Management Investor Presentation - Q2 2018

MANAGEMENT
INVESTOR
PRESENTATION
Second Quarter 2018
September 17, 2018

2
RioCan’s consolidated financial statements are prepared in
accordance with IFRS. Consistent with RioCan’s management
framework, management uses certain financial measures to assess
RioCan’s financial performance, which are not generally accepted
accounting principles (GAAP) under IFRS.
The following measures, RioCan’s Proportionate Share (or
Interest), Funds From Operations (“FFO”), Net Operating
Income (“NOI”), Adjusted Earnings before interest, taxes,
depreciation and amortization (“Adjusted EBITDA”), Debt to
Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt
Service Coverage, Fixed Charge Coverage, and Total
Enterprise Value as well as other measures discussed in this
presentation, do not have a standardized definition prescribed by
IFRS and are, therefore, unlikely to be comparable to similar
measures presented by other reporting issuers.
Non-GAAP measures should not be considered as alternatives to
net earnings or comparable metrics determined in accordance with
IFRS as indicators of RioCan’s performance, liquidity, cash flow,
and profitability. For a full definition of these measures, please refer
to the “Non-GAAP Measures” in RioCan’s Management’s
Discussion and Analysis for the period ended June 30, 2018.
RioCan uses these measures to better assess the Trust’s
underlying performance and provides these additional measures so
that investors may do the same.
2
NON-GAAP MEASURES FORWARD LOOKING
INFORMATION
RioCan data and statistics are based on June 30, 2018 information.
Peer group included published results where provided from First
Capital Realty Corp. (FCR), SmartCentres REIT (SRU.UN), Choice
Properties REIT (CHP.UN), CT REIT (CRT.UN), and Crombie REIT
(CRR.UN). Certain slides contain a peer comparison that was
based on the respective issuer’s reported information as at June 30,
2018.
Certain information included in this presentation contains
forward-looking statements within the meaning of applicable
securities laws including, among others, statements concerning
our objectives, our strategies to achieve those objectives, as well
as statements with respect to management's beliefs, plans,
estimates, and intentions, and similar statements concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Certain material
factors, estimates or assumptions were applied in drawing a
conclusion or making a forecast or projection as reflected in
these statements and actual results could differ materially from
such conclusions, forecasts or projections.
Additional information on the material risks that could cause our
actual results to differ materially from the conclusions, forecast
or projections in these statements and the material factors,
estimates or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information can be found in our most recent
annual information form and annual report that are available on
our website and at www.sedar.com.
Except as required by applicable law, RioCan undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events
or otherwise.PEER DATA PRESENTATION

RioCan NLA RioCan NLA including
incremental NLA from
Development*
Calgary
Edmonton
Vancouver
Toronto
MontrealOttawa
BC
ON
11.9%
10.1%
4.8%
5.5%
5.6%
ABOUT RIOCAN
43.5%
• One of Canada’s largest REITs, focused on the ownership,
management and development of high quality, necessity
based retail, increasingly mixed-use properties in Canada’s
six major markets
• Founded in 1993 – 25 year track record
• Robust 26.2 M sf development pipeline, 12.1 M sf or 46%
already approved for zoning – mostly mixed-use
• Diversified and evolving tenant mix
• Rated BBB with stable outlook by S&P and BBB (high) by
DBRS
Annualized Revenue from Six Major Market: 81.4%
Quick Facts
Enterprise Value $13.7 B
Number of Properties 267
Net Leasable Area (NLA) 41.9M sf
Same Property NOI (Q2 2018) 2.1%
Major Market Same Property NOI (Q2 2018) 2.5%
Committed Occupancy 96.8%
Major Market Committed Occupancy 98.0%
GTA Focus - % of Annualized Rental Revenue
Peer Average1
43.5%
24.0%
Revenue from National Tenants 84.3%
Average Net Rent $18.20
Renewal Spread Q2 2018 4.2%
GROWTH DRIVEN BY INSIGHT
Robust Development Program
Tremendous source of future NAV growth
22.2M
incremental
NLA or 56% of
existing NLA2
39.8M
existing
IPP NLA
2. Includes incremental NLA of 22.2M sf plus 4.0M sf that is currently income producing.
Assumes all development projects per the MD&A for the period ended June 30, 2018 are
completed and assumes no additional development, acquisitions, or dispositions
1. Source: company reports; Peers: FCR, CHP, CRT; no data on CRR and SRU

4
CANADA’S MAJOR MARKET PORTFOLIO
• High quality, necessity based retail, and increasingly mixed-use major markets portfolio
• Diversified, strong national tenant base
• Significant upside on rent growth
• Base for significant NAV growth – tremendous intrinsic value to be unlocked
• Strong executive bench with wealth of experience and proven track record
• Focusing on transit-
oriented urban
intensification in major
markets
• Mostly mixed-use with
residential rental
and/or condo
development
• Strategic alliances to
mitigate risk and
create steady fee
stream
• Robust and growing
pipeline of well located
sites with substantial
zoning approved
UNLOCKING
INTRINSIC VALUE
STRATEGIC
ACQUISITIONS
• Acquire only the best
locations in the six
major markets
• Opportunities to
acquire partners’
interests in today’s
tight market
• Highly selective
acquisitions of
development sites,
leveraging existing
properties
DRIVING ORGANIC
GROWTH
• Evolving tenant mix
and revenue growth
• Improving operating
efficiency and cost
structure
• Redeveloping prime
assets
• Optimize pads by
adding additional
GLA
• Drive ancillary
revenues
• Continuous portfolio
pruning
• Low leverage
• Low cost of debt
• Laddered debt
maturity and mostly
fixed rate
• Access to multiple
sources of capital
• Large
unencumbered
assets pool
generating 58.3% of
annualized NOI
STRONG
BALANCE SHEET
VALUE PROPOSITION AND FOUR STRATEGIC PILLARS
REAL VISION, SOLID GROUND

