Q3 2010 Investor Presentation V3s1.q4cdn.com/847730316/files/documents_presentations/2010/Q3 2010...

Management Presentation Presentation October 2010

Forward Looking StatementsForward Looking StatementsCertain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our 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 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 to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

2

Overview

About RioCanAbout RioCan• Largest REIT in Canada with 289 properties, including 11 under

development, owned interests totalling over 41 million sq. ft. and an enterprise value in excess of $10.0 billion

• Able to prosperously grow in all cycles of the market using prudent • Able to prosperously grow in all cycles of the market using prudent strategies, core competencies, right partners and staying ahead of trends in commercial real estate

• Focused on retail real estate with experience in office and mixed use real estate

• Management team of RioCan has experience in all the sectors of commercial real estate

• Full service real estate entity with property management, asset management, leasing, acquisitions, development and financing capabilities with 585 employees

• Able to undertake any task within the real estate business• Conservative use of leverage• Unmatched breadth of tenant relationships in Canada• Approximately 6,400 tenants, no tenant representing over 4.7% of

annualized rental revenue• Experienced asset manager with strong partners• Completed a number of successful JVs and enjoyed a continued demand

for its asset management expertise from existing and new partners

4

Portfolio FundamentalsPortfolio Fundamentals

• High proportion of national tenants• Approximately 86.0% of our annualized rental revenue is derived from national and

anchor tenants

As at September 30, 2010

anchor tenants• Stable occupancy levels at 97.1% (total portfolio) and solid leasing activity• For the quarter ended September 30, 2010, RioCan retained approximately 95.4% of our

expiring leases at an average net rent increase of 9.7%• Focus on the six Canadian high growth markets, which are: Toronto, Ottawa, Montreal,

Calgary, Edmonton, and VancouverCalgary, Edmonton, and Vancouver• Only six metropolitan markets within Canada have in excess of one million people• Approximately two-thirds of our revenue is from properties within the six high growth

major Canadian markets• US Expansion:

– RioCan has acquired 15 properties in the northeast United States and 6 properties subsequent to quarter end

– RioCan has acquired 3 properties in Texas and an additional 3 properties subsequent to quarter end

Annualized Rental RevenueAnnualized Rental Revenue Net Leasable AreaNet Leasable Area

6.3% 3.2%

30 6%

38.3%

Calgary, Alberta

Edmonton, Alberta

Toronto, Ontario

Montreal Quebec

4.7% 2.6%

23.7%

50 0%

Calgary, Alberta

Edmonton, Alberta

Toronto, Ontario

Montreal Quebec

Annualized Rental RevenueAnnualized Rental Revenue

30.6%

9.8%7.5%4.3%

Montreal, Quebec

Ottawa, Ontario

Vancouver, BC

All other markets 9.4%

6.5%3.1%

50.0% Montreal, Quebec

Ottawa, Ontario

Vancouver, BC

All other markets5

Geographic and Property Type DiversificationDiversification

As a % of annualized rental revenue

Quebec16 5%

Western Canada18 9% Grocery16.5% 18.9%

Eastern Canada2.8%

US5.6%

New Format Retail50.5%

Grocery Anchored

Centre21.4%

Enclosed Shopping

Centre13.1%

Ontario56.2%

Non-Grocery Anchored

Centre4.5%Urban Retail

6.1%Office 4.4%

September 30, 2010

6

p

Top Ten TenantsTop Ten Tenants

7

Unmatched Breadth of Tenant RelationshipsRelationships

• 6,400 tenancies capturing the top Canadian and American retailers

• No tenant represents more than 4.7% of annualized rental revenue

WEIGHTED TOP 10 TENANT NAME

ANNUALIZED RENTAL

REVENUENUMBER OF LOCATIONS

TOTAL AREA OCCUPIED

(sq. ft. in 000s)

AVG REMAINING

LEASE TERM (yrs)

1 Famous Players/Cineplex/Galaxy Cinemas 4.7% 28 1,263 12.62 Metro/A&P/Super C/Loeb/Food Basics 4.6% 55 2,034 8.63 Wal-Mart 4.4% 25 2,842 13.24 Canadian Tire/PartSource/Mark's Work Wearhouse 3.8% 59 1,438 11.65 Zellers/The Bay/Home Outfitters 3.3% 40 2,662 9.16 Winners/HomeSense 2.8% 55 1,207 4.87 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 25 1,112 5.7,8 Staples/Business Depot 2.2% 46 939 7.4

9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity1.9% 128 530 5.1

10 Shoppers Drug Mart 1.7% 38 429 10.4

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Unmatched Breadth of Tenant Relationships – US Top Ten TenantsRelationships US Top Ten Tenants

As at September 30, 2010, RioCan’s Ten largest tenants in the US for completed acquisitions:

TOP 10 TENANT NAME

ANNUALIZED RENTAL NUMBER OF

LOCATIONSTOTAL AREA

OCCUPIED

WEIGHTED AVG

REMAINING 10 REVENUE LOCATIONS (sq. ft. in 000s) LEASE TERM (yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 16 735 16.0

2 Bed Bath & Beyond 3.5% 7 161 8.6

3 Lowes 3.5% 3 294 16.7

4 Safeway 3.4% 3 141 12.54 Safeway 3.4% 3 141 12.5

5 HEB Supermarket 2.9% 2 114 10.4

6 PetSmart 2.9% 7 115 7.8

7 Best Buy 2.4% 3 79 8.7

8 Sports Authority 1.9% 2 68 7.39 Kohl's 1.8% 4 224 17.5

10 Old Navy 1.8% 4 60 2.9

42.4% 51 1,991 12.9

Giant Food Stores, RioCan’s largest US tenant ranks as #16 overall in RioCan’s overall portfolio and represents 1.2% of total annualized rental revenue.

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Lease Rollover ProfileLease Rollover Profile

As at September 30, 2010 – Canadian PortfolioPortfolio

4,0054,000

% Square Feet expiring / portfolio NLA’000s Square Feet

3,232 3,199 3,189

2,000

3,000

,

8.9%8.9% 8.8%8.8% 8.8%8.8% 11.0%11.0%767

0

1,000

2010 2011 2012 2013 2014

2.1%2.1%

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Stable OccupancyStable Occupancy

Historical Occupancy Rates 1996 to 2010

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%

97.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 09/30/2010

Canadian Portfolio

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Financial HighlightsQ3 2010 HighlightsQ3 2010 Highlights

• Funds from operations (“FFO”) increased by 25% to $89.3 million in the third quarter of 2010 compared to $71.6 million in the third quarter of 2009. On a per unit basis FFO increased 20% to $0.36 per unit from $0.30 per unit in the same period of 2009;

• FFO increased by 28% in the first nine months of 2010 to $268.4 million compared to $210.1 million for the same period in 2009. On a per unit basis FFO increased 20% to $1.10 per unit from $0.92 per unit in the same period of 2009;

• Completed the acquisition of sixteen properties; six properties in Canada and ten properties in the US, that at RioCan’s interest aggregate over 2.3 million square feet at a purchase price of approximately $372 million at a weighted average cap rate of 7.4%;

• During the quarter RioCan issued US $100 million of Series N unsecured debentures at 4.1% with a five year term, to facilitate continued purchases of Canadian and US properties;

• During the quarter RioCan issued 7.2 million units for gross proceeds of $149.4 g q g p $million to facilitate continued acquisitions of Canadian and US properties;

• Announced fair value increase of $1.6 billion as of January 1, 2010 on the value of Investment Properties under International Financial Reporting Standards compared with the carrying value under GAAP; andy g ;

• Maintained strong occupancy rate of 97.1%.12

Financial HighlightsIFRS UpdateIFRS Update

• RioCan has elected to use the “fair value” model for the valuation of its income properties and properties under development (collectively, “Investment Property”) as provided under International Financial Reporting Standards (“IFRS”) ;

• The transition to IFRS is expected to increase the carrying value of RioCan’s Investment Properties, as at January 1, 2010, by approximately $1.6 billion, to $6.9 billion. This $6.9 billion value compares to the historical cost amount under current Canadian GAAP (“GAAP”) of $5.3 billion as at January 1, 2010;

• RioCan primarily used the Direct Capitalization Income Approach method to value its income properties. Individual properties were valued using capitalization rates in the range of 6.0% to 9.0% applied to stabilized net operating income (“NOI”), resulting in an overall weighted average capitalization rate for the portfolio of approximately 7.1%.

As at January 1, 2010 Overall Portfolio Primary Market Secondary Market Retail Class Weighted

Average Cap. Rate*

Range Weighted Average Cap.

Rate*

Range Weighted Average Cap.

Rate*

Range

Enclosed Shopping Centre 8.00% 7.0% - 9.0% 7.80% 7.5% - 8.8% 8.10% 7.0% - 9.0%Mixed Use 7.20% 6.0% - 8.8% 7.00% 6.0% - 7.9% 8.30% 7.8% - 8.8%Grocery Anchored Shopping 7.30% 6.5% - 9.0% 7.20% 6.5% - 8.5% 7.50% 6.8% - 9.0%y pp gCentreNon-Grocery Anchored Centre 7.30% 6.0% - 9.0% 6.90% 6.0% - 7.5% 7.70% 7.0% - 9.0%New Format Retail 6.80% 6.3% - 8.5% 6.70% 6.3% - 7.3% 7.20% 6.4% - 8.5%Urban Retail 6.70% 6.0% - 7.3% 6.70% 6.0% - 7.3% n/a n/aTotal Weighted Average 7.10% 6.0% - 9.0% 6.90% 6.0% - 8.8% 7.50% 6.4% - 9.0%

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* at RioCan’s Interest

Financial HighlightsFinancial Highlights

• ContentThree months ended (in $’000s except per unit amounts)

Sept. 30,2010

June 30,2010

Sept. 30,2009

% Change YoY

Total Revenues $216,643 $220,989 $189,022 14.6%

FFO $89 331 $92 750 $71 600 24 8%FFO $89,331 $92,750 $71,600 24.8%

FFO per Unit $0.36 $0.38 $0.30 20.0%

Sept. 30, 2010June 30,

2010 Sept. 30,2009

Distributions to unitholders $85,220 $84,091 $81,036

Distributions to unitholders per Unit $0.35 $0.35 $0.35

Distributions per Unit (annualized) $1.38 $1.38 $1.38

Distributions to unitholders net of distribution reinvestment plan $71,574 $71,671 $66,592

Distributions to unitholders net of distribution reinvestment plan per Unit $0.29 $0.29 $0.28

Unit issue proceeds under distribution reinvestment plan $13,646 $12,420 $14,444

Distribution reinvestment plan participation rate 16.0% 14.8% 17.8%

Total assets 6,500,777 6,108,605 5,649,857

Debt (mortgages and debentures payable) 4 188 620 3 936 205 3 533 360Debt (mortgages and debentures payable) 4,188,620 3,936,205 3,533,360

Debt to Aggregate Assets 57.1% 57.0% 55.7%

Debt to total capitalization 42.0% 45.9% 45.5%Market capitalization 5,781,685 4,646,674 4,233,672

Total capitalization 9,970,305 8,582,879 7,767,032

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Financial HighlightsFinancial Highlights

2010 2009 2010 2009Rental revenue 205,800$ 179,928$ 14% 610,954$ 542,921$ 13%

Three Months Ended Sept. 30, Nine Months Ended Sept. 30,

Property operating costs 66,354 62,238 7% 202,432 195,561 4%Net operating income 139,446 117,690 18% 408,522 347,360 18%Fees and other income 4,410 3,931 12% 12,622 11,223 12%Interest income 3,573 4,966 (28%) 11,603 13,237 (12%)Gains (loss) on properties held for resale 2,860 197 nm 17,064 67 nm

150,289 126,784 449,811 371,887Interest expense 53,201 49,616 7% 158,368 142,130 11%General and administrative expense 6,011 5,464 10% 19,282 18,095 7%IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nmRestructuring costs – 65 nm – 1,357 nmg ,Non‐controlling interest 602 – nm 1,572 – nmFFO 89,331 71,600 25% 268,372 210,075 28%Amortization expense 45,596 41,260 11% 135,545 123,054 10%Future income tax expense (recovery) 4,900 1,900 nm 9,994 700 nmNon‐controlling interest (337) – nm (720) – nmNon controlling interest (337) nm (720) nmNet earnings 39,172 28,440 38% 123,553 86,321 43%Net earnings per Unit – basic 0.16$ 0.12$ 33% 0.51$ 0.38$ 34%Net earnings per Unit – diluted 0.16$ 0.12$ 33% 0.50$ 0.38$ 32%FFO per Unit 0.36$ 0.30$ 20% 1.10$ 0.92$ 20%

15

Financial HighlightsNet Operating Income – Year over YearNet Operating Income – Year over Year

Three Months Ended Sept. 30, Nine Months Ended Sept. 30,

(thousands of dollars) 2010 2009 2010 2009

Same store (i) $112,003 $110,708 1.2% $333,568 $326,462 2.2%

Land use intensification 1,082 600 nm 4,149 1,780 nm

Same properties (ii) 113,085 111,308 1.6% 337,717 328,242 2.9%

2010 and 2009 acquisitions 8,424 – nm 24,213 – nmq , ,

Greenfield development 5,273 4,216 25.0% 14,360 11,662 23.1%

NOI before adjustments 126,781 115,525 9.7% 376,290 339,904 10.7%

Lease cancellation fees 4,704 232 nm 12,378 1,045 nm

Straight‐lining of rents 1,306 1,180 10.7% 5,191 4,071 27.5%

Differential between contractual and market rents 751 753 (0.2%) 2,347 2,340 0.3%

NOI $133,542 $117,690 13.5% $396,206 $347,360 14.1%

(i) Same store refers to those properties that were owned by RioCan and had consistent leasable area in both periods

(ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

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Financial HighlightsNet Operating Income – Sequential Quarter over QuarterNet Operating Income – Sequential Quarter over Quarter

(thousands of dollars)

Three months endedSeptember 30, 2010 June 30, 2010 Increase /

(decrease)

Same store (i) $121,694 $121,689 0.0%

Land use intensification 889 721 23.3%

Same properties (ii) 122,583 122,410 0.1%p p ( ) , ,

Acquisitions 1,324 325 nm

Greenfield development 2,874 2,620 9.7%

NOI before adjustments 126 781 125 355 1 1%NOI before adjustments 126,781 125,355 1.1%

Lease cancellation fees 4,704 5,752 nm

Straight‐lining of rents 1,306 1,489 (12.3%)

Differential between contractual and market rents 751 769 (2 3%)Differential between contractual and market rents 751 769 (2.3%)

NOI $133,542 $133,365 0.1%

“nm” – not meaningful.

(i) S f h i i h d b Ri C d h d

17

(i) Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods.

(ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

Financial HighlightsQ4 of 2010 OutlookQ4 of 2010 Outlook

• Robust acquisition activity that was completed in the nine months of 2010 and late 2009 will have an impact in the remainder of 2010 and 2011.

• In the fourth quarter of 2009 RioCan completed total acquisitions of $257 million at an average cap rate of 7.5%

• To Sept. 30 RioCan completed total acquisitions of $663 million at an average cap rate of 7.7%

– $324.5 million Canadian Acquisitions at 7.3% cap rate– $338.6 million US Acquisitions at 8.0% cap rate

• RioCan is very well positioned with a strong balance sheet to continue to capitalize on acquisition opportunities expected in the remainder of 2010 and into 2011

• Contractual Rent Steps• Interest savings on maturing debt are expected to continue in 2011• Mortgage debt maturing for the remainder of 2010 and in 2011 currently

carries an average interest rate of 5.8% providing an opportunity for g p g pp yRioCan to reduce interest expense at current interest rates

• Closing the gap – economic occupancy versus committed occupancy• High quality, clean core income

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Acquisition Activityq y

Acquisition ActivityYTD AcquisitionsYTD Acquisitions

Capitalization Purchase Price NLA CapitalizationRate

Purchase Price ($’000s)

NLA

Canada7.3% 334,987 1,432,854

US7 9% 479 552 3 303 786

US7.9% 479,552 3,303,786

Total 7.7% 814,539 4,736,640

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Acquisition ActivityYTD Acquisitions - Canada

• Content

YTD Acquisitions - Canada

Property name and location Capitalization rate

RioCan's purchase price

(i) ('000s) NLA (in sqft) at

RioCan's interest Year Built Asset class Major tenants

RioCan's ownership

interest

Acquisitions Completed in Q1 2010Market at Citadel Village, St. Albert, AB

7.5% 17,413 51,029 2007/2008 Non-Grocery Anchored

Shoppers Drug Mart 100%

Summerwood Centre, Sherwood Park, AB

7.5% 29,524 83,911 2008/2009 Grocery Anchored

Save On Foods, Shoppers Drug Mart

100%

Timberlea Landing, Fort McMurray, AB

8.2% 63,063 105,467 2008 Mixed use ATB, Regional Municipality of Wood Buffalo

100%

Chapman Mills Marketplace, Ottawa, ON (Additional 12.5% interest)

6.8% 11,884 53,979 -- New Format Retail

Walmart, Galaxy Cinemas, Winners, Staples

75%

Total Canadian Acquisitions Q1

7.8% 121,884 294,386

Acquisitions Completed i Q2 2010in Q2 2010Halton Hills, Georgetown, ON

7.2% 10,275 75,366 1979 Grocery Anchored

Food Basics (36,002), Dollarama (10,970),TD Bank (10,000),Bulk Barn (5,000)

100%

Clappison Crossing, Flamborough ON

7.3% 20,554 133,628 2007 New Format Retail

Walmart (151,448),Rona (98 546) LCBO

100%Flamborough, ON (Additional 50%interest)

Retail Rona (98,546), LCBO,(11,882), Bank of NovaScotia (5,380)

Corbett Centre, Fredericton, NB (Additional 37.5%interest)

7.3% 8,728 36,515 2008 New Format Retail

HomeDepot*,Costco*,Michael’s(17,438),Winners(29,948), Dollarama

100%

21

37.5%interest) (29,948), Dollarama(10,301), PetSmart (9,589)


7.3% 39,557 245,509

(i) Excludes closing costs and other acquisition related costs.

