Investor Presentation Year-end...

DISCIPLINED GROWTH

Investor Presentation

Year-end 2012

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.

http://www.sedar.com/

One of North America’s Largest Retail REITS

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346 retail properties in Canada & U.S.

82 million sqft total portfolio

$8.3 billion market cap

53 million sqft owned

$14.3 billion enterprise value

~86% revenue generated by national and anchor tenants

~7,500 tenancies

Investment Highlights

4

Strong, reliable distribution yield provided to investors

Stable, dominant, and geographically 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

Conservative balance sheet / financial strength and access to capital

QC

PA

VA

Property Portfolio

5

As at Dec. 31, 2012 at RioCan’s interest

CT

MA

BC

AB

ON QC

SA

MB

NB

NFLD

294 retail properties

44 million sqft

86.4% annualized rental revenue

TX

GTA

52 retail properties

8.8 million sqft

13.6% annualized rental revenue

Property Portfolio - Canada

6

As at Dec. 31, 2012

Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

5.9% 3.7%

3.8%

Annualized Rental Revenue by Major Market

36.8%

8.2%

9.1%

Major markets

combined, 67.5%

Rest of Canada, 32.5%

PA

VA

Property Portfolio – U.S.

7

As at Dec. 31, 2012

RI CT

NH

MA

TX

Regional Market Strategy & Focus Annualized Rental Revenue by State

NY

MD

NJ

2.4%

3.5%

0.8%

2.3%

6.4%

0.9% 53.2%

2.8%

22.6% 2.2%

WV

2.9%

Strong Tenant Relationships

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Strong Tenant Relationships Top 10 Canada & US Combined

9

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 4.3% 34 4,112 13.3

2 Canadian Tire Corporation (i) 4.1% 106 2,103 9.1

3 Famous Players/Cineplex/Galaxy Cinemas 3.6% 30 1,355 10.6

4 Metro/Super C/Loeb/Food Basics 3.6% 58 2,125 7.3

5 Winners/HomeSense/Marshalls 2.9% 72 1,646 6.9

6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 31 1,266 7.2

7 Staples/Business Depot 2.1% 57 1,138 6.4

8 Future Shop/Best Buy 1.8% 34 797 6.5

9 Target Corporation 1.8% 24 1,972 9.1

10 Shoppers Drug Mart 1.6% 46 531 9.4

(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere

As at Dec. 31, 2012

Strong Tenant Relationships Top 10 Canada

10

Top 10

Tenant Name Annualized

Rental Revenue

Number Of Locations


000s)

Weighted Avg

Remaining Lease Term

(Yrs)

1 Canadian Tire Corporation (i) 4.9% 106 2,103 9.1

2 Walmart 4.7% 29 3,335 12.9

3 Famous Players/Cineplex/Galaxy Cinemas 4.3% 30 1,355 10.6

4 Metro/Super C/Loeb/Food Basics 4.3% 58 2,125 7.3

5 Winners/HomeSense/Marshalls 3.3% 67 1,521 6.9

6 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.9% 31 1,266 7.2

7 Staples/Business Depot 2.1% 48 972 6.6

8 Target Corporation 2.1% 24 1,972 9.1

9 Shoppers Drug Mart 1.9% 46 531 9.4

10 Reitmans/Penningtons/Smart Set/Addition-Elle/ Thyme Maternity 1.7% 125 520 4.5

(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere

As at Dec. 31, 2012

Strong Tenant Relationships Top 10 U.S.

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Top 10 Tenant Name Annualized

Rental Revenue

Number Of Locations


000s)

