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L Ookin G a Hea D a L W a Y S a D a Pting FIRST 20 QUARTER 21 ALWAYS ADAPTING ALWAYS LOOKING AHEAD LOOKING Shoppes on Queen Toronto ABOUT RIOCAN RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. To learn more about us, please visit www.riocan.com. Q1 2021 HIGHLIGHTS $0.36 $8.7B 93.9% FUNDS FROM Q1 RENT UNENCUMBERED OPERATIONS COLLECTION ASSETS PER UNIT1 as of May 3, 2021 $1.3B 95.8% $176.6M IN AVAILABLE COMMITTED DISPOSITIONS LIQUIDITY OCCUPANCY COMPLETED 1) Excludes debenture prepayment costs 1,092,000 SQ. FT. OF LEASES EXECUTED 18.6% New Leasing Blended Leasing 14.2% Spread (%) Spread (%) 9.8% 8.1% 6.5% 8.2% 5.6% 6.7% Major Market Overall Portfolio Major Market Overall Portfolio Q1 2020 Q1 2021 Q1 2020 Q1 2021 . Strong Tenants RENT COLLECTION National office and essential / necessity / value and specialty retail by Tenant Type* tenants with strong rent paying ability, and includes residential tenants . Stable Tenants Tenants with strong or medium consumer offering combined with 61.2% 17.6% 21.2% good or strong rent paying ability, respectively . Potentially Vulnerable Tenants Tenants significantly impacted by the pandemic and uses 78.8% STRONG & STABLE TENANTS or tenants that were of concern prior to the pandemic 97.6% 81.4% * Based on percentage of annualized net rent 1 1 1. Includes tenant direct cash collection as of May 3, 2021 relating to Q1 2021 billed Q1 cash rent collection Q1 cash rent collection gross rents. The CECRA program ended in September 2020 therefore there was no CECRA government funding during the first quarter. i RioCan First Quarter 2021 We look forward to the future with optimism Finally, I would like to focus on recognizing that the existing conditions are environmental, social and governance at CEO short-term in nature and have not altered RioCan. ESG is a fundamental and explicit our long-term views, strategies or part of everything we do at RioCan. I am from philosophies in any way. We remain proud of the corporate responsibility committed to the responsible growth of our RioCan has demonstrated throughout this major market profile and curating the most pandemic. We have unfailingly prioritized desirable environments for our tenants, be the safety of our employees, tenants and THE Letter they retail, residential or office. customers while responsibly ensuring the health of our business for all our I am optimistic that the rollout of the vaccine stakeholders. As a public company, and a in Canada will be accompanied by a leader in the commercial real estate significant resurgence of consumer activity landscape, maintaining our status as an that will define the latter part of 2021 and industry leader in sustainability is critical to Dear Unitholders, the foreseeable future. We will continue to RioCan. To that end, we continued to take invest in our income producing properties, action in Q1 to foster a culture of utilizing our expertise and experience to excellence, established a series of Writing my first letter to our valued allocate appropriate capital to deliver a initiatives and determined key measures to Unitholders, as RioCan’s President and best-in-class tenant and customer monitor our progress throughout the year. CEO, in the midst of an unrelenting set of experience. We will continue to evolve our circumstances is both a challenge and a physical spaces to reflect changing This past year has highlighted the strength tremendous privilege. I am grateful for the consumer needs and preferences. This of our foundation, our resiliency, and the opportunity to discuss the impact of the includes a more intensive focus on incredible talent within the RioCan team. As pandemic on our business and share our technology and the creation of programs an eternal optimist with a passion for real optimism and steadfast confidence in such as RioCan Curbside Collect™ that estate, I look ahead, confident that RioCan’s long-term value creation strategy. contribute to our tenants’ success. consumer trends will shift favourably. And, when well-located, inherently value-rich The uncertainty and volatility that defined RioCan’s future course is defined by the assets and a compelling growth strategy 2020 has carried into 2021. Our FFO/Unit many levers we have for growth and value are in the hands of a responsible, for the quarter was impacted by one-time creation. We have sustainable, reliable innovative and entrepreneurial team such elements including prepayment costs to income through our well-positioned income as RioCan’s, they will not only survive but refinance debt at better rates and non- producing portfolio. We also have diverse thrive. With this in mind, we have every recurring matters such as accelerating the income sources arising through our reason to be optimistic about the future. I expensing of unit-based compensation development success. Based on the depth am excited and honoured to lead