5
• High quality, necessity based retail, and increasingly mixed-use major markets portfolio
• Diversified, strong national tenant base
• Significant upside on rent growth
• Base for significant NAV growth – tremendous intrinsic value to be unlocked
• Strong executive bench with wealth of experience and proven track record
WHERE CANADIANS SHOP, LIVE AND WORK

CANADA’S SIX MAJOR MARKETS
WHERE THE POPULATION GROWTH IS
• By 2036, more than half of Canadians will live in Canada’s six major markets
2006, 2017 Data: Statistics Canada
2036 Data: Statistics Canada, Provincial and Municipal population forecasts
6
8.7%
26.2%
64.6%
3.7%
8.1%
17.8%
2006 2011 2017 2036 Forecast
Cumulative Population Growth
2006 as Base Year
Six Major Markets Secondary markets
Cumulative population growth between 2006 and: 2017 2036 Forecast
Six major markets 26.2% 64.6%
Secondary markets 8.1% 17.8%

7
Disposition Progress as of Aug. 7, 2018
Transaction type Value (M)
Closed and Firm $876
Conditional $279
Total to Date $1,155
Weighted Average Cap Rate 6.52%
• Sale prices to-date are materially in line
with IFRS value
• $1.2B progress since the October 2017
announcement representing approximately
60% of the $2.0B disposition target
• Dispositions span a broad range of
secondary markets
58% of
Disposition
Target
Closed/Firm/Conditional
Dispositions

DISPOSITION UPDATE
BUYER PROFILE
8
REITs
• Strategic buyers, such as CT REIT, who are looking to acquire assets where their retail
banner is already a tenant. They know these assets well and recognize the advantage of
controlling properties in which their associate retail banners operate.
• Geographically focused REITs looking to expand footprint in a particular region.
• Small cap REITs looking for growth and accretive acquisitions, which would otherwise be
unavailable in major markets.
Private Individual Buyers
• Objectives include capital preservation and stable, risk-adjusted returns.
• These buyers have local expertise or presence in particular secondary markets, and
therefore covet these assets.
Private Equity and Investment Managers
• Objectives include deploying a robust supply of capital in a low-interest rate environment.
• Increasingly looking at secondary markets in the core to value-add risk range due to limited
supply of product in primary markets.

81.4%
>90%
Q2 2018 Vision
Major Market
Revenue
• Higher concentration of revenue from the fastest growing markets
in Canada
• Higher concentration of revenue from the GTA, Canada’s largest
and most important financial market
• Enhanced growth profile
• Improved cost structure
9
43.5%
>50%
Q2 2018 Vision
GTA Revenue
Focus
24
19
Q2 2018 Vision
Avg. Age Portfolio
(yrs.)

10
GREATER TORONTO AREA (GTA) FOCUS
CONSISTENTLY ABOVE 95%
• Strong, consistent, industry leading presence in the Greater Toronto Area, which has one
of the highest population and economic growth profiles in the country
PERCENTAGE OF RENT FROM THE GTA EXCEEDS OUR PEERS
Source: company reports; Peers: FCR, CHP, CRT; no data on CRR and SRU
34.6%
36.8%
41.9% 42.8%
41.7% 41.7% 40.9%
43.5%*
24.0%
32.0%
25.2% 25.6% 22.0%
23.1% 23.3%
24.0%
2011 2012 2013 2014 2015 2016 2017 Q2 2018
REI Peer Average
* Effective Jan 1 2018, the Trust includes Hamilton in the GTA as the Trust believes that Hamilton is a high growth market that forms part of the contiguous urban
region and has strong rapid transit connections to Toronto.

INDUSTRY LEADING PRESENCE IN THE TORONTO CORE AND GTA
11
RioCan
First Capital
SmartCentre REIT
GREATER TORONTO AREA (GTA) FOCUS

• Higher concentration (~30% increase in average population
density) of a more desirable demographic with stronger
household income
• Improved portfolio quality; operating efficiencies, newer assets,
and less capex
12
* Vision represents the average population and average income within a 5km radius of RioCan properties after completion of the Trust’s
over $2.0B disposition targets. The 2017 data are based on RioCan’s portfolio as at December 31, 2017. Source: Environics Analytics.
~157k
~205k ~212k
2017 - All
Markets
2017 - Major
Markets
2020
Avg. Population
(5km radius)
~$102k ~$111k
~$120k
2017 - All
Markets
2017 - Major
Markets
2020
Avg. Income
(5km radius)

13
CONSISTENT GROWTH IN FUNDS FROM OPERATIONS
Includes
$88.3M (or
$0.28/unit)
Target
Settlement
FROM CONTINUING OPERATIONS
3-Year CAGR for Continuing Operations FFO/Unit*: 9.9%
* Continuing and discontinued operations FFO per unit is calculated based on disclosed total continuing and discontinued operations FFO,
respectively, divided by the weighted average number of units (diluted) for the respective years.
** FFO Payout Ratio calculated on a rolling 12 month basis
Well-timed
exit from U.S.
retail market$1.34
$1.62 $1.53
$1.78
$0.92
$1.65
$1.94
$1.68
$1.79
85.5% 84.8%
83.6%
78.8%
78.0%
68.0%
70.0%
72.0%
74.0%
76.0%
78.0%
80.0%
82.0%
84.0%
86.0%
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2014 2015 2016 2017 6 mths 2018
Continuing Operations FFO/Unit Discontinued Operations FFO/Unit (US) FFO Payout Ratio**

