥ 3.5 % SPNOI Growth 2026-2028 Expectations Productive Retail Core ✓ Unmatched Portfolio Productive Proven Operating Platform Retail Core ✓ Growth-Maximizing Team ✓ Data-Driven Insights TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 42
Slide 43: Tenant Fireside Chat Speakers
Greg Hicks Michael Medline Todd Barclay CANADIAN TIRE CORPORATION, EMPIRE COMPANY LIMITED, RECIPE UNLIMITED, PRESIDENT AND CEO FORMER PRESIDENT AND CEO PRESIDENT, CASUAL BRANDS & GOVERNMENT RELATIONS Jonathan Gitlin RIOCAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025
Slide 44: Amplifying Growth
Amplifying Growth DISCIPLINED CAPITAL ALLOCATION Andrew Duncan CHIEF INVESTMENT OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 44
Slide 45: Amplifying Growth
Amplifying Growth Disciplined ~1.5% Capital Allocation Core FFO/Unit Growth1 Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Disciplined Capital Allocation Capital ✓ Investing for Superior Risk-Adjusted Returns Allocation Proven Operating Platform ✓ Data-Driven Capital Recyc
Slide 46: Disciplined Capital Allocation
Disciplined Capital Allocation + = Dynamic Balanced Deploying Capital to Deliver Capital Investment Management Framework Highest Strategy Risk-Adjusted Returns TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 46
Slide 47: Unlocking Capital Through Residential Monetization
Unlocking Capital Through Residential Monetization ASSET DISPOSITIONS 1 ~$ 1.0B 1 SUCCESSFUL EXECUTION Asset Buildings 14 Dispositions including RioCan ✓ ~$0.5B Living Portfolio repatriated YTD between asset sales and condo closings Major market locations 100% ✓ 6 residential rental assets monetized
Slide 48: Highly-Efficient, Recurring Sources of Capital
Highly-Efficient, Recurring Sources of Capital Retained Additional Asset Cash Flow Monetization TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 48
Slide 49: Data-Driven Asset Disposition Strategy
Data-Driven Asset Disposition Strategy CANDIDATES FOR DISPOSITIONS Criteria informed by data-driven analysis: Assets that will not Non-Core Assets contribute to our goal of: Fully Optimized Assets ≥ 3.5 % SPNOI Growth 2026-2028 Expectations Low-Yield Assets TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 4
Slide 50: Investing for Superior Risk-Adjusted Returns
Investing for Superior Risk-Adjusted Returns CAPITAL SOURCES DYNAMIC CAPITAL MANAGEMENT STRATEGY INVESTMENT OPTIONS ~$ 1.0B 1 Maintain a Strong ▪ Debt repayment Asset Dispositions Balance Sheet including RioCan Living Portfolio ▪ Retail infill Reinvest ▪ Leasing capital in Our Business ▪ Unit buybac
Slide 51: Creating Value Through Retail Infill
Creating Value Through Retail Infill ~1.0M SQ FT Retail infill opportunity 9 % Target STRATEGIC RATIONALE BENEFITS returns1 ▪ Unlocks underutilized land ▪ More predictable outcomes ▪ Supports NAV/unit growth ▪ Lower risk ▪ Core competitive strength ▪ Shorter timelines ▪ Pre-leasing potential 1TSX: R
Slide 52: Investment Framework in Action: Retail Infill
Investment Framework in Action: Retail Infill Core TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 52
Slide 53: Case Study: Retail Infill
CASE STUDY: RETAIL INFILL East Hills CALGARY 880K SQ FT centre anchored by Costco1 and Walmart ✓ High risk- adjusted returns ✓ NAV growth ▪ DEMOGRAPHIC ADVANTAGE Retail market with minimal supply ▪ EMBEDDED VALUE Strong tenant demand – 38K SQ FT pipeline in 2026 ▪ HIGH-PERFORMING TENANTS Recent tena
Slide 54: Data-Driven Retail Acquisition Strategy
Data-Driven Retail Acquisition Strategy CANDIDATES FOR ACQUISITIONS Criteria informed by data-driven analysis: Assets that will Attractive Demographics contribute to our goal of: Value-Add Potential ≥ 1 3.5 % Core FFO Growth 2026-2028 Expectations Operational Excellence 1 - Represents TSX: a non-GAA
Slide 55: Aligning Development with Market Cycles
Aligning Development with Market Cycles WHERE WE ARE TODAY BENEFITS ▪ No new construction of mixed-use ▪ More flexibility for nimble and development projects strategic capital allocation ▪ Disposition of non-productive ▪ Reallocate capital minimal impact development land / zone and sell to current i
Slide 56: Amplifying Growth
Amplifying Growth Disciplined ~1.5 % Capital Allocation Core FFO/Unit Growth 1 Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Disciplined Capital Allocation Capital ✓ Investing for Superior Risk-Adjusted Returns Allocation Proven Operating Platform ✓ Data-Driven Capital Rec
Slide 57: Delivering Growth
Delivering Growth PROVEN PLATFORM TO EXECUTE Dennis Blasutti CHIEF FINANCIAL OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 57
Slide 58: Financial Objectives
Financial Objectives DELIVER competitive risk-adjusted returns for our unitholders MANAGE RISK by maintaining a strong balance sheet that withstands market cycles TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 58 RIOCAN | INVESTOR DAY 2022
Slide 59: 2026-2028 Outlook
2026-2028 Outlook ≥ 3.5% Productive Retail Core ≥ 3.5 Core FFO/Unit Growth 1 % Disciplined ~1.5% Capital Allocation Core FFO/Unit Growth 1 2026-2028 Expectations Core FFO growth1 Short-Term Interest ~ (1.5%) Expense Impact Core FFO/Unit Growth 1, 2 1 - Represents a non-GAAP measure. Refer to Non-GAA