this costs. If not for these items, our result was and scale of our development pipeline, we incredible team and to have this well- relatively level to the previous quarter. will consistently deliver growth long into the positioned portfolio to create value for you, Given an environment in which nearly 20% future. In 2021 alone, we will deliver 556 our Unitholders. of our tenants were closed for certain new residential units. The Well™, RioCan’s periods and many more had occupancy flagship urban mixed-use property, will start Please do not hesitate to contact me with limitations, the performance of our business to be income producing in 2021. Moreover, any questions or comments. I can be in Q1 was on par with expectations within we will deliver another 960 and 590 reached at (416) 866-3099. the context of a global pandemic, but not residential units in 2022 and 2023, reflective of the true strengths of our well- respectively. When completed, these Jonathan Gitlin positioned major market portfolio. developments will augment our existing President & Chief Executive Officer cash flow, create net asset value and RioCan Real Estate Investment Trust While it is difficult to predict the breadth and continue to support RioCan’s profile as depth of future lockdowns and the Canada’s industry leading owner and continued impacts of COVID-19, RioCan is developer of mixed-use, transit-oriented, well-equipped to navigate the current and urban and suburban environments. post-COVID landscape. Our confidence is based on the quality of our tenants, our We recognize that operational excellence strong liquidity position and the experience and a robust development pipeline requires and depth of our talent. a strong balance sheet. Our debt to adjusted EBITDA was 10x at the end of the Our solid Q1 operational metrics first quarter, largely driven by the volatility demonstrated the resilience of our portfolio. over the last 12 months. We recognize that Our rent collection was 93.9%, driven by we are short of our target of 8x. Through a the positioning of our portfolio and results- combination of raising capital with an oriented team. This number will continue to enhanced disposition program, diminishing improve as eligible tenants receive funds pandemic-related provisions and increasing from the federal CERS program. EBITDA with an active and successful Importantly, we completed 1.1 million leasing program, we will make positive and square feet of new and renewal leases, our meaningful strides toward reaching this blended leasing spread was 8.1% and target. Notwithstanding, RioCan’s balance committed occupancy was 95.8% at quarter sheet continues to provide ample liquidity of end. $1.3 billion and unencumbered assets of $8.7 billion. RioCan First Quarter 2021 ii STRONG, STABLE PORTFOLIO Strategic Canadian MAJOR MARKET POSITIONING Within 5 km of RioCan Centres: 90.4% 201,326 Average Population1 $117,918 Average Household Income1 1) Source: DemoStats – 2020 – Trends © 2020 Environics Analytics Immigration Drives Real Estate MONTREAL Demand EDMONTON 19 assets1 12 assets1 2.4M SF 2.2M SF 4.1%* 1.2M+ 6.6%* immigrants expected OTTAWA to come to Canada 2 35 assets1 over next three years CALGARY 4.8M SF 16 assets1 3.6M SF 12.9%* 10.9%* GREATER ~30% TORONTO AREA VANCOUVER of Canada’s immigrants 91 assets1 estimated to make 7 assets1 17.0M SF 1.8M SF Toronto home * 4.9%* 51.0% 2) Source: Government of Canada * Percentage of annualized rental revenue 1) Income producing properties at RioCan’s interest Tenant Mix by Revenue 17.0% 13.8% Grocery/Pharmacy/ Value Liquor Retailers . Retail (91.4%) +1.3% vs Q1 2020 Property . Type Office (7.6%) 12.0% 11.5% . Residential Rental (1.0%) Essential Personal Specialty Services Retailers 10.2% 8.9% Other Personal Furniture Services & Home . Q1 2021 7.0% 6.7% Property Mix by Revenue . Q1 2020 Quick Service Apparel Restaurants -1.4% vs Q1 2020 GROCERY ANCHORED CENTRE (42.5%) +0.8% 5.8% OPEN AIR CENTRE (27.2%) -0.3% 4.0% Sit-down Movie MIXED-USE / URBAN1 (21.1%) -0.3% Restaurants Theatres -0.3% vs Q1 2020 ENCLOSED CENTRE (9.2%) -0.2% 2.9% 0.2% Entertainment/Hobby Department /Electronics/Books Stores1 Percentage of annualized rental revenue Percentage of annualized rental revenue 1) Mixed-Use /Urban includes approximately 0.6 million square feet of residential rental NLA and the 1) Excludes Home Outfitters (included in Home and Furniture), Saks Off 5th (included in Value corresponding annualized residential rental revenue Retailers) and Lawrence Allen Centres’ HBC Office iii RioCan First Quarter 2021 ROBUST DEVELOPMENT PIPELINE TOTAL PIPELINE by Zoning Status ~100% located in Canada’s six major markets TOTAL ZONING ENTITLEMENT ~73% located in the GTA 21.8M SF 7.7M SF (18.4%) ~83% new residential development 7 Projects 14.1M SF (33.9%) 38 Projects ACTIVE DEVELOPMENT 41.8M PROJECTS SF Mixed-use residential: 2.8M Sq.
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