Riocan Real Estate Investment Trust · TSX:REI.UN
Riocan Real Estate Investment Trust — Q3 2025 Earnings Presentation
26 slides from Riocan Real Estate Investment Trust's earnings presentation, Nov 7, 2025
Slide 1: Strength in Retail - Third Quarter 2025 Investor Presentation
STRENGTH IN RETAIL THIRD QUARTER 2025 INVESTOR PRESENTATION East Hills NOVEMBER 6, 2025 Calgary, AB
Slide 2: RioCan At a Glance
RioCan At a Glance Located in Prime, In-Demand and Growing Markets 173 ~98% properties Committed Occupancy(3) ~32M Sq. Ft. aggregate net leasable area (3) ~85% of properties with grocery component STRONG DEMOGRAPHIC PROFILE VANCOUVER Within 5 km of RioCan's portfolio: 4 assets EDMONTON 1.1M SF (1) (
Slide 3: A Unique Opportunity
A Unique Opportunity STRONG, RELIABLE, GROWING CORE CASH FLOWS AT AN ATTRACTIVE DISCOUNT THRIVING RETAIL PORTFOLIO STRATEGIC CAPITAL MANAGEMENT (3) 94% of Gross Rent from Properties Located in Major Canadian Markets with High Barriers to Entry $1.3B to $1.4B $476 million ~85% of Properties with Groc
Slide 4: Key Takeaways - Year-to-date Q3 2025
Key Takeaways- Year-to-date Q3 2025 CONTINUED DEMAND FOR HIGH-QUALITY RIOCAN SPACE $1.42 6.0% growth over the comparable period last year. 97.8% Maintaining high occupancy with retail essentially full at FUNDS FROM COMMITTED OPERATIONS (“FFO”) On track to achieve annual OCCUPANCY (4) 98.4% PER UNIT
Slide 5: 2025 Outlook
(1) 2025 Outlook STRONG 2024 RESULTS UNDERPIN GROWTH IN 2025 $1.85 to $1.88 ~62% FFO per unit (1)(2)(3) FFO Payout Ratio (2) ~ 4% increase The lowest payout ratio from prior year (4) among the peer set (5), enabling significant cash flow retention to re-invest in the business 1) The Trust remains al
Slide 6: Commercial Same Property NOI (SPNOI)
(1) Commercial Same Property NOI (SPNOI) COMPONENTS OF GROWTH Contractual Rent Steps Same-property tenant pool rent RioCan's leasing strategy includes a Contractual Rent Steps steps which contribute to focus on embedding contractual rent Commercial SPNOI growth ~50% steps into every lease. 2025 SPNO
Slide 7: Favourable Market Dynamics
Favourable Market Dynamics LONG-TERM MACRO-TRENDS PRESENT MEANINGFUL DEMAND DRIVERS Shortage of Quality Supply Evolving Retail / Demand Population / Demand ◦ Lack of quality new retail supply ◦ Full omni-channel experience combines ◦ Population fuels demand for real estate exacerbated by high replac
Slide 8: High-quality, Necessity-based Retail revenue
High-quality, Necessity-based Retail revenue BUILDS RESILIENCE AND GENERATES LONG-TERM VALUE ~85% Property Mix (1) (2) properties with a grocery 10.2% component 29.9% z 59.9% (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 5.0% 5.2% 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 Average Net Rent PSF 21.0% $22.94 91.5% 92.5% 18.7% $22.39 87.7% 88.6% 83.8% $21.51 $20.98 10.7% $20.16 9.0% 6.3% 2021 2022 2023 2024 YTD 2025 2021 2022 2023 2024 LT
Slide 11: Lowest Payout Ratio Retains ~$150 Million of Free Cash Flow Annually
Lowest Payout Ratio Retains ~$150 Million of Free Cash Flow Annually WHILE OFFERING ATTRACTIVE TOP-TIER YIELDS (2) FFO Payout Ratio (1) Distribution and AFFO yield Peer Average: 72% Peer Average (AFFO Yield): 7.1% 83% 8.1% 8.0% 7.7% 7.6% 73% 69% 67% 69% 63% 7.0% 6.2% 5.8% 6.2% 6.0% 5.9% AFFO Yield 5
Slide 12: Continued Balance Sheet Improvement