Slide 60: Growing from Our Strong Core Base
Growing from Our Strong Core Base $1.85 - $1.88 ~$ 0.27 Condo-related Income2 CORE FFO/UNIT1 $ 0.04 HBC JV3 AT LEAST AT LEAST $1.55 $1.55 2025 2025 2026 2027 2028 1 - Core FFO is calculated as FFO less Condo-related income, HBC-related income, as well as other specific items from time-to-time such a
Slide 61: Secure Source of Growth
Secure Source of Growth 30 % Renewal Upside 1 ≥3.5% SPNOI Growth 65 % of Growth FROM CORE RETAIL Contractually 2 Secured 5% Strategic Initiatives Occupancy, adding GLA, and other ancillary revenue streams 1 - Assumes 90% retention rate and blended leasing spreads in the mid-teens. 2TSX: - Based on c
Slide 62: Disciplined Capital Allocation
Disciplined Capital Allocation Disciplined ~1.5 % Capital Allocation Core FFO/Unit Growth 1 Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Capital Allocation ✓ Investing for Superior Risk-Adjusted Returns Proven Operating Platform ✓ Data-Driven Capital Recycling Strategy 1
Slide 63: Retained Cash Flow: Consistent, Recurring Source of Capital
Retained Cash Flow: Consistent, Recurring Source of Capital + = Retained Cash Flow Leverage Capital ~$70-80M 1 ~$60-70M 1, 2 ~$130-150M 1, 2 per year per year per year 1 - Average run rate. 2TSX: REI.UNlevered - Assumed | RIOCAN INVESTOR at 45%, DAYa 2025 maintaining neutral debt/assets ratio. | 63
Slide 64: Capital Recycling to Drive Additional Financial Flexibility
Capital Recycling to Drive Additional Financial Flexibility CAPITAL SOURCES USES ~$ 1.0B 1 Additional Asset Higher leverage RioCan Living 0.4B ~$ Financial Flexibility Dispositions mortgages repaid including RioCan Living Portfolio Reinvest in Our Business Repayment ~$ 0.6B of condo project debt Cap
Slide 65: Expected Annual Capital Allocation
Expected Annual Capital Allocation + = Levered Retained Capital Total Cash Flow Recycling Capital ~$130-150M1, 2,3 ~$70-100M 1, 2 ~$200-250M 1, 2,3 Reinvestment capital targeting unlevered IRR of at least 9%, ~1.5% Disciplined Capital Allocation modelled assuming ~7% initial yield plus projected gro
Slide 66: Temporary Interest Expense Impact
Temporary Interest Expense Impact Refinancing lower-yield debt maturing in the next three years is expected to temporarily reduce growth by 1.5% DEBT MATURITY SCHEDULE as at September 30, 20251 2026 2026 2027 2027 2028 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034+ 2034+ Total Debt $87
Slide 67: Well-Distributed Debt Ladder
Well-Distributed Debt Ladder Beyond 2028, interest rates on maturing debt are assumed to be similar to current cost of debt PROFORMA DEBT MATURITY SCHEDULE1 Total debt is expected to decrease by ~10%3 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 Total Debt1 $1,300M
Slide 68: Value of Our Business is Our Core
Value of Our Business is Our Core ✓ Exit lower value cash flows ✓ Retain high value cash flows in our Core business ~$24 $ 24+ 2 CONDO CONDO RCL Repatriated and reinvested into Core ~90% ~98% CORE1 CORE1 3 Q3-2025 NAV/UNIT PROFORMA NAV/UNIT 1 - Core NAV is IFRS NAV excluding RioCan Living equity val
Slide 69: Highly Valuable Core Business
Highly Valuable Core Business Valuable, durable, predictable and growing ~$ 24 IFRS NAV per unit Value of the Core business 15x 1 NTM Core FFO multiple 15.4x historic multiple2 +25% Net Asset Value per unit Higher than current unit price 1 - Calculation of 15X next-twelve-months multiple: Q3 2025 IF
Slide 70: Strength in Retail. Durable Growth.
Strength in Retail. Durable Growth. +5% Structurally set up to grow Core FFO/unit 1 over the long-term 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation TSX: for definition REI.UN | RIOCAN and reconciliation. INVESTOR DAY 2025 | 70 RIOCAN | INVESTOR D
Slide 71: Closing Remarks
Closing Remarks Jonathan Gitlin PRESIDENT AND CHIEF EXECUTIVE OFFICER TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 71
Slide 72: Poised for Continued Growth: Strength in Retail. Durable Growth.
POISED FOR CONTINUED GROWTH: Strength in Retail. Durable Growth. TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 72
Slide 73: Head Office
Head Office | RioCan Yonge Eglinton Centre, 2300 Yonge Street, Suite 2200, Toronto, Ontario M4P 1E4 • 1-800-465-2733 • riocan.com TSX: REI.UN | RIOCAN INVESTOR DAY 2025
Slide 74: Targets and Assumptions
TA R G E T S A N D A S S U M P T I O N S – 2 0 2 6 TO 2 0 2 8 1 - Assumes a decline in Interest & Other Income over the 3-year period as Mortgages and Loans Receivable balance decrease and development management fees reduce. Reinvestment of TSX: REI.UN | RIOCAN INVESTOR DAY 2025 repatriated capital
Slide 75: Non-GAAP Measures
NON-GAAP MEASURES The definitions and reconciliations of Core FFO, Core FFO per unit, Core AFFO and Core AFFO per unit included in this presentation are as follows. Core FFO and Core FFO per unit Core AFFO and Core AFFO per unit Core FFO is calculated as FFO less inventory-related gains, marketing e
RioCan Real Estate Investment Trust — Investor Day (November 2025) on 6ix