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OPTIMIZING PORTFOLIO FOR CURRENT MARKET
ENVIRONMENT
GROWING
Home Furnishings, Food, Fitness, Beauty and Value Retailers continue to be
bright spots in the retail landscape,with numerous brands adding additional
physical locations
• Small format service-oriented retail performing well, numerous tenants expanding
• Continued urban centre growth from national gym operators and expansion of
smaller, boutique-type operators.
• Quick Service Restaurants aggressively growing
• Value retailers such as Winners, Marshalls, Dollarama, etc. are rapidly expanding
• New specialty grocers are appearing and others, such as Nations and Farm Boy are
expanding
EVOLVING
Shifting demand for large formats
• Some pressure from the larger format tenants upon renewal as they have options to
relocate and right-size their existing boxes
• Relocations open up opportunities for large format, value retailers who are
aggressively growing (e.g. TJX and Lowe’ s)
DECLINING
Full price fashion continues to struggle
• Department stores reporting soft fashion sales
• Bankruptcies continue both north and south of the border
• Small format fashion retailers not opening new locations

15
CHANGING TRENDS IN HOUSEHOLD SPENDING
Source: GWL Realty – “What is driving change in the retail sector beyond online shopping” March 14, 2018

16
EVOLVING & RESILIENT TENANT MIX
Retailer
Category
% of
Rent
Q2
2018
Change
since
2007
Key Brands
Grocery/
Pharmacy
Liquor/
Restaurant
28.0% 3.5%
Personal Services 20.3% 4.2%
Value Retailers 14.6% 2.0%
Specialty
Retailers
10.2% 0.1%
Furniture and
Home
10.1% 1.7%
Department
Stores/ Apparel
8.9% (7.4%)
Movie Theatres 4.6% (1.7%)
Entertainment and
Hobby
3.3% (2.4%)
ADAPTING TO THE EVER CHANGING RETAIL ENVIRONMENT

17
STAGGERED LEASE MATURITY WITH RENT GROWTH OPPORTUNITY
LEASE MATURITY AND EXPIRING RENT
• Favorable expiry profile that balances stability with opportunity for growth on renewal
• Average lease term for Top 30 tenants – 7.4 years
3.0%
12.1%
10.8%
12.1%
9.6%
$20.03
$19.12 $19.29
$18.88
$21.14
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
2018 remainder 2019 2020 2021 2022
Lease Maturity Expiring Rent

97.4% 97.6% 97.4% 96.9% 97.0%
94.0%
95.6% 96.6% 96.8%
$14.82
$15.21
$15.70
$16.08
$16.69
$17.11
$17.59
$17.75
$18.20
13
14
15
16
17
18
19
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
2010 2011 2012 2013 2014 2015 2016 2017 Q2 2018
Committed Occupancy Average Net Rent
Target Departure
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CONSISTENTLY HIGH OCCUPANCY
COUPLED WITH STRONG RENT GROWTH
• Average net rent growth also reflects the improvements in the overall
quality of the portfolio as RioCan increased its major market focus over time

19
STRONG RETENTION RATIO
• RioCan has maintained a consistent strong retention rate
• Strong track record of tenant retention averaging 87.9 % since 2013
• No peer comparison available as most peers no longer report this statistic
88.1% 89.7%
85.7%
85.8%
91.1% 91.8%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
2013 2014 2015 2016 2017 Q2 2018

20
WELL DIVERSIFIED NATIONAL TENANT BASE
NO SINGLE TENANT OVER-EXPOSURE
Top 10 Tenant Name
Annualized Rental
Revenue
Number Of
Locations
NLA (Sq. Ft. in
'000s)
Weighted Avg
Remaining Lease
Term (Yrs)
1 5.0 % 76 1,994 7.7
2 4.3 % 75 1,885 6.4
3 4.1 % 27 1,431 7.7
4 4.1 % 70 1,885 6.5
5 3.6 % 24 2,896 9.9
6 3.4 % 45 1,872 7.6
7 1.8 % 96 471 7.6
8 1.7 % 12 1,419 10.1
9 1.7 % 78 708 5.8
10 1.7 % 23 823 8.5
TOTAL 31.4% 526 15,384 7.7
Peer Average (iii)
62.3%* -- -- --
(i) Loblaws includes Shoppers Drug Mart, No Frills, Fortinos, Zehrs and Maxi.
(ii) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark’s/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere.
(iii) Source: company reports; Peers: FCR, CHP, CRT, CRR and SRU as at June 30, 2018
As at June 30, 2018
(i)
(ii)
Recipe Unlimited (formerly Cara)

21
LEADERSHIP TEAM
Ed Sonshine
O.Ont., Q.C.
Founder and CEO
John Ballantyne,
SVP Asset
Management
24 years in Real Estate
Jeff Ross,
SVP Leasing & Tenant
Coordination
Andrew Duncan
SVP Developments
18 years in Development,
Qi Tang,
SVP and CFO
20 years in Finance
& Real Estate
Jonathan Gitlin,
COO
Danny Kissoon
SVP Operations
32 years in Real
Estate
Jennifer Suess
SVP General Counsel
& Corporate Secretary
16 years in Law with a
focus on Real Estate
• Strong executive bench
with a wealth of experience
and proven track record
• Fully integrated REIT with
all disciplines in-house
including:
• Investments
• Leasing
• Asset Management
• Development &
Construction
• Property Management
• Finance, Legal and
Human Resources
• Trusted and respected, with
deep industry knowledge
and relationships
EXPERIENCE, INTEGRITY AND FORESIGHT

22
STRATEGIC PILLAR ONE: DRIVING ORGANIC GROWTH
OPTIMIZING AND FUTURE PROOFING OUR PORTFOLIO
DRIVING ORGANIC
GROWTH
• Evolving tenant mix and revenue growth
• Improving operating efficiency and cost
structure
• Redeveloping prime assets
• Optimize pads and add additional GLA
• Drive ancillary revenues
• Continuous portfolio pruning