Weighted Avg Remaining Lease Term

(Yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 9.2% 20 1,025 13.1

2 Best Buy 3.6% 10 331 7.7

3 PetSmart 2.9% 15 286 6.0

4 Walmart 2.3% 5 776 15.5

5 Michael’s 2.0% 12 219 6.0

6 Ross Dress for Less 1.8% 10 235 5.8

7 Staples 1.6% 9 166 5.8

8 Bed Bath & Beyond 1.3% 9 195 7.4

9 Lowes 1.3% 3 353 15.5

10 Market Street 1.2% 2 138 11.1

As at Dec. 31, 2012

Lease Rollover Profile Broadly Distributed Lease Expiries

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3,096 4,116 4,260

4,841 4,108

2013 2014 2015 2016 2017

420

702

461 453 610

2013 2014 2015 2016 2017

% Square Feet expiring / portfolio NLA

Canadian Portfolio As at Dec. 31, 2012

U.S. Portfolio As at Dec. 31, 2012

’000s Square Feet

’000s Square Feet

7.6% 10.1% 10.5% 11.9% 10.1%

4.8% 8.0%

5.2% 5.1% 6.9%

Occupancy since 1996 Historical Occupancy Rates 1996 to 2012

13

96.9%

95.0% 95.0%

95.4%

96.1%

95.6% 95.8%

96.3% 96.3%

97.1%

97.7% 97.6%

96.9%

97.4% 97.4% 97.6%

97.4%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

As at Dec. 31, 2012

Financial Highlights

2012


• RioCan’s Operating FFO increased by 16% to $ 116 million for the three months ending December 31, 2012 (“Fourth Quarter”) compared to $ 100 million in the fourth quarter of 2011. On a per unit basis, Operating FFO increased 8% to $ 0.39 per unit from $ 0.36 per unit in the same period of 2011;

• RioCan’s Operating FFO increased by 16% to $ 440 million for the year ended December 31, 2012 compared to $ 380 million for the same period in 2011. On a per unit basis, Operating FFO increased 6% to $ 1.52 per unit from $ 1.43 per unit for the same period in 2011;

• Overall occupancy was 97.4% at December 31, 2012, compared to 97.3% at September 30, 2012 and 97.6% at December 31, 2011;

• RioCan renewed 586,000 square feet in the Canadian portfolio during the Fourth Quarter at an average rent increase of $3.32 per square foot, representing an increase of 18.4%, compared to 14.5% for the same period in 2011;

• RioCan renewed 3.5 million square feet in the Canadian portfolio during the twelve months ended December 31, 2012 at an average rent increase of $2.19 per square foot, representing an increase of 13.2%, compared to 11.0% for the same period in 2011;

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• During the Fourth Quarter, RioCan acquired interests in 31 income properties in Canada and the US aggregating to 2.0 million square feet at an purchase price of approximately $378 million at RioCan’s interest at a weighted average capitalization rate of 6.4%;

• For the year, RioCan acquired interests in 43 income properties in Canada and the US aggregating to 3.5 million square feet at an purchase price of approximately $926 million at RioCan’s interest at a weighted average capitalization rate of 6.1%;

• In 2012, RioCan raised $531 million of equity capital through 2 offerings that totalled $423 million and $108 million of equity issued through RioCan’s distribution reinvestment plan. RioCan also issued $575 million of unsecured debentures at an effective average interest rate of 3.77%;

• During the Fourth Quarter, RioCan dissolved its joint venture with Cedar Realty Trust, Inc. (“Cedar”). As part of the dissolution, RioCan purchased Cedar’s 20% interest in 21 properties owned by the RioCan/Cedar joint venture for US$120 million, and the assumption of Cedar’s share of the existing in-place mortgage financing of US$54 million. In turn, RioCan conveyed its 80% interest in Franklin Village to Cedar for US$60 million (less debt assumed by Cedar from RioCan in the amount of US$35 million). RioCan has established a US property management platform based in Mount Laurel, New Jersey (suburban Philadelphia) and effective February 1, 2013, RioCan commenced property management of the northeastern US portfolio;

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• On February 7, 2013 RioCan sold its entire position of 9.4 million shares of Cedar for total proceeds of approximately US$48 million;

• RioCan has entered into a conditional purchase and sale agreement with Primaris REIT to acquire a 50% managing interest in Burlington Mall and a 100% interest in Oakville Place at an aggregate purchase price of $362 million at an estimated capitalization rate of 5.0% to 5.25%. Also included, is the conditional acquisition of a 100% interest in South Cambridge Centre in Cambridge, Ontario from H&R REIT at a purchase price of approximately $35 million, which equates to an estimated capitalization rate of approximately 6.75% to 7.0%;

• RioCan is currently in the process of marketing for sale thirteen non-core Canadian properties located in secondary markets. The fair value of these properties as at December 31, 2012 calculated in accordance with IFRS is in excess of $631 million. The debt associated with these properties is approximately $220 million;

• Beginning January 2013, RioCan increased its monthly distribution by 2% to $0.1175 per unit ($1.41 per unit annualized from $1.38 per unit); and

• On March 5, 2013 RioCan completed the offering of $250 million senior unsecured debentures that carry a coupon rate of 2.87% and will mature on March 5, 2018.

