Management Investor Presentation - Q4 2017

MANAGEMENT
INVESTOR
PRESENTATION
Year end 2017
Updated: March 23, 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 December 31, 2017.
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 December 31, 2017
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 December 31, 2017.
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

Calgary
Edmonton
Vancouver
Toronto
MontrealOttawa
BC
ON
11.6%
8.6%
4.7%
4.8%
5.4%
ABOUT RIOCAN
40.9%
• Canada’s largest REIT, 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 26.31 M sf development pipeline, 12.3 M sf or 47%
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: 76.1%
Quick Facts
Enterprise Value $13.9 B
Number of Properties 289
Net Leasable Area (NLA) 44M sf
Same Property NOI 2.1%
Committed Occupancy 96.6%
GTA Focus - % of Annualized Rental Revenue
Peer Average1
41%
23%
Revenue from National Tenants 84.8%
Average Net Rent $17.75
Renewal Spread full year 2017 5.8%
GROWTH DRIVEN BY INSIGHT
0
10
20
30
40
50
60
70
RioCan NLA RioCan NLA including
Incremental NLA from
Development*
Robust Development Program
Tremendous source of future NAV growth
22.2M
incremental
NLA or 53% of
existing NLA2
41.8M
existing
IPP NLA
2. Includes incremental NLA of 22.2M sf plus 4.1M sf that is currently income producing.
Assumes all development projects per the MD&A for the period ended December 31, 2017 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 56.7% 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%

Disposition Progress as of February 13, 2018
Transaction type Value (M) Weighted average cap rate
Closed and Firm $511.9 6.1%
Conditional $58.0 6.7%
Total to Date $569.9 6.1%
• Sale prices to-date are in line with IFRS value
• $569.9M progress to-date in four months since the October 2017
announcement representing approximately 28% of the $2.0B disposition
target
• Disposition progress as of February 13, 2017 are located in:
o Fredericton in New Brunswick
o Hamilton, Orillia, Sudbury, Collingwood and St. Catharines in Ontario
o Duncan, Kelowna, Oliver, Vernon, British Columbia and
o Yorkton in Saskatchewan
7

76.1%
>90%
2017 Vision
Major Market
Revenue
~2.1%
>3%
2017 Vision
SP NOI Growth
• Higher concentration of revenue from the fastest growing markets
in Canada
• Higher concentration of revenue from Canada’s largest and most
important financial market
• Resilience to the changing retail environment
• Enhanced growth profile
• Improved cost structure
8
40.9%
>50%
2017 Vision
GTA Revenue
Focus

~157k
~205k
2017 Vision*
Ave. Population
(5km radius)
~102k ~111k
2017 Vision*
Avg. Income
(5km radius)
• 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
9
* 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.
24
19
2017 Vision
Avg. Age Portfolio
(yrs.)

10
CONSISTENT GROWTH IN FUNDS FROM OPERATIONS
$1.34
$1.62 $1.53
$1.78
$1.65
$1.94
$1.68
$1.79
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2014 2015 2016 2017
Continuing Operations FFO/Unit Discontinued Operations FFO/Unit (US)
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.
Well-timed
exit from U.S.
retail market

11
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 – 7.0 years
8.2%
12.7%
11.8% 11.8%
9.7%
$19.23
$18.44
$17.51
$18.48
$20.23
$-
$5.00
$10.00
$15.00
$20.00
$25.00
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%
2018 2019 2020 2021 2022
Lease maturity Expiring Rent

12
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%
24.0%
32.0%
25.2% 25.6% 22.0%
23.1%
23.3%
2011 2012 2013 2014 2015 2016 2017
REI Peer Average

13
INDUSTRY LEADING PRESENCE IN THE TORONTO CORE AND…
RioCan First Capital Realty SmartCentres REIT

14
ACROSS THE GTA
RioCan First Capital Realty SmartCentres REIT

15
EVOLVING & RESILIENT TENANT MIX
Retailer
Category
% of
Rent
2017
Change
since
2007
Key Brands
Grocery/
Pharmacy
Liquor/
Restaurant
27.8% 3.3%
Personal Services 20.3% 4.2%
Value Retailers 15.2% 2.6%
Specialty
Retailers
10.2% 0.1%
Department
Stores/ Apparel
8.9% (7.4%)
Furniture and
Home
9.9% 1.5%
Entertainment and
Hobby
3.1% (2.6%)
Movie Theatres 4.6% (1.7%)
ADAPTING TO THE EVER CHANGING RETAIL ENVIRONMENT

