Riocan Real Estate Investment Trust · TSX:REI.UN
Riocan Real Estate Investment Trust — Q1 2026 Earnings Presentation
30 slides from Riocan Real Estate Investment Trust's earnings presentation, May 5, 2026
Slide 1: Strength in Retail. Durable Growth.
Strength in Retail. Durable Growth. INVESTOR PRESENTATION ❘ FIRST QUARTER 2026 ❘ TSX: REI.UN
Slide 2: 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 3: Irreplaceable Portfolio. Highly Investable.
IRREPLACEABLE PORTFOLIO H I G H LY I N V E S TA B L E 167 PROPERTIES 86% PROPERTIES 30+ YEARS ~ 290M UNITS WITH A GROCERY Major Markets COMPONENT2 Proven Trading Dominance Necessity- Platform Liquidity 95% Major Markets1 Over three decades of Most liquid CAD (Canadian cities) based tenants operation
Slide 4: Why RioCan? Why Now?
Why RioCan? Why Now? Productive Durable and visible retail portfolio earnings growth Necessity-based, major market Contractual SPNOI growth retail portfolio with embedded Mark-to-Market (MtM) Strength in Influx of capital and accretive operating fundamentals retail-focused investments Favourable sup
Slide 5: Compounding Growth in Cash Flow
FINANCIAL OUTLOOK Compounding Growth in Cash Flow FY2026 2026–2028 FY2025 GUIDANCE2 TARGETS2 Core FFO per $ 1.55 $ 1.60-1.62 ≥3.5% unit – diluted1 PER UNIT PER UNIT CAGR Commercial Same Property 3.6% 3.5 - 4.0% ≥3.5% NOI growth1 1 – This is a non-GAAP measurement. For more information, refer to the
Slide 6: Favourable Canadian Retail Operating Environment
Favourable Canadian Retail Operating Environment RioCan’s dominance in a concentrated, supply-constrained HISTORICAL SPREAD OF ~200 BPS IN OCCUPANCY tenant ecosystem provides an enduring structural advantage. BETWEEN RIOCAN AND US REIT PEERS2 99% ▪ Major markets strategy RioCan US Avg Geographic ▪ 9
Slide 7: Scarce Retail Supply
New retail supply is at historic lows (new supply as % total inventory)1 2.50% Scarce 2.00% Retail 1.50% 1.00% Supply 0.50% 0.00% Replacement costs for 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 well-located retail well over market values ~$ 600psf REPLACEMENT CO
Slide 8: Accelerating Demand for RioCan Spaces
RioCan Demand Velocity: Full occupancy and surging leasing spreads Accelerating 100% 99% 30% Demand 98% 25% Blended Leasing Spread (%) for RioCan 97% Committed Occupancy (%) 20% 96% Spaces 95% 15% 94% 10% 93% Lack of quality 92% 5% space gives RioCan 91% pricing leverage 90% 0% 2022 2023 2024 2025 Q
Slide 9: Focused in Canada's Six Major Markets
S T R U C T U R AL AD VAN TA G E Focused in Canada’s BEST-IN-CLASS DEMOGRAPHICS, AMPLIFYING RETAILER DEMAND. six major markets Average Population WITHIN 5KM 277K 161K 137K 32M SQ FT 1 Toronto (GTA) Ottawa Calgary 16.8M SQ FT 1 4.3M SQ FT 1 3.6M SQ FT 1 Average Household Income WITHIN 5KM $155K $154
Slide 10: Well-Capitalized and Diversified Necessity-Based Tenants
S T R U C T U R AL AD VAN TA G E Well-Capitalized and Diversified Necessity-Based Tenants Drive resilient cash flow while serving Canadians’ everyday needs ~86% No single tenant exposure2 properties with a >5% grocery component1 Average exposure Secured 12 new grocery deals to top 30 totaling 379k s
Slide 11: Retail-Focused Strategy Delivering Results
Retail-Focused Strategy Delivering Results Achieving record breaking operational results in RioCan’s 30-year history 3 Same Property NOI Q1 2026 Average Net 4.7 % Third Consecutive Quarter At or Above 4.5% Rent per SQ FT 1, 2 $ 23.49 92.4% 2 $23.18 Retention Ratio $22.39 Q1 2026 $21.51 Occupancy 2,
Slide 12: Secure Source of Growth
G R O W T H F R O M C O R E R E TA I L Secure Source of Growth Mark-to-Market 20 % 2026 Outlook1,4 75 % Opportunity on Renewals1 3.5 - 4.0 % of Growth Contractually SPNOI Growth2 Secured3 5 % Strategic Initiatives Improved recovery ratios, conversion of leases from gross to net 1 – Assumes 90% reten
Slide 13: Retail Leasing Supercycle
Retail Leasing Leveraging retailer Supercycle demand for improved lease terms: Positioned to capture sustained rent spreads through the cycle. Significant MtM opportunity on maturities: ~70% of expiring leases have market renewal options or have no renewal options ✓ Embed rent steps ~$28 ~$28 $29.00
Slide 14: Recycling ~$1.3B of Capital
1 Recycling ~$1.3B of Capital Influx of $1.3B Monetizing Residential Portfolio capital RioCan Living Sales $0.9B catalyzing ~ 80% growth Condo Proceeds $0.4B Completion2 $1.04B PROGRESS THROUGH Q1 2026 Continuous portfolio Total $1.3B optimization to drive portfolio quality, while freeing up balance
Slide 15: Delivering Competitive Risk-Adjusted Returns
Delivering Competitive Risk-Adjusted Returns Financial Capital Balanced Return Target 1,2 Management Strategy Investment Framework FINANCIAL RATING Maintain a Strong 9 Core FFO/unit accretion % Balance Sheet NAV/unit accretion Debt-to-EBITDA improvement Reinvest in Our Business INVESTMENT OPERATIONA