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(in millions of $ except per unit amounts)

Revenues

720 764 758

882

988

1,128

2007 2008 2009 2010 2011 2012

Operating FFO*

315 324 276 329

380 440

2007 2008 2009 2010 2011 2012

Operating FFO* Per Unit

1.29 1.32

1.22

1.33

1.43

1.52

2007 2008 2009 2010 2011 2012

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Years ended December 31st * Note: FFO reported under IFRS for 2010 onwards, excludes trading gain income

Quarterly Financial Highlights


Revenues

213 220 216 234 237 237

246

267 274 269 283

301

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Operating FFO

78 83 85 83 90 93 97 100 103 106 115 116

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Operating FFO Per Unit

0.32

0.34 0.34 0.33

0.35 0.36

0.37 0.36

0.37 0.37

0.40 0.39

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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As at Dec. 31, 2012

2010 2011 2012

2010 2011 2012

2010 2011 2012


(in millions of $)

427 452 466

551

622

713

2007 2008 2009 2010 2011 2012

Net Operating Income Q1 2010 – Q4 2012

130 136 138 147 148 151 156

167 171 172 182 188

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Net Operating Income 2007 –2012

20

As at Dec. 31, 2012

2010 2011 2012 3 Mos. Ended Dec. 31



Distributions to Unitholders

207 228 261 281 285 293

277 297

318 343

367 108

2007 2008 2009 2010 2011 2012

0.99 1.04 1.13 1.14 1.07 1.01

1.3275 1.36 1.38 1.38 1.38 1.38

2007 2008 2009 2010 2011 2012

Distributions to Unitholders per Unit

21 As at Sept. 30, 2012

Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP

Effective January 2013, RioCan increased its distribution 2% to $1.41 annualized

Financial Summary

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Year Ended Dec. 31,

(in millions of $ except per unit amounts) % Change

2012 vs. 2011 2012 2011 2010

Total Revenues 14.2% $1,128 $988 $882

Operating FFO 15.8% $440 $380 $329

Operating FFO per Unit 6.3% $1.52 $1.43 $1.33

Distributions to unitholders 9.3% $401 $367 $340

Distributions to unitholders per Unit - $1.38 $1.38 $1.38

Distributions to unitholders net of distribution reinvestment plan (DRIP)

2.8% $293 $285 $281

Distributions to unitholders net of DRIP per Unit (last 12 mos.) (5.6%) $1.01 $1.07 $1.14

Unit issue proceeds under distribution reinvestment plan

31.7% $108 $82 $59

Distribution reinvestment plan participation rate 20.0% 26.9% 22.4% 17.2%

As at

Total assets 20.2% $12,943 $10,767 $10,126

Debt (mortgages and debentures payable) 14.0% $5,738 $5,034 $4,410

Debt to Total Assets (6.3%) 43.5% 46.4% 43.5%

Debt to total capitalization 1.0% 40.1% 39.7% 43.6%

Interest coverage ratio* 9.3% 2.69x 2.46x 2.45x

Debt service coverage ratio* 6.4% 1.99x 1.87x 1.90x

Fixed charge coverage ratio* 5.0% 1.05x 1.00x 1.00x

Net Operating debt to Adjusted Operating EBITDA* 1.1% 7.08x 7.00x 6.87x

Market capitalization 12.1% $8,271 $7,377 $5,716

Total capitalization (incl. Preferred Units) 12.6% $14,295 $12,690 $10,126

*Coverage figures calculated on a twelve month rolling basis

Financial Summary

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Occupancy and Leasing Profile

(thousands of square feet, Fourth Third Second First Fourth Third Second First

millions of dollars) quarter quarter quarter quarter quarter quarter quarter quarter

Committed occupancy 97.4% 97.3% 97.4% 96.9% 97.6% 97.5% 97.5% 97.4%

Economic occupancy 95.9% 95.5% 95.5% 95.7% 96.6% 96.3% 96.3% 96.3%

NLA leased but not paying rent 711 855 871 542 466 541 485 470

Annualized rental impact 15.0$ 18.0$ 18.0$ 12.0$ 11.0$ 12.0$ 13.0$ 11.7$

Retention rate – Canada 94.3% 84.8% 89.9% 91.2% 90.5% 88.9% 92.1% 87.1%

% increase in average net rent per sq ft – Canada 18.4% 12.9% 13.4% 10.0% 14.5% 7.2% 13.9% 8.7%