16
CONSISTENTLY HIGH OCCUPANCY
COUPLED WITH STRONG RENT GROWTH
97.4% 97.6% 97.4% 96.9% 97.0%
94.0%
95.6% 96.6%
$14.82
$15.21
$15.70
$16.08
$16.69
$17.11
$17.59
$17.75
$13.00
$13.50
$14.00
$14.50
$15.00
$15.50
$16.00
$16.50
$17.00
$17.50
$18.00
2010 2011 2012 2013 2014 2015 2016 2017
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Committed occupancy Average rentAverage net rent
Target
Departure
• Average net rent growth also reflects the improvements in the overall
quality of the portfolio as RioCan increased its major market focus over time

17
STRONG RETENTION RATIO
• RioCan has maintained a consistent strong retention rate and continues to broaden the
gap with our peers
• Strong track record of tenant retention averaging 89.2% since 2009 relative to 82.9% for
the peer average
OUTPERFORMING AND WIDENING THE GAP RELATIVE TO PEERS
Source: company reports; Peers: CHP and SRU (no data for FCR, CRR, CRT)
Peer average calculation is weighted by square feet renewed
88.1% 89.7%
85.7%
85.8%
91.1%
86.2%
84.8%
75.9%
78.5%
72.5%
2013 2014 2015 2016 2017
REI Peers - Weighted Average

11.4% 11.4%
8.1%
6.0%
5.8%
7.2%
8.7% 8.4%
6.1%
5.4%
2013 2014 2015 2016 2017
REI Peers - Weighted Average
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LEASE RENEWAL SPREAD
Target
Departure
Source: company reports; Peers: FCR, CHP, CRR and SRU (no data for CRT)
Peer average calculation is weighted by square feet renewed
• RioCan consistently outperformed peers prior to Target departure in 2015 and returned
to outperformance as new tenants are opening in the redeveloped space
OUTPERFORMING PEERS IN 2017

19
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

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 4.8 % 80 2,067 7.5
2 4.3 % 82 2,050 4.8
3 4.2 % 29 3,607 9.3
4 3.9 % 27 1,443 7.4
5 3.9 % 72 1,942 6.8
6 3.4 % 49 1,999 6.7
7 1.8 % 104 504 7.0
8 1.8 % 13 1,517 10.4
9 1.6 % 83 760 6.3
10 1.6 % 25 898 8.4
TOTAL 31.3% 564 16,789 7.3
Peer Average (iii)
67.7% -- -- --
(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

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, 12 years
in Real Estate
Rags Davloor,
President and COO
25 years in Real Estate,
Operations & Finance
Qi Tang,
SVP and CFO
20 years in Finance
& Real Estate
Jonathan Gitlin,
SVP Investments &
Residential
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
ENHANCING PRIME ASSETS
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

24
COMPLETED DEVELOPMENTS
GREENFIELD DEVELOPMENT
• 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

DRIVING ORGANIC GROWTH
STRATEGIC REDEVELOPMENT
RIOCAN YONGE EGLINTON CENTRE,
TORONTO
25
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
• Current Value: $574 million
• NOI at acquisition: $13 million
• Value Stabilized NOI: $26 million
257% increase in value since acquisition
• Strategically evolved tenant mix to meet consumer
needs
• Incremental revenue through leasing of the digital
screens on the building interior and exterior

26
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 381,000 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 133% of the net
revenue and while only representing 84% 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

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

DEVELOPMENT TEAM
• 33 professionals managing all aspects of development from zoning applications,
planning, design to development and construction management
• A wealth of experience in real estate development with past experience in a wide
range of development and real estate entities including residential and commercial
development firms
• Expertise with the zoning and approval process across various municipalities and
levels of government
• Three office locations in Canada (Toronto, Montreal, Calgary)
Planning &
Zoning
Process
Design Analytics
Residential
Development
Construction
DEVELOPMENT TEAM
STRONG EXPERIENCED AND CAPABLE TEAM OF PROFESSIONALS
29

30
UNMATCHED PORTFOLIO OF URBAN MIXED-USE
DEVELOPMENT PROPERTIES
Yonge Eglinton Northeast Corner King & Portland
Yonge Sheppard Centre Gloucester Residential Phase I
Sunnybrook Plaza

31
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
ROBUST DEVELOPMENT PIPELINE
0
10
20
30
40
50
60
70
RioCan NLA RioCan NLA including Incremental NLA from
Development*
1. Total development pipeline of 26.3M sf includes incremental NLA of 22.2M sf plus 4.1M sf that is currently income producing
2. Assumes all development projects per the MD&A for the period ended December 31, 2017 are completed and assumes no
additional development, acquisitions, or dispositions
22.2M incremental
NLA1 or 53% of
existing NLA2
Millions sf.
41.8M existing
IPP NLA

32
TREMENDOUS SOURCES OF CASH FLOW & NAV GROWTH
Zoned, 12.3m sf,
46.7%
Application
submitted,
5.3m sf, 20.1%
Future est.
density,
8.7m sf,
33.2%
Total Pipeline by Zoning Status
(26.3M* sf)
Commercial
1.1m sf,
4.4%
Residential & Air
Rights
17.2m sf,
65.3%
Commercial, 7.0m
sf, 27.8%
Residential
Inventory
1.0m sf, 3.9%
Mixed-Use
Residential
25.1m sf,
95.6%
Total Pipeline by Project Type
* Includes 22.2M sf of incremental NLA and 4.1M sf of NLA which is currently income producing. All data at RioCan’s interest.
• Nearly 50% or 12.3M 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

