2. Forward Looking Statements
2
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 respect to management's beliefs,
plans, estimates, and intentions, and similar statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical facts. Certain material factors,
estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as
reflected in these statements and actual results could differ materially from such conclusions, forecasts
or projections.
Additional information on the material risks that could cause our actual results to differ materially from
the conclusions, forecast or projections in these statements and the material factors, estimates or
assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in
the forward-looking information can be found in our annual information form and annual report that
are available on our website and at www.sedar.com.
Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
3. One of North America’s Largest Retail REITS
3
348
retail properties
in Canada & U.S.
83 million
sqft total portfolio
$7.6 billion
market cap
53 million
sqft owned
$13.8 billion
enterprise value
~86%
revenue generated by
national and anchor
tenants
~7,900
tenancies
4. Core Strengths
4
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 robust acquisition activity and development pipeline
Experienced, performance driven management team
Dominant platform, geographically diversified
Conservative balance sheet / financial strength
5. QC
PA
VA
Property Portfolio
5As at June 30, 2013 at RioCan’s interest
CT
MA
BC
AB
ON
QCSA
MB
NB
NFLD
298
retail properties
44 million sqft
85.9%
annualized rental
revenue
TX
GTA
50
retail properties
8.9 million sqft
14.1%
annualized rental
revenue
6. Property Portfolio – Canada
6
Calgary
Edmonton
Vancouver
Toronto
MontrealOttawa
BC
AB
ON
QC
Annualized Rental Revenue by Major Market
8.5%
Major
markets
combined,
72.1%
Rest of
Canada,
27.9%
6.0%
3.8%
3.6%
8.8%
41.3%
7. PA
VA
Property Portfolio – U.S.
7
RICT
NH
MA
TX
Regional Market Strategy & Focus
Annualized Rental Revenue by State – Proforma RPAI & Dunhill Transactions
NY
MD
NJ
WV
57.1%
2.6%
0.8%
6.4%
2.0%
0.7%
3.1%
2.7%
20.4%
2.0%
2.2%
46
retail properties
9.0 million sqft
9. Strong Tenant Relationships
9
Top 10 Canada & US Combined
Top 10 Tenant Name
Annualized
Rental
Revenue
Number Of
Locations
Total Area
Occupied
(Sq. Ft. In
000s)
Weighted Avg
Remaining
Lease Term
(Yrs)
1 Walmart 3.7% 32 3,811 12.6
2 Canadian Tire Corporation (i) 3.5% 96 2,064 8.9
3 Cineplex/Galaxy Cinemas 3.2% 30 1,381 10.6
4 Metro/Super C/Loeb/Food Basics 3.2% 58 2,133 7.2
5 Winners/HomeSense/Marshalls 2.6% 73 1,616 6.9
6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 32 1,378 7.0
7 Target Corporation 1.8% 24 2,075 8.8
8 Staples/Business Depot 1.7% 54 1,056 6.3
9 Shoppers Drug Mart 1.6% 51 554 8.8
10 Future Shop/Best Buy
1.5% 34 769 6.1
(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere
As at June 30, 2013
10. Strong Tenant Relationships
10
Top 10 Canada & US Combined – Pro Forma Recently announced Transactions
Top 10 Tenant Name
1 Loblaws/No Frills/Fortinos/Zehrs/Maxi/
Shoppers Drug Mart (i)
2 Walmart
3 Canadian Tire Corporation
4 Cineplex/Galaxy Cinemas (ii)
5 Metro/Super C/Loeb/Food Basics
6 Winners/HomeSense/Marshalls
7 Target Corporation
8 Staples/Business Depot
9 Sobey’s / Safeway (iii)
10 Future Shop/Best Buy
The following pro forma rankings assume the
successful closings of all the deals mentioned below:
(i) Loblaws has entered into an agreement to
purchase Shoppers Drug Mart which is scheduled
to close in the fourth quarter of 2013. Loblaws
would be RioCan’s largest tenant by gross
revenue.
(ii) Cineplex has entered into an agreement to
purchase certain theatre locations from Empire
Co., including two locations within the RioCan
portfolio. This transaction is anticipated to close
during the third quarter of 2013, and upon
closing, Cineplex would become RioCan’s 4th
largest tenant as measured by gross revenue.
(iii) Sobeys has entered into an agreement to
purchase Safeway Canada, scheduled to close in
the fall of 2013. Sobeys would be RioCan’s 9th
largest tenant by gross revenue.
11. Strong Tenant Relationships
11
Top 10 U.S.