Slide 16: The Strongest Opportunity for Capital is our Portfolio
The Strongest Opportunity for Capital is our Portfolio Allocating capital to retail-focused projects 2026 PORTFOLIO INVESTMENTS SPENDING1 Retail Infill Projects2 $50 – $60 million Asset Enhancements2,3 $45 – $55 million $95 – $115 million 2026 PORTFOLIO INVESTMENTS RETURN PROFILE > % 9 8-9% ~ %3 Exp
Slide 17: Strong Balance Sheet
Strong Balance Sheet Supported by a suite of improving credit metrics APPROACH PRIORITIES Flexibility Investment grade credit rating Large unencumbered asset pool to manage risk and Target Debt-to-EBITDA ratio of 8x-9x 1 Well-distributed debt ladder pursue opportunities Payout ratio of ~70% 2 Ample
Slide 18: Strengthening Balance Sheet Supportive of Growth Trajectory
Strengthening Balance Sheet Supportive of Growth Trajectory Flexibility to manage risk and pursue opportunities CAPITAL STRUCTURE METRICS TARGET 1 Q1 2026 2 Q4 2025 2 Liquidity 3,5 N/A $1.3B $1.5B Adjusted Spot Debt to Adjusted EBITDA 4,5,6 8.0x – 9.0x 8.94x 8.64x DBRS Investment Grade Credit Rating
Slide 19: Unit Price Not Reflective of Value & Earnings Power
H I G H LY V A L U A B L E B U S I N E S S Unit Price Not Reflective of Value & Earnings Power of our Business ~$24 IFRS NAV per unit Value of the Core business Strategic Unit Buybacks Next Twelve Months Core 15x ~ % 6 1 FFO multiple ~$400M in opportunistic 15.4x historic multiple 2 repurchases, rei
Slide 20: Irreplaceable Portfolio. Highly Investable.
K E Y TA K E AW AY S Irreplaceable Portfolio. Highly Investable. Productive Durable & Visible Retail Portfolio Earnings Growth Strength in Operating Influx of Capital Fundamentals & Investments Strong Development Balance Sheet Cycle Completed TSX: REI.UN | RIOCAN INVESTOR PRESENTATION FIRST QUARTER
Slide 21: Appendix
Appendix TSX: REI.UN | RIOCAN INVESTOR PRESENTATION FIRST QUARTER 2026 | 21
Slide 22: Tight Canadian Retail Market
Tight Canadian Retail Market Canadian urban retail markets continue to operate at structurally lower vacancy levels than US peers, reflecting high occupancy supported by limited new supply Current Vacancy Rate 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Philadelphia Phoenix Indianapolis Dallas-Fort D.C. Me
Slide 23: Canadian Grocery Market by the Numbers
H I G H E R M A R K E T C O N C E N T R AT I O N I N C A N A D A CANADA COMPARED TO THE US 1: Canadian Grocery Market by the Numbers 19 % Grocery stores CANADA 7.0 LESS US 8.33 76 % 48 % 19 % Walmart stores CANADA 0.96 Market Share1 Market Share1 LESS US 1.143 TOP 5 TOP 5 Loblaw Walmart Sobeys Kroeg
Slide 24: Aggressive Growth Plans by Canadian Pharmacies
RECESSION-RESILIENT INDUSTRY Aggressive Growth Plans Q3 2025 EARNINGS CALL by Canadian Pharmacies “We’re on track to reach our target of 250 in-store clinics opened across Canada by the end of 2025” PRESS RELEASE FEB 23, 2026 “…in 2026, Loblaw will open 70 new stores. This will include 34 Shoppers D
Slide 25: Spaces Reimagined
Spaces Reimagined Metro Expansion Flagship RBC Relocation Prime property elevated through strategic store 30,000 SQ FT Store 12,000 SQ FT Store Front expansions, enhancements, and tenant upgrades, The rendering may differ from the final results. exemplifying embedded growth potential Prime Intersect
Slide 26: Centre Repositioned
RIOCAN CENTRE BURLOAK Centre Repositioned Underperforming retail replaced with a Costco anchor, driving traffic, tenant demand, and unlocking long-term growth. ~170,000 sf of historically underperforming Strategic Repositioning retail replaced by a new 160,000 sf Costco Costco anchors the site, driv
Slide 27: Sustainable Distribution Supported by Durable Cash Flow
Sustainable Distribution Sustainable Distributions Supported by ✓ Distributions are anchored by Durable Cash Flow resilient, durable cash flow from core retail portfolio 3.8% CAGR in distribution per unit (2021-2026E)1 ✓ Structured for tax-deferred growth; approximately 40% of 2025 distributions wer
Slide 28: Guidance and Assumptions Summary
GUIDANCE AND ASSUM PTIONS SUM M ARY 2025 2026 - 2028 2025 2026 - 2028 Metric Actuals 2026 Target Target Metric Actuals 2026 Target Target Financial Targets Balance Sheet Targets Core FFO per Unit $1.55 $1.60-$1.62 ≥3.5% Adjusted Spot Debt to Adjusted EBITDA 8.64x 8.0x-9.0x 8.0x-9.0x Core FFO per Uni
Slide 29: Driving Long-Term Value through a Dedicated ESG Program
Driving Long-Term Value through a Dedicated ESG Program RESILIENT BUSINESS Governance: operate with Environment: design and Tenants: continuously leading governance and risk operate high-quality assets enhance tenant experience, Supporting the transition to a management practices and that minimize o
Slide 30: 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 PRESENTATION FIRST QUARTER 2026
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