23
DRIVING ORGANIC GROWTH
CASE STUDY
Burlington Mall, Burlington Ontario – 2018
• $65M redevelopment and renovation of this iconic centre in
Canada’s Best Mid-Sized City (voted five years in a row)
• Rebranded to Burlington Centre
• Renovated food court
• Strategically remerchandised (former Target location):
• Confirmed new tenancies include Indigo, Denninger’s
Foods of the World, Sportchek and Winners
Metric
At
Acquisition
(2013)
Capital
Invested
Anticipated
Stabilized
Value $206.5M $55M $287.5 M
NOI $9.9M - $14.1M
NOI will increase by 42%

DRIVING ORGANIC GROWTH
CASE STUDY
RIOCAN YONGE EGLINTON CENTRE,
TORONTO
24
Intersection: Yonge St. and Eglinton Avenue East
Ownership: 100%
Total GLA: 1,056,285 sf
Property Concept: Mixed-use
Project Completion: 2016
Surfacing Value:
• Purchase Price (2007): $223 million
• Capital Invested $110 million
• Current Value: $574 million
• NOI at acquisition: $13 million
• Value Stabilized NOI: $26 million
73% increase in value over costs
• Strategically evolved tenant mix to meet consumer
needs
• Incremental revenue through leasing of the digital
screens on the building interior and exterior

25
CAPITALIZING ON RE-LEASING OPPORTUNITIES
TARGET RE-LEASING & SEARS UPDATE
Target Re-leasing
• Re-leasing of former Target space 1.7 M sf
• Substantially completed Q4 2017
• Annual net rent revenue from releasing tenants: $14.0 M
• Annual rent revenue paid by Target of $10.6 million
• Annual net rent increase over Target rent: $3.4 million or 32.1%
• Significant capital recovered by way of settlement with Target of
$88.3M (at RioCan’s interest)
• Greater customer appeal and traffic
• Stronger, more diversified tenants
Sears Update
• Sears departure left 313,000 sf of space to re-lease at RioCan’s interest (vs. Target 1.7M sf)
• Completed leases, conditional leases or leases in advanced negotiations to replace 126% of the net
revenue and while only representing 82% of the former Sears GLA
• Leasing is much less complex than leasing former Target spaces
• Replacement tenants will be stronger and more diversified
• Properties will have broader customer appeal and replacement tenants will drive incremental traffic

26
COMPLETED DEVELOPMENTS
CASE STUDY
• Demographics in 5km radius:
• Population: 95k
• Average household income: $145k
Location – Located in a growing residential
suburbs in Northwestern Calgary
Ownership Structure – 50% (JV with
KingSett)
Property Type – New format retail
• Substantially completed in Q4 2017
• 380,000 sf Walmart and Loblaws
anchored centre
• The first Loblaws City Market banner in
Calgary
• Excellent mix of strong national
tenants: London Drugs, Dollarama,
Scotiabank, McDonalds, Royal Bank of
Canada
SAGE HILL CROSSING, CALGARY AB

27
Proposed
• Well defined sustainability policy and sustainability governance
structure
• Participation in the Global Real Estate Sustainability Benchmark
("GRESB") Survey
• Inclusion of a new performance indicator for management
• RioCan was recently included in the MSCI Canada IMI
Women’s Leadership Select Index
• Employee survey was conducted to collect feedback on
sustainability drivers
• Establishment of a baseline for sustainability: energy, water
and Greenhouse Gas ("GHG") emissions
• Establishment of sustainability standards for our income
producing properties and development projects
• Pursuing Toronto Green Standard (TGS) Tier II for The
Well and Sunnybrook Plaza projects, and LEED Gold &
TGS Tier II for its Yonge Sheppard Centre project
• Extension of Enwave’s existing Deep Lake Water
Cooling network via a new 12 million-litre energy storage
facility at The Well (see image) to provide a low-carbon,
resilient cooling and heating option for the property and
the surrounding communities
• Geothermal energy system for heating and cooling to be
incorporated at RioCan’s Gloucester project in Ottawa
Proposed
ENVIRONMENTAL SOCIAL AND GOVERNANCE AT RIOCAN
EMBEDDING SUSTAINABILITY

28
STRATEGIC PILLAR TWO: UNLOCKING INTRINSIC VALUE
REALIZING THE POTENTIAL OF OUR CORE ASSETS
• Focusing on transit-oriented urban
intensification in major markets
• Mostly mixed-use with residential rental
and/or condo development
• Strategic alliances to mitigate risks and
create steady fee stream
• Robust and growing pipeline of well
located sites with substantial zoning
approved
• Strong development team with a wealth
of experience in mixed-use residential
development projects from planning,
design to completion
UNLOCKING INTRINSIC
VALUE

29
SOURCES OF TREMENDOUS NAV GROWTH
• Strong, major market, urban focused development pipeline with high quality projects in prime
locations, predominantly transit oriented
• Risk mitigation via staggered development starts and the use of strategic alliances
• Maintain a disciplined approach to capital allocation and maintain leverage in the 38%-42% debt to
asset range , although leverage as of a quarter end may temporarily exceed the upper target due to
NCIB and disposition timing
ROBUST DEVELOPMENT PIPELINE
1. Total development pipeline of 26.2M sf includes incremental NLA of 22.2M sf plus 4.0M sf that is currently income producing
2. Assumes all development projects per the MD&A for the period ended June 30, 2018 are completed and assumes no
additional development, acquisitions, or dispositions
22.2M incremental
NLA1 or 56% of
existing NLA2
39.8M existing
IPP NLA
RioCan NLA RioCan NLA including incremental NLA
from Development*