Acquisition ActivityYTD Acquisitions - Canada

• INSERT Q3 Acquisitions

YTD Acquisitions - Canada

Property name and location Capitalization rate

RioCan's purchase price (i) ('000s)

NLA (in sqft) at RioCan's

interest Asset class Major tenants

RioCan's ownership

interest Gatineau Walmart 6.7% 51,239 287,765 2006New Walmart (158,801), 100%Centre, Gatineau, QC

Format Retail

Golf Town (18,761)

Hamilton Walmart Centre, Hamilton, ON

6.7% 49,436 214,486 2008/2009New Format Retail

Walmart (133,555), Dollar Giant (10,118)

100%

Niagara Square, Niagara Falls, ON (Additional 15%

8.4% 7,050 57,343 1977/1987/2008

Enclosed Shopping Center

Cineplex (45,853), Winners (31,967), Sport Chek

30%

(Additional 15% interest)

Center Sport Chek (20,160), Future Shop (20,027)

RioCan Centre Gravenhurst, Gravenhurst, ON (Additional 66 67%


Canadian Tire (76,403), Sobeys (41,360)

100%

(Additional 66.67% interest)Vaudreuil Shopping Centre, Vaudreuil-Dorion, QC


Super C*, Canadian Tire*, Bureau en Gros (20,000), Golf Town (15,000)

100%

Wharncliffe Centre, 7.0% 12,687 60,711 1991Grocery No Frills (40,140) 100%,London, ON

, , yAnchored

( , )


7.0% 163,064 838,030

March Road,Ottawa, ON

n/a 10,482 54,929 2010/2011New Format Retail

Sobeys (50,836),Pharma Plus (11,953)

50%

Total Canadian 7 3% 334 987 1 432 854

22

Total Canadian Acquisitions YTD

7.3% 334,987 1,432,854

Acquisition Activityq y

Investment in the US

Rationale for US InvestmentRationale for US Investment

• RioCan’s objective is to take a measured and defensive approach to its investment in the U.S.– The U.S. market has yielded a greater number of attractive

opportunities than what were available in Canada– Targeting defensive retail assets (primarily grocery-anchored retail)

• Grocery anchored retail traditionally viewed as most defensive category due to non-discretionary naturey

• Attractive Cap rate of 8.5% for the initial portfolio transaction with Cedar• Subsequent Cedar JV acquisitions at a cap rate range of 7.5% to 8.3%• Attractive Cap rate of 7.7% for the portfolio transaction with Inland Western

– JV allows RioCan to partner with a strong, experienced and well-connected U S management team that maintains an equity interest connected U.S. management team that maintains an equity interest to best align interests

– Total proposed and completed property acquisitions represent less than 10% of gross real estate assets

– RioCan has sought transactions where its position as a strong capital RioCan has sought transactions where its position as a strong capital partner can provide an enhanced liquidity position for future growth for our partners and in return RioCan has the benefit of local expertise and an experienced partner

– Expanded relationship with recent acquisitions with Kimco

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Acquisition ActivityYTD Acquisitions – United StatesYTD Acquisitions United States

Property name and location Capitalization

rate RioCan's purchase price (i) ('000s)


interest Year Built Asset class Major tenants

RioCan's ownership

interest

Acquisitions Completed in Q1 2010Franklin Village Plaza, Franklin, MA 8.5% 45,995 306,217 1987/2005Grocery

Anchored /Office

Stop&Shop (75,000),Marshalls (26,890),Bath & Body Works (2,500),Bank of America (2,550)

80%

Columbus Crossing, Philadelphia, PA

8.5% 20,645 113,734 2001Grocery Anchored

Super Fresh (61,506),Old Navy (25,000),ACMoore (22,000)

80%

( , )

Town Square Plaza, Reading, PA 8.3% 16,064 102,109 2008New Format Retail

Giant FoodSupermarkets (73,727),ACMoore (21,600)

80%

Total US Acquisitions Q1 8.5% 82,704 522,060

Acquisitions Completed in Q2 2010Loyal Plaza, Williamsport, PA 8.5% 22,963 235,060 1969/2000Grocery

AnchoredGiant FoodSupermarkets (66,935),K-Mart (102,558),Staples (20,555),Eckerd Drugs (10,908)

80%

Stop&Shop Plaza Bridgeport CT 8 5% 7 304 43 609 2006Grocery Stop&Shop (54 510) 80%Stop&Shop Plaza, Bridgeport, CT 8.5% 7,304 43,609 2006Grocery Anchored

Stop&Shop (54,510) 80%

Shaw’s Plaza, Raynham, MA 8.5% 16,572 141,288 1984Grocery Anchored

Shaw’sSupermarkets (60,748),Marshalls (25,752),CVS (10,125)

80%

Total US Acquisitions Q2 8.5% 46,839 419,957

25


Acquisition ActivityYTD Acquisitions – United StatesYTD Acquisitions United States

Property name and location Cap rate


(i) ('000s)



RioCan's ownership

interest

Acquisitions Completed in Q3 2010

Inland WesternInland WesternBear Creek Shopping Center, Houston, TX


HEB Supermarket (61,805), GNC (1,300), Papa John's (1,500)

80%

Cypress Mill Plaza, Houston, TX

7.7% 12,228 93,125 2005New Format Retail

Walmart*, Home Depot*, Hobby Lobby (59,898), Palais Royale (24,000), Dollar Tree (9,998)

80%

New Forest Crossing, H t TX


Lowe's*, Walmart*, Big Lots (34 076) Ross Dress for Less

80%Houston, TX Retail (34,076), Ross Dress for Less

(30,047), Petsmart (18,975)7.7% 38,898 281,907

CedarCreekview Centre, Warrington, PA


Target*, Lowe's*, Genuardi's Supermarket (Safeway) (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000)

80%

Monroe Marketplace, 7.6% 35,392 272,814 2008New Format R il

Target*, Giant Foods S k (127 000)

80%Sellinsgrove, PA Retail Supermarket (127,000),

Kohl's (68,430), Dick's Sporting Goods (51,119), Best Buy (22,504), Michael's (20,649), PetSmart (18,156), Staples (14,730)

New River Valley Centre, Christiansburg, VA


Best Buy (30,041), Ross Dress for Less (30,037), Bed Bath & Beyond (24,152), Staples (20 443) PetSma t (17 878)

80%

(20,443), PetSmart (17,878), Old Navy (15,413)

Pitney Road Plaza, Lancaster, PA


Costco*, Lowe's*, Best Buy (45,915)

80%

Sunrise Plaza, Forked River, NJ


Home Depot (130,601), Kohl's (96,171), Staples (20,388)

80%

Montville Commons Shopping Center, Montville, CT


Home Depot*, Stop & Shop (63,000)

80%

26

CT Exeter Commons, Reading, PA


Target*, Lowe's (171,069), Giant Foods Supermarket (81,715), Staples (18,008)

80%

7.7% 170,163 1,134,904Total US Acquisitions Q3 7.7% 209,061 1,416,811


Acquisition ActivityYTD Acquisitions – United States Subsequent to Quarter EndYTD Acquisitions United States Subsequent to Quarter End

Property name and location Cap rate


(i) ('000s)



RioCan's ownership

interest

Acquisitions Completed Subsequent to the Quarter End

CedarCedarCross Keys Place,Turnersville, NJ

8.3% $21,120 118,538 2007 New Format Retail

Home Depot*, Sports Authority (42,000), Bed Bath & Beyond (35,005), AC Moore (21,305), Old Navy (19,234)

80%

Gettysburg Marketplace,Gettysburg, PA

7.8% 16,198 68,640 1998 GroceryAnchored

Giant Food (66,674), Blockbuster (5,010), Hallmark (4,500)

80%

Marlboro Crossing,U M lb MD

7.8% 10,200 52,278 1993 GroceryA h d

Giant Food (60,951) 80%Upper Marlboro, MD Anchored

Northland Center,State College, PA

7.8% 8,362 86,608 1988 GroceryAnchored

Giant Food (65,075), CVS (10,920)

80%

Towne Crossing,Richmond, VA

7.8% 15,504 83,134 1980 Non-GroceryAnchored

Bed Bath & Beyond (40,000), Michael’s (20,000)

80%

York Marketplace,York PA

7.8% 23,827 244,568 1955/2004 GroceryAnchored

Lowe’s Home (125,353), Giant Food (74,600), Office Max

80%York, PA Anchored Food (74,600), Office Max

(23,500), Super Shoes (20,000)

7.9% 95,211 653,766

Inland WesternCoppell Town Center,Dallas-Fort Worth, TX

7.7% 9,312 73,086 2000GroceryAnchored

Tom Thumb (63,150), Starbucks (2,050), UPS Store (1,500)

80%

Suntree Square 7.7% 9,426 77,112 1993/2001Grocery Tom Thumb (63,556), Starbucks 80%qDallas-Fort Worth

, , / yAnchored (1,960), Subway (1,200),

T-mobile (2,000)

7.7% 18,738 150,198KimcoLas Palmas Marketplace,El Paso, TX

2002/2008 New Format Retail

Lowe’s (179,421), Kohl’s (86,800), Ross Dress for Less (33,419), Babies R’Us (30,570),Bed Bath & Beyond (30,172),

31.7%

27

Office Depot (29,491), Michael’s (23,694)

Total US Acquisitions Subsequentto 09/30

7.8% $140,948 1,006,201

Total US Acquisitions YTD 7.9% $479,552 3,303,786(i) Excludes closing costs and other acquisition related costs.

Acquisition ActivityMap of Northeastern US acquisitions*Map of Northeastern US acquisitions*

* completed or under contract28

Acquisition ActivityMap of Texas acquisitions*Map of Texas acquisitions*

* completed or under contract29

Acquisition ActivityRecently Completed Acquisitions – Exeter CommonsRecently Completed Acquisitions – Exeter Commons

• Recently developed (2009) new format retail centre in Reading, PA

• 361,000 Square feet on 37 acres

• Well anchored centre with strong Target shadow anchor

• 98% LeasedL t l • Low near term lease rollover, with only 3.6% of leases set to expire over next five yearsy

• Attractive cap rate 7.75%

• Total purchase price $53 million ($42.4 million at RioCan’s 80% interest)

30

Acquisition ActivityNew Markets – Inland Western Retail REITNew Markets – Inland Western Retail REIT

• Eight Grocery-anchored and New Format Retail centres in Texas

• Major urban markets of Dallas-Fort Worth, Houston, Austin

– These three cities combined have a population in excess of 14 million people

• Well anchored centres 5 of 8 are grocery anchored and one is a Walmart anchored property

• 100% Leased• Attractive cap rate 7.7%• Total purchase price $123

million at RioCan’s 80% interest

31

Acquisition ActivityRecently Announced Acquisitions – Inland Western Retail REITRecently Announced Acquisitions – Inland Western Retail REIT

NLA (i ft) t

Property name and location

NLA (in sqft) at RioCan's interest Asset class Major tenants Year Built

Southpark Meadows I, Austin213,472

New Format Retail Walmart 2004

Riverpark Shopping Center I & II, Houston 197,524

New Format Retail HEB Supermarket 2002

Bear Creek Shopping Center, 70 330

Grocery Anchored HEB Supermarket 2001Bear Creek Shopping Center, Houston 70,330

Grocery Anchored HEB Supermarket 2001

Suntree Square, Dallas- Fort Worth 77,112

Grocery Anchored Tom Thumb (Safeway) 1991

Coppell Town Center, Dallas-Fort Worth 73,086

Grocery Anchored Tom Thumb (Safeway) 1998

Great Southwest Crossing, Dallas-Fort Worth

73,816New Format Retail Kroger (shadow) , Office

Depot, PetSmart 1997/2002

New Forest Crossing, Dallas-Fort Worth

118,452New Format Retail Walmart , Lowe’s

(shadow)2001

Big Lots, PetSmart

Cypress Mill Plaza, Houston 93,125

New Format Retail Walmart, Home Depot (Shadow), Hobby Lobby

2004

Total US Acquisitions 916,917

32

Acquisition Activity Recently Announced Acquisitions – Inland Western REITSelected PhotosSelected Photos

Riverpark Shopping Center, Houston Suntree Square, Dallas-Fort Worth

Coppell Town Center Dallas-Fort WorthSouthpark Meadows Austin

33

Coppell Town Center, Dallas Fort WorthSouthpark Meadows, Austin

US PartnersInland Western Retail Real Estate Trust IncInland Western Retail Real Estate Trust, Inc.

• Transaction with Inland Western represents an opportunity to expand into Texas with an experienced partnerexperienced partner

– Self administered, publically registered, non listed real estate investment trust• Owns and operates a portfolio of 294 primarily multi tenant shopping centres

aggregating ~46 million SF of GLA• Total Assets = US$6.0B

L t t ti i T 20% b GLA• Large asset concentration in Texas ~ 20% by GLA• Diversified portfolio of predominantly multi-tenant retail (Neighbourhood Centres,

Community Centres, Power Centres, and Lifestyle Centres make up approximately ¾ of GLA)

• Diversified tenant base no single tenant represents more than 2.6% of annualized base rent – Largest tenant is Targetg g

• Announced acquisition of eight new format and grocery-anchored retail centres

– Dominant local grocersHEB l l i t l d • HEB – local privately owned grocer

– 300 stores in Texas and Mexico– Has been in operation for over 100 years

• Tom Thumb– One of two banners operated by Safeway in Texas– Safeway is one of North America’s leading food and drug retailers operating over Safeway is one of North America s leading food and drug retailers operating over

1,700 stores in Canada and the US– Operates 112 stores under the Randall’s and Tom Thumb banner

in Texas34

US PartnersCedar Shopping Centers IncCedar Shopping Centers, Inc.

• Transaction with Cedar was a first step towards growing a US platform with an experienced partner. Cedar is a fully integrated U.S. REIT with an experienced partner. Cedar is a fully integrated U.S. REIT

– Owns and operates a portfolio of 131 primarily supermarket-anchored shopping centres aggregating ~15 million SF of GLA

– Equity Market Cap = US$576MM; Total Enterprise Value = US$2.2B Total Assets = US$1.6B

– Large asset concentration in eastern 2/3rds of Pennsylvania with a presence in – Large asset concentration in eastern 2/3rds of Pennsylvania, with a presence in Massachusetts, Connecticut, NJ, Virginia and Maryland

– Diversified tenant base – with the exception of Royal Ahold, no single tenant represents more than 2.8% of annualized base rent

• Cedar, like a number of U.S. REITs in the current environment, required b l h t it li ti t ith t di th t it d l i l a balance sheet recapitalization, notwithstanding that its underlying real

estate assets have continued to perform well• Transaction with RioCan provided Cedar with an enhanced liquidity

position and a strong capital partner for future growth and in return RioCan has the benefit of local expertise and an experienced partnerRioCan has the benefit of local expertise and an experienced partner.

• To date RioCan has acquired or announced the acquisition of nine properties that total approximately 1.6 million square feet

• RioCan has an equity ownership position in Cedar of approximately 14% or 9.4 million common shareso 9 o o o s a s

35

Capital Structurep

Conservative Debt ProfileConservative Debt Profile

• Debt-to-Gross Book Value (historical cost) of 57.1% at September 30, 2010 (56.9% net of cash);

• Total operating lines - $303 million with approximately $247.4 million available

• 73 properties unencumbered by debt• For the quarter ended September 30, 2010,

interest coverage was approximately 2.48x and g pp ydebt service coverage was 1.92x

• Approximately 75% of RioCan’s debt was secured • Floating rate debt - 3 5% of total debt• Floating rate debt 3.5% of total debt

37

Unsecured Debenture CovenantsUnsecured Debenture Covenants

• Maintain at all times a ratio of Consolidated • Maintain at all times a ratio of Consolidated EBITDA to Consolidated Interest Expense of not less than 1.65 to 1

• Maintain a debt to gross book value of assets ratio of less than or equal to 60%assets ratio of less than or equal to 60%

• Maintain at all times an Adjusted Unitholders’ Equity of at least $1 billion.