Retention rate – US 87.6% 96.3% 84.2% 83.1% 95.7% 89.9% 96.9% 66.1%

% increase in average net rent per sq ft – US 5.1% 6.0% 7.3% 7.2% 8.9% 6.4% 9.3% 10.6%

Average in place rent 15.70$ 15.85$ 15.33$ 15.37$ 15.14$ 15.09$ 14.91$ 14.92$

Same store growth (i) – Canada 0.2% 0.0% 1.5% 1.5% 1.9% 1.3% 0.3% 0.6%

Same store growth (i) – US 1.9% -0.3% 1.3% -0.6% 1.3% 1.0% 1.4% 6.2%

2012 2011

Financial Summary

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(thousands of dollars)

Three Months Ended Dec. 31, 2012 2012 2011 Increase

(decrease)

Net Operating Income

Same store1 $138,485 $138,246 0.2%

Land use intensification $739 $673 nm

Same properties2 $139,224 $138,919 0.2%

Acquisitions & Dispositions $10,675 16 nm

Greenfield development $3,576 $3,655 (2.2%)

NOI before adjustments $153,475 $142,590 7.6%

Lease cancellation fees $4,290 $601 nm

Straight-lining of rents $2,161 $1,839 17.5%

NOI $159,926 $145,030 10.3%

“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 – Three months ended December 31

Canadian Portfolio

Financial Summary

25

(thousands of dollars)

Year Ended Dec. 31, 2012 2012 2011 Increase

(decrease)

Net Operating Income

Same store1 $536,705 $532,173 0.9%

Land use intensification $1,992 $1,322 nm

Same properties2 $538,697 $533,495 1.0%

Acquisitions & Dispositions $35,353 $1 nm

Greenfield development $15,441 $11,577 33.4%

NOI before adjustments $589,491 $545,073 8.1%

Lease cancellation fees $13,139 $1,355 nm

Straight-lining of rents $4,279 $7,489 (42.9%)

NOI $606,909 $553,917 9.6%

“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 – Year ended December 31

Canadian Portfolio

Financial Summary

26

(thousands of dollars) Three Months ended Dec. 31, Year ended Dec. 31,

2012 2011 Increase (decrease)

2012 2011 Increase (decrease)

Base rent – US$ $19,287 $18,969 1.7% $60,836 $60,368 0.8%

Property tax and operating cost recoveries – US$ 6,183 5,563 11.1% 16,741 16,693 0.3%

Other – US$ 175 222 nm 460 358 nm

Rental revenue – US$ 25,645 24,754 3.6% 78,037 77,419 0.8%

Property operating costs – US$ 7,651 7,095 7.8% 21,171 20,855 1.5%

Same store and same properties 12– US$ $17,994 $17,659 1.9% $56,866 $56,564 0.5%

Foreign currency translation adjustment (168) 438 nm 71 (400) nm

Same store and same properties 12 – CDN$ 17,826 18,097 (1.5%) 56,937 56,164 1.4%

Acquisitions 7,727 12 nm 36,094 51 nm

NOI before adjustments $25,553 $18,109 41.1% $93,031 $56,215 65.5%

Dispositions – 840 nm – – nm

Lease cancellation fee – – nm – 856 nm

Straight-lining of rents 924 708 nm 3,270 2,040 nm

NOI $26,477 $19,657 34.7% $96,301 $59,111 62.9% “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 2012 US Portfolio

Conservative Debt Profile

• Debt‐to‐Total Assets of 43.5% at December 31, 2012;

• Total operating lines $429 million with approximately $330 million available at December 31, 2012

• Unencumbered pool has a fair value of $1.3 billion

• Floating rate debt 6.6% of total debt

• Strong coverage ratios in Q4 2012

• EBITDA interest coverage of 3x

• Debt service coverage in excess of 2.0x and

• Fixed charge coverage in excess of 1.0x

27

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%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Leverage Interest Coverage