30
TREMENDOUS SOURCES OF CASH FLOW & NAV GROWTH
* Includes 22.2M sf of incremental NLA and 4.0M sf of NLA which is currently income producing. All data at RioCan’s interest.
• 46% or 12.1M sf with zoning approved and nearly 100% is located in the six major
markets
• Particularly valuable in today’s more challenging regulatory environment
• Uncertainty in Ontario regarding transition to the newly implemented Local Planning
Appeal Tribunals given that its mandate is unclear
PIPELINE IS EXPECTED TO CONTINUE TO GROW
Zoned, 12.1m sf,
46.3%
Application
submitted,
5.4m sf, 20.6%
Future est.
density,
8.7m sf,
33.1%
Total Pipeline by Zoning Status
(26.2M sf)
Commercial
1.0m sf:
3.7%
Residential
& Air Rights
17.1m sf:
Commercial
7.1m sf:
Residential
Inventory
1.0m sf:
Mixed-use
Residential
25.2m sf:
96.3%
Total Pipeline by Project Type

INTENSIFICATION STRATEGY
DEVELOPMENT PROCESS FOR EXISTING INCOME PRODUCING PROPERTY
31
Project Evaluation
and Market
Research
Leasing Strategy
Development Planning
Zoning, Design, Planning
Development & Construction
Income Producing Asset Until Development Commences
Year 1 Year 2 - 3 Year 4-5 Year 6-7

32
At RioCan’ s Interest 2018 Q3-Q4 2019 2020
Est. Completed NLA (‘ 000s sf)1 523 652 461
Est. PUD Completions (millions)2 $382 $331 $294
1. Estimated NLA completions are NLA transferred to IPP upon projects’ completion in each period, which are estimated as 90% of gross floor
area (GFA)
2. Estimated PUD cost completions are fully loaded IFRS costs including land that are to be transferred to IPP upon projects’ completion in each
period, net of land and air rights sales for active projects with detailed cost estimates
Brentwood Village
(Brio)
King Portland
Centre (Kingly)
Bathurst College Centre
Yonge & Eglinton
Northeast Corner
(eCentral)
Gloucester Phase
I (Frontier)
Dupont Street (Litho)
Annualized stabilized NOI from active projects with detailed costs estimates to be completed between Q3 2018 and end of 2020 is expected to be
approximately $50 million at RioCan's interest. The annualized stabilized NOI of a project is an estimate of stabilized NOI following completion of a
project on a full year basis. NOI to be reported for the remainder of 2018 to 2020 will be different from this range, due to the partial year effect in a
given year as a result of project completion timing and the effect of property lease up period.
College & Manning
(Strada)
TREMENDOUS SOURCES OF CASH FLOW & NAV GROWTH
SELECTED DEVELOPMENT COMPLETIONS OVER THE NEXT THREE YEARS

DEVELOPMENT TEAM
• Balanced, experienced talented team
• Established strong industry relations
• Identify opportunities in robust pipeline of urban, transit-oriented sites
• 33 team members – Planners, Engineers, Construction Managers, Analysts
• Three office locations – Toronto, Calgary, Montreal
Planning &
Zoning
Process
Design Analytics Residential Construction
DEVELOPMENT TEAM
STRONG EXPERIENCED AND CAPABLE TEAM OF PROFESSIONALS
33

DEVELOPMENT TEAM
DEVELOPMENT TEAM
CROSS FUNCTIONAL COORDINATION ACROSS VARIOUS DISCIPLINES
34
RioCan
Mixed-Use
Development
Team
Investments &
Residential
Leasing
Asset
Management /
Operations
Developments
3rd Party Property
Management, at the
current state
• Product Development
• Acquisitions/Dispositions/Joint Ventures
• Branding
• Marketing
• De-leasing
initiatives
• Tenant relations
• Prospective
tenant
engagement
• Commercial reporting, if Partner involved
• Day-to-day management of commercial
component
• Liasing with Partner
• Initial planning and
concept
• Preliminary pro-forma
development
• Land entitlement

35
UNLOCKING THE VALUE OF TRANSIT-ORIENTED ASSETS
URBAN TORONTO HIGHLIGHTS: SELECTED HIGH DENSITY, LOCATIONS
Legend
Under Development
TTC – Existing
Future Development Potential
TTC – Under Development
Selected Urban Toronto
RioCan Developments
'000s sf
(100%)
Yonge-Sheppard Centre 362
555 College 108
King Portland Centre 423
Yonge & Eglinton 712
The Well & Building 6 2,955
740 Dupont 180
Sunnybrook Plaza 316
Queensway 538
Dufferin Plaza 449
RioCan Leaside Centre 1,324
Lawrence Square 94
RioCan Hall 736
491 College - complete 24
Bathurst College Centre 139
SELECTED URBAN
TORONTO
8,360
TTC – Station
1
2
3
4
5
6
8
9
10
11
12
13
14
Demographics, 5km radius
Dense population*:
• 481,000 people
Desirable demographic*:
• HH Income: $130,000+
• Post-secondary education: 65%+
Planned Rapid Transit Line
*Average demographics within a 5km radius of RioCan Urban Toronto development sites
7
7
13
13
Completed Development

BRAMPTON/MISSISSUAGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS
Selected Brampton/Mississauga RioCan
Future Development Potential '000s sf (100%)
Shoppers World Brampton 4,178
RioCan Sandalwood Square (Ph. I) 180
RioCan Grand Park 330
Selected Brampton/Mississauga
TOTAL
4,668
1
1
2
3
3
2
With three shopping centres and approximately 82 acres
of land on this LRT line, RioCan is uniquely positioned to
take advantage of future intensification opportunities
Dense population*:
• 270,000 people+
• HH Income: $100,000+
• Post-secondary education: 50%+
*Average demographics within a 5km radius of selected RioCan Brampton/Mississauga development sites
36

CALGARY HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS
1
2
3
*Average demographics within a 5km radius of selected RioCan Calgary development sites
Dense population*:
• 170,000 people+
• HH Income: $137,000+
• Post-secondary education: ~60%
Selected Calgary RioCan Future
Development Potential
'000s sf
(100%)
Brentwood Village (Phase I) 145
5th & Third East Village 758
Southland Crossing 972
Selected Calgary TOTAL 1,875
3
2
1
1
2
3
37