38

Modest Leverage, Strong Interest CoverageModest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even through periods of considerable growth– Leverage of 57.1% at September 30, 2010; – 60% max permitted under covenant– Interest coverage well in excess of the 1.65x maintenance

covenantcovenant

2 9x 2 9x 2.6x 2.6x 2.7x 2.8x2 9x

2.7x

47.3% 48.2%51.9% 53.1% 53.8% 53.9%

56.6% 56.3% 54.9% 55.6% 57.1%

2.9x 2.9x 2.9x 2.6x 2.2x 2.5xLeverage Interest Coverage

39

Debt Maturity ScheduleDebt Maturity Schedule

• Long-term, staggered debt maturity profile• 5 6% Overall WAIR• 5.6% Overall WAIR• 4.4 Year weighted avg. term to maturity• Minimal floating rate debt exposure (3.5% of total debt)• Financing mortgages today at well below 5% (4.25%-4.5%)

8.00%1,200,000 Wtd

$000s

Debentures payableMortgages payableScheduled principal amortization

5.82%5.30% 5.65% 5.42%

6.46%

5.81%5.00%

6.00%

7.00%

600,000

800,000

1,000,000

. Avg. Interest Rate

5.01%

3.00%

4.00%

0

200,000

400,000

2010 2011 2012 2013 2014 2015 Thereafter

e on Maturing D

ebt

40 As at September 30, 2010

Leverage at Historic Cost & Stock Market ValueLeverage at Historic Cost & Stock Market Value

• As at September 30, 2010

57.1% 56.9%

42.1%

Historic Cost Market Net of Cash

41

Capital StructureCapital Structure

Book Value = $6.5 billion Gross Book Value = $7.4 billion Enterprise Value = $10.0 $ $ p $billion

50.8%42.2%

11.0%

31.1%

18.0%

14.9%

57.9%

31.3%42.9%

42Mortgages= $3.1 billion

Debentures = $1.1 billion

Equity = 252 million units outstanding

Conservative Commitments to Development PipelineDevelopment Pipeline


$1$50

$60Co-Ownerships - Other

in millions

$25

$2$1

$20

$30

$40

$50 Co-Ownerships - Trinity/CPPIBCo-Ownerships - TrinityRioCan Owned Developments

$5$21

$0

$9$3

$0

$3

$1

$0

$10

2010 2011 2012+

43

Debt Maturities by LenderDebt Maturities by Lender

Contractual

Principal Balance by Type of Lender


Scheduled Principal

Amortization

Life Insurance

IndustryMortgage

Conduit BanksPension

Funds OtherUnsecured

Debentures Total

As at As at September 30, 2010: For the year ended Dec. 31 2010 17,537 12,598 – – – 847 – 30,982

2011 72,294 8,941 53,952 26,787 4,679 65,649 200,000 432,302

2012 71,366 59,682 107,374 69,810 – – 220,000 528,232

2013 66,425 110,351 107,513 186,723 – 8,926 150,000 629,938

2014 56,707 115,821 6,592 261,675 5,922 34,772 180,000 661,489

2015 45,174 133,462 99,751 249,399 55,471 107,942 253,150 944,349

Thereafter 89,633 370,177 146,108 134,946 92,070 39,534 100,000 972,468

Total 419 136 811 032 521 290 929 340 158 142 257 670 1 103 150 4 199 760Total 419,136 811,032 521,290 929,340 158,142 257,670 1,103,150 4,199,760

44

Borrowings YTD in 2010Borrowings YTD in 2010

Mortgages Payable Quarter ended September 30, 2010

Nine months ended September 30, 2010

(thousands of dollars, h d )

Weighted A

Weighted A

Average Texcept other data)

Contractual Debt

Average Contractual

Interest RateContractual

Debt

Average Contractual

Interest Rate

Term to Maturity

(years)

New borrowings:Fixed rate term mortgages $242,740 4.72% $584,833 5.01% 5.77

Floating rate term mortgages - - 12,450 2.91% 5.00

Construction 5,667 3.85% 16,359 3.42% 1.34

Total $248,387 4.70% $613,642 4.92% 5.64

45

Assets Available to FinanceAssets Available to Finance

• Content PRINCIPAL BALANCE OF DEBT MONITORING

(in thousands) NUMBER OF NBV of IPPAt September 30

2009 ANNUALIZED 2010 2011(in thousands) PROPERTIES At September 30,

2010ANNUALIZED

NOI (1)2010 2011

Collateral – Income Properties

Encumbered Assets with Debt Maturing in 2010 2 61,943 6,463 12,598 -g

Encumbered Assets with Debt Maturing in 2011 8 224,696 19,945 - 121,977

Unencumbered Assets at September 30, 2010 73 791,799 66,355 - -

Construction Financing on Properties Under Development (2)

2 - - - 19,630

VTB on Properties Under Development 1 33,957 2,581 847 -Development

Unsecured Debt Maturity- - - - 200,000

TOTAL 86 1,112,395 95,344 13,445 341,607

46(1) Excluding impact of straight-line rents and the differential between contractual and market rents. (2) Projects include components that are income producing at September 30, 2010. NBV shown represents amounts in IPP only

Looking Aheadg

Future Growth DriversFuture Growth Drivers• Organic Growth

– Contractual Rent Steps – contractual rent steps should generate $1.4 million in 2010 and $3.6 million in 2011

– Positive leasing spreads on maturing leases should provide positive same property NOI growth

– Interest savings on maturing debt: 2010 and 2011 maturities currently carry an average interest rate of 5.8% providing an opportunity for RioCan to reduce interest expense at current interest rates

– Closing the gap – economic occupancy versus committed occupancy provides an annual NOI impact of approximately $11.6 million

• Acquisition Activity – RioCan intends to continue to be an active acquirer in 2011

$663 million was completed in the first three quarters of 2010– $663 million was completed in the first three quarters of 2010– $349 million completed or under contract after Sept. 30, 2010– RioCan is very well positioned with a strong balance sheet to capitalize on

acquisition opportunities expected in 2010 and 2011

• Greenfield Development p– completions from 2009 will provide additional income in 2010– As at September 30, 2010, Greenfield Development projects comprise

approximately 8.4 million square feet, of which RioCan’s ownership interest is approximately 3.4 million square feet. Once complete these developments should generate strong returns and improve the overall quality of the portfolio.g g p q y p

48

Future Growth Drivers

Organic Growth Institutional Relationships

Land Use Intensification

Greenfield DevelopmentAcquisitions

Interest SavingsInterest Savings

• RioCan’s debt ladder staggers maturities such that there are i l ith l t t i d btno single years with a large exposure to maturing debt.

• This enables RioCan to take advantage of low interest rate environments and insulates the impact of higher interest rate p genvironments.

• In 2010 by refinancing maturing debt with an interest rate in excess of 7% into debt with an average interest rate of excess of 7% into debt with an average interest rate of 4.96% RioCan has generated annual interest savings $6.7 million on refinanced mortgage debt.

50

Debt Maturity ScheduleDebt Maturity Schedule• Long-term, staggered debt maturity

profile• 5.6% Overall WAIR

4 4 Yea eighted a g te m to

In $000’s

Mortgage Maturities in 2011

AverageInterest Rate

Potential Interest Savings if refinanced at

4 25% 4 50% 4 75%• 4.4 Year weighted avg. term to maturity

• Minimal floating rate debt exposure (3.5% of total debt)

• Financing mortgages today at well below 5% (4.25%-4.5%)

4.25% 4.50% 4.75%

$232,302 5.78% $3,554 $2,973 $2,393

below 5% (4.25% 4.5%)

8.00%1,200,000 Wtd

$000s

Debentures payableMortgages payableScheduled principal amortization

5.82%5.30% 5.65% 5.42%

6.46%

5.81%5.00%

6.00%

7.00%

600,000

800,000

1,000,000

. Avg. Interest Rate

5.01%

3.00%

4.00%

0

200,000

400,000

2010 2011 2012 2013 2014 2015 Thereafter

e on Maturing D

ebt

51 As at September 30, 2010

Occupancy AnalysisOccupancy Analysis

• RioCan’s committed occupancy rate of 97.1%. Included in thi t i 492 000 f t f l d b t t t


this rate is 492,000 square feet of leased but not yet open space, resulting in an economic occupancy rate of 95.8%

• The gap of leased but not yet paying rent represents an additional $11.6 million of annualized rental revenue

97 5%

100.0% Occupied

Occupancy1000

1200

'000s

95.8%

1.30%

92.5%

95.0%

97.5%

97.1%

0

200

400

600

800

90.0%

30‐Jun‐10

Q4 2010 Q1 Q2 Q3

Monthly rent commencing Cumulative monthly rent commencing

2010 2011

52

Portfolio Leasing ActivityPortfolio Leasing Activity

• YTD in Canada RioCan has renewed 2.8 million square feet at and average rent increase of $1.53 per square f t 9 7%foot or 9.7%

• Retained 95% of expiring leases• Vacancies YTD as a result of unanticipated vacancies

were 322 000 square feet at RioCan’s interest a were 322,000 square feet at RioCan s interest, a significant improvement from the 655,000 square feet at RioCan’s interest incurred in the same period in 2009

53

Portfolio Leasing ActivityPortfolio Leasing Activity

quarter ended Sept. 30, 2010Total

New Format

Retail

Grocery Anchored

Centre

Enclosed Shopping

Centre

Non-Grocery Anchored

Centre

Urban Retail Office

(sq ft in thousands) Retail Centre Centre Centre(sq t t ousa ds)Renewals at market rental ratesSquare feet renewed 456 97 182 100 66 10 1Average net rent psf 21.43 24.35 20.83 20.30 17.02 44.26 19.50

Increase in average net rent psf 2.39 3.61 1.87 1.37 2.24 11.26 0.90

Fixed rental rate options in favour of our t ttenantsSquare feet renewed 485 213 52 219 – 1 –Average net rent psf 10.72 14.98 13.57 5.84 – 33.00 –Increase in average net rent psf 0.37 0.70 0.05 0.12 – 1.00 –

Total:Square feet renewed 941 310 234 319 66 11 1Average net rent psf 15.91 17.92 19.21 10.36 17.02 43.58 19.5

Increase in average net rent psf 1.35 1.61 1.47 0.51 2.24 10.63 0.90

Percent Increase 9.3% 9.9% 8.3% 5.2% 15.2% 32.3% 4.8%

Canadian portfolio

54

Organic Growth – Lease ExpiresOrganic Growth Lease Expires

LEASE EXPIRIES(in thousands, except psf and percentage amounts)

Portfolio NLA

2010 (i) 2011 2012 2013 2014

Square Feet:New Format Retail 17,635 220 1,186 1,216 1,445 1,501Grocery Anchored Centre 7,571 170 966 1,003 560 1,229Enclosed Shopping Centre 6,297 237 675 631 675 721Non-Grocery Anchored Centre 1,873 40 87 119 201 138Urban Retail 1,295 9 58 136 165 314Office 1,583 91 260 94 143 102Total 36,254 767 3,232 3,199 3,189 4,005Square feet expiring/portfolio NLA 2 10% 8 90% 8 80% 8 80% 11 00%NLA 2.10% 8.90% 8.80% 8.80% 11.00%Average rent psf :New Format Retail 16.33 18.2 17.30 17.30 17.67 18.09Grocery Anchored Centre 14.33 17.71 14.16 14.40 17.21 13.59Enclosed Shopping Centre 11.13 13.41 11.97 12.35 14.58 13.60Non-Grocery Anchored Centre 12.21 14.52 15.83 14.35 14.28 15.34Urban Retail 22 36 25 63 19 43 29 20 15 11 16 97Urban Retail 22.36 25.63 19.43 29.20 15.11 16.97Office 12.84 9.58 13.14 11.43 10.90 12.72Total average net rent psf 14.86 15.49 14.91 15.63 16.28 15.58

55 (i) for the remainder of 2010

Future Growth DriversAcquisitionsAcquisitions

• RioCan has completed over $800 million of acquisitions year to date and over $1.2 billion over the past 12

thmonths

• Year to date acquisitions have been completed at a weighted average cap rate of 7 7%weighted average cap rate of 7.7%

• Financing used to complete these acquisitions has been completed at interest rates below 5%completed at interest rates below 5%

CapitalizationRate

Purchase Price ($’000s)

NLA

C n dCanada 7.3% 334,987 1,432,854

US 7.9% 479,552 3,303,786

Total 7.7% 814,539 4,736,640

Acquisition ActivityAssets Under ContractAssets Under Contract

C it li tiRioCan’s

h

NLA (in sq.ft.) at Ri C ’ A t Y

RioCan’s hi

Property name and locationCapitalization Rate

purchase price (‘000s)

RioCan’s interest

Asset class

Year builtMajor tenant(s) and NLA

ownership interest

CANADAKeswick Walmart, Keswick, ON 7.0% 20,942 122,061New

Format Retail

2010Walmart (151,000) 75%

Brant Power Centre, 7.4% 15,050 57,539New 2004Home Outfitters (32,000), Best 50%Burlington, ON Format

RetailBuy (31,000)

Millwoods Town CentreEdmonton, AB

7.7% 26,070 160,460Enclosed ShoppingCentre

1975Canadian Tire (88,000),Safeway (49,000), Zellers (123,000)

Repentigny Shoppers Drug Mart, Montreal, QC

7.0% 5,450 17,000Non‐Grocery

2009Shoppers Drug Mart (17,000) 100%

AnchoredQueensway,Toronto, ON

6.0% 15,725 55,366New Format Retail

2000Cineplex (87,510) 50%

Total Canada 7.1% 83,237 412,426

UNITED STATES

Inland Portfolio (remaining) 7 7% 69 142 484 812Various VariousVarious 80%Inland Portfolio (remaining) 7.7% 69,142 484,812Various VariousVarious 80%Red Rose Commons,Lancaster, PA

7.6% 28,471 210,762New Format Retail

1998Home Depot*, Weis Markets*, Sports Authority (43,091), HH Greg (32,296), Office Max (30,078), PetSmart (28,710),Barnes & Noble (26,306)

80%

Whitehall Mall,Whitehall PA

7.6% 16,296 278,751New Format

1965/1998

Sears (212,850), Kohl’s (81 785) Bed Bath & Beyond

50%

58

Whitehall, PA Format Retail

/1998 (81,785), Bed Bath & Beyond (43,971), Gold’s Gym (27,213),Michael’s (22,965)

Total US 7.7% 113,909 974,325

Total 7.4% 197,146 1,386,751

Strong Development PipelineStrong Development Pipeline• Greenfield developments through in-house capabilities and with partners, such as Trinity and

Canada Pension Plan Investment Board (CPPIB)At September 30, 2010

Total G eenfield de elopments comp ise 8 5 million sq a e feet incl ding shado ancho s• Total Greenfield developments comprise 8.5 million square feet, including shadow anchors• RioCan’s owned interest consists of 3.6 million square feet• Total estimated project cost is $1.6 billion, with RioCan’s interest being approx. $743 million• Invested $363 million in these projects• RioCan’s funding obligations, before construction financing is $379 million ($46 million is for

current development and $333 million is for potential future development)current development and $333 million is for potential future development)– In addition, RioCan will fund approx. $166 million under mezzanine lending program to

certain partners, primarily Trinity Developments ($24 million is for current development and $142 million is for potential future development)

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.5% to 9.5%Strategic sales to CPPIBStrategic sales to CPPIB• In Q1 2008, RioCan and Trinity sold a 50% non-managing interest in the Jacksonport

development in Calgary and St. Clair Avenue and Weston Road in Toronto development to CPPIB. In Q1 2010 RioCan successfully completed the rezoning of St Clair and Weston, which generated a total gain of $3.3 million

• In October 2008, CPPIB purchased at 37.5% non-managing ownership interest in two of h h i E Hill i C l I Q1 2010 Ri C f ll l d h i three phases in East Hills in Calgary. In Q1 2010 RioCan successfully completed the rezoning

of East Hills, which generated a total gain of $4.0 million• Significantly reduced development exposure on the three projects of $667 million• The sales to CPPIB enabled RioCan to recoup 100% of its equity in these projects• The sales further strengthened our existing relationship to Canada’s largest pension fund

60

Strong Development PipelineStrong Development PipelineLowe’s Centre Orleans

RioCan is currently developing its 39 acre site at Lowe’s Centre Orleans at Innes Road and Belcourt Boulevard in Ottawa, Ontario into a 417,000 square foot new format retail centre. This joint venture development with our partner, Trinity, is anchored by Lowe’s Home Improvement Warehouse which owns its own location and has commenced operations. Other major tenants at the property include Allstate j p p yInsurance, CIBC, and Empire Theatres, which have all commenced operations. Construction is expected to commence in 2011 on an additional phase, which will feature a national supermarket tenant of approximately 35,000 square feet.

HazeldeanConstruction has commenced at RioCan’s joint venture development on Hazeldean Road, in Ottawa. This 33 acre site is currently being d l d i t 393 000 f t f tdeveloped into a 393,000 square foot new format retail centre. The site will be anchored by Lowe’s Home Improvement Warehouse, which will own its own store. Lowe’s is expected to open in late 2010. RioCan has also commenced construction of the first phase of this property which will include

61

Michael’s, Winners, HomeSense, and Bouclair.

Strong Development PipelineStrong Development PipelineOkotoks

RioCan has commenced construction at its Okotoks site in Okotoks, Alberta, located approximately 40 kilometres south of Calgary. This 31 acre property is a joint venture development with g y p p y j pTrinity and is currently being developed into a 434,000 square foot new format retail centre. The site is anchored by a 93,000 square foot Home Depot, which owns its own store. Costco, which will also own its own location, has begun construction and expects to open in the third quarter of 2010.

62

Land Use IntensificationLand Use Intensification

• Capitalize on trend in Canada’s six high growth markets towards “densifying” growth markets towards densifying existing urban locations, driven by:

• Prohibitive costs of expanding infrastructure beyond urban boundariesbeyond urban boundaries

• Environmental concerns • Maximizing use of mass transitMaximizing use of mass transit• Generate high yields as land is already

owned

64

Yonge Eglinton CentreToronto OntarioToronto, Ontario

• One of RioCan’s largest acquisitions at $223 million (acquired in January 2007)o (acqu ed Ja ua y 00 )

– 750,126 sq. ft. of office area and 264,391 sq. ft. of retail area

• RioCan has launched a thorough revitalization and expansion plan that will capitalize on the area’s residential pintensification

– Improvements to parking increased revenues by $500,000

– 46,000 sq. ft. of new retail, and a connection to the office towers and i / t th f d t d ingress/egress to the food court and subway

– A combined 12-storey, 210,000 sq. ft. expansion of the office towers

– received Toronto City Council approval for received Toronto City Council approval for its development plans and is currently submitting plans for site plan approval, and subject to receipt of all approvals, it is expected that construction can begin in 2011

Ri C ’ l i d it l i t

65

• RioCan’s leasing and capital improvement efforts have resulted in significant increases in NOI and occupancy

Creating New Cash Flow Sources RioCan Yonge Eglinton CentreRioCan Yonge Eglinton Centre

66

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Retail AdditionRioCan Yonge Eglinton Centre – Proposed Retail Addition

67

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Vertical AdditionRioCan Yonge Eglinton Centre – Proposed Vertical Addition

Potential to add 210,000 square feet of office space

68

Potential to add 210,000 square feet of office space

Urban Intensification1717 Avenue Road Toronto ON1717 Avenue Road, Toronto, ON

• Rezoning urban properties to accommodate mixed use projects became RioCan REIT’s focus in the last several years

• 1717 Avenue Road, Toronto

Assembled a city block over four year period located in one of the busiest nodes in Toronto on Avenue Road, between Fairlawn Avenue and St. Germain AvenueThe block was made up of four, one storey, properties, the largest being 21,000 sq. ft. strip centre anchored by an LCBO and BlockbusterIdeal property for redevelopment into a

i d f ili i k i i h h dmixed-use facility, in keeping with the trend of urban intensificationResidential air rights sold to Tribute Communities, who are developing this mixed-use propertyRioCan REIT retained o nership of theRioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiumsThe residential component is 89% soldThe retail component is 90% leased

69

The retail component is 90% leased

Urban IntensificationQueen & Portland Toronto ONQueen & Portland, Toronto, ON

• One acre parking lot acquired in January 2006

S f Q S• Southwest corner of Queen and Portland Streets, occupying the entire length of the block

• Ideal property for redevelopment into a mixed-use facility, in keeping with the trend of urban intensification

• Development includes retail footprint - Loblaws occupying the bulk of the ground floor and all of the second floor, with a flagship Joe Fresh store and a Loblaws supermarket, while Winners will be occupying the third floor

• Total retail space is 92,000 sq ft over three levels - 100% leased

• Five-storey residential condominium, above the retail, unaffected by change – 85% sold

• Residential air rights sold to Tribute Communities, who will develop this mixed-use property

• RioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiums

70

Tillicum CentreVictoria BCVictoria, BC

• Acquired in July 2002, expansion initiated in 2004

• 62,000 sq. ft. addition anchored 62,000 sq. ft. addition anchored by introduction of two marquee tenants

• Fabricland relocated to a larger store and TD Bank also took occupancy during phase 2

• Despite various construction challenges owing to site’s geography, RioCan’s development team was able to development team was able to deliver on schedule and within budget

• Mixed-use expansion scheduled for commencement in 2009, ,and will feature 294,000 sq. ft.