2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x

2.7x 2.6x

2.2x 2.5x 2.5x

28

2.7x

RioCan Capital Structure

35.3%

10.3% 2.1%

52.3%

0%

25%

50%

75%

100%

Book Value

Mortgages & Lines of Credit - $4.4 billion

Debentures - $1.3 billion

Preferred Units - $286 million market capitalization

Common Units - 300 million units outstanding

29

31.1%

9.0% 2.0%

57.9%

0%

25%

50%

75%

100%

Market Value

Total Assets – $12.9 Billion Total Enterprise Value – $14.3 Billion

Leverage and Coverage Ratios & Targets

30

3 Months Rolling 12 Months

Targeted Ratios

Dec. 31/12 6

Dec. 31/12

Dec. 31/125 Dec. 31/12 Dec. 31/11

Interest coverage ratio1 >2.5x 3.03x 2.82x 2.72x 2.69x 2.46x

Debt service coverage ratio2 >2.0x 2.18 2.07 2.00 1.99 1.87

Fixed charge coverage ratio3 >1.1x 1.11 1.08 1.05 1.05 1.00

Net operating debt to adjusted operating EBITDA ratio4

<6.5x 7.19 7.19 7.08 7.08 7.00

(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 prepayment costs of $2.3 million related to the early repayment of secured debt. (6) Adjusted to exclude interest capitalized.

Growth Strategy

Future Growth Drivers

32

Future Growth

Drivers

Institutional

Relationships

Organic

Growth

Acquisitions

Development

Pipeline

Land Use

Intensification

Acquisitions Track Record – Acquisitions 2010 – 2012

33

Location Cap Rate RioCan’s Purchase Price (millions)

Canada 7.3% 432

United States 7.9% 554

2010 Acquisitions 7.6% $986

Canada 6.4% 506


2011 Acquisitions 6.6% $1,073

Canada 5.7% 543


2012 Acquisitions 6.1% $926

Grand Total 2010-2012 6.8% $2,985

In the past three years, RioCan has completed a total of approximately $3.0 billion of income property acquisitions and issued approximately $1.6 billion of equity (common and preferred).

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 has acquired from Cedar a 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 is $120 million, representing a capitalization rate of 6.5%. Under the terms, RioCan assumed Cedar’s share of the currently in place mortgage financing of $54.4 million, which carries an average interest rate of 5.2% and has 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.

34 Figures in US dollars

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

35

• RioCan’s largest acquisition by dollar amount • A dominant regional mall in a quickly growing market with solid

demographics • 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 – Primaris Acquisitions

• RioCan has entered into a conditional agreement with Primaris Retail REIT (“Primaris”) to purchase 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 is approximately $362 million (at RioCan’s interest) at a cap rate estimated to be approximately

5.0% to 5.25%. In connection with the purchase, RioCan will assume, at its interest, the in place mortgage financing of approximately $165 million. The purchase price will be reduced by a mark-to-market adjustment on closing in consideration of the debt’s above market interest rate, which is currently estimated at approximately $8 million.

• RioCan will also acquire a third asset, South Cambridge Centre from H&R REIT at a purchase price of $35 million at a cap rate estimated to be approximately 6.75% - 7.0%

36

Burlington Mall, Burlington, Ontario Oakville Place, Oakville, Ontario

The purchases of Burlington Mall, Oakville Place and South Cambridge Centre are conditional on the successful completion of the H&R REIT and KingSett Consortium acquisition of Primaris. On February 5, 2013, H&R REIT and H&R Finance Trust (collectively “H&R”) and Primaris and the KingSett Capital-led consortium announced that H&R and Primaris, together with PRR Investments Inc., have amended their previously announced arrangement agreement (dated January 16, 2013). The transaction is expected to close in April 2013.

Extracting Value by Recycling Capital

• RioCan is currently in the process of marketing for sale thirteen non-core Canadian properties located in secondary markets. The fair value of these properties as at December 31, 2012 calculated in accordance with IFRS of approximately $631 million. The debt associated with these properties is approximately $220 million;

• Current asset sales plan involves selling institutional grade, unenclosed centres, in lower growth markets and secondary assets in tertiary markets;

• These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high growth markets;

• RioCan’s proforma concentration in Canada’s six high growth markets if completed would exceed 70% (currently 67%)

• Asset sales will raise equity for RioCan’s acquisition of two high quality enclosed mall assets from Primaris

37

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.