Continued Balance Sheet Improvement TARGET (1) Q3 2025 (2) Q4 2024 (2) CAPITAL STRUCTURE METRICS Liquidity (3)(5)(6) N/A $1.1B $1.7B Adjusted Spot Debt to Adjusted EBITDA (4)(6) 8.0x - 9.0x 8.80x 9.12x BBB DBRS Investment Grade Credit Rating (or higher) BBB BBB Unencumbered Assets (3)(6) N/A $9.3B $
Slide 13: Enhanced Financial Flexibility
Enhanced Financial Flexibility ENABLED THROUGH CONDOMINIUM SALES AND MONETIZATION OF RIOCAN LIVINGTM PORTFOLIO $1.3B to $1.4B(1) CAPITAL ALLOCATION STRATEGY of capital repatriation expected over the course of ADDITIONAL FINANCIAL FLEXIBILITY FOR ~ 2025 and 2026 ~ $1.0B ~ $0.4B Asset Additional Dispo
Slide 14: Continued Execution of Asset Monetization Strategy
Continued Execution of Asset Monetization Strategy IN-DEMAND RESIDENTIAL RENTAL PORTFOLIO IN PRIME LOCATIONS Strategic dispositions 10 (1) Newly built of six RioCan Living buildings with IFRS avg. age: 4 years $273.5M properties in line with value of $0.9B(4) IFRS Values • Completed dispositions: 2,
Slide 15: Condominium Program Approaching Conclusion
Condominium Program Approaching Conclusion SIMPLIFIES OUR BUSINESS WITH SALES PROCEEDS TO BE REDEPLOYED U.C. Tower 2 ~$0.4B $162.6M 11YV Expected Capital Progress to date repatriation through final condominium U.C. Tower 3 through closing of pre-sold units (1) closing (2) Queen & Ashbridge 1) As at
Slide 16: Ample Liquidity and Well-Distributed Debt Maturity
Ample Liquidity and Well-Distributed Debt Maturity 2025 DEBT MATURITIES SUBSTANTIALLY ADDRESSED Pro forma Debt Maturity Profile and Weighted Average Interest Rate (2) 2,000 1,800 • Georgian Mall and Oakville Place • Completed the issuance of the $200 million 1,600 mortgages have been reported as ‘cu
Slide 17: Long-term Value Enhancing Opportunities Embedded in Sizable Portfolio
Long-term Value Enhancing Opportunities Embedded in Sizable Portfolio PROVEN TRACK-RECORD AND IN-HOUSE EXPERTISE TO UNLOCK VALUE THROUGH EVERY STEP OF THE DEVELOPMENT PROCESS 43.0M SQ. FT. DEVELOPMENT PIPELINE Zoning application Zoning Shovel Underway (1) submitted approved (1) ready (1) 3.0M 17.7M
Slide 18: Embedding Best Practices in Everything We Do
Embedding Best Practices in Everything We Do SELECT ACHIEVEMENTS ENVIRONMENT SOCIAL GOVERNANCE First Place 2024 Award AA Rating Ranking Earned 2024 Waterstone Human Maintained an ESG rating upgrade to Achieved top rank amongst North American Capital Canada’s Most Admired AA from Morgan Stanley Capit
Slide 19: Appendix: Favourable Market Dynamics
APPENDIX Favourable Market Dynamics RioCan Durham Ajax, ON RIOCAN | INVESTOR PRESENTATION (March 2022) | 19 RIOCAN | INVESTOR PRESENTATION (Third Quarter 2025)
Slide 20: 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 21: 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 22: 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% 0.4% 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 23: Sustainable Demand
Sustainable Demand Square Feet of Retail per Capita(3) RETAIL REAL ESTATE SUPPLY HAS NOT KEPT PACE WITH POPULATION GROWTH IN CANADA (‘000s) Population growth in Canada is fueled by qualified and productive immigrants Post pandemic, Canada exceeded its immigration plan targets and welcomed 16.7 Sq. f
Slide 24: 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 25: 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 26: 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 (Third Quarter 2025)
RioCan Real Estate Investment Trust — Q3 2025 Earnings Presentation on 6ix