• In addition to improving tenant quality and aesthetics, the

t i t t (“ROI”) return on investment (“ROI”) since acquisition has increased by more than 100 bps71

Institutional RelationshipsInstitutional Relationships

• Through the years RioCan has developed strong institutional relationshipsstrong institutional relationships

• Leverage RioCan’s capital to enhance returns and increase scale of investments

• Generate additional revenue streams – Property and asset management fees

73

Institutional RelationshipsInstitutional Relationships

Strong PartnershipsPartner Type

of PartnerTotal Property

GLA (sf)Partner

GLA (sf)o a t e G (s ) G (s )

Cedar Public 2,717,091 543,418

Inland Western Public 352,383 70,477

Kimco Public 8,885,608 4,442,804

CPPIB Institutional 1,793,971 896,986

Trinity Private 2 174 530 812 355Trinity Private 2,174,530 812,355

Kimco/Trinity Public/Private 331,283 220,855

Kimco/Fieldgate Public/Private 28,222 23,848

RRVLP (TIAA-CREF, OMERS) Public / Institutional 382,291 324,947

Sun Life Institutional 758,597 499,585

CMHC Private 370 454 185 227CMHC Private 370,454 185,227

Devimco – Quebec Hydro Private 1,128,134 564,067

Effort Properties Private 147,234 73,617

Bayfield Private 1,357,645 950,352

The Wynn Group Private 98,580 73,935

Fi t G lf P i t 386 718 193 359First Gulf Private 386,718 193,359

Tawse Private 244,409 122,205

Trinity / Shenkman / Tamuz Private 378,055 158,608

Frum Development Group Private 276,330 138,165

Dale-Vest Marketvest Private 66,720 40,352

74

Total 21,878,255 10,335,162

In addition to RioKim JV and CPPIB strategic alliance, RioCan REIT maintains numerous other partnerships where partners rely on RioCan’s expertise in leasing, property management and development

Institutional RelationshipsInstitutional RelationshipsRioKim Joint Venture

Ri C REIT d Ki R lt

Brentwood Village

• 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 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

Tillicum Centreof GLA

• In September 2008, created a second joint venture partnership with Kimco (RioKim II) with the acquisition of a 10 properties portfolio in central and eastern pCanada

• RioCan provides asset and property management, development and leasing services to RioKim

75

Institutional RelationshipsInstitutional RelationshipsCPPIB Joint Venture

I O t b 2004 Ri C REIT d

RioCan Centre Burloak - Before

• 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 strategystrategy

• 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 Centre Burloak - Afterof planned development projects

• RioCan provides property and asset management, leasing, development and construction management services for the co-ownershipp

76

Institutional RelationshipsInstitutional RelationshipsCPPIB Strategic AllianceGrandview Corners• Acq i ed in Decembe 2009 on a • Acquired in December 2009 on a

50-50 basis• Unique asset located in the

Greater Vancouver Area market of Surrey

• Diverse and strong tenant mixDiverse and strong tenant mix• 42 acre site • 529,827 sq. ft. anchored by a

217,278 sq. ft. Walmart• Other major tenants include The

Brick, Future Shop, Indigo

St. Clair & Weston• RioCan has completed the rezoning for its St.

Clair and Weston Road development with Trinity and Canada Pension Plan Investment Board (“CPPIB”) in Toronto Board ( CPPIB ) in Toronto.

• Construction is anticipated to commence in the fourth quarter of 2010.

• The 19 acre site is ultimately expected to feature a 570,000 square foot property situated within a unique two storey retail. f t

77

format

Institutional RelationshipsInstitutional RelationshipsCPPIB Strategic AllianceIn September 2008 the Trust and Trinity sold a 50% non-managing interest in two developments to CPP Investment Board. The two developments are Jacksonport located in Calgary, Alberta and St. Clair Avenue and Weston Road located in Toronto, Ontario. Additionally, in October 2008 RioCan and Trinity sold a 37.5% non-managing ownership interest in East Hills phases I and III a development featuring approximately 115 acres in Calgary Alberta to CPP interest in East Hills, phases I and III, a development featuring approximately 115 acres in Calgary, Alberta, to CPP Investment Board.

• RioCan has successfully completed the rezoning requirements for its E t Hill d l t ith T i it

East Hills

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

Jacksonport• Jacksonport, located at 36th Street NE and

Country Hills Boulevard NE in Calgary is a

and Phase II comprises approximately 37 acres.

Country Hills Boulevard NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail centre

• Upon completion, the development is expected to feature approximately 1.1 million square feet of retail space

78

square feet of retail space.

SummarySummary

• Canada’s largest REIT• Seasoned management team• Seasoned management team• Excellent portfolio, solid tenants and

diversified• Focus on urban markets• 86% of annualized rental revenue from

national tenantsnational tenants• Conservative debt profile and access to

capital • Strong institutional relationships• Solid development pipeline

79

Appendix App

Senior Management

Experienced Management TeamExperienced Management Team• Extensive experience in Canadian real estate market

– Multi-disciplinary team with experience across a wide spectrum of real estate classes

EDWARD SONSHINE, Q.CEDWARD SONSHINE, Q.C.. – President & Chief Executive Officer, RioCan REIT• CEO of RioCan REIT since late 1993 and has overseen its growth from an asset base

of under $100 million to its current enterprise value which is in excess of $8 billion • Previously practiced law for 15 years, during which he was awarded his Queen’s

Counsel in 1983• Member of the board of directors of Royal Bank of Canada, Chair of Chesswood y ,

Income Fund and Chair of Mount Sinai Hospital FoundationFREDERIC WAKSFREDERIC WAKS – Senior Vice President & Chief Operating Officer, RioCan REIT• COO of RioCan REIT since 1995• Began real estate career in 1981 with Royal LePage, where he earned the honourable

designation of Rookie of the Year in the Commercial Division and President’s Round designation of Rookie of the Year in the Commercial Division and President s Round Table

• In 1984, he joined First Plazas as Vice President of Leasing/Marketing. Moved to Dominion Trust in 1988, where he took on the position of Senior Vice President. From 1993 to 1995, acted as Vice-President, Retail Leasing for Confederation Life.

RAGS DAVLOOR CARAGS DAVLOOR CA – Senior Vice President & Chief Financial Officer RioCan REITRAGS DAVLOOR, CARAGS DAVLOOR, CA – Senior Vice President & Chief Financial Officer, RioCan REIT• CFO of RioCan REIT since 2008• Over 25 years of real estate, management, finance, accounting and tax experience• Began his career with Arthur Anderson & Co where he spent 8 years in audit, tax and

advisory roles, followed by over 10 years at O&Y Properties and O&Y REIT ultimately becoming CFO and p io to coming to RioCan at TD Sec ities as a Vice P esident becoming CFO, and prior to coming to RioCan at TD Securities as a Vice President and Director in corporate finance for two years, where he was focused on real estate industry coverage.81

Appendix Bpp

Supplemental Information Package

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AFTER THE STORM

REALESTATEINVESTMENTTRUSTQ3

THIRD QUARTER 2010Supplemental Information PackageTable of Contents

Real Estate Portfolio Fact Sheet.........................................1

FINANCIAL INFORMATION

Operational and Financial Highlights..................................2Consolidated Balance Sheets..............................................3Consolidated Statement of Earnings...................................4Consolidated Statement of Cash Flows.............................. 5Results of Operations..........................................................6Summary of Consolidated Debt...........................................7

INVESTMENT ACTIVITY

Acquisitions.........................................................................8Greenfield Development Projects................................11–15Expansion and Redevelopment Projects...........................16

REAL ESTATE INFORMATION

Leasing Activity..................................................................18Renewal Activity.................................................................19Property Ownership by Geographic Area..........................23Portfolio Geographic Diversification ................................. 24Occupancy..........................................................................24Economic Versus Committed Occupancy..........................24Top 50 Tenants .................................................................. 25Top 10 Tenants – Canada...................................................26Top 10 Tenants – US..........................................................26Lease Expiries by Geographic Area...................................27

GENERAL

General Information..........................................................28

REAL ESTATE PORTFOLIO FACT SHEETFact Sheet as at Sept 30, 2010

Canadian Properties US Properties GrandTotalTotal Net Leaseable Area ("NLA") (sq. ft.): Retail Office Total Retail Office Total

Income Producing Properties 34,671,228 1,583,434 36,254,662 2,403,823 51,758 2,455,581 38,710,243Properties Under Development 2,438,232 – 2,438,232 – – – 2,438,232Total 37,109,460 1,583,434 38,692,894 2,403,823 51,758 2,455,581 41,148,475

Number of Tenancies 6,400

OccupancyCanadian Properties American Properties Total

Retail 97.2% 98.4% 97.3%Office 92.2% 85.5% 91.9%Total: 97.0% 98.1% 97.1%

Geographic Diversification

Number of properties

Percentageof annualized

rental revenue

Incomeproducingproperties

Propertiesunder

development TotalOntario 56.3% 155 7 162Quebec 16.5% 42 42Alberta 11.6% 26 3 29British Columbia 6.1% 14 14New Brunswick 1.9% 6 1 7Saskatchewan 0.5% 1 1Manitoba 0.7% 2 2Prince Edward Island 0.4% 1 1Newfoundland 0.3% 2 2Nova Scotia 0.1% 1 1USA 5.6% 18 18

100.0% 268 11 279

Anchor and National Tenants (including US)

Percentage of annualized rental revenue Percentage of total NLAAnchor and National Tenants 86.0% 83.9%

Top Ten Sources of Revenue by Tenant (including US)

Ranking TenantPercentage of

annualized rental revenueWeighted average remaining

lease term (yrs)1. Famous Players/Cineplex/Galaxy Cinemas 4.7% 12.62. Metro/A&P/Super C/Loeb/Food Basics 4.6% 8.63. Walmart 4.4% 13.24. Canadian Tire/PartSource/Mark's Work Wearhouse 3.8% 11.65. Zellers/The Bay/Home Outfitters 3.3% 9.16. Winners/HomeSense 2.8% 4.87. Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 5.78. Staples/Business Depot 2.2% 7.49. Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 5.1

10. Shoppers Drug Mart 1.7% 10.4Total 32.1%

Lease Expiries – Canada

Lease expiries (NLA)

Retail Class Total NLA 2010 2011 2012 2013 2014New Format Retail 17,635,189 220,178 1,185,950 1,215,433 1,444,571 1,500,515

31.6% 1.2% 6.7% 6.9% 8.2% 8.5%Grocery Anchored Centre 7,570,736 170,447 966,236 1,003,289 559,559 1,229,087

51.9% 2.3% 12.8% 13.3% 7.4% 16.2%Enclosed Shopping Centre 6,297,125 236,555 674,690 631,282 675,400 721,438

46.7% 3.8% 10.7% 10.0% 10.7% 11.5%Non-Grocery Anchored Centre 1,873,343 40,077 87,452 118,952 201,054 137,723

31.2% 2.1% 4.7% 6.3% 10.7% 7.4%Urban Retail 1,294,833 9,171 58,215 136,161 165,060 314,474

52.8% 0.7% 4.5% 10.5% 12.7% 24.3%Office 1,583,434 90,495 259,876 93,739 143,163 102,111

43.5% 5.7% 16.4% 5.9% 9.0% 6.4%Total 36,254,662 766,923 3,232,419 3,198,856 3,188,807 4,005,348

2.1% 8.9% 8.8% 8.8% 11.0%Average net rent per square foot $ 14.86 $ 15.49 $ 14.91 $ 15.63 $ 16.28 $ 15.58

Lease Expiries – US

Lease expiries (NLA)

Retail Class Total NLA 2010 2011 2012 2013 2014New Format Retail 1,354,257 1,072 5,886 23,394 62,145 19,744

8.3% 0.1% 0.4% 1.7% 4.6% 1.5%Grocery Anchored Centre 1,049,566 45,089 71,780 91,724 45,489 93,079

40.9% 4.3% 14.7% 8.7% 4.3% 8.9%Enclosed Shopping Centre 0 0 0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0%Non-Grocery Anchored Centre 0 0 0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0%Urban Retail 0 0 0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0%Office 51,758 4,645 11,159 4,329 9,932 3,654

65.1% 9.0% 21.6% 8.4% 19.2% 7.1%Total 2,455,581 50,806 88,825 119,447 117,566 116,477

2.1% 3.6% 4.8% 4.8% 4.8%Average net rent per square foot $ 17.10 $ 21.61 $ 19.64 $ 17.25 $ 15.01 $ 16.73

1 Third Quarter Ended September 30, 2010 Supplemental Information Package

OPERATIONAL AND FINANCIAL HIGHLIGHTSOperational Information

(thousands of square feet, except other data)

As at September 30, 2010 June 30, 2010 December 31,2009

September 30,2009 **US Canada Total US Canada Total

Number of properties:Income properties 18 250 268 8 246 254 243 234Under development (i) – 11 11 – 11 11 12 13

Portfolio occupancy 98.1% 97.0% 97.1% 96.2% 97.0% 97.0% 97.4% 97.3%Net leasable area (“NLA”) at

100%* 4,002 55,193 59,185 1,425 54,549 55,974 54,301 52,102Net leasable area (“NLA”) at

RioCan’s interest:Total portfolio 2,455 36,255 38,710 1,039 35,476 36,515 35,103 33,920Average in place rent $ 17.10 $ 14.86 $ 14.99 $ 18.02 $ 14.97 15.06 $ 14.40 $ 14.33Completed Greenfield

Development and land useintensification activitiesduring the quarter ended – 9 9 – 10 10 39 230

Acquired during the quarterended 1,417 838 2,255 420 245 665 1,194 231

Greenfield Developmentpipeline upon completion:

Total project NLA – 8,446 8,446 – 8,493 8,493 8,480 8,623RioCan’s interest of project

NLA – 3,397 3,397 – 3,289 3,289 2,956 3,044Percentage of portfolio rental

revenue derived from:Six Canadian high growth

markets (annualized) (ii) n/a 61.7% 61.7% n/a 63.8% 63.8% 66.3% 66.4%US market (annualized) 5.6% n/a 5.6% 3.1% n/a 3.1% n/a n/aNational and anchor tenants

(annualized) 86.0% 85.5% 84.5% 84.2%Largest tenant (annualized) 18.3% 4.9% 4.7% 33.3% 5.0% 4.9% 5.0% 5.1%

Number of employees(excluding seasonal) 585 591 592 574

(i) The number of properties under development excludes those properties with phased development where tenancies have already commencedoperations. These properties are included in the number of income properties.

(ii) See discussion in “About RioCan”.* Includes retail owned anchors** US portfolio information is only applicable beginning in the fourth quarter of 2009.

Financial Information

Three months ended September 30, Nine months ended September 30,2010 2009 2010 2009

Total revenue $ 216,643 $ 189,022 $ 652,243 $ 567,448Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321Net earnings per Unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38Net earnings per Unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38FFO (i) $ 89,331 $ 71,600 $ 268,372 $ 210,075FFO per Unit $ 0.36 $ 0.30 $ 1.10 $ 0.92Distributions to unitholders $ 85,220 $ 81,036 $ 253,043 $ 236,284Distributions to unitholders per Unit $ 0.345 $ 0.345 $ 1.035 $ 1.035Distributions per Unit (annualized) $ 1.38 $ 1.38 $ 1.38 $ 1.38Distributions to unitholders net of distribution

reinvestment plan $ 71,574 $ 66,592 $ 211,988 $ 194,128Distributions to unitholders net of distribution

reinvestment plan per Unit $ 0.29 $ 0.28 $ 0.87 $ 0.85Unit issue proceeds under distribution reinvestment

plan $ 13,646 $ 14,444 $ 41,055 $ 42,156Distribution reinvestment plan (“DRIP”)

participation rate $ 16.0% 17.8% 16.2% 17.8%

(i) A non generally accepted accounting principle (“GAAP”) measurement for which a reconciliation to net earnings can be found in RioCan’sdiscussion under “FFO”.