38
OTTAWA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS
Selected Ottawa RioCan
Development Potential
'000s sf
(100%)
Gloucester/Frontier 657
Lincoln Fields 825
SELECTED OTTAWA POTENTIAL
TOTAL
1,482
2
Legend
Under Development
Future Development Potential
1
2
1
Dense population*:
• 150,000 people+
• HH Income: ~ $100,000
• Post-secondary education: ~60%
*Average demographics within a 5km radius of selected RioCan Ottawa
development sites 38

UNLOCKING INTRINSIC VALUE
RESIDENTIAL INTENSIFICATION
GLOUCESTER RESIDENTIAL
PHASE I, OTTAWA
Location: Located on a 7.1 acre portion of RioCan's Gloucester
Silver City Shopping Centre along new Confederation LRT line at
the Blair Station in Ottawa
Ownership: 50% (JV with Killam Apartment REIT)
Property Type: Rental Residential, Phase I contains a 23 storey
tower with 222 units (at 100%)
Zoning status: Zoned
Project Completion: 2019
Estimated PUD Costs (RioCan’s interest): $42.6M
Surfacing Value:
• Zoning approved for three additional residential towers
containing the potential for up to 840 units
• Transitioned use from 77,000 sf of struggling fashion retail to a
23 story desirable rental residential building.
• Retail mix at our adjacent shopping centre was evolved and
now includes a strong, diverse mix of tenants including
Cineplex theatre, Indigo, Goodlife and numerous restaurants
• Adjacent to CSIS headquarters: 2,000+ employees
• Leading edge development that will maximize efficiency via a
geothermal energy system for heating and cooling
39
Proposed
• Demographics in a 5km radius:
• Population: 450k
• Average household income:
$164+

RESIDENTIAL INTENSIFICATION, GLOUCESTER OTTAWA (Including future phases)
Zoning approved for four residential towers containing the potential for up to 840 units on a 7.1
acre portion of RioCan's Gloucester Silver City Shopping Centre
40
Proposed

• Population: ~700k
• Average household income: ~ $120k
41
740 DUPONT AVE.,
TORONTO, ON
Location – Toronto, Ontario
Property Type – Mixed-use retail and residential. 9-storey
project with 210 rental units and 31,000 square feet of retail
GLA. Firm lease with Farm Boy (23,000sf) to anchor the retail
portion of the site.
Ownership - 50% (JV with Woodbourne)
Project Start / Anticipated Completion 2017 / 2020
Surfacing Value
• Site was acquired in 2010, formerly occupied by Grand
Touring automobile until November 2017
• Well located along a busy thoroughfare in a densely
populated area of Toronto. A short walk to the Bloor-
Danforth subway line
Proposed

• Population: ~160k
• Average household income: $141k+
• Well located with easy access to downtown Calgary,
the University of Calgary, McMahon Stadium and
Foothills Hospital
42
BRENTWOOD VILLAGE,
CALGARY, AB
Location – Located along the Northwest LRT line and
adjacent to the Crowchild Parkway in Northwestern Calgary in
close proximity to the University of Calgary
Property Type – Mixed-use retail residential, 12-storey, 165
rental units with approximately 10,000sf of retail GLA
Ownership - 50% (JV with Boardwalk REIT)
Project Start / Anticipated Completion 2018 / 2020
Surfacing Value
• Extracting additional value through the redevelopment of an
underutilized retail portion of the site to include additional
residential uses
• RioCan will retain a 100% interest in the remainder of the
shopping centre
Proposed

43
YONGE & EGLINTON NORTHEAST
CORNER, TORONTO, ON
Location: At the heart of one of Toronto’s busiest and most
popular intersections. Unparalled access to the Yonge subway
and new Eglinton Crosstown LRT
Property Type: Mixed-use with retail, residential tower with
466 units and condominium tower with 623 units
Ownership: 50% (JV with Metropia and Bazis)
Leasing/Sales: All 623 condominium units have been pre-
sold. Retail is 88% leased (anchored by TD Bank)
Proposed Rental Residential Units: 466 Units
Zoning Status: Zoned
Anticipated Completion: 2018 & 2019
Surfacing Value
• Agreement in place to acquire the partners’ 50% interest in
the 466 unit rental residential tower at cost plus $10M
• Agreement in place to acquire partner’s 50% interest in the
retail NLA at a 7% capitalization rate upon completion of
the project
Proposed
• Daytime population: 489k
• Condo portion of the project is 100% pre-sold

Location: Prime location in trendy Toronto’s downtown west
with direct access to transit
Property Type: Mixed-use with office, retail and
condominiums
Leasing/Sales: 132 condominium units fully sold out ahead
of price expectations.
• 98% leased
• New office 256,000 sf (at 100%) 100% leased to Shopify
and Indigo
• Existing 55,000 sf of office space adjacent to the building
is 100% leased with substantial rent upside upon project
completion
Ownership: 50% (JV with Allied Properties REIT)
Incremental Commercial NLA: 165,000 sf at RioCan’s
Interest
Project Start / Anticipated Completion: 2016/ Late 2018
KING PORTLAND CENTRE,
TORONTO, ON
44
Proposed
• Office tower is targeted LEED platinum

SUNNYBROOK PLAZA,
TORONTO, ON
45
Location: Located on new Eglinton LRT in an affluent
neighbourhood in midtown Toronto
Ownership: 50% (JV with Concert Properties)
Property Type: Mixed-use with one 16 storey and one 11
storey rental residential towers (approx. 427 units)
Commercial NLA: 22,000 sf at RioCan’s Interest
Project Start / Anticipated Completion: 2020/2023
Surfacing Value:
• Concert paid RioCan $26.3 million in June 2017 for a
50% interest in the development.
• RioCan acquired the centre in 2007 for $22.8 million
(100%)
• More than doubled the value in ten years, before
significant value creation upon this project’s
completion.
Proposed