33
TREMENDOUS SOURCES OF CASH FLOW & NAV GROWTH
SELECTED DEVELOPMENT COMPLETIONS OVER THE NEXT THREE YEARS
At RioCan’s Interest 2018 2019 2020
Annual Completed NLA 693,000 813,000 1,302,000
Cumulative NLA 693,000 1,506,000 2,808,000
% of NLA* 1.7% 3.6% 6.7%
* Income producing NLA of 41,807k sf as at December 31, 2017
Brentwood Village
King Portland Centre
Bathurst College Centre
Yonge & Eglinton
Northeast Corner
Gloucester Phase I
740 Dupont
The Well – Phased
completion 2020-2023
• Development completions of 2.8M sf through 2020 are expected to generate approximately $54M
of annualized NOI at RioCan’s interest

34
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 412
555 College 113
King Portland Centre 425
Yonge & Eglinton 707
The Well & Building 6 2,938
740 Dupont 181
Sunnybrook Plaza 316
Queensway 614
Dufferin Plaza 582
RioCan Leaside Centre 1,307
Lawrence Square 94
RioCan Hall 736
491 College 24
Bathurst College Centre 139
SELECTED URBAN
TORONTO
8,588
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

BRAMPTON/MISSISSUAGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS
Selected Brampton/Mississauga RioCan
Future Development Potential '000s sf (100%)
Shoppers World Brampton 4,200
RioCan Sandalwood Square (Ph. I) 180
RioCan Grand Park 330
Selected Brampton/Mississauga
TOTAL
4,710
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
35

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 145
5th & Third East Village 755
Southland Crossing 972
Selected Calgary TOTAL 1,872
3
2
1
1
2
3
36

37
OTTAWA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS
Selected Ottawa RioCan
Development Potential
'000s sf
(100%)
Gloucester/Frontier 667
Lincoln Fields 1,000
SELECTED OTTAWA POTENTIAL
TOTAL
1,667
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 37

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
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
38
Proposed
• Demographics in a 5km radius:
• Population: 450k
• Daytime population: 457k
• Average household income: $164k+
• Adjacent to CSIS headquarters: 2,000+ employees
• Leading edge development that will maximize efficiency
via a geothermal energy system for heating and cooling

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
39
Proposed

• Population: ~700k
• Average household income: ~ $120k
40
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 / 2021
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
• Well located with easy access to downtown Calgary,
the University of Calgary, McMahon Stadium and
Foothills Hospital
41
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

42
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 82% leased (anchored by TD Bank)
Proposed Rental Residential Units: ~460 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
• Condo portion of the project is 100% pre-sold
Proposed

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: 134 condominium units fully
sold out ahead of price expectations. New office
256,000 sf (at 100%) 100% leased to Shopify
and Indigo: retail all but 7,000 sf leased.
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: 166,000 sf at
RioCan’s Interest
Project Start / Anticipated Completion: 2016/
Late 2018
KING PORTLAND CENTRE,
TORONTO, ON
43
Proposed
• Office tower is targeted LEED platinum

SUNNYBROOK PLAZA,
TORONTO, ON
44
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 156k 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
45
Proposed
• 49,000 people pass through the site as part of their
daily commute
• $250M (at RioCan’s interest) renovation underway
Proposed

46
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
56.7% of annualized NOI
STRONG BALANCE
SHEET
Strong
Growth
Multiple
Capital
Sources
Low
Leverage
THE FINANCIAL RESOURCES TO FUEL GROWTH AND WEATHER MARKET TURMOIL

47
Capital Structure Metrics
Target 2017
Leverage
38% - 42% 41.4%
Debt/EBITDA
<8.0x 7.57x
Interest Coverage
>3.0x 3.84x
Debt Service Coverage
>2.25x 3.06x
Fixed Coverage
>1.10x 1.17x
Unencumbered Assets
N/A $7.7B
Unencumbered Assets to
Unencumbered Debt >2.0x 2.26x
NOI % from Unencumbered Assets
>50% 56.7%
FFO Payout Ratio
<80% 78.8%
Recent News & Future Plans
• January 31, 2018 – issued $300 million
5.7-year senior unsecured debentures
at 3.209%, maturing September 2023
• Repurchased and cancelled 3.9M units
at a weighted average price of $25.30
per unit under NCIB
• Self funding (as opposed to equity
issuance) developments through:
o Sales proceeds from
condominium/townhouse developments
or air rights sales
o Strategic alliances to reduce capital
requirements and mitigate risks