CONSOLIDATED BALANCE SHEETS(unaudited – in thousands)

As at September 30,2010

As at December 31,2009

ASSETS

Real estate investmentsIncome properties $ 5,683,339 $ 5,042,151Properties under development 360,522 263,293Investments 59,236 50,219Properties held for resale 9,433 8,730Mortgages and loans receivable 208,283 235,683

6,320,813 5,600,076Receivables and other assets 147,593 114,633Cash and equivalents 32,371 146,842

$ 6,500,777 $ 5,861,551

LIABILITIESMortgages payable and lines of credit $ 3,090,721 $ 2,669,054Debentures payable 1,097,899 994,167Accounts payable and other liabilities 218,345 192,644Future income taxes 143,987 140,158

4,550,952 3,996,023NON-CONTROLLING INTEREST 37,898 8,443

UNITHOLDERS’ EQUITYUnitholders’ equity 1,911,927 1,857,085

$ 6,500,777 $ 5,861,551

Debt Ratio AnalysisAt September 30, 2010

(unaudited – in thousands of dollars, except percentage amounts)September 30,

2010

Leverage ratio (Note 1) 57.1%% of debt at fixed rates 96.5%% of debt at floating rates 3.5%

Note 1Leverage Ratio CalculationContractual debt

Mortgages payable per balance sheet $ 3,090,721Debentures payable per balance sheet 1,097,899

Add: Unamortized debt financing costs 16,412Less: Unamortized differential between contractual and market interest rates on liabilities

assumed at the acquisition of properties (5,272)

$ 4,199,760

Aggregate assetsTotal assets per balance sheet $ 6,500,777

Add: Accumulated amortization of income properties 849,580

$ 7,350,357

Leverage Ratio (Defined by RioCan's Declaration of Trust)$ 4,199,760 / $ 7,350,357 57.14%

Additional debt permitted to be at 60% leverage(($7,350,357 X 60%) – $4,199,760) / (1 – 60%) $ 526,136

Additional debt permitted to be at 59% leverage(($7,350,357 X 59%) – $4,199,760) / (1 – 59%) $ 334,026

The accompanying notes are an integral part of the consolidated financial statements


CONSOLIDATED STATEMENTS OF EARNINGS(unaudited – in thousands, except per unit amounts)

For the three months ended September 30, For the nine months ended September 30,2010 2009 2010 2009

Revenue

Rentals $ 205,800 $ 179,928 $ 610,954 $ 542,921Fees and other income 4,410 3,931 12,622 11,223Interest 3,573 4,966 11,603 13,237Gain on properties held for resale 2,860 197 17,064 67

Total revenue 216,643 189,022 652,243 567,448

Expenses

Property operating costs 66,354 62,238 202,432 195,561Interest 53,201 49,616 158,368 142,130General and administrative 6,011 5,464 19,282 18,095Transition costs 1,144 104 2,217 1,587Amortization 45,596 41,260 135,545 123,054

Total expenses 172,306 158,682 517,844 480,427

Earnings before income taxes andnon-controlling interest 44,337 30,340 134,399 87,021

Future income tax expense 4,900 1,900 9,994 700Non-controlling interest 265 – 852 –

Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321

Net earnings per unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38

Net earnings per unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38

Weighted average number of units

outstanding – basic 246,314 234,806 244,284 227,836

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(unaudited – in thousands)

For the three months ended September 30, For the nine months ended September 30,2010 2009 2010 2009

Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321

Other comprehensive income (loss),

net of tax

Unrealized (loss) gain on interest rateswap agreements (3,657) (443) (2,992) 1,173

Unrealized loss on translation of self-sustaining foreign operations (4,536) – (1,960) –

Unrealized gain (loss) onavailable-for-sale securities 94 – (7,056) –

Reclassification of available-for-salemarketable securities to netearnings upon disposition – 622 – –

Other comprehensive (loss) income (8,099) 179 (12,008) 1,173

Comprehensive income $ 31,073 $ 28,619 $ 111,545 $ 87,494



CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited – in thousands, except per unit amounts)

For the three monthsended September 30,

For the nine monthsended September 30,

2010 2009 2010 2009

CASH FLOWS PROVIDED BY (USED IN):Operating activities

Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321Items not affecting cashAmortization 46,116 41,626 136,685 124,102Recognition of rents on a straight-line basis (1,544) (1,181) (5,705) (4,074)Unit based compensation expense 634 476 1,592 1,567Amortization of the differential between contractual

and market rents on in-place leases (1,143) (752) (2,940) (2,340)Future income tax expense 4,900 1,900 9,994 700Properties held for resale 2,593 1,141 (1,380) 6,815Acquisition and development of properties held for resale (1,229) (1,585) (2,721) (8,695)Changes in non-cash operating items and other 11,267 (5,773) (9,379) (22,536)Non-controlling interest 265 – 852 –

Cash flows provided by operating activities 101,031 64,292 250,551 181,860

Investing activities

Acquisition of income properties and properties underdevelopment (344,500) (24,532) (560,516) (78,720)

Capital expenditures on income properties (44) (362) (1,903) (1,613)Capital expenditures on properties under development (31,553) (32,845) (59,645) (68,232)Maintenance capital expenditures recoverable from tenants (2,066) (1,207) (5,579) (2,105)Maintenance capital expenditures not recoverable from tenants (1,876) (768) (2,761) (2,179)Tenant installation costs (11,815) (5,445) (26,073) (17,483)Mortgages and loans receivable

Advances (13,591) (7,254) (41,078) (55,847)Repayments 3,815 24,712 54,760 41,001

Investment in available-for-sale securities – 14,567 (19,559) 1,105

Cash flows used in investing activities (401,630) (33,134) (662,354) (184,073)

Financing activities

Mortgages payableBorrowings 245,927 89,780 607,549 385,243Repayments (144,130) (59,730) (338,771) (173,009)Advances drawn against line of credit (3,044) – (3,044) –Issue of debentures payable 102,416 (71) 102,416 178,538Repayment of debentures payable – (79,681) – (134,681)Distributions paid (84,276) (80,926) (251,962) (234,676)Distributions paid to non controlling interest (6,808) – (6,808) –Units issued under distribution reinvestment plan 13,895 14,757 41,799 43,170Units repurchased under normal course issuer bid – – – (3,426)Issue of units 143,663 (137) 146,153 143,761

Cash flows provided by (used in) financing activities 267,643 (116,008) 297,332 204,920

Increase (decrease) in cash and equivalents during the period (32,956) (84,850) (114,471) 202,707Cash and equivalents, beginning of period 65,327 298,934 146,842 11,377

Cash and equivalents, end of period $ 32,371 $ 214,084 $ 32,371 $ 214,084

Supplemental cash flow information

Acquisition of real estate investments through assumption ofliabilities and mortgages given by vendors $ 51,936 $ 15,978 $ 157,798 $ 15,978

Acquisition of real estate in settlement of mortgage receivable 14,298 – 23,136 –Mortgages taken back on property dispositions – – – (4,361)Interest paid 62,273 57,159 173,990 154,981Cash equivalents, end of period 1,733 97,987 1,733 97,987Distributions to unitholders per unit 0.345 0.345 1.035 1.035



RESULTS OF OPERATIONSThe components of RioCan’s consolidated net earnings for each respective period are as follows:

Three months endedSeptember 30, Increase

(decrease)

Nine months endedSeptember 30, Increase

(decrease)(thousands of dollars, except per Unit amounts) 2010 2009 2010 2009

Rental revenue $ 205,800 $ 179,928 14% $ 610,954 $ 542,921 13%Property operating costs 66,354 62,238 7% 202,432 195,561 4%

Net operating income 139,446 117,690 18% 408,522 347,360 18%Fees and other income 4,410 3,931 12% 12,622 11,223 12%Interest income 3,573 4,966 (28%) 11,603 13,237 (12%)Gains on properties held for resale 2,860 197 nm 17,064 67 nm

150,289 126,784 449,811 371,887

Interest expense 53,201 49,616 7% 158,368 142,130 11%General and administrative expense 6,011 5,464 10% 19,282 18,095 7%IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nmRestructuring costs – 65 nm – 1,357 nmNon-controlling interest 602 – nm 1,572 – nm

FFO (i) 89,331 71,600 25% 268,372 210,075 28%Amortization expense 45,596 41,260 11% 135,545 123,054 10%Future income tax expense 4,900 1,900 nm 9,994 700 nmNon-controlling interest – amortization expense (337) – (720) – nm

Net earnings $ 39,172 $ 28,440 38% $ 123,553 $ 86,321 43%

Net earnings per Unit – basic $ 0.16 $ 0.12 33% $ 0.51 $ 0.38 34%

Net earnings per Unit – diluted 0.16 0.12 33% 0.50 0.38 32%

FFO per Unit (i) $ 0.36 $ 0.30 20% $ 1.10 $ 0.92 20%

“nm” – not meaningful(i) Refer to the discussion under FFO.

NET OPERATING INCOMEConsolidated NOI for the three and nine months ended September 30, 2010 and 2009 is as follows:

Three months endedSeptember 30, Increase

(decrease)

Nine months endedSeptember 30, Increase

(decrease)(thousands of dollars) 2010 2009 2010 2009

Base rent $ 135,515 $ 117,820 15% $ 397,741 $ 350,538 13%Percentage rent 821 965 (15%) 2,282 2,357 (3%)Rents subject to tenants’ sales thresholds 1,316 1,482 (11%) 4,067 4,430 (8%)Property taxes and operating cost recoveries 63,444 59,430 7% 194,486 184,551 5%

201,096 179,697 598,576 541,876Lease cancellation fees 4,704 231 nm 12,378 1,045 nm

Rental revenue 205,800 179,928 14% 610,954 542,921 13%

Recoverable property taxes and operating costs 64,580 59,369 9% 198,121 185,927 7%Non-recoverable property operating and site

administration costs 1,774 2,869 (38%) 4,311 9,634 (55%)

Property operating costs 66,354 62,238 7% 202,432 195,561 4%

NOI $ 139,446 $ 117,690 18% $ 408,522 $ 347,360 18%

NOI as a percentage of rental revenue(excluding the impact of lease cancellation fees) 67% 65% 2% 66% 64% 2%

“nm” – not meaningful.


SUMMARY OF CONSOLIDATED DEBTAs at September 30, 2010 and December 31, 2009, RioCan’s capital structure was as follows:

(thousands of dollars, except percentage amounts)September 30,

2010December 31,

2009Increase

(decrease)

Capital:Mortgages payable $ 3,090,721 $ 2,669,054 $ 421,667Debentures payable 1,097,899 994,167 103,732Unitholders’ equity 1,911,927 1,857,085 54,842

Total capital $ 6,100,547 $ 5,520,306 $ 580,241

Debt to Aggregate Assets ratio 57.1% 55.6% 1.5%

CONTRACTUAL DEBT REPAYMENT

Contractual

Principal maturities

(thousands of dollars, exceptpercentage amounts)As at September 30, 2010

Scheduledprincipal

amortizationMortgages

payable

Weightedaverageinterest

rateDebentures

payable


rate Total


rate

Year ending December 31:2010 (i) $ 17,537 $ 13,455 5.82% $ – – $ 30,982 5.82%

2011 72,294 160,008 5.78% 200,000 4.91% 432,302 5.30%2012 71,366 236,866 6.01% 220,000 5.25% 528,232 5.65%2013 66,425 413,513 5.49% 150,000 5.23% 629,938 5.42%2014 56,707 424,782 5.75% 180,000 8.33% 661,489 6.46%2015 45,174 646,025 5.01% 253,150 5.02% 944,349 5.01%

Thereafter 89,633 782,835 5.79% 100,000 5.95% 972,468 5.81%

$ 419,136 $ 2,677,474 $ 1,103,150 $ 4,199,760

(i) Amounts pertain to the remaining three months of 2010

Interest coverage and debt service coverage ratios are as follows:

Interest Coverage and Debt Service Coverage Ratios

Rolling 12 month Analysisfor the period ended (i) (ii)

Q3 2010 AnnualizedSeptember 30,

2010June 30,

2010September 30,

2009

Interest coverage ratio 2.48 2.42 2.36 2.38Debt service coverage ratio 1.92 1.87 1.82 1.82

(i) Interest coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and incomeproperty amortization (including provisions for impairment) divided by total interest expense (including interest that has been capitalized).

(ii) Debt service coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and incomeproperty amortization (including provisions for impairment) divided by total interest expense and scheduled mortgage principal amortization(including interest that has been capitalized).


ACQUISITIONS DURING 2010

During the three months ended September 30, 2010, RioCan completed total acquisitions of $ 372 million, representing RioCan’sproportionate share of the purchase price, ($ 427.7 million, representing 100% of the purchase price and including closing costs)comprised of approximately 2.3 million additional square feet.

During the nine months ended September 30, 2010, RioCan completed total acquisitions of $ 663 million, representing RioCan’sproportionate share of the purchase price, ($ 752.3 million, representing 100% of the purchase price and including closing costs)comprised of approximately 3.7 million additional square feet.

Property name and locationCapitalization

rate

RioCan’spurchase

price (i)(‘000s)

NLA (insqft) at

RioCan’sinterest

Assetclass (ii)

YearBuilt

%Leased

WeightedAverageRemainingLeaseTerm(years) (iii)

Largesttenant(s)and NLA

RioCan’sownership

interest

CANADA

Gatineau Walmart Centre,Gatineau, QC

6.7% $ 51,239 287,765 NFR 2006 98.5% 12 Walmart (158,801),Golf Town (18,761)

100%

Hamilton Walmart Centre,Hamilton, ON

6.7% 49,436 214,486 NFR 2008/2009

99.3% 11 Walmart (133,555),Dollar Giant (10,118)

100%

Niagara Square,Niagara Falls, ON(Additional 15% interest)

8.4% 7,050 57,343 ESC 1977/1987/2008

83.3% 13 Cineplex (45,853),Winners (31,967),Sport Chek (20,160),Future Shop (20,027)

30%

RioCan Centre Gravenhurst,Gravenhurst, ON (Additional66.67% interest)

7.5% 19,508 99,395 NFR 2008/2009

100% 18 Canadian Tire (76,403),Sobeys (41,360)

100%

Vaudreuil Shopping Centre,Vaudreuil-Dorion, QC

7.6% 23,144 118,330 NFR 2006/2007

100% 9 Super C*, Canadian Tire*,Bureau en Gros (20,000),Golf Town (15,000)

100%

Wharncliffe Centre,London, ON

7.0% 12,687 60,711 GA 1991 100% 7 No Frills (40,140) 100%

Total Canada 7.0% 163,064 838,030

UNITED STATES

Inland Western Portfolio Acquisitions:

Bear Creek Shopping Center,Houston, TX

7.7% 12,987 70,330 GA 2001 100% 5 HEB Supermarket(61,805), GNC (1,300),Papa John’s (1,500)

80%

Cypress Mill Plaza, Houston, TX 7.7% 12,228 93,125 NFR 2005 100% 7 Walmart*, Home Depot*,Hobby Lobby (59,898),Palais Royale (24,000),Dollar Tree (9,998)

80%

New Forest Crossing, Houston,TX

7.7% 13,683 118,452 NFR 2005 100% 4 Lowe’s*, Walmart*, BigLots (34,076), Ross Dressfor Less (30,047),Petsmart (18,975)

80%

7.7% 38,898 281,907

Cedar

Creekview Centre, Warrington,PA

7.6% 21,653 108,869 NFR 2001 100% 7 Target*, Lowe’s*,Genuardi’s Supermarket(Safeway) (48,966), LAFitness (38,000). Bed,Bath & Beyond (25,000)

80%

Monroe Marketplace,Sellinsgrove, PA

7.6% 35,392 272,814 NFR 2008 100% 12 Target*, Giant FoodsSupermarket (127,000),Kohl’s (68,430), Dick’sSporting Goods (51,119),Best Buy (22,504),Michael’s (20,649),PetSmart (18,156),Staples (14,730)

80%


Property name andlocation

Capitalizationrate

RioCan’spurchase

price (i)(‘000s)

NLA (insqft) at

RioCan’sinterest

Assetclass (ii)

YearBuilt

%Leased



RioCan’sownership

interest

New River Valley Centre,Christiansburg, VA

7.6% 22,751 131,730 NFR 2007 100% 7 Best Buy (30,041),Ross Dress for Less (30,037),Bed Bath & Beyond (24,152),Staples (20,443),PetSmart (17,878),Old Navy (15,413)

80%

Pitney Road Plaza,Lancaster, PA

7.6% 9,127 36,732 NFR 2009 100% 9 Costco*, Lowe’s*,Best Buy (45,915)

80%

Sunrise Plaza,Forked River, NJ

7.6% 21,766 203,168 NFR 2007 97.3% 22 Home Depot (130,601),Kohl’s (96,171),Staples (20,388)

80%

Montville CommonsShopping Center,Montville, CT

7.7% 15,844 94,333 GA 2007 100% 10 Home Depot*,Stop & Shop (63,000)

80%

Exeter Commons,Reading, PA

7.8% 43,630 287,257 NFR 2009 100% 15 Target*, Lowe’s (171,069),Giant Foods Supermarket(81,715), Staples (18,008)

80%

7.7% 170,163 1,134,904

Total US 7.7% 209,061 1,416,811

Third Quarter 2010

Acquisitions

7.4% 372,125 2,254,841

CANADA

Halton HillsGeorgetown, ON

7.2% 10,275 75,366 GA 1979 100% 9 Food Basics (36,002),Dollarama (10,970),TD Bank (10,000),Bulk Barn (5,000)

100%

Clappison CrossingFlamborough, ON(Additional 50% interest)

7.3% 20,554 133,628 NFR 2007 100% 18 Walmart (151,448),Rona (98,546),LCBO (11,882),Bank of Nova Scotia (5,380)

100%

Corbett CentreFredericton, NB(Additional 37.5% interest)

7.3% 8,728 36,515 NFR 2008 100% 9 Home Depot*, Costco*,Michael’s (17,438),Winners (29,948), Dollarama(10,301), PetSmart (9,589)

100%

Total Canada 7.2% 39,557 245,509

UNITED STATES

Cedar “Initial Portfolio” Acquisitions:

Loyal PlazaWilliamsport, PA

8.5% 22,963 235,060 GA 1969/2000

100% 22 Giant Food Supermarkets(66,935),K-Mart (102,558),Staples(20,555),Eckerd Drugs (10,908)

80%

Stop & Shop PlazaBridgeport, CT

8.5% 7,304 43,609 GA 2006 100% 20 Stop & Shop (54,510) 80%

Shaw’s PlazaRaynham, MA

8.5% 16,572 141,288 GA 1984 93.7% 22 Shaw’s Supermarkets(60,748),Marshalls (25,752),CVS (10,125)

80%

Total US 8.5% 46,839 419,957

Second Quarter 2010

Acquisitions

7.9% 86,396 665,466


Property name andlocation

Capitalizationrate

RioCan’spurchase

price (i)(‘000s)

NLA (insqft) at

RioCan’sinterest

Assetclass (ii)

YearBuilt

%Leased



RioCan’sownership

interest

CANADA

Portfolio Acquisition:

Market at Citadel VillageSt. Albert, AB

7.5% 17,413 51,029 NGA 2007/2008

97.4% 10 Shoppers Drug Mart (17,020) 100%

Summerwood CentreSherwood Park, AB

7.5% 29,524 83,911 GA 2008/2009

100% 16 Save-On-Foods (41,265),Shoppers Drug Mart (16,911)

100%

Timberlea LandingFort McMurray, AB

8.2% 63,063 105,467 MIX 2008 100% 13 ATB, Regional Municipality ofWood Buffalo

100%

7.9% 110,000 240,407

Chapman Mills MarketplaceOttawa, ON (Additional12.5% interest)