YONGE SHEPPARD CENTRE,
TORONTO, ON
Location: Located at the thriving intersection Yonge &
Sheppard, with access to 2 subway lines and highway 401
Property Type: Mixed-use with incremental 104k sf retail,
as well as 258k sf of rental residential
Ownership: 50% (JV with KingSett Capital)
Phased Completion: Retail – 2019
Residential – 2020
Surfacing Value
• Renovation and expansion of retail space
• Intensification through the addition of a new 39 storey
residential tower containing 258,000 square feet of
residential rental space
• Retail anchored by Longo’s, LA Fitness, Shoppers Drug
Mart, Winners, and three major banks
• LA Fitness took possession of their space in Q2 2018
46
Proposed
• 49,000 people pass through the site as part of their
daily commute
• $250M (at RioCan’s interest) renovation underway
Proposed

47
STRATEGIC PILLAR FOUR: STRATEGIC ACQUISITIONS
• Acquire only the best locations in the six
major markets
• Opportunities to acquire partners’ interests
in today’s tight market
• Highly selective acquisitions of
development sites, leveraging existing
properties
STRATEGIC
ACQUISITIONS
SELECTIVELY SEIZING OPPORTUNITIES

STRATEGIC ACQUISITIONS
ACQUISITIONS OF PARTNERS’ INTERESTS HAVE BEEN A KEY SOURCE OF GROWTH POST SALE
OF US PORTFOLIO
48
Proposed
Acquired more than $1.5 Billion of assets predominantly in major markets that would
otherwise not be available in the market at a weighted average capitalization rate of 5.8%
• Acquisition from Kimco involved the purchase of a non-managing interest from a motivated seller seeking
to re-focus their portfolio in the United States.
Acquisitions from Kimco
of $0.9B
Acquisitions from CPPIB
of $0.3B
Acquisitions from
other partners,
$0.2B
Over $1.5 Billion of Acquisitions from Partners 2015 - 2017

MIXED-USE DEVELOPMENT
49
Proposed
THE WELL TORONTO, ON

50
Proposed
• Demographics 5KM radius:
• Innovative, amenity rich design including a European inspired
food hall
• Office is targeted LEED platinum
• Teaming with Enwave for the first low-carbon resilient cooling
and heating option for the property and surrounding community
THE WELL,
TORONTO, ON
Location: 7.7 acre site situated at the gateway to
downtown Toronto, at Front and Spadina. Transit
oriented adjacent to the site of a proposed intercity
GO Train stop.
Ownership Structure:
Commercial: 50% (J.V. with Allied Properties REIT
Residential: 40% (J.V. Allied Properties REIT and
WNUF2*)
Residential Building 6: 50% (J.V. with Woodbourne )
Property Type: Mixed-use with ~500,000 sf retail, 1.1
M sf office and ~1,800 residential units (condo and
rental) at 100%
Estimated project completion:
Commercial - 2021, Residential Building 6 – 2022+
Estimated PUD Costs (RioCan’s interest):
$694.4M** net of sales proceeds from air rights
Building 6: $136.4M
*WNUF2 holds a 20% interest in the residential portion until the sale of air rights to Tridel and Woodbourne upon completion of the underground and podium structures .
** Total estimated project costs include land costs measured at fair value of the land, soft and hard construction costs, external leasing costs, tenant inducements, construction and
development management fees, and capitalized interest and other carrying costs, as well as capitalized development staff compensation and other expenses.

51
Proposed
THE WELL,
TORONTO ON
Leasing Status
• Lease agreements with:
• Shopify representing 433,752 sf of office GLA
• Index Exchange for 200,000 sf of office GLA
• a high calibre office tenant for 125,000 sf of office
GLA
• Office component is 71% leased
Surfacing Value
• RioCan and its partners acquired the former Globe and
Mail head office and surrounding land for $170 million in
2012 and 2013
• Agreement in place to sell 1.1M sf of air rights to
Residential partners Tridel and Woodbourne for
approximately $180 million upon completion of the
underground and podium structures
• Upon completion, an estimated 10,000 people will live
and work at the property
• A comprehensive signage master plan agreement has
been approved by the city. Interior and exterior digital
signage will generate significant ancillary revenue
Proposed

YORKVILLE,
TORONTO, ON
Location: Transit oriented and in the heart of prestigious
Yorkville, one of Toronto’s most high-end shopping and
residential areas.
Property Type: Mixed-use with potential for 0.5M sf of luxury
condominium and retail uses and up to up to 82 rental units
Ownership: 50/25/25 joint venture among RioCan, Metropia
and Capital Developments
Zoning Status: Preparing application for ZBA Zoning Bylaw
Amendment
Project Start/Anticipated Completion: TBD
Surfacing Value:
• As of February 2018 the partners have completed
acquisitions of adjacent properties substantially required
for the intensification project
• RioCan has agreed to purchase the partners’ interest in
the retail portion upon completion at a 6% cap rate and
has the right of first opportunity to acquire the residential
rental units
52
• Demographics in 5 km radius:

53
Proposed
BATHURST COLLEGE
CENTRE, TORONTO
Location: Situated in the western downtown
corridor in Toronto, at Bathurst Street and College
Avenue. Directly across street from Toronto General
Hospital
Ownership Structure: 100%
Property Type: 139,000 sf mixed-use office and
retail
Leasing status: 98% leased
Anchor Tenants: University Health Network
(UHN), Fresh Co (Sobeys), Winners
Estimated project completion: 2019
Estimated PUD Costs (RioCan’s interest):
$108.2M
Proposed