Top
10
Tenant Name
Annualized
Rental
Revenue
Number Of
Locations
Total Area
Occupied
(Sq. Ft. In
000s)
Weighted
Avg
Remaining
Lease Term
(Yrs)
1 Giant Food Stores/ Stop & Shop (Royal Ahold) 9.8% 20 1,025 12.6
2 Best Buy 3.8% 11 332 7.2
3 PetSmart 3.0% 15 286 5.5
4 Walmart 2.4% 5 776 15.4
5 Michael’s 2.2% 13 233 6.0
6 Ross Dress for Less 1.9% 10 235 5.3
7 Staples 1.6% 9 166 5.3
8 Bed Bath & Beyond 1.4% 9 195 6.9
9 Lowes 1.3% 3 353 15.2
10 Market Street 1.3% 2 138 10.6
As at June 30, 2013
12. Lease Rollover Profile
Broadly Distributed Lease Expiries
12
1,786
4,040 4,156
4,869
3,878
2013 2014 2015 2016 2017
260
677
477 452
607
2013 2014 2015 2016 2017
% Square Feet expiring / portfolio NLA
Canadian Portfolio
As at June 30, 2013
U.S. Portfolio
As at June 30, 2013
’000s Square Feet
’000s Square Feet
4.4% 10.1%
10.3%
12.1%
9.6%
2.9%
7.6%
5.4% 5.1%
6.8%
17. Financial Highlights
(in millions of $)
452 466
551
622
713
2008 2009 2010 2011 2012
Net Operating Income* Q2 2010 – Q2 2013
138
147 148 151 156
167 171 172
182 188 186 187
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Net Operating Income 2007 –2012
17
2010 2011 2012
* At RioCan’s interest
2013
18. Financial Highlights
(in millions)
Distributions to Unitholders
228
261 281 285 293 316
297
318 343
367
401
426
2008 2009 2010 2011 2012 2013*
0.99 1.04
1.13 1.14 1.07 1.01 1.01
1.32751.36 1.38 1.38 1.38 1.38 1.41
2007 2008 2009 2010 2011 2012 2013*
Distributions to Unitholders per Unit
18
Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP
* annualized
19. Financial Highlights
• RioCan’s Operating FFO increased by 14% to $121 million for the three months ending June 30, 2013
(“Second Quarter”) compared to $106 million in the second quarter of 2012. On a per unit basis,
Operating FFO increased 8% to $0.40 per unit from $0.37 per unit in the same period of 2012;
• RioCan’s Operating FFO increased by 17% to $245 million for the six months ended June 30, 2013
compared to $209 million for the same period in 2012. On a per unit basis, Operating FFO increased
9% to $0.81 per unit from $0.74 per unit for the same period in 2012;
• RioCan’s concentration in Canada’s six major markets has increased to 72.1% from 67.5% at
December 31, 2012;
• Overall occupancy was 96.7% at June 30, 2013, compared to 97.4% at December 31, 2012. The
decline in occupancy was largely due to five Zellers stores totalling 466,000 square feet that were
returned to RioCan on April 1, 2013;
• During the Second Quarter, RioCan acquired interests in seven income properties in Canada and the
US aggregating 1.1 million square feet at an aggregate purchase price of approximately $460 million
at RioCan’s interest at a weighted average capitalization rate of 5.2%;
• During the quarter RioCan sold four properties located in secondary markets aggregating 1.6 million
square feet at a total sale price of $364 million at a weighted average cap rate of 6.0%;
19
20. Financial Highlights
• During the quarter, RioCan redeemed its $150 million Series M debentures that carried an interest rate
of 5.65% and issued $200 million Series T ten year senior unsecured debentures at an interest rate of
3.725%;
• During the quarter, RioCan entered into an agreement to dissolve its joint venture arrangement with
Retail Properties of America, Inc. ("RPAI"). Under the terms of the dissolution, RPAI will convey its 20%
managing interest in eight properties to RioCan. RioCan will, in turn, convey its 80% interest in the
remaining five properties to RPAI. The transaction is expected to close on October 1, 2013;
• RioCan entered into agreements to dissolve its joint venture agreements with Dunhill Partners, Inc.
(“Dunhill”) after the quarter end. Under the terms of the dissolution, RioCan will acquire Dunhill’s
interests in six properties at a total purchase price of $83.5 million, which equates to a capitalization
rate of 6.4%. The transaction is expected to close in phases during the third and fourth quarters of 2013;
• In addition to its office in the northeastern US, RioCan is in the process of establishing a second US
office to be located in Dallas Texas, and intends to assume the management duties for its Texas
portfolio; and
• On July 25, 2013, RioCan announced the TSX approval of its notice of intention to make a normal course
issuer bid (“NCIB”) for a portion of its Units as appropriate opportunities arise from time to time.
20
21. Financial Summary
21*Coverage figures calculated on a twelve month rolling basis
Period Ended June 30,
(in millions of $ except per unit amounts)
% Change
2013 vs. 2012
2013 2012
Total Revenues - consolidated 8.59% $278 $256
Total Revenues – at RioCan’s interest 9.77% $292 $266
Operating FFO 14.15% $121 $106
Operating FFO per Unit 8.11% $0.40 $0.37
Distributions to unitholders 6.00% $106 $100
Distributions to unitholders per Unit (annualized) 2.17% $1.41 $1.38
Distributions to unitholders net of distribution reinvestment plan (DRIP) 8.22% $79 $73
Distributions to unitholders net of DRIP per Unit (past 12 months) -3.81% $1.01 $1.05
Unit issue proceeds under distribution reinvestment plan 0.00% $27 $27
Distribution reinvestment plan participation rate -7.01% 25.20% 27.10%
As at % Change June 30, 2013 December 31, 2012
Total assets - consolidated 2.47% $12,931 $12,619
Total assets – at RioCan’s interest 2.38% $13,195 $12,888
Debt – consolidated 2.35% $5,579 $5,451
Debt – at RioCan’s interest 2.34% $5,851 $5,717
Debt to Total Assets – (at RioCan’s interest) - 44.20% 43.60%
Debt Service Coverage (at RioCan’s interest)* 5.05% 2.08x 1.98x
Market capitalization -7.56% $7,646 $8,271
Total capitalization (incl. Preferred Units) -3.50% $13,774 $14,274
22. Financial Summary
22
Occupancy and Leasing Profile
2013 2012 2011
(thousands of square feet, millions of dollars)
Second
quarter First quarter
Fourth
quarter Third quarter
Second
quarter First quarter
Fourth
quarter Third quarter
Committed occupancy 96.7% 97.0% 97.4% 97.3% 97.4% 96.9% 97.6% 97.5%
Economic occupancy 95.4% 95.8% 95.9% 95.5% 95.5% 95.7% 96.6% 96.3%
NLA leased but not paying rent 640 615 711 855 871 542 466 541
Annualized rental impact $15.00 $15.00 $15.00 $18.00 $18.00 $12.00 $11.00 $12.00
Retention rate - Canada 95.9% 68.3% 94.3% 84.8% 89.9% 91.2% 90.5% 88.9%
% increase in average net rent per sq ft - Canada 12.0% 13.4% 18.4% 12.9% 13.4% 10.0% 14.5% 7.2%
Retention rate - US 92.0% 98.8% 87.6% 96.3% 84.2% 83.1% 95.7% 89.9%
% increase in average net rent per sq ft - US 4.3% 2.3% 5.1% 6.0% 7.3% 7.2% 8.9% 6.4%
Average in place rent $15.77 $15.77 $15.70 $15.85 $15.33 $15.37 $15.14 $15.09
Same store growth - Canada 0.6% 0.1% 0.2% 0.0% 1.5% 1.5% 1.9% 1.3%
Same store growth - US 1.4% 1.4% 1.9% -0.3% 1.3% -0.6% 1.3% 1.0%
23. Financial Summary
23
(thousands of dollars)
Three Months Ended June 30, 2013
2013 2012 Increase
(decrease)
Net Operating Income
Same store1 $138,209 $137,442 0.6%
Land use intensification $1,191 $1,371 nm
Same properties2 $139,400 $138,813 0.4%
Acquisitions & Dispositions $13,205 $3,688 nm
Greenfield development $3,358 $2,875 16.8%
NOI before adjustments $155,963 $145,376 7.3%
Lease cancellation fees $209 $709 nm
Straight-lining of rents $1,253 $973 28.8%
NOI – At RioCan’s interest $157,425 $147,058 7.0%
“nm” – not meaningful.
1 Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods.
2 Same properties refer to those income properties that were owned by RioCan throughout both periods.
Net Operating Income
Canadian Portfolio
24. Financial Summary
24
(thousands of dollars) Three Months ended June 30,
2013 2012 Increase
(decrease)
Base rent – US$ $22,817 $22,722 0.4%
Property tax and operating cost recoveries – US$ 6,410 6,037 6.2%
Other – US$ 195 155 nm
Rental revenue – US$ 29,422 28,914 1.8%
Property operating costs – US$ 8,089 7,880 2.7%
Same store and same properties 12– US$ $21,333 $21,034 1.4%
Foreign currency translation adjustment 649 159 nm
Same store and same properties 12 – CDN$ 21,982 21,193 3.7%
Acquisitions 6,750 – nm
NOI before adjustments $28,732 $21,193 35.6%
Dispositions – 1,086 nm
Lease cancellation fee – – nm
Straight-lining of rents 783 758 nm
NOI – At RioCan’s interest $29,515 $23,037 28.1%
“nm” – not meaningful.
1 Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods.
2 Same properties refer to those income properties that were owned by RioCan throughout both periods..
Net Operating Income
US Portfolio
25. Conservative Debt Profile
• Debt‐to‐Total Assets of 44.2% at June 30, 2013;
• Total operating lines $429 million with
approximately $391 million available at June 30,
2013
• Unencumbered pool has a fair value of $1.9 billion
• Floating rate debt 6.3% of aggregate debt
• Strong coverage ratios in Q2 2013
• EBITDA interest coverage of 3.04x
• Debt service coverage of 2.19x and
• Fixed charge coverage of 1.08x
25* At RioCan’s interest
26. RioCan Capital Structure
34.2%
11.2%
2.1%
52.6%
0%
25%
50%
75%
100%
Book Value*
Common Units - 303 million units outstanding, $7.6 billion market capitalization
Preferred Units - $277 million market capitalization
Debentures - $1.5 billion
Mortgages & Lines of Credit - $4.4 billion
26
32.0%
10.5%
2.0%
55.5%
0%
25%
50%
75%
100%
Market Value
Total Assets – $13.2 Billion Total Enterprise Value* – $13.7 Billion
* At RioCan’s interest
28. Modest Leverage, Strong Interest Coverage
• RioCan has consistently adhered to a conservative debt policy even
through periods of considerable growth
• 60% max permitted under covenant
• Interest coverage well in excess of the 1.65x maintenance covenant
47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6%
49.1% 46.4% 43.5% 44.2%
2.9x 2.9x
2.6x 2.6x 2.7x 2.8x 2.9x
2.7x 2.6x
2.2x
2.5x 2.5x
2.7x
3.0x
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Q2 2013
Leverage Interest Coverage
28* At RioCan’s interest
29. Debt Maturity Schedule
29
• Long‐term, staggered debt maturity profile
• 4.5% Overall WAIR and 4.7 Year weighted avg. term to maturity at RioCan’s interest
• Low floating rate debt exposure (6.3% of total debt) at RioCan’s interest
5.9%
4.6% 4.6% 4.7%
3.8%
4.4%
3.00%
4.00%
5.00%
6.00%
7.00%
0
500
1,000
1,500
2,000
2,500
3,000
2013 2014 2015 2016 2017 Thereafter
Scheduled principal amortization
Mortgages payable$ Millions
WeightedAvg.InterestRateonMaturingDebt
129
484
775 875
1,095
2,487
30. Leverage and Coverage Ratios & Targets
30
3 Months Rolling 12 Months
Targeted
Ratios
June
30/13 5
June
30/13
June
30/13
Dec.
31/12*
Dec.
31/12
Interest coverage ratio1 >2.75x 3.04x 2.79x 2.81x 2.69x 2.69x
Debt service coverage ratio2 >2.25x 2.19 2.06 2.08 1.98 1.99
Fixed charge coverage ratio3 >1.1x 1.08 1.04 1.06 1.04 1.05
Net operating debt to
adjusted operating EBITDA
ratio4
<6.5x 7.52 7.52 7.18 7.09 7.08
Unencumbered Assets
($millions)
$1,863 $1,353
Unsecured Debentures
($millions)
$1,455 $1,299
Unencumbered Assets to
Unsecured Debt
>130% 128% 104%
(1) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized).
(2) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest
that has been capitalized).
(3) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to
common and preferred unitholders.
(4) Net operating debt to Adjusted Operating EBITDA is defined as: the average debt outstanding (net of cash) for the period less debt related to property under
development divided by Adjusted EBITDA excluding amounts related to property under development
(5) Adjusted to exclude interest capitalized.
* Restated on same basis as June 30, 2013
* At RioCan’s interest
32. Future Growth Drivers
32
Future Growth
Drivers
Institutional
Relationships
Organic
Growth
Acquisitions
Development
Pipeline
Land Use
Intensification
33. Organic Growth
Canadian Portfolio
33
Lease Expires
(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017
Total 40,200 1,786 4,040 4,155 4,869 3,878
Square Feet expiring/portfolio NLA 4.4% 10.1% 10.3% 12.1% 9.6%
Total average net rent psf $16.14 $18.87 $16.83 $16.53 $16.71 $18.36
Ability to add growth through rental renewals with 47% of leases renewing over next five years.
• In Q2 2013 achieved renewal rent increases of 12% or $2.14 psf with an average renewal rate of $19.98.
• Retention rate of 95.9%.
$12
$13
$14
$15
$16
$17
$18
$19
$20
0
700
1,400
2,100
2,800
3,500
4,200
4,900
2008 2009 2010 2011 2012 2013ytd 2013 2014 2015 2016
RentPSF
SquareFeet(‘000s)
RioCan Lease Maturity Schedule and Renewal History
Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF
34. 34
Leasing of the Zellers stores not taken by Target should, in aggregate provide an opportunity for RioCan to
generate additional rental income going forward, as the lease income previously generated by Zellers was
considerably below current market rental rates.
• RioCan has nine locations leased by Zellers that were not selected by Target comprising approximately 727,000 square feet
(640,000 square feet at RioCan’s interest) contributing $6.6 million of annual gross revenue ($6 million at RioCan’s interest).
• Average base rent on this space of $5.28 per square foot contributing $6.6 million of annual gross revenue ($6 million at
RioCan’s interest).
• RioCan received a lease termination fee on these five remaining Zellers locations of $9.3 million.
RioCan has negotiated firm leases and conditional LOI’s for 395,000 square feet or 62% of the former Zeller’s space (at RioCan’s
ownership interest) accounting for $6.1MM of gross revenue or 102% of the gross rent formerly paid by Zellers (at RioCan’s
ownership interest).
The average base rent on the re-leased space is $10.21 per square foot compared to the $5.28 per square foot formerly received
from Zellers representing a 93% increase.
Given the significant amount of work required to redevelop and reposition the properties, RioCan estimates that the construction
and tenant fixturing period will average approximately one year.
Zellers update
35. Organic Growth
U.S. Portfolio
35
Lease Expires
(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017
Total 8,904 260 678 477 452 607
Square Feet expiring/portfolio NLA 2.9% 7.6% 5.4% 5.1% 6.8%
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016 2017
Leases Expiring Total Portfolio Cumulative
Square Feet expiring/portfolio NLA
Ability to add growth through rental renewals with 28% of leases renewing over next five years.
• In Q2 2013 achieved renewal rent increases of 4.3% or $0.60 psf with an average renewal rental rate of $14.48
• Maintained a retention rate of 92.0%
36. Acquisitions
36
2010 2011 2012 2013 H1
$986
$1,100
$926
$479
Annual Acquisitions – Canada & US
Purchase price at RioCan’s interest (millions)
Total
$3.49
Billion
37. Acquisitions
Track Record – Acquisitions 2011 – Q2 2013
37
Location Cap Rate
RioCan’s Purchase Price
(millions)
Canada 6.4% 506
United States 6.9% 567
2011 Acquisitions 6.6% $1,073
Canada 5.7% 543
United States 6.8% 383
2012 Acquisitions 6.1% $926
Canada 5.2% 471
United States 6.4% 8
Q1 & Q2 2013 5.2% $479
Grand Total 2011-Q2 2013 6.1% $2,478
38. Dissolution of JV with Retail
Properties of America, Inc.
(“RPAI”) and Dunhill Partners
39. Transaction Highlights - RPAI
• RioCan and RPAI have agreed to dissolve their joint venture arrangement formed in 2010;
• RPAI to acquire from RioCan a 80% interest in 5 properties to increase their ownership to
100%.
• When completed, RioCan will own a 100% interest in eight high quality retail assets in Texas,
including the dominant power centres in Austin and San Antonio. The portfolio includes four
Target shadow anchored centres in Austin, San Antonio and Temple, as well as four
exceptional grocery anchored or shadow anchored centres in Houston and Dallas.
• The additional 20% interest will provide RioCan with a 100% ownership interest for 2.5 million
square feet of RioCan’s 4.3 million square foot portfolio in Texas.
39
40. Transaction Highlights - RPAI
• The gross purchase price for the 8 properties is $96.6 million, representing a
capitalization rate of 6.9%. Under the terms, RioCan will assume RPAI’s share of the
current in place mortgage financing of $41.8 million, which carries an average interest
rate of 3.7% and has an average term to maturity of 2.9 years. The purchase price for
the 8 properties net of financing and mark to market adjustment on debt is $53.7
million.
• RioCan will sell its 80% ownership in five assets at a gross purchase price of $102.8
million ($45.6 million net of financing and mark to market adjustment on debt).
• RioCan’s US portfolio is composed of 26 properties containing 4.6 million square feet in
the Northeastern US and 4.3 million square feet in 24 properties (19 properties
containing 4.3 million square feet on completion) in Texas.
40
41. Transaction Highlights - RPAI
41
High quality assets with a focus towards grocery
anchored centres
42. Transaction Highlights - RPAI
Assets to be Acquired
42
Property Name Location NLA Occupancy Major Tenants
1890 Ranch Austin 486,896 90.5%
Super Target (shadow), Ross Dress for Less,
Beall’s, PetSmart
Alamo Ranch
San
Antonio
465,371 89.4%
Super Target (shadow), Ross Dress for Less,
Dick’s Sporting Goods, PetSmart, Michaels
Bear Creek Shopping Center Houston 87,912 98.8% HEB
Bird Creek Crossing Temple 124,941 100.0%
Target (Shadow), Home Depot (Shadow),
PetSmart, Michaels, Office Max
Great Southwest Crossing Dallas 92,270 100.0%
Sam’s Club (shadow), Kroger (Shadow),
PetSmart, Office Depot
Riverpark Phase I,II Houston 253,011 95.9% HEB, LA Fitness, Dollar Tree
Southpark Meadows Austin 921,141 97.0%
Walmart (ground lease), Super Target (Shadow),
Bed Bath & Beyond, Marshalls, Ross Dress for
Less, Sports Authority
Suntree Square Dallas 99,269 94.2% Tom Thumb (Safeway),
TOTAL / W.A. 2,530,811 94.4%
43. Transaction Highlights - Dunhill
Dunhill Partners Inc. (Dunhill)
• RioCan has entered into an agreement to dissolve its joint venture agreement with
Dunhill. Under the terms of the dissolution, RioCan will acquire its partner’s interests in
six properties for a total purchase price of US$83.5 million, which equates to a
capitalization rate of 6.4%. The six properties are; Arbor Park, Las Colinas Village, Las
Palmas Marketplace, Lincoln Square, Louetta Central and Timber Creek Crossing.
• Under the terms of the transaction, RioCan will assume Dunhill’s share of the existing in
place mortgage financing on the six properties aggregating to approximately US$42
million, which carries an average interest rate of 4.97% and has an average term to
maturity of 8.2 years. The properties to be acquired have an average occupancy of
97.1%. The transaction is expected to close on a property by property basis over the
third and fourth quarters of 2013.
43
44. Transaction Highlights - Dunhill
Assets to be Acquired
44
Property Name Dunhill’s
interest
Location NLA Occupancy Major Tenants
Arbor Park 15% San Antonio 139,718 98.5% Ross Dress for Less, Office Max, Michaels
Las Colinas Village 15%
Irving
(Dallas)
104,741 100% Staples
Las Palmas Marketplace 36.6% El Paso 637,272 98.2%
Lowe’s, Kohl’s, Bed Bath & Beyond, Ross
Dress for Less
Lincoln Square 18.12%
Arlington
(Dallas)
471,597 91.9%
Best Buy, Ross Dress for Less, Stein Mart,
Michaels
Louetta Central 15% Houston 179,995 100%
Walmart (shadow), Kohl’s, Ross Dress for
Less, Michaels,
Timber Creek Crossing 20% Dallas 470,057 98.5% Walmart, JC Penny
TOTAL / W.A. 2,003,380 97.1%
45. RioCan Cedar Dissolution
Transaction Highlights
• In October 2012, RioCan and Cedar Realty Trust entered into an agreement to dissolve their joint
venture formed in late 2009.
• RioCan acquired Cedar’s 20% interest in 21 properties to increase its ownership to 100% and Cedar has
acquired from RioCan an 80% interest in Franklin Village to increase its ownership to 100% in the
property.
• The gross purchase price for the 21 properties was $120 million, representing a capitalization rate of
6.5%. Under the terms, RioCan assumed Cedar’s share of the in place mortgage financing of $54.4
million, which carried an average interest rate of 5.2% and had an average term to maturity of 5.2 years.
The purchase price for the 21 properties net of financing and mark to market adjustment on debt was
$64.4 million.
• RioCan sold its 80% ownership in Franklin Village at a gross purchase price of $60.1 million ($25.4 million
net of financing).
• Net cash investment by RioCan of approximately $39 million.
• In February 2013, RioCan sold its entire position of 9.4 million shares of Cedar for $48 million.
• In January 2013, RioCan opened a regional office in Mount Laurel, New Jersey and effective February 1,
2013 RioCan assumed property and asset management functions for its Northeast portfolio.
45Figures in US dollars
47. Recent Enclosed Mall Acquisitions
Impact on Property Type Mix
47
RioCan plans to actively increase its presence in two sectors; enclosed regional malls and
urban retail centers, as a means of leveraging its retail tenant base across the US and
Canada.
The 2012 purchase of Georgian Mall along with the acquisitions of Oakville Place and a 50% interest in Burlington Mall in April 2013, and the
redevelopment and development of certain retail centers such as Yonge Eglinton Center, Sheppard Center, Lawrence Square, Shoppers World
Brampton and the Globe and Mail lands complement RioCan’s strategic goals to increase its presence in regional malls and urban retail centres.
RioCan considers these sectors to have strong growth and value creation potential. There are additional opportunities for organic growth within
the acquired shopping centres, which RioCan believes it can realize with its deep infrastructure and management strength.
Office, 4.3%
Urban Retail,
8.6%
Enclosed
Shopping
Centre, 15.1%
Non-Grocery
Anchor, 5.0%
Grocery
Anchored
Centre, 18.3%
New Format
Retail, 48.7%
As at March 31, 2013
Office, 5.0%
Urban Retail,
8.0%
Enclosed
Shopping
Centre, 18.3%
Non-Grocery
Anchor, 5.1%
Grocery
Anchored
Centre, 18.8%
New Format
Retail, 44.8%
June 30, 2013
48. RioCan
Primaris Acquisitions
• RioCan completed the purchase of a 50% interest in Burlington Mall in Burlington, Ontario, and a 100% interest in Oakville
Place in Oakville, Ontario.
– The gross purchase price for these two properties was approximately $362 million (at RioCan’s interest) at a cap rate of approximately 5.0%.
In connection with the purchase, RioCan assumed, at its interest, the in place mortgage financing of approximately $165 million. The
purchase price was reduced by a mark-to-market adjustment on closing in consideration of the debt’s above market interest rate, which
was $9.8 million.
• Extends RioCan’s retail reach to develop deeper relationships with fashion tenants and could create additional
opportunities at RioCan’s urban properties and Outlet Centres.
• RioCan also acquired a third asset, South Cambridge Centre from H&R REIT at a purchase price of $35 million at a cap rate
of approximately 6.7%.
48
Burlington Mall, Burlington, Ontario Oakville Place, Oakville, Ontario
49. Recent Acquisitions
Georgian Mall
• In Q3 2012, RioCan
purchased Georgian
Mall in Barrie, Ontario
for $318 million at a
5.4% cap rate
• Obtained first
mortgage financing of
$185 million at a 3.1%
interest rate
49
• RioCan’s largest single acquisition by dollar amount
• A dominant regional mall in a quickly growing market with solid
demographics
50. Extracting Value by Recycling Capital
• RioCan had dispositions of $364 million during the quarter and dispositions of $374 million during the six months ended
June 30, 2013.
• Subsequent to the quarter end, RioCan sold one property in Canada at a sale price of $4 million.
• RioCan has two property dispositions in Canada under firm contract where conditions have been waived pursuant to a
purchase and sale agreement at a sale price of $13 million. Additionally, RioCan has two property dispositions under
conditional contract where conditions have not yet been waived pursuant to purchase and sale agreements at an aggregate
sale price of $9 million. RioCan is also in the process of marketing for sale two other properties in Canada.
• Current asset sales plan involves selling centres in lower growth and tertiary markets;
• These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high growth markets;
– RioCan’s concentration in Canada’s six high growth markets exceeds 70% (Year end 2012 68%)
– Capital from asset sales redeployed into enclosed mall acquisitions.
50
RioCan’s plan to recycle capital into higher growth assets will
provide for enhanced returns to unitholders and a reduced need
for access to public equity markets to raise capital.
51. 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 markets with little growth or
negative populations statistics.
2008 2012 30-Jun-13
65.9%
67.5%
72.1%
51
52. Development Activity
Development Pipeline
52
RioCan’s greenfield program consists of 15
development projects that are expected to
add 7.9 million square feet (3.5 million
square feet at RioCan’s interest) over the
next seven years.
• 0.8 million square feet is already
income producing
• Key component of RioCan’s organic
growth strategy
• Focused on well located urban and
suburban developments in Canada’s six
major markets
* Subject to preleasing and market conditions
RioCan’s development portfolio is expected to add considerable value to the overall investment
property portfolio over the next 3-5 years. These assets are expected to generate higher yields
than what can currently be achieved in the acquisition market.
0
500
1000
1500
2000
2013 2014 2015 2016 2017 2018 2019
PipelineNLA
Committed Non-committed
53. Development Activity - Current Portfolio
69%
19%
1%
11%
Property Type as a % of Development
Portfolio
Power Centre Main Street/Urban
Convenience Retail Excess Land
53
Alberta
14%
New Brunswick
5%
Ottawa
12%*
Suburban GTA
38%*
Toronto
13%*
Other Ontario
18%*
Ontario
81%
Development Portfolio by
Geographic Diversification
* % of total portfolio
54. Development Activity
At June 30, 2013
Total developments comprise 11.0 million square feet, including shadow anchors (7.9 million square feet included in Greenfield
developments and 3.1 million square feet of Urban intensification projects).
• RioCan’s interest consists of 3.5 million square feet of Greenfield development and 1.5 million square feet of Urban
intensification projects
• Total estimated development spending of $46 million for the balance of 2013 on Greenfield and Urban intensification
activities. Expected to increase to over $100 million per year.
• RioCan’s committed active development pipeline totals approximately $349 million, with an additional $184 million of
Non-committed development costs projected.
• Generate unlevered yield between 7% to 11%, at a weighted average of 8.0% to 9.0%
• Recent Urban Development acquisitions include Yonge & Eglinton Northeast corner, Bathurst & College, and 740 Dupont in
the GTA and Herongate Mall in Ottawa, ON
• In July 2012, RioCan formed a JV with Allied Property REIT to develop sites in major markets across Canada
• RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement and have acquired two parcels which
comprise the Globe and Mail site in downtown Toronto
54
Development Pipeline
Greenfield developments through in‐house capabilities and with partners, such as
Trinity, Allied Properties, KingSett Capital, and Canada Pension Plan Investment Board
(CPPIB)
55. Development Activity
In millions of square feet NLA –
100%
NLA –
RioCan%
Income
producing
2013 2014 2015 2016+
Greenfield Development 7.9 3.5 0.8 - 0.6 0.6 1.5
Urban Intensification 3.1 1.5 0.1 - - - 1.4
11.0 5.0 0.9 - 0.6 0.6 2.9
Expansion & Redevelopment 1.7 1.3 - 0.3 0.5 0.4 0.1
Total 12.7 6.3 0.9 0.3 1.1 1.0 3.0
(i) - Construction financing relates to greenfield Development and Urban Intensification activities
Estimated NLA Summary by Development Category
55
56. Development Activity
PUD Balance: Active
Committed Non-Committed Non-active Total
Greenfield Development $207 $56 - $263
Urban Intensification 46 99 - 145
Expansion and Redevelopment 95 30 - 125
Excess Density - - 41 41
Other (i) - - 7 7
Total $349 $184 $48 $581
Greenfield Development: vacant land located in suburban markets.
Urban Intensification: development or redevelopment projects located in urban markets.
Expansion and Redevelopment: projects that will improve the property through demolition, renovation and/or the addition of density.
Excess Density: leasable area identified and available for future development if and when the market demand exists.
Active Committed: a property where the pro forma budget has been approved, all major planning issues have been resolved, tenants
have been secured and construction is about to start or has started.
Active Non – committed: a property where the development team is creating the pro forma budget, all planning issues are being
resolved, the leasing team is in the process of securing tenants, but construction has not started.
Non – active: a property that has future development potential.
Properties Under Development at June 30, 2013
56
57. Development Activity
In millions 2013 2014 2015 Future
Development
Total
Greenfield Development $42.6 $25.5 $11.0 $327.0 $406.1
Urban Intensification 3.1 5.0 19.1 394.5 421.8
45.8 30.5 30.1 721.5 827.9
Construction Financing (i) (4.5) (7.0) (3.8) (521.2) (536.5)
41.2 23.5 26.3 200.4 291.4
Expansion & Redevelopment 48.4 94.7 114.4 - 258.2
Total Construction Expenditures 89.6 118.2 140.7 200.4 $548.9
Mezzanine Financing 11.8 3.8 0.2 38.8 54.6
Total RioCan Financing $101.4 $122.0 $140.9 $239.2 $603.5
(i) - Construction financing relates to greenfield Development and Urban Intensification activities
Estimated Spending Summary by Development Category
57
58. Development Pipeline
58
• 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 also purchased an
adjacent parcel.
• Acquired at a purchase price of $136 million (at 100%).
Second parcel (highlighted in red) acquired at a purchase
price of $37 million (at 100%).
• Project is expected to be mixed use retail, office and
residential.
• The joint venture will be structured on a 40/40/20 basis
between RioCan, Allied and Diamond. RioCan and Allied
would act as joint development and construction managers.
Upon completion of any projects RioCan would act as
property manager for any retail portion of the property and
Allied would act as property manager for any office portion
RioCan & Allied Properties REIT Joint Venture
Globe & Mail Lands
Source: RBC
59. Development Pipeline
59
• RioCan and Allied Properties announced in July
2012 that they had entered into a joint venture
arrangement to acquire sites in the urban areas of
major Canadian cities that are suitable for mixed
use intensification
• The joint venture is structured on a 50/50 basis
between RioCan and Allied. RioCan and Allied
would act as joint development and construction
managers. Upon completion of any projects RioCan
would act as property manager for any retail
portion of the property and Allied would act as
property manager for any office portion
• First two sites to be developed are:
– College and Manning which will be developed into a
mixed use complex with approx. 125,000 square feet
and
– King and Portland which will be developed into a
mixed use complex with approx. 400,000 square feet
in Toronto, Ontario.
RioCan & Allied Properties REIT Joint Venture
King Street
College and Manning
60. Development Activity
60
Target will open 24 locations in RioCan’s portfolio
• First 15 locations,
• Eight have opened year to date
• The majority to open throughout the
remainder of 2013
• Target will be the anchor tenant at RioCan’s St Clair
and Weston road project Stockyards
• Canada’s first purpose built Target location
opening spring 2014
• RioCan employing an extensive capital
improvement program for those locations where it
feels the cash flow can be improved
• RioCan expects to spend approximately $18 million
to upgrade existing shopping center infrastructure
and aesthetics
61. Development Pipeline
61
St. Clair & Weston, Toronto
555,000 sqf. two storey retail – Projected Completion 2014
Anchor Tenant - Target
Development Partners: Trinity and Canada Pension Plan Investment Board (“CPPIB”)
62. Development Pipeline
• 2.8 acre site located in the East
Village area of downtown
Calgary, Alberta.
• The site was acquired on a 50/50
joint venture basis with KingSett
Capital at a purchase price of $20
million.
• The joint venture is
contemplating the development
of 526,000 square feet of mixed
use retail and office space.
• Development is anticipated to
commence in the spring of 2014.
62
Calgary East Village
63. Development Pipeline
• This 160 acre site located in Oshawa, Ontario is
currently being developed into a 1.2 million square
foot regional new format retail centre.
• RioCan acquired its partners’ interests in July 2011.
RioCan now owns 100% of this development site.
63
Sage Hill, Calgary
Windfield Farms, Oshawa
RioCan has completed the acquisition of Sage Hill
Crossing, a 34 acre greenfield development site in
Northwest Calgary. The purchase price for the lands,
which will be serviced and zoned at the time of
closing, will be $32 million ($16 million at RioCan’s
interest). RioCan will own the development on a 50/50
basis with KingSett Capital. Once completed, the
anticipated gross leasable area is 378,000 square feet
of retail use. A letter of intent is in place with Walmart
for a land lease and a binding offer to lease has been
executed with Loblaws for a 45,000 square foot store.
Development is expected to commence in 2013.
64. 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 Tanger U.S. portfolio.
• In December 2011, RioCan and Tanger acquired the Cookstown Outlet Mall, located about 45
minutes north of Toronto. A 161,000 square foot outlet centre with the potential to add a further
160,000 square feet of retail space, which broke ground during the second quarter of 2013.
• In November 2012, RioCan and Tanger acquired two sites in the Montreal area, Les Factoreries
Saint-Sauveur, and Le Carrefour Champetre (Bromont Outlet Centre). The Montreal sites are
existing centres which will be expanded and re-branded as Tanger Outlet Centers.
• The joint venture currently has a 52.5 acre site in Kanata, Ontario, which broke ground during the
second quarter 2013.
• Currently have a site under contract in the Calgary market.
64
65. Development Pipeline
• 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space
• Ground breaking ceremonies on expansion were held in Q2 2013.
65
Cookstown Outlet Mall
Purchased in December 2011 with Tanger
Factory Outlet Centers.
66. Development Pipeline
• 52.5 acre site, approximately 20 kilometres west of Ottawa
• To be developed into a 347,000 square foot outlet centre
• Ground breaking ceremonies on expansion were held in
Q2 2013.
66
West Kanata Lands
On April 23, 2013 RioCan and Tanger purchased the West Kanata Lands
67. Development Pipeline
Tanger Opportunities
• 116,000 square foot outlet centre with the potential to add a further 15,000 square feet of retail space
• Well established outlet centre in suburban Montreal
67
Les Factoreries, St-Sauveur Tanger Outlet Centre
68. Development Pipeline
Tanger Opportunities
• 162,000 square foot outlet centre with the potential to add a further 89,000 square feet of retail space
• Established outlet centre located 85kms east of Montreal, near the eastern townships
68
Bromont Tanger Outlet Centre – Bromont, Quebec
69. Land Use Intensification and Urban
Development
• Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban
locations, driven by:
– Prohibitive costs of expanding infrastructure beyond urban
boundaries
– Environmental concerns
– Maximizing use of mass transit
– Generate high yields as land is already owned
69
70. “Densifying” existing urban locations
70
Yonge Eglinton Centre - Toronto, Ontario
• RioCan’s acquired the property for $223 million
• launched revitalization and expansion plan to
capitalize on area’s residential intensification
• significant increases in NOI and occupancy
71. Creating New Cash Flow Sources
71
RioCan Yonge Eglinton Centre –The Cube
Location: Toronto, Ontario
Intersection: Yonge & Eglinton
Total Proposed GLA: 45,000 square feet
Design Concept: Urban Retail
Construction Start: Q2 2013
Today
Proposed
72. Creating New Cash Flow Sources
72
The Sheppard Centre, Toronto
Location: Toronto, Ontario
Intersection: Yonge & Sheppard
Total Proposed GLA: 672,854 square feet
Design Concept: Urban Retail
Today
• Potential for both
retail and residential
expansion
• Fast growing area of
North Toronto
Proposed
76. Urban Intensification
• Located at the busy intersection of Bayview Avenue and
Eglinton Avenue in midtown Toronto
• The site benefits from excellent demographics and is a
probable location for a stop along the proposed Eglinton
subway line
• The property is an excellent location for a redevelopment
project similar to what has been accomplished at 1717
Avenue Road
76
RioCan has a number of Urban Intensification opportunities in the GTA market
Sunnybrook Plaza, Toronto, ON
Queensway Cineplex, Toronto, ON
• Located in Western Toronto at the corner of The Queensway
and Islington Avenue with access to the Queen Elizabeth Way
(QEW)
• The Currently anchored by Cineplex, which will be expanded
to include VIP screens. This centre is an ideal property for
additional density and potential redevelopment into a
mixed‐use facility, in keeping with the trend of urban
intensification
77. Urban Intensification – Completed
Projects
77
Queen & Portland, Toronto, ON
Before
After
Location: Toronto, Ontario
Intersection: Portland & Queen
Total Proposed GLA: 91,000 square feet
Design Concept: Mixed‐use facility
Construction Completed: 2011
79. Strong Institutional Relationships
• Through the years RioCan has developed strong institutional relationships
• Leverage RioCan’s capital to enhance returns and increase scale of
investments
• Generate additional revenue streams Property and asset management fees
• RioCan recently entered into a Joint Venture arrangement with KingSett
Capital when it acquired the Sheppard Centre
– RioCan manages the property, acts as leasing manager for the property and will
be the development manager in connection with any redevelopment of the
property.
– Currently partnered with KingSett on the acquisition of the Sage Hill development
site.
– Currently partnered with KingSett on the acquisition of Burlington Mall as part of
the Primaris acquisition
• RioCan has also developed a strong relationship with Allied properties
– RioCan has partnered with Allied on the urban development sites of King &
Portland and College street in Toronto.
– RioCan, Allied, and Diamond Corp. have entered into a joint venture to develop
the Globe and Mail lands at Front Street and Spadina in downtown Toronto.
79
80. Strong Institutional Relationships
• RioCan REIT and Kimco Realty Corporation, a
U.S. REIT listed on the NYSE which also
focuses on the ownership of shopping centres,
each have a 50% interest in RioKim joint
venture.
• Invested over $1.2 billion in 45 properties
since 2001 comprising over 9.3 million sq. ft.
of GLA including a 10 property portfolio in
central and eastern Canada purchased in
September 2008.
• RioCan provides asset and property
management, development and leasing
services to RioKim in Canada.
• RioCan recently acquired an 80% interest in
Montgomery Plaza in Fort Worth, Texas from
Kimco, who remains a 20% owner in the
property and provides property management
and leasing services.
80
RioKim Joint Venture Brentwood Village
Tillicum Centre
81. Strong Institutional Relationships
• In October 2004, RioCan REIT and CPPIB
announced an agreement to acquire premier
regional power centres in Canada on a 50/50
basis as a core, long‐term holding strategy
• Today, RioCan and CPPIB are partners in over
1.3 million sq. ft. of completed regional power
centres and approximately 3.0 million sq. ft. of
planned development projects
• RioCan provides property and asset
management, leasing, development and
construction management services for the
co‐ownership
81
CPPIB Joint Venture RioCan Centre Burloak ‐ Before
RioCan Centre Burloak ‐ After
82. Strong Institutional Relationships
• Acquired in December 2009 on a 50‐50 basis
• Unique asset located in the Greater
Vancouver Area market of Surrey
• Diverse and strong tenant mix
• 529,827 sq. ft. anchored by a 217,278 sq. ft.
Walmart
82
CPPIB Strategic Alliance
Grandview Corners
• RioCan completed the rezoning for its St.
Clair and Weston Road development with
Trinity and Canada Pension Plan
Investment Board (“CPPIB”) in Toronto.
• Site work commenced in the fourth quarter
of 2011. Expected completion in first half
of 2014
St. Clair & Weston
83. Strong Institutional Relationships
• RioCan has successfully completed the rezoning
requirements for its East Hills development with
Trinity, CPPIB and the original vendor in Calgary,
Alberta.
• The East Hills development consists of three phases.
Phase I and III comprise approximately 111 acres and
Phase II comprises approximately 37 acres.
83
CPPIB Strategic Alliance
East Hills
• Jacksonport, located at 36th Street NE and Country Hills Boulevard NE
in Calgary, is a 105 acre development site.
• Will be developed into a new format retail centre with CPPIB and
Trinity
• Upon completion, the development is expected to feature
approximately 1.1 million square feet of retail space.
McCall Landing
84. RioCan Yonge Eglinton Centre
2300 Yonge Street, Suite 500
PO Box 2386
Toronto, Ontario
M4P 1E4
TRANSFORMING…