6.8% 11,884 53,979 NFR 100% 8 Walmart (130,000),Galaxy Cinemas (26,905),Winners (26,240),Staples (25,890),Loblaws* (115,000)

75%

Total Canada 7.8% 121,884 294,386

UNITED STATES

Cedar “Initial Portfolio” Acquisitions:

Franklin Village PlazaFranklin, MA

8.5% 45,995 244,974 GA/Office 1987/2005

87.2% 14 Stop & Shop (75,000),Marshalls (26,890),Bath & Body Works (2,500),Bank of America (2,550)

80%

Columbus CrossingPhiladelphia, PA

8.5% 20,645 113,734 GA 2001 100% 14 Super Fresh (61,506),Old Navy (25,000),AC Moore (22,000)

80%

8.5% 66,640 358,708

Town Square PlazaReading, PA

8.3% 16,064 102,109 NFR 2008 100% 16 Giant Food Supermarkets(73,727),AC Moore (21,600)

80%

Total US 8.5% 82,704 460,817

First Quarter 2010

Acquisitions

8.1% $204,588 755,203

YTD 2010 Acquisitions:

Canada 7.3% 324,505 1,377,925

US 8.0% 338,604 2,297,585

YTD 2010 Acquisitions 7.7% 663,109 3,675,510

(i) Excludes closing costs and other acquisition related costs.(ii) “GA” – Grocery Anchored; “NGA” – Non Grocery Anchored; “MIX” – Mixed Use; “NFR” – New Format Retail; “ESC” – Enclosed Shopping

Centre(iii) Weighted average based on gross rental revenue.* – Shadow Anchor


GREENFIELD DEVELOPMENT PROJECTSHighlights of RioCan’s development pipeline as at September 30, 2010, are as follows:As at September 30, 2010

Estimated square feet upon completion of the development project

RioCan’s interest

(thousands of square feet, except percentage amounts)RioCan’s %ownership

Totalestimated

development

Retailerowned

anchors(ii)

RioCan’sand

partners’interests

Incomeproducing

(“IPP”)

Underdevelopment

(“PUD”)

PotentialFuture

Developments(iii)

TotalRioCan

Totalpartner

RioCan owned:Avenue Road, Toronto, ON 100% 21 – 21 – 21 – 21 –RioCan Centre Barrie, Barrie, ON 100% 261 – 261 220 20 21 261 –Clappison’s Crossing, Hamilton, ON 100% 317 – 317 267 44 6 317 –Corbett Centre, Fredericton, NB 100% 474 242 232 100 42 90 232 –Eglinton Avenue & Warden Avenue,

Toronto, ON 100% 169 – 169 116 28 25 169 –RioCan Gravenhurst, Gravenhurst, ON 100% 301 – 301 150 – 151 301 –Queen Street & Portland Street,

Toronto, ON 100% 91 – 91 – 91 – 91 –RioCan Renfrew Centre, Renfrew, ON 100% 210 74 136 53 – 83 136 –

1,844 316 1,528 906 246 376 1,528 –

Co-ownerships:Trinity

Grant Crossing, Ottawa, ON 33.3% 401 128 273 – 57 34 91 182Highway 401 & Thickson Road – Phase I,

Whitby, ON 25% 205 – 205 24 – 26 50 155Lowe’s Centre Orleans, Ottawa, ON 33.3% 397 142 255 19 45 22 86 169Cimarron Shopping Centre, Okotoks, AB 50% 433 244 189 – 39 56 95 94RioCan Centre Vaughan, Vaughan, ON

Ph 2 & 3 (i) 31.25% 300 – 300 – – 94 94 206Stouffville, ON 83.5% 179 – 179 – – 149 149 30

1,915 514 1,401 43 141 381 565 836

CPPIB/TrinityEast Hills, Calgary, AB 37.5% 1,586 – 1,586 – – 595 595 991Jacksonport, Calgary, AB 25% 1,141 427 (iv) 714 – – 179 179 535St. Clair Avenue & Weston Road,

Toronto, ON 25% 570 – 570 – – 142 142 428

3,297 427 2,870 – – 916 916 1,954

OtherWestney Road & Taunton Road, Ajax, ON 20% 173 – 173 9 4 22 35 138Windfield Farms, Oshawa, ON 33.3% 1,217 156 1,061 – – 354 354 707

1,390 156 1,234 9 4 376 389 845

Total Development NLA 8,446 1,413 7,033 958 391 2,049 3,398 3,635

Lands Under Conditional ContractAlberta 370Ontario 971PEI 660

Total Lands Under Conditional Contract 2,001

Total Development Projects 10,447

RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction ofthe development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the currenteconomic environment, it is expected that the commencement of construction for several of the development projects will bedeferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to newdevelopments, which will impact the timing of several developments, as RioCan will not commence construction until it hassecured the requisite leasing commitments and appropriate risk-adjusted returns.Our estimated development project square footage and development costs are subject to change, which may be material, asassumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, projectcompletion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process andcontinuing tenant negotiations.(i) RioCan purchased Trinity and Strathallen’s interests in Phase 1 of this property in September 2009.(ii) Retailer owned anchors include both completed and sale transactions under contract.(iii) Future development projects will be deferred until economic conditions warrant. RioCan will not commence construction until it has secured

the requisite leasing commitments and appropriate risk-adjusted returns.(iv) Retailer owned anchor contemplated in the site plan (for projection purposes only).


As at September 30, 2010Anticipated date of development

completion

(thousands of square feet, except percentage amounts)

RioCan’s%

ownership

Leasingactivity

(i) % leasedCurrent

development

Potentialfuture

developments Anticipated anchors (ii)

RioCan owned:

Avenue Road, Toronto, ON 100% 19 90% Q2 2011 –

RioCan Centre Barrie, Barrie, ON 100% 240 92% Q4 2010 2013 Loblaws, Lowe’s

Clappison’s Crossing, Hamilton, ON 100% 296 93% Q1 2012 2012 Rona, Wal-Mart, Staples

Corbett Centre, Fredericton, NB 100% 108 47% Q3 2011 2012-2013 Home Depot *, Costco *,Winners

Eglinton Avenue & Warden Avenue,Toronto, ON

100% 144 85% Q4 2010 2012 Zellers

RioCan Gravenhurst, Gravenhurst, ON 100% 150 50% – 2012-2013 Canadian Tire, Sobeys

Queen Street & Portland Street, Toronto, ON 100% 91 100% Q3 2011 – Loblaws, Winners

RioCan Renfrew Centre, Renfrew, ON 100% 53 39% – 2012-2013 Loblaws *, Staples

1,101 72%

Co-ownerships:

Trinity

Grant Crossing, Ottawa, ON 33.3% 149 55% 2010-2011 2011-2012 Lowe’s*, Winners

Highway 401 & Thickson Road – Phase I,Whitby, ON

25% 99 48% – 2011-2013 Rona

Lowe’s Centre Orleans, Ottawa, ON 33.3% 178 70% 2010-2011 2011-2012 Lowe’s*, Food Basics

Cimarron Shopping Centre, Okotoks, AB 50% 65 34% Q1 2011 2011-2012 Home Depot *, Costco *,Winners

RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – 0% – 2012-2013

Stouffville, ON 83.5% – 0% – 2012-2013

491 35%

CPPIB/Trinity

East Hills, Calgary, AB 37.5% – – – 2012-2014 (iii) -

Jacksonport, Calgary, AB 25% – – – 2012-2014 (iii) -

St. Clair Avenue & Weston Road, Toronto, ON 25% – – – 2011-2013 (iii) -

– –

Other

Westney Road & Taunton Road, Ajax, ON 20% 65 38% Q2 2011 2012-2013 Sobeys

Windfield Farms, Oshawa, ON 33.3% – – – 2014 (iii) -

65 38%

1,657 24%

RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction ofthe development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the currenteconomic environment, it is expected that the commencement of construction for several of the development projects will bedeferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to newdevelopments, which will impact the timing of several developments, as RioCan will not commence construction until it hassecured the requisite leasing commitments and appropriate risk-adjusted returns.

Our estimated development project square footage and development costs are subject to change, which may be material, asassumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, projectcompletion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process andcontinuing tenant negotiations.

(i) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.(ii) Anchors that are retailer owned are designated with an asterisk (*).(iii) The first phases are expected to be substantially complete by the dates indicated.



Acquisition and development expenditures incurred to dateEstimated remaining construction

expenditures to complete

RioCan’s interest


RioCan’s%

ownership

Estimatedproject cost

(100%) (i)

Amountincluded

in IPP

Amountincluded in

PUD TotalPartners’

interest TotalRioCan’sinterest

Partners’interest Total

RioCan owned:Avenue Road, Toronto, ON 100% $ 24,431 $ – $ 22,210 $ 22,210 $ – $ 22,210 $ 2,221 $ – $ 2,221RioCan Centre Barrie,

Barrie, ON 100% 38,605 27,632 4,042 31,674 – 31,674 6,931 – 6,931Clappison’s Crossing,

Hamilton, ON 100% 52,209 33,767 8,288 42,055 – 42,055 10,154 – 10,154Corbett Centre,

Fredericton, NB 100% 45,287 18,668 6,122 24,790 – 24,790 20,497 – 20,497Eglinton Avenue & Warden

Avenue, Toronto, ON 100% 44,624 23,270 15,799 39,069 – 39,069 5,556 – 5,556RioCan Gravenhurst,

Gravenhurst, ON 100% 61,036 30,539 8,762 39,301 – 39,301 21,735 – 21,735Queen Street & Portland

Street, Toronto, ON 100% 38,078 (ii) – 27,029 27,029 – 27,029 11,049 – 11,049RioCan Renfrew Centre,

Renfrew, ON 100% 29,198 11,098 3,150 14,248 – 14,248 14,950 – 14,950

333,468 144,974 95,402 240,376 – 240,376 93,093 – 93,093

Co-ownerships:Trinity

Grant Crossing, Ottawa, ON 33.3% 68,699 – 10,682 10,682 21,365 32,047 12,217 24,434 36,651Highway 401 & Thickson

Road – Phase I,Whitby, ON 25% 40,465 4,768 671 5,439 16,318 21,757 4,677 14,031 18,708

Lowe’s Centre Orleans,Ottawa, ON 33.3% 60,131 4,948 7,109 12,057 24,116 36,173 7,987 15,971 23,958

Cimarron Shopping Centre,Okotoks, AB 50% 46,208 – 9,631 9,631 9,630 19,261 13,475 13,472 26,947

RioCan Centre Vaughan,Vaughan, ON Ph 2 & 3 31.25% 60,577 – 6,930 6,930 20,708 27,638 10,293 22,646 32,939

Stouffville, ON 83.5% 41,931 – 20,091 20,091 3,970 24,061 14,921 2,949 17,870

318,011 9,716 55,114 64,830 96,107 160,937 63,570 93,503 157,073

CPPIB/TrinityEast Hills, Calgary, AB 37.5% 339,765 – 21,497 21,497 35,829 57,326 105,916 176,524 282,440Jacksonport, Calgary, AB 25% 183,044 – 13,045 13,045 39,136 52,181 32,715 98,148 130,863St. Clair Avenue & Weston

Road, Toronto, ON 25% 135,622 – 8,088 8,088 24,264 32,352 25,817 77,453 103,270

658,431 – 42,630 42,630 99,229 141,859 164,448 352,125 516,573

OtherWestney Road & Taunton

Road, Ajax, ON 20% 48,115 2,450 2,339 4,789 19,154 23,943 4,834 19,338 24,172Windfield Farms,

Oshawa, ON 33.3% 192,244 – 10,708 10,708 21,416 32,124 53,374 106,746 160,120

240,359 2,450 13,047 15,497 40,570 56,067 58,208 126,084 184,292

$ 1,550,269 $ 157,140 $ 206,193 $ 363,333 $ 235,906 $ 599,239 $ 379,319 $ 571,712 $ 951,031



(i) Proceeds from sale to shadow anchors reduce projected cost.(ii) Estimated project cost has been reduced by a $11.5 million lease termination payment in January 2009.


As at September 30, 2010Estimated remaining development activity to be funded by RioCan

2010 2011 2012 & Thereafter Future Development


RioCan’s%

ownershipRioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan owned:

Avenue Road, Toronto, ON 100% $ 834 $ – $ 1,386 $ – $ – $ – $ – $ –RioCan Centre Barrie, Barrie, ON 100% 285 – 62 – 62 – 6,522 –Clappison’s Crossing, Hamilton, ON 100% 1,039 – 7,409 – – – 1,706 –Corbett Centre, Fredericton, NB 100% 334 – 1,289 – 141 – 18,733 –Eglinton Avenue & Warden Avenue,

Toronto, ON 100% 1,764 – 81 – – – 3,709 –RioCan Gravenhurst,

Gravenhurst, ON 100% 118 – 86 – 68 – 21,462 –Queen Street & Portland Street,

Toronto, ON 100% 869 – 10,180 – – – – –RioCan Renfrew Centre,

Renfrew, ON 100% 47 – 192 – 177 – 14,534 –

5,290 – 20,685 – 448 – 66,666 –

Co-ownerships:

TrinityGrant Crossing, Ottawa, ON 33.3% 1,188 2,376 3,883 7,767 491 982 6,654 13,308Highway 401 & Thickson Road –

Phase I, Whitby, ON 25% 2 2 1 1 – – 4,675 4,675Lowe’s Centre Orleans,

Ottawa, ON 33.3% 684 1,367 3,554 7,107 251 502 3,497 6,995Cimarron Shopping Centre,

Okotoks, AB 50% 2,002 1,001 1,028 514 342 171 10,101 5,050RioCan Centre Vaughan,

Vaughan, ON Ph 2 & 3 31.25% 64 – 1,306 – 94 – 8,830 –Stouffville, ON 83.5% 199 39 178 35 178 35 14,366 2,839

4,139 4,785 9,950 15,424 1,356 1,690 48,123 32,867

CPPIB/TrinityEast Hills, Calgary, AB 37.5% 135 67 536 268 990 495 104,254 52,127Jacksonport, Calgary, AB 25% 134 134 262 262 502 502 31,817 31,817St. Clair Avenue & Weston Road,

Toronto, ON 25% 9 9 298 298 287 287 25,224 25,224

278 210 1,096 828 1,779 1,284 161,295 109,168

OtherWestney Road & Taunton Road,

Ajax, ON 20% 182 – 281 – 41 – 4,167 –Windfield Farms, Oshawa, ON 33.3% 416 – 375 – 335 – 52,246 –

598 – 656 – 376 – 56,413 –

$ 10,305 $ 4,995 $ 32,387 $16,252 $3,959 $ 2,974 $ 332,497 $ 142,035




As at September 30, 2010Development financing

RioCan and partners

Third party RioCan


RioCan’s%

ownership

Total inplace

financingAdvanced

to date

Remainingto be

advancedRioCan’sinterest

RioCan onbehalf ofpartners

TotalRioCanfunded Partners Total

RioCan owned:

Avenue Road, Toronto, ON 100% $21,000 (i) $ 7,120 $ 13,880 $ – $ – $ – $ – $ –

RioCan Centre Barrie, Barrie, ON 100% – – – 6,931 – 6,931 – 6,931

Clappison’s Crossing, Hamilton, ON 100% – – – 10,154 – 10,154 – 10,154

Corbett Centre, Fredericton, NB 100% – – – 20,497 – 20,497 – 20,497

Eglinton Avenue & Warden Avenue,Toronto, ON 100% – – – 5,556 – 5,556 – 5,556

RioCan Gravenhurst, Gravenhurst, ON 100% – – – 21,735 – 21,735 – 21,735

Queen Street & Portland Street,Toronto, ON 100% 28,000 (ii) 18,177 9,823 1,226 – 1,226 – 1,226

RioCan Renfrew Centre, Renfrew, ON 100% – – – 14,950 – 14,950 – 14,950

49,000 25,297 23,703 81,049 – 81,049 – 81,049

Co-ownerships:

Trinity

Grant Crossing, Ottawa, ON 33.3% – – – 12,218 24,434 36,652 – 36,652

Highway 401 & Thickson Road –Phase I, Whitby, ON 25% – – – 4,677 4,677 9,354 9,354 18,708

Lowe’s Centre Orleans, Ottawa, ON 33.3% – – – 7,987 15,971 23,958 – 23,958

Cimarron Shopping Centre,Okotoks, AB 50% – – – 13,474 6,736 20,210 6,736 26,946

RioCan Centre Vaughan, Vaughan, ONPh 2 & 3 31.25% – – – 10,293 – 10,293 22,646 32,939

Stouffville, ON 83.5% – – – 14,921 2,949 17,870 – 17,870

– – – 63,570 54,767 118,337 38,736 157,073

CPPIB/Trinity

East Hills, Calgary, AB 37.5% – – – 105,916 52,957 158,873 123,567 282,440

Jacksonport, Calgary, AB 25% – – – 32,715 32,716 65,431 65,432 130,863

St. Clair Avenue & Weston Road,Toronto, ON 25% – – – 25,817 25,818 51,635 51,635 103,270

– – – 164,448 111,491 275,939 240,634 516,573

Other

Westney Road & Taunton Road,Ajax, ON 20% – – – 4,834 – 4,834 19,338 24,172

Windfield Farms, Oshawa, ON 33.3% – – – 53,374 – 53,374 106,746 160,120

– – – 58,208 – 58,208 126,084 184,292

$ 49,000 $ 25,297 $ 23,703 $ 367,275 $ 166,258 $ 533,533 $ 405,454 $ 938,987



(i) RioCan’s estimated share of the $52M facility.(ii) RioCan’s estimated share of the $52M facility.