54
Proposed
5th & THIRD,
CALGARY, AB
Location: Well located in the East Village area of
downtown Calgary with direct access to the LRT
Ownership Structure: 100% retail, Residential air
rights sold to Embassy BOSA
Property Type: Mixed-use with 161,000 sf of retail
and 597,000 sf residential sold as air rights
Lead Tenants : Loblaw’s City Market, Shoppers Drug
Mart
Leasing status: 70% pre-leased
Estimated project completion: 2021
Proposed

55
STRONG BALANCE SHEET
• Low leverage
• Low cost of debt
• Laddered debt maturity and mostly fixed rate
• Access to multiple sources of capital
• Large unencumbered assets pool generating
58.3% of annualized NOI
STRONG BALANCE
SHEET
Strong
Growth
Multiple
Capital
Sources
Low
Leverage
THE FINANCIAL RESOURCES TO FUEL GROWTH AND WEATHER MARKET TURMOIL

56
MEASURED APPROACH TO DEVELOPMENT
Max.
Permitted
As at
June 30,
2018
Target
Properties Under Development (“ PUD” ) & Inventory
- $1.4 B N/A
PUD and Inventory as % of Gross Assets– per Line of Credit Covenant 15% 10.1% ~ 10%*
Investment in Greenfield Development and Inventory as % of Unitholder Equity
- per Declaration of Trust 15% 5.1% N/A
$1.4 Billion
$300M - $400M $300M - $600M
<$1.5 Billion*
* In 2018 and 2019, PUD and Inventory balance may exceed the target range of 10% of gross assets or over $1.5B on a quarterly basis before a few large projects
(such as YENE condo and rental towers, Kingly, Bathurst & College) are completed in late 2018 and early 2019.

57
SELF FUNDING DEVELOPMENT
NOT DEPENDENT ON EQUITY OFFERINGS OR INCREASING LEVERAGE
Sources of Funding for Development:
• Disposition net proceeds
• Sales proceeds from condominium/townhouse developments or air rights
sales
• Strategic alliances to reduce capital requirements and mitigate risks
• Excess operating cash flows
• Sale of marketable securities

58
PRUDENT MANAGEMENT OF DEVELOPMENT RISKS
• Laddered development
• Pre-leasing requirement for commercial development and sound market studies for
residential development
• Well-established internal control process for development approvals and
construction management
• Detailed working drawings and costing and utilize fixed price contracts as much as possible
• Strategic alliances to reduce capital requirements and mitigate risks
• Dedicated and experienced development team but not over-staffed
o No overhead pressure to take on projects
o Residential property management currently outsourced until we reach scale
• Already own the assets, which are income producing
o We can better control development starts especially in today’s environment of rising construction costs
• Limited condominium development

59
STRONG BALANCE SHEET
PRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE
* Coverage and payout ratios calculated on a rolling 12 month basis
Capital Structure Metrics
Target Q2 2018*
Leverage 38% - 42% 42.4%
Debt/EBITDA <8.0x 7.74x
Interest Coverage >3.0x 3.78x
Debt Service Coverage >2.25x 3.11x
Fixed Coverage >1.10x 1.17x
Unencumbered Assets N/A $8.0B
Unencumbered Assets to Unencumbered Debt >2.0x 2.21x
NOI % from Unencumbered Assets >50% 58.3%
Unsecured vs. Secured Debt 60%/40% 59%/41%
FFO Payout Ratio <80% 78.0%

42.4%
47.3%
3.1x
2.5x
7.7x
9.0x
Debt Service Coverage
Leverage
60
INDUSTRY LEADING FINANCIAL PROFILE
Source: company reports; Peers as at June 30, 2018 : CRR, CRT, FCR, CHP, SRU
3.8x
3.0x
Interest Coverage
Debt to EBITDA

61
INDUSTRY LEADING FINANCIAL PROFILE
CAPITAL STRUCTURE PROFILE: CANADA VS. U.S.
Historical Background and Stronger Demand for Yield:
o Canadian REITs have a shorter history and higher demand for yield
o US Retail REITs have much higher institutional ownership (~86%*)
Less Risky Retail Operating Environment
o Less retail space per capita in Canada
o Stricter development regulations and municipal bylaws in Canada
o Retail in Canada has less competition, more financially stable anchor tenants
More Conservative Lending Practices
o Canada: recourse borrowing and higher proportion of secured financing
o U.S.: Non-recourse borrowing and more reliance on unsecured financing
o Canadian financial institutions have more conservative, on-balance sheet
lending practices

62
CAPITAL MANAGEMENT STRATEGY
PRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE
• Maintain strong balance sheet with leverage in the 38% - 42% range
• Maximize unit repurchases under NCIB subject to our leverage target
• Self-fund development
• Balance unsecured and secured debt ratio in the ~60/40 split range
• Maintain financial flexibility by managing revolving line of credit
utilization and balance between debenture issuance and line of credit
utilization
• Balance debt maturities and limit variable rate debt to manage interest
rate risk
• Maintain and develop lender relationships and continue to utilize
diversified funding sources
• Utilize CMHC funding for mixed-use residential properties

63
STAGGERED DEBT MATURITY AND LOW COST OF DEBT
WeightedAvg.InterestRateonMaturingDebt
3.64% 3.63%
3.23%
3.48% 3.23% 3.40%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
400
800
1,200
1,600
2,000
2,400
2018 2019 2020 2021 2022 Thereafter
$ ‘000s
Scheduled principal amortization Mortgages payable
Floating Rate Mortgages and Lines of Credit Debentures payable
Weighted average interest rate
424
938 882 976
653
2,147
LESS IMPACTED BY RISING INTEREST RATES

CONTACT INFORMATION
64
Proposed
Proposed
Contact Information
RioCan Yonge Eglinton Centre
2300 Yonge Street
P.O. Box 2386
Toronto, ON
M4P 1E4
Email: ir@riocan.com
(T) 1-800-465-2733 or (416) 866-3033

Management Investor Presentation - Q2 2018

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