Recent Acquisitions

38

Louetta Central, Irving, Texas Chahko Mika Mall – Nelson, BC

Development Activity

At Dec. 31, 2012

• Total developments comprise 9.9 million square feet, including shadow anchors

• RioCan’s interest consists of 4.9 million square feet (8.5 million square feet with partners)

• Total estimated project cost is $2.3 billion, with RioCan’s interest being approx. $1.2 billion

• Invested $568 million in these projects

• RioCan’s funding obligations, before construction financing, is $680 million ($89 million is for current development and $591 million is for potential future development)

• In addition, RioCan will fund approx. $131 million under mezzanine lending program to certain partners, primarily Trinity Developments ($43 million is for current development and $88 million is for potential future development)

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.5% to 9.5%

• 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

• In November 2012 RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement to acquire the Globe and Mail site in downtown Toronto at a purchase price of $136 million (at 100%).

39

Development Pipeline Greenfield developments through in‐house capabilities and with partners, such as Trinity and Canada Pension Plan Investment Board (CPPIB)

0

500

1,000

1,500

2,000

2,500

2006

20

07

20

08

2009

20

10

20

11

2012

20

13

20

14

2015

20

16

20

17

Squ

are

fe

et

(‘0

00

s)

Development Buildout History & Pipeline at RioCan’s Interest

Development Activity – Development History

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From 2006 through Dec. 31, 2012: • RioCan’s development pipeline

has added 4.3 million square feet to the portfolio

• Invested $1.2 billion of total capital (development costs and land acquisition costs)

• Average cost psf including land of projects completed from 2006 to 2012 was approximately $280 psf

Pipeline*

* 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. In addition, as RioCan’s development portfolio is largely unencumbered, it creates a source of unencumbered income as these assets are completed at higher yields than what can currently be achieved in the acquisition market.

Development Activity - Current Portfolio

69% 19%

1% 11%

Property Type as a % of Development Portfolio

Power Centre Main Street/Urban

Convenience Retail Excess Land

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Alberta 14%

New Brunswick 5%

Toronto 13%

Ottawa 12%

Suburban GTA 38%

Other Ontario 18%

Ontario 81%

Development Portfolio by Geographic Diversification

Development Pipeline

• 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 February 2013, the partners also entered into an agreement to purchase an adjacent parcel.

• Acquired at a purchase price of $136 million (at 100%). Second parcel (highlighted in red) currently under contract at a purchase price of $37.3 million (at 100%).

• Total project is expected to be in excess of three million square feet of 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

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RioCan & Allied Properties REIT Joint Venture

Globe & Mail Lands

Source: RBC


• 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 will be 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.

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RioCan & Allied Properties REIT Joint Venture King Street

College and Manning

Photo Source: Google

Development Activity

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Target will open 24 locations in RioCan’s portfolio

• First 15 locations,

• 9 are anticipated to open in Spring 2013

• 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 is contemplating an extensive capital improvement program for those locations where it feels the cash flow can be improved


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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”)


• This 148 acre site located in Calgary, Alberta is currently being developed into a 1.6 million square foot regional new format retail centre.

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East Hills, Calgary

Will be developed into a new format retail centre with CPPIB and Trinity and is expected to feature approximately 1.1 million square feet of retail space.

Jacksonport, Calgary


• 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.

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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 377,000 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.

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.

• 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 site in Kanata, Ontario under contract and is pursuing a site in the Calgary market.

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• 161,000 square foot outlet centre with the potential to add a further 160,000 square feet of retail space

• Expect to break ground on expansion in Q2 2013.

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Cookstown Outlet Mall Purchased in December 2011 with Tanger Factory Outlet Centers.

Development Pipeline – Tanger Opportunities


• Well established outlet centre in suburban Montreal

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Les Factoreries, St-Sauveur Tanger Outlet Centre Currently under contract with Tanger Factory Outlet Centers.

Development Pipeline – Tanger Opportunities


• Established outlet centre located 85kms east of Montreal, near the eastern townships

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Bromont Tanger Outlet Centre – Bromont, Quebec Recently acquired with Tanger Factory Outlet Centers.

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

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“Densifying” existing urban locations

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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

Creating New Cash Flow Sources

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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: 2013

Today

Proposed


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The Sheppard Centre, Toronto


Intersection: Yonge & Sheppard



Today

Examples of nearby residential developments

• Potential for both retail and residential expansion

• Fast growing area of

North Toronto


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Intersection: Yonge & Eglinton



Anticipated Completion: 2017

NE Yonge Eglinton - Toronto, Ontario

Today Proposed


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Intersection: 740 Dupont Street




740 Dupont - Toronto, Ontario


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420 Bathurst Street, Toronto


Intersection: Bathurst & Dundas




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

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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 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

Urban Intensification – Completed Projects

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen


Design Concept: Mixed‐use facility Construction Completed: 2011

Urban Intensification – Completed Projects

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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road


Design Concept: Mixed‐use facility Construction Completed: 2011

Organic Growth Canadian Portfolio – Zellers update:

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• 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). • Four locations where the in place lease has expired comprise a total GLA of approximately 261,000

square feet (174,000 square feet at RioCan’s interest) and contributed $2.1 million of gross income annually ($1.6 million at RioCan’s interest) at an average net rental rate of $3.26 per square foot.

• The remaining five locations, all owned 100% by RioCan, had a weighted average remaining lease term of approximately six years, comprised 466,000 square feet, and contributed $4.5 million of gross income annually at an average net rental rate of $6.41 per square foot.

• RioCan negotiated a lease termination fee on these five remaining Zellers locations of $9.3 million. RioCan has negotiated firm leases and conditional LOI’s for 341,000 square feet or 53% of the former Zeller’s space (at RioCan’s ownership interest) accounting for $4.98MM of gross revenue or 83% of the gross rent formerly paid by Zellers (at RioCan’s ownership interest). The average base rent on the re-leased space is $9.48 per square foot compared to the $5.45 per square foot formerly received from Zellers representing a 74% increase.

Organic Growth Canadian Portfolio

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Lease Expires

(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017

Total 40,674 3,096 4,116 4,260 4,841 4,108

Square Feet expiring/portfolio NLA 7.6% 10.1% 10.5% 11.9% 10.1%

Total average net rent psf $16.07 $17.89 $16.33 $15.89 $16.78 $17.72

Ability to add growth through rental renewals with 50% of leases renewing over next five years. • In 2012 achieved renewal rent increases of 13% or $2.19 psf with an average renewal rate of $18.78 • Retention rate of 89.7%

$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 2013 2014 2015 2016

Re

nt

PSF

Squ

are

Fe

et

(‘0

00

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RioCan Lease Maturity Schedule and Renewal History

Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF

Organic Growth U.S. Portfolio

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Lease Expires

(thousands except psf and % amounts Portfolio NLA 2013 2014 2015 2016 2017

Total 8,817 420 702 461 453 610

Square Feet expiring/portfolio NLA 4.8% 8.0% 5.2% 5.1% 6.9%

Total average net rent psf $14.02 $17.00 $14.63 $17.73 $16.31 $17.25

0%

50%

100%

2013 2014 2015 2016 2017

Leases Expiring Total Portfolio Cumulative

Square Feet expiring/portfolio NLA

Ability to add growth through rental renewals with 23% of leases renewing over next five years. • In 2012 achieved renewal rent increases of 6.8% or $1.11 psf with an average renewal rental rate of $17.32 • Maintained a retention rate of 85.9%

Debt Maturity Schedule

• Long‐term, staggered debt maturity profile

• 4.7% Overall WAIR and 4.7 Year weighted avg. term to maturity

• Low floating rate debt exposure (6.6% of total debt)

• Mortgage financings currently 3.0% to 4.0% (dependent on term)

• Most recent debenture offering in February 2013 completed at 2.87% coupon for 5-year debentures

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5.62%

4.24% 4.75%

4.75%

3.94%

4.81%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

7.00%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2013 2014 2015 2016 2017 Thereafter

Scheduled principal amortization Mortgages payable

Debentures payable Weighted average interest rate$ Millions

Weigh

ted A

vg. Interest R

ate on

Matu

ring D

ebt

602

546

992 838

1,011

1,750

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.

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• 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.

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RioKim Joint Venture Brentwood Village

Tillicum Centre


• 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

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CPPIB Joint Venture RioCan Centre Burloak ‐ Before

RioCan Centre Burloak ‐ After


• 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

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CPPIB Strategic Alliance

Grandview Corners

• RioCan has 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


• 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.

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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.

Jacksonport

Investment Highlights

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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

DISCIPLINED GROWTH

Investor Presentation 2012

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