EXPANSION AND REDEVELOPMENT ACTIVITIESHighlights of RioCan’s expansion and redevelopment projects are as follows:


Estimated projectcost including land

Developmentexpenditures

to date atRioCan’sinterest

Estimated remainingdevelopment

activity atRioCan’s interest(thousands, except RioCan’s % Project RioCan’s Partners’

percentage amounts) ownership Tenant(s) NLA interest interest Total 2010 2011

RioCan owned:Shoppers World

Brampton,Brampton, ON 100%

Bad Boy, ImperialBuffet, Designer Depot,Bulk Barn 77 $ 26,324 $ – $ 26,324 $ 13,543 $ 450 $ 12,331

Co-ownerships:

404 Town Centre,Newmarket, ON 50% Shoppers Drug Mart 24 2,081 2,081 4,162 296 941 844

101 28,405 2,081 30,486 13,839 1,391 13,175

DEVELOPMENT PROJECTS

Avenue Road

Toronto, Ontario

Construction is well underway onRioCan’s development located at thenortheast corner of Avenue Road andFairlawn Avenue in one of the busiestnodes in the City of Toronto.Comprising over 1.5 acres, the formerretail facility has been demolished andis being redeveloped to accommodate amixed-use building featuring a 5.5storey residential component, alongwith 21,000 square feet of single storeyretail street-front space. The projectwill be co-developed by RioCan andTribute Communities.

Barrie Essa Road

11 Bryne Drive,

Barrie, Ontario

The centre currently consists of a72,000 square foot single-storeyfreestanding Zehrs (Loblaws) store, a142,000 square foot Lowe’s and a 6,000square foot Royal Bank. The centre islocated in one of the busiest areas inBarrie and benefits from excellentvisibility from Highway 400. Uponcompletion, this new format retailcentre will feature an additional 41,000square feet of retail space including a20,000 square foot MountainEquipment Co-Op that will commenceoperations in the fourth quarter of2010.

Cimarron Shopping Centre

Okotoks, Alberta

This 31 acre site is currently beingdeveloped into a 433,000 square footnew format retail centre as a jointventure with Trinity and Tristar. Thesite is anchored by a 93,000 square footHome Depot which owns its own storeand operates as part of the overall site.A 151,000 square foot Costco, whichalso owns its own store, commencedoperations in the third quarter of 2010.RioCan’s ownership interest in theproperty is 50%.

Clappison’s Crossing

Flamborough, Ontario

This site is currently being developedinto a 317,000 square foot new formatretail centre. The site is anchored by a99,000 square foot Rona, whichcommenced operations in the fourthquarter of 2007 and a 151,000 squarefoot Wal-Mart which commencedoperations in the third quarter of 2009.An additional 50,000 square feet ofretail space will be developed at theproperty. RioCan purchased Trinity’sinterest in the property in the secondquarter of 2010.

Corbett Centre Fredericton,

New Brunswick

This 26 acre site, acquired by way of a66-year long-term lease, is currentlybeing developed into a 474,000 squarefoot new format retail centre. The siteis anchored by Home Depot, whichowns its own store and operates as

part of the overall site. A Costco, whichalso owns its own store, willcommence operations in 2011. RioCanpurchased Trinity’s interest in theproperty in the second quarter of 2010.

East Hills

Calgary, Alberta

This 145 acre site is currently beingdeveloped into a 1.6 million square footregional new format retail centre. InOctober 2008, RioCan, Trinity and theoriginal vendor reduced theirownership interests to 37.5%, 12.5%and 12.5% respectively, with CPPIBacquiring a 37.5% non-managinginterest. The site is being developedwith our partner, Trinity.

Eglinton Avenue and Warden Avenue

Toronto, Ontario

Located at the northeast corner ofEglinton Avenue East and WardenAvenue, the site is currently beingdeveloped into a 169,000 square footnew format retail centre anchored by a116,000 square foot Zellers whichcommenced operations in the thirdquarter of 2009. An additional 53,000square feet of retail space will bedeveloped at the property including a23,000 square foot Petsmart and a5,000 square foot TD Bank that arescheduled to commence operations inthe fourth quarter of 2010.


DEVELOPMENT PROJECTS (CONT’D)

Grant Crossing

Ottawa, Ontario

This 33 acre site is currently beingdeveloped into a 401,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site will be anchoredby Lowe’s, which will own its own storeand operate as part of the overall site.Lowe’s will commence operations inlate-2010. RioCan’s ownership interestin the property is 33.3%.

Highway 401 and Thickson Road

Whitby, Ontario

This site is currently being developedinto a 205,000 square foot new formatretail centre as a joint venture withTrinity and The Wynn Group. RioCan’sownership interest in the property is25%. The property is well located witheasy access off Highway 401. The site isanchored by a 99,000 square foot Ronastore, which commenced operations inthe fourth quarter of 2007.

Jacksonport

Calgary, Alberta

Jacksonport, located at 36th Street NEand Country Hills Bouelvard NE inCalgary, is a 105 acre development thatwill consist predominately of newformat retail. Upon completion, thedevelopment is expected to featureapproximately 1.1 million square feetof retail space. A 50% interest in thisproperty was sold to the CPPIB in June2008 and a 25% interest has beenretained by each of Trinity and RioCan.

Lowe’s Centre Orleans

Ottawa, Ontario

This 39 acre site is currently beingdeveloped into a 397,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site is anchored by a142,000 square foot Lowe’s thatcommenced operations in the fourthquarter of 2009. Lowe’s own its ownstore which operates as part of theoverall site. In addition, a 41,000square foot Empire Theatrescommenced operations in December2009. RioCan’s ownership interest inthe property is 33.3%.

Queen Street and Portland Street

Toronto, Ontario

Construction has begun on a one acresite in downtown Toronto, located in anarea bound by Richmond Street to thesouth, Portland Street to the east, andQueen Street to the north. This site willbe developed into a mixed-use buildingfeaturing a four-storey residentialcomponent as well as approximately91,000 square feet of retail space onthree storeys. Loblaws and Winnerswill anchor the site. The site will bedeveloped with Tribute Communities,which owns the residential component.

RioCan Centre Vaughan

Vaughan, Ontario

This 54 acre site is currently beingdeveloped into a 561,000 square footnew format retail centre that isanchored by a 213,000 square footWal-Mart Supercentre that opened inthe first quarter of 2009. The site isbeing developed with our partners,Trinity and Strathallen CapitalCorporation. RioCan purchased Trinityand Strathallen Capital Corporation’sinterests in phase one of the propertyin September 2009. Phase one of theproject features approximately 261,000square feet and is substantiallycomplete. RioCan’s ownership interestin phase two of the property is 31.25%.

RioCan Gravenhurst Talisman Drive and

Edward Street,

Gravenhurst, Ontario

This 29 acre site is currently beingdeveloped into a 301,000 square footnew format retail centre. The site isanchored by a 76,000 square footCanadian Tire and a 41,000 square footSobeys. RioCan purchased Trinity’s andThe Otis Group of Companies’ interestsin the third quarter of 2010.

RioCan Renfrew Centre O’Brien Road and

Gillan Street,

Renfrew, Ontario

This 14 acre site is currently beingdeveloped into a 210,000 square footretail strip plaza. The site is anchoredby a 74,000 square foot Loblaws (which

owns its own lands) and is expected tobe accompanied by 136,000 square feetof ancillary retail space. Tenantstotalling approximately 53,000 squarefeet commenced operations as atSeptember 2010.

St. Clair Avenue and Weston Road

Toronto, Ontario

The St. Clair and Weston developmentbenefits from a well-established urbannode at the intersection of St. ClairAvenue and Weston Road. The 19 acresite is expected to ultimately featureapproximately 570,000 square feet ofspace. The project concept features aunique urban, two-storey retailprototype that has been successfullyutilized in the United States. A 50%interest in this property was sold to theCPPIB in June 2008 and a 25% interesthas been retained by each of Trinityand RioCan.

Stouffville

Stouffville, Ontario

This 30 acre site is currently beingdeveloped into a 179,000 square footretail centre. The site was originally ajoint venture between RioCan, Trinityand Rice/Fryberg. RioCan purchasedRice/Fryberg’s interest in the site inthe first quarter of 2010. RioCan’sownership interest in the property isnow 83.5%.

Westney Road and Taunton Road

Ajax, Ontario

This site is currently being developedinto a 173,000 square foot new formatretail centre as a joint venture with theSun Life Assurance Company ofCanada. A 46,000 square foot Sobeyswill anchor the property. RioCan’sownership interest in the property is20%.

Windfield Farms

Oshawa, Ontario

This 160 acre site is currently beingdeveloped into a 1.2 million square footregional new format retail centre.RioCan’s ownership interest in theproperty is 33.3%. The site is beingdeveloped with two partners.


LEASING ACTIVITYA summary of RioCan’s 2010 and 2009 new leasing on the existing portfolio by property type is as follows:

Canadian Portfolio

New Leasing2010 2010 2010 2010 2009

(in thousands, except per sqft amounts)Year to

dateThird

quarterSecondquarter

Firstquarter

Thirdquarter

Square feet leased:

New format retail 473 108 260 105 189

Grocery anchored centre 327 99 133 95 114

Enclosed shopping centre 227 89 86 52 125

Non-grocery anchored centre 17 15 2 – 35

Urban retail 52 30 13 9 16Office 73 1 13 59 25

Total 1,169 342 507 320 504

Average net rent per square foot:

New format retail $ 18.33 $ 18.05 $ 17.14 $ 21.56 $ 17.93Grocery anchored centre 14.41 13.32 14.64 15.24 13.07

Enclosed shopping centre 13.60 15.51 11.63 13.56 13.58

Non-grocery anchored centre 12.06 11.22 18.57 – 14.01

Urban retail 19.44 17.01 19.71 27.08 22.30Office 11.56 12.50 12.28 11.39 16.50

Total $ 15.85 $ 15.61 $ 15.50 $ 16.66 $ 15.55

United States Portfolio

New Leasing

2010 2010 2010 2010 2009


dateThird


Firstquarter

Thirdquarter

Square feet leased:

New format retail 2 2 – n/a n/a

Grocery anchored centre 17 10 7 n/a n/aOffice 1 – 1 n/a n/a

Total 20 12 8 n/a n/a

Average net rent per square foot (US dollars):

New format retail $ 19.91 19.91 – n/a n/a

Grocery anchored centre 19.06 19.41 18.48 n/a n/aOffice 22.91 – 22.91 n/a n/a

Total 19.40 19.50 19.23 n/a n/a


RENEWAL ACTIVITYA summary of RioCan’s 2010 and 2009 renewals by property type is as follows:

Canadian Portfolio

Renewals

2010 2010 2010 2010 2009


dateThird


Firstquarter

Thirdquarter

Square feet renewed:

New format retail 1,074 310 361 403 144

Grocery anchored centre 658 234 140 284 138

Enclosed shopping centre 875 319 344 212 156

Non-grocery anchored centre 131 66 45 20 35

Urban retail 55 11 24 20 11Office 22 1 10 11 39

Total 2,815 941 924 950 523

Average net rent per square foot:

New format retail $ 20.20 $ 17.92 $ 19.25 $ 22.81 $ 15.76

Grocery anchored centre 16.03 19.21 17.28 12.80 20.10

Enclosed shopping centre 9.90 10.36 9.72 9.51 19.24

Non-grocery anchored centre 16.29 17.02 16.58 13.17 19.11

Urban retail 36.50 43.58 45.08 22.55 15.19Office 12.48 19.50 14.69 10.06 9.85

Total $ 16.10 $ 15.91 $ 15.88 $ 16.49 $ 17.71

United States Portfolio

Renewals

2010 2010 2010 2010 2009


dateThird


Firstquarter

Thirdquarter

Square feet renewed*:

Grocery anchored centre 119 104 2 13 n/aOffice 2 – – 2 n/a

Total 121 104 2 15 n/a

Average net rent per square foot (US dollars):

Grocery anchored centre $ 4.32 2.95 16.88 12.20 n/aOffice 23.94 – – 23.94 n/a

Total $ 4.72 2.95 16.88 15.32 n/a

Average net increase rent per square foot (US dollars) $ 0.20 $ 0.02 $ 2.50 $ 1.15 n/aPercentage increase in average net rent per sqft 4.4% 0.7% 17.4% 8.1% n/a

*All renewals were made at market rates.


Including anchor tenants, the components of renewal activity for the Canadian portfolio for the three months ended September 30,2010 by property type are as follows:

(in thousands, except per sqft amounts) Total

Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office

Renewals at market rental rates:

Square feet renewed 456 97 182 100 66 10 1

Average net rent per sqft $ 21.43 $ 24.35 $ 20.83 $ 20.30 $ 17.02 $ 44.26 $ 19.50Increase in average net rent per sqft $ 2.39 $ 3.61 $ 1.87 $ 1.37 $ 2.24 $ 11.26 $ 0.90

Fixed rental rate options in favour of our tenants:

Square feet renewed 485 213 52 219 – 1 –

Average net rent per sqft $ 10.72 $ 14.98 $ 13.57 $ 5.84 $ – $ 33.00 $ –Increase in average net rent per sqft $ 0.37 $ 0.70 $ 0.05 $ 0.12 $ – $ 1.00 $ –

Total:

Square feet renewed 941 310 234 319 66 11 1

Average net rent per sqft $ 15.91 $ 17.92 $ 19.21 $ 10.36 $ 17.02 $ 43.58 $ 19.50

Increase in average net rent per sqft $ 1.35 $ 1.61 $ 1.47 $ 0.51 $ 2.24 $ 10.63 $ 0.90Percentage increase in average net rent

per sqft 9.3% 9.9% 8.3% 5.2% 15.2% 32.3% 4.8%

Including anchor tenants, the components of renewal activity for the Candadian portfolio for the nine months ended September 30,2010 by property type are as follows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office

Renewals at market rental rates:

Square feet renewed 1,655 676 374 418 118 47 22Average net rent per sqft $ 20.20 $ 22.73 $ 21.11 $ 14.81 $ 16.42 $ 37.54 $ 12.48Increase in average net rent per sqft $ 2.12 $ 2.28 $ 1.74 $ 1.72 $ 2.05 $ 7.03 $ 1.53

Fixed rental rate options in favour of our tenants:

Square feet renewed 1,160 398 284 457 13 8 –Average net rent per sqft $ 10.24 $ 15.92 $ 9.35 $ 5.41 $ 15.12 $ 29.70 $ –Increase in average net rent per sqft $ 0.43 $ 0.77 $ 0.31 $ 0.19 $ 1.00 $ 0.09 $ –

Total:

Square feet renewed 2,815 1,074 658 875 131 55 22Average net rent per sqft $ 16.10 $ 20.20 $ 16.03 $ 9.90 $ 16.29 $ 36.50 $ 12.48Increase in average net rent per sqft $ 1.43 $ 1.72 $ 1.12 $ 0.92 $ 1.95 $ 6.11 $ 1.53Percentage increase in average net rent

per sqft 9.7% 9.3% 7.5% 10.2% 13.6% 20.1% 14.0%


Lease Expires

RioCan’s lease expiries for the Canadian portfolio by property type as at September 30, 2010 are as follows:

Lease expiries

(in thousands, except per sqft and percentage amounts)Portfolio

NLA 2010 (i) 2011 2012 2013 2014

Square feet:

New format retail 17,635 220 1,186 1,216 1,445 1,501

Grocery anchored centre 7,571 170 966 1,003 560 1,229

Enclosed shopping centre 6,297 237 675 631 675 721

Non-grocery anchored centre 1,873 40 87 119 201 138

Urban retail 1,295 9 58 136 165 314Office 1,583 91 260 94 143 102

Total 36,254 767 3,232 3,199 3,189 4,005

Square feet expiring/Portfolio NLA 2.1% 8.9% 8.8% 8.8% 11.0%

Average net rent per occupied square foot:

New format retail $ 16.33 $ 18.20 $ 17.30 $ 17.30 $ 17.67 $ 18.09

Grocery anchored centre 14.33 17.71 14.16 14.40 17.21 13.59

Enclosed shopping centre 11.13 13.41 11.97 12.35 14.58 13.60

Non-grocery anchored centre 12.21 14.52 15.83 14.35 14.28 15.34

Urban retail 22.36 25.63 19.43 29.20 15.11 16.97Office 12.84 9.58 13.14 11.43 10.90 12.72

Total average net rent per sqft $ 14.86 $ 15.49 $ 14.91 $ 15.63 $ 16.28 $ 15.58

(i) Lease expiries for the remaining three months of 2010.

RioCan’s lease expiries for the US portfolio, at RioCan’s interest, as at September 30, 2010 are as follows:

Lease expiries

(in thousands, except per sqft and percentage amounts)Portfolio

NLA (i) 2010 (ii) 2011 2012 2013 2014

Square feet:

New format retail 1,354 1 6 23 62 20

Grocery anchored centre 1,050 46 72 92 45 93Office 52 4 11 4 10 4

Total 2,456 51 89 119 117 117

Square feet expiring/Portfolio NLA 2.1% 3.6% 4.8% 4.8% 4.8%

Average net rent per occupied square foot (US$):

New format retail $ 14.12 $ 24.00 $ 14.10 $ 15.64 $ 11.79 $ 25.12

Grocery anchored centre 21.01 21.13 18.33 17.23 15.82 14.67Office 23.56 25.76 30.99 26.20 31.52 23.76

Total average net rent per square foot $ 17.10 $ 21.61 $ 19.64 $ 17.25 $ 15.01 $ 16.73

(i) Represents 80% ownership share.(ii) Lease expiries for the remaining three months of 2010.


The components of RioCan’s Canadian and US lease expiries for the remaining three months of 2010 by property type are asfollows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office

2010 expiries at market rental rates:

Square feet expiring 679 203 180 201 40 9 46Average net rent per sqft $ 17.14 $ 18.65 $ 19.21 $ 14.88 $ 14.52 $ 25.63 $12.88

2010 expiries with fixed rental rate optionsin favour of our tenants:

Square feet expiring 139 18 36 36 – – 49

Average in-place net rent per sqft $ 9.65 $ 13.50 $ 14.50 $ 5.04 $ – $ – $ 7.98

Average renewal net rent per sqft $ 10.13 $ 13.74 $ 16.15 $ 5.14 $ – $ – $ 7.98Increase in average net rent per sqft $ 0.48 $ 0.24 $ 1.65 $ 0.10 $ – $ – $ –

Total

Square feet expiring 818 221 216 237 40 9 95Average net rent per sqft $ 15.49 $ 18.20 $ 17.71 $ 13.41 $ 14.52 $ 25.63 $ 9.58

CONTRACTUAL RENT ACTIVITIES

Contractual Rent Increases

Certain of RioCan’s leases allow for periodic increases in rates during the term of the leases. Contractual rent increases in eachyear for the next five years are as follows:

For the years ending

(in thousands) 2010 (i) 2011 2012 2013 2014

Net increase in contractual rent receipts $ 1,394 $ 3,557 $ 2,449 $ 2,635 $ 3,139

(i) Increases for the remaining three months of 2010.


PROPERTY OWNERSHIP by GEOGRAPHIC AREAProperty Ownership by Geographic Area (square feet)At Sept 30, 2010

Provincial

RioCan’sinterests

NLAPartners’interests

Retailerowned

anchorsTotal site

NLA

Ontario Central 14,261,774 3,423,760 3,046,016 20,731,550Ontario East 4,460,406 982,643 1,157,045 6,600,094Ontario West 2,694,545 80,817 650,187 3,425,549Total Ontario 21,416,725 4,487,220 4,853,248 30,757,193

Quebec 6,932,305 1,286,596 1,656,634 9,875,535Alberta 3,808,416 1,613,719 1,995,915 7,418,050British Columbia 2,037,932 1,459,932 426,074 3,923,938New Brunswick 1,073,919 138,165 470,615 1,682,699Saskatchewan 267,667 – – 267,667Newfoundland 212,331 – – 212,331Manitoba 269,603 211,695 92,604 573,902Prince Edward Island 166,717 166,717 – 333,434Nova Scotia 69,047 69,047 – 138,094USA 2,455,581 613,893 932,367 4,001,841

Income Producing Properties 38,710,243 10,046,984 10,427,457 59,184,684

Properties Under Development 2,438,232 3,487,768 1,413,000 7,339,000

Total 41,148,475 13,534,752 11,840,457 66,523,684

Six High Growth Markets

RioCan'sinterests

NLAPartners'interests

Retailerowned

anchorsTotal site

NLA

Calgary, Alberta 1,984,717 715,238 1,021,735 3,721,690Edmonton, Alberta 1,091,638 866,775 822,680 2,781,093Montreal, Quebec 3,976,190 1,144,658 349,553 5,470,401Ottawa, Ontario 1 2,731,031 712,723 1,297,000 4,740,754Toronto, Ontario 2 10,036,582 2,626,778 2,007,941 14,671,301Vancouver, British Columbia 3 1,319,732 1,037,275 373,074 2,730,081

Income Producing Properties 21,139,890 7,103,447 5,871,983 34,115,320

Properties Under Development 1,981,232 3,487,768 935,000 6,404,000

Total 23,121,122 10,591,215 6,806,983 40,519,320

Notes:1. Area extends from Nepean and Vanier, to Gatineau, Quebec.2. Area extends north to Newmarket, west to Burlington and east to Ajax.3. Area extends east to Abbotsford.


PORTFOLIO GEOGRAPHIC DIVERSIFICATIONAt Sept 30, 2010

Area


rental revenueOccupancy

percentage

Percentageof area

occupied byanchor and

national tenants


rental revenuefrom anchor andnational tenants

Ontario Central 36.9% 38.5% 96.4% 85.6% 86.8%Ontario East 11.5% 11.6% 98.0% 85.3% 86.5%Ontario West 7.0% 6.2% 96.7% 80.8% 87.8%

Total Ontario 55.4% 56.3% 96.8% 84.9% 86.9%Quebec 17.9% 16.5% 97.6% 79.1% 83.8%Alberta 9.1% 11.6% 99.4% 83.3% 81.7%British Columbia 6.0% 6.1% 98.8% 84.9% 86.2%New Brunswick 2.8% 1.9% 89.4% 82.9% 89.0%Saskatchewan 0.7% 0.5% 83.7% 75.0% 92.7%Newfoundland 0.5% 0.3% 95.9% 87.1% 87.2%Manitoba 0.7% 0.7% 96.2% 65.0% 73.3%Prince Edward Island 0.4% 0.4% 98.0% 70.4% 74.8%Nova Scotia 0.2% 0.1% 97.7% 98.9% 98.7%USA 6.3% 5.6% 98.1% 93.4% 93.8%

Total Portfolio 100.0% 100.0% 97.1% 83.9% 86.0%

OCCUPANCY – MOST RECENT EIGHT QUARTERSThe occupancy rate of the Canadian portfolio has remained relatively stable over the most recent eight fiscal quarters:

95.0%

100.0%

Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q2 2010Q1 2010 Q3 2010

96.9%97.5%

97.1% 97.3% 97.4%97.0% 97.0% 97.0%

The occupancy rate of the US portfolio has increased over the most recent four fiscal quarters:

95.0%

100.0%

Q4 2009 Q1 2010 Q2 2010 Q3 2010

95.8%95.1%

96.2%

98.1%

ECONOMIC VERSUS COMMITTED OCCUPANCYAt September 30, 2010, RioCan’s committed occupancy rate of the total portfolio is 97.0%. Included in this rate is 492,000 squarefeet of NLA that has been leased but is not paying rent, resulting in an economic occupancy rate of 95.8% which represents theoccupied NLA for which tenants are paying rent. A rent commencement timeline for the NLA which has been leased but is notcurrently open is as follows:

(in thousands, except percentage amounts) Total Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Square feet:NLA commencing 492 227 123 102 36 4Cumulative NLA commencing 492 227 350 452 488 492% of NLA commencing 100% 46% 25% 21% 7% 1%Cumulative % total 46% 71% 92% 99% 100%Average net rent:Monthly rent commencing $ 967 $ 499 $ 245 $ 181 $ 35 $ 7Cumulative monthly rent commencing 967 $ 499 $ 744 $ 925 $ 960 $ 967% of rent for NLA commencing 100% 52% 25% 19% 4% 1%Cumulative % total rent commencing 52% 77% 96% 99% 100%

The annualized rental impact once these tenants take occupancy and commence paying rent is approximately $11.6 million.


TOP FIFTY TENANTS – CANADA AND US

As at September 30, 2010, RioCan’s fifty largest tenants in Canada and the US have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA

(in thousands)Percentageof total NLA

Weightedaverage

remaininglease term

(years)

1 Famous Players/Cineplex/Galaxy Cinemas 4.7% 28 1,263 3.3% 12.6

2 Metro/Super C/Loeb/Food Basics 4.6% 55 2,034 5.4% 8.6

3 Walmart 4.4% 25 2,842 7.5% 13.2

4 Canadian Tire/PartSource/Mark’s Work Wearhouse 3.8% 59 1,438 3.8% 11.6

5 Zellers/The Bay/Home Outfitters 3.3% 40 2,662 7.0% 9.1

6 Winners/HomeSense/TJX Companies 2.8% 55 1,207 3.2% 4.8

7 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 25 1,112 2.9% 5.7

8 Staples/Business Depot 2.2% 46 939 2.5% 7.4

9 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 128 530 1.4% 5.1

10 Shoppers Drug Mart 1.7% 38 429 1.1% 10.4

11 Harvey’s/Swiss Chalet/Kelsey’s/Montana’s/Milestone’s (Cara) 1.7% 87 372 1.0% 9.0

12 Future Shop/Best Buy 1.5% 23 475 1.3% 6.8

13 Sobeys/IGA/Price Chopper/Empire Theatres 1.5% 23 637 1.7% 10.7

14 Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere 1.4% 42 451 1.2% 5.8

15 Chapters/Indigo 1.2% 23 317 0.8% 4.0

16 Giant Food Stores/ Stop & Shop (Royal Ahold) 1.2% 12 521 1.4% 17.2

17 Dollarama 1.1% 54 465 1.2% 6.9

18 PetSmart 1.1% 27 350 0.9% 5.9

19 TD Bank 1.0% 49 195 0.5% 8.3

20 Safeway 0.9% 12 418 1.1% 7.9

21 The Brick 0.9% 16 325 0.9% 9.6

22 Lowes 0.8% 4 564 1.5% 17.2

23 Blue Notes/Stitches/Suzy Shier/Urban Planet (YM Inc.) 0.8% 49 211 0.6% 5.9

24 Sears 0.8% 13 350 0.9% 3.2

25 Premier Fitness 0.7% 9 285 0.8% 7.7

26 Liquor Control Board of Ontario (LCBO) 0.7% 20 161 0.4% 10.2

27 Bank of Nova Scotia 0.6% 32 121 0.3% 6.0

28 Michael’s 0.6% 15 202 0.5% 5.6

29 Rona/Revy/Reno 0.5% 5 246 0.7% 15.3

30 Liz Claiborne/Mexx 0.5% 31 127 0.3% 6.1

31 CIBC 0.5% 26 99 0.3% 6.3

32 London Drugs 0.5% 10 205 0.5% 8.2

33 Tim Horton’s/Wendy’s 0.5% 44 122 0.3% 7.4

34 Jysk Linen 0.5% 11 187 0.5% 6.2

35 Bell/The Source 0.5% 68 97 0.3% 4.9

36 Golf Town 0.5% 12 142 0.4% 7.2

37 East Side Mario’s/Casey’s (Prime Restaurants) 0.4% 20 94 0.2% 6.5

38 BouClair 0.4% 18 146 0.4% 6.1

39 Rogers Video 0.4% 47 103 0.3% 3.0

40 Sleep Country Canada 0.4% 21 94 0.2% 5.7

41 The Shoe Company 0.4% 24 119 0.3% 5.2

42 Moores 0.4% 22 104 0.3% 5.1

43 Bank of Montreal 0.4% 22 80 0.2% 6.2

44 Royal Bank of Canada 0.4% 20 81 0.2% 6.9

45 Blockbuster Video 0.4% 23 102 0.3% 3.3

46 Ardene 0.4% 36 95 0.3% 6.4

47 La Senza 0.4% 21 83 0.2% 5.7

48 International Clothiers 0.3% 18 93 0.2% 7.8

49 Boston Pizza 0.3% 17 82 0.2% 13.0

50 Subway 0.3% 71 76 0.2% 5.359.9% 1,596 23,453 61.9% 8.7


TOP TEN TENANTS CANADATop Ten Tenants – Canada

As at September 30, 2010, RioCan’s ten largest tenants in Canada have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA


Weightedaverage

remaininglease term

(years)

1 Famous Players/Cineplex/Galaxy Cinemas 4.9% 28 1,263 3.6% 12.62 Metro/Super C/Loeb/Food Basics 4.9% 55 2,034 5.7% 8.63 Walmart 4.7% 25 2,842 8.0% 13.24 Canadian Tire/PartSource/Mark’s Work Wearhouse 4.0% 59 1,438 4.1% 11.65 Zellers/The Bay/Home Outfitters 3.5% 40 2,662 7.5% 9.16 Winners/HomeSense/TJX Companies 2.9% 54 1,185 3.4% 4.87 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.9% 25 1,112 3.1% 5.78 Staples/Business Depot 2.3% 45 924 2.6% 7.39 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 2.0% 128 530 1.5% 5.1

10 Shoppers Drug Mart 1.8% 38 429 1.2% 10.433.9% 497 14,419 40.7% 9.4

Top Ten Tenants—US

As at September 30, 2010, RioCan’s Ten largest tenants in the US have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA


Weightedaverage

remaininglease term

(years)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 16 735 15.8% 16.02 Bed Bath & Beyond 3.5% 7 161 3.5% 8.63 Lowes 3.5% 3 294 6.3% 16.74 Safeway 3.4% 3 141 3.0% 12.55 HEB Supermarket 2.9% 2 114 2.5% 10.46 PetSmart 2.9% 7 115 2.5% 7.87 Best Buy 2.4% 3 79 1.7% 8.78 Sports Authority 1.9% 2 68 1.5% 7.39 Kohl’s 1.8% 4 224 4.8% 17.5

10 Old Navy 1.8% 4 60 1.3% 2.942.4% 51 1,991 42.9% 12.9


LEASE EXPIRIES BY GEOGRAPHICAL AREAAt Sept 30, 2010

Propertyownership

NLA (sq. ft.)

Expiries

Year 2010 2011 2012 2013 2014 Total

Ontario Central Square feet 14,261,774 315,357 1,233,915 1,067,685 1,440,328 1,637,461 5,694,746Percentage 2.2% 8.7% 7.5% 10.1% 11.5% 51.3%

Ontario East Square feet 4,460,406 58,676 355,326 318,754 296,915 421,476 1,451,147Percentage 1.3% 8.0% 7.1% 6.7% 9.4% 32.5%

Ontario West Square feet 2,694,545 25,347 173,415 324,372 256,020 421,950 1,201,104Percentage 0.9% 6.4% 12.0% 9.5% 15.7% 44.6%

Total Ontario Square feet 21,416,725 399,380 1,762,656 1,710,811 1,993,263 2,480,887 8,346,997Percentage 1.9% 8.2% 8.0% 9.3% 11.6% 50.2%

Quebec Square feet 6,932,305 202,706 674,526 776,767 436,237 602,994 2,693,230Percentage 2.9% 9.7% 11.2% 6.3% 8.7% 38.9%

Alberta Square feet 3,808,416 66,722 317,164 356,402 327,667 409,974 1,477,929Percentage 1.8% 8.3% 9.4% 8.6% 10.8% 38.8%

British Columbia Square feet 2,037,932 21,540 197,104 231,136 313,005 225,204 987,989Percentage 1.1% 9.7% 11.3% 15.4% 11.1% 48.5%

New Brunswick Square feet 1,073,919 45,255 131,253 66,102 64,521 62,752 369,883Percentage 4.2% 12.2% 6.2% 6.0% 5.8% 34.4%

Saskatchewan Square feet 267,667 6,093 124,317 8,083 6,755 47,384 192,632Percentage 2.3% 46.4% 3.0% 2.5% 17.7% 74.8%

Newfoundland Square feet 212,331 5,342 10,935 2,378 7,155 73,763 99,573Percentage 2.5% 5.1% 1.1% 3.4% 34.7% 79.5%

Manitoba Square feet 269,603 18,629 13,240 20,980 25,777 88,056 166,682Percentage 6.9% 4.9% 7.8% 9.6% 32.7% 54.0%

Prince Edward Island Square feet 166,717 1,256 1,224 25,353 13,106 14,334 55,273Percentage 0.8% 0.7% 15.2% 7.9% 8.6% 52.4%

Nova Scotia Square feet 69,047 – – 844 1,321 – 2,165Percentage 0.0% 0.0% 1.2% 1.9% 0.0% 3.1%

Total Square feet 36,254,662 766,923 3,232,419 3,198,856 3,188,807 4,005,348 14,392,353Percentage 2.1% 8.9% 8.8% 8.8% 11.0% 39.7%


GENERAL INFORMATIONAt September 30, 2010

Distributions per Unit:

Distributions are paid monthly

Year

2010 YTD $1.035002009 $1.380002008 $1.360002007 $1.327502006 $1.297502005 $1.272502004 $1.227502003 $1.140002002 $1.105002001 $1.075002000 $1.071251999 $1.040001998 $0.950001997 $0.775001996 $0.650001995 $0.580001994 $0.43000

Unitholder Distribution Reinvestment Plan:

RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested withoutcommissions and provides participants with a number of bonus units equal to 3.1% of the number of units acquired upon thereinvestment.

Average Daily Volume of Units Traded:

2010 2009 2008 2007 2006

4th quarter 504,418 568,328 441,883 552,4923rd quarter 500,554 601,290 444,161 524,291 351,5762nd quarter 507,743 690,923 495,014 500,470 478,7401st quarter 647,952 588,563 534,105 560,320 410,957

Annual 596,329 513,692 506,883 448,263

Unit Prices ($):

Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008

High $ 23.12 $ 20.00 $ 20.07 $ 20.05 $ 18.94 $ 15.74 $ 15.69 $ 20.80Low $ 18.80 $ 17.25 $ 17.45 $ 17.15 $ 14.00 $ 12.20 $ 11.23 $ 12.10Close $ 22.92 $ 19.04 $ 18.48 $ 19.85 $ 18.00 $ 15.28 $ 12.55 $ 13.66

Non-resident Ownership*:

Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008

Canadian 65.69% 63.27% 65.84% 68.13% 70.37% 68.72% 66.67% 68.98%Non-resident 34.31% 36.73% 34.16% 31.87% 29.63% 31.28% 33.33% 31.02%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

* Estimate based on mailing addresses at September 30, 2010.


SENIOR MANAGEMENT AND UNITHOLDER INFORMATION

Head Office:

RioCan Real Estate Investment Trust2300 Yonge Street, Suite 500PO Box 2386, Toronto, Ontario M4P 1E4Tel: (416) 866-3033 or 1 (800) 465-2733Fax: (416) 866-3020Website: www.riocan.comE-mail: [email protected]

Senior Management:

Edward Sonshine, Q.C. President & Chief Executive OfficerFrederic A. Waks Executive Vice President & Chief Operating OfficerRaghunath Davloor Senior Vice President, Corporate Secretary & Chief Financial OfficerJohn Ballantyne Senior Vice President, Asset ManagementDanny Kissoon Senior Vice President, OperationsDonald MacKinnon Senior Vice President, Real Estate FinanceJordan Robins Senior Vice President, Planning & DevelopmentJeff Ross Senior Vice President, LeasingMichael Connolly Vice President, ConstructionTherese Cornelissen Vice President Accounting Standards & TaxationJonathan Gitlin Vice President, InvestmentsOliver Harrison Vice President, Asset ManagementSuzanne Marineau Vice President, Human ResourcesJane Plett Vice President, Operations – Western CanadaMaria Rico Vice President, Financial ReportingKenneth Siegel Vice President, Leasing

Investor Relations Contact:

Christian GreenDirector, Investor Relations and ComplianceTel: (416) 864-6483 or 1 (800) 465-2733Fax: (416) 866-3128E-mail: [email protected]

Stock Exchange Listing: The Toronto Stock Exchange

Trading Symbol: REI.UN

Transfer Agent & Registrar:

CIBC Mellon Trust CompanyP.O. Box 7010 Adelaide Street Postal Station, Toronto, ON M5C 2W9Answerline: (416) 643-5500/Toll free North America: 1 (800) 387-0825Website: www.cibcmellon.comE-mail: [email protected]


RioCan Yonge Eglinton RioCan Yonge Eglinton Centre

2300 Yonge StreetSuite 500 PO Box 2386 Suite 500, PO Box 2386, Toronto, ON416-866-3033 / 1-800-465-2733416 866 3033 / 1 800 465 2733

www.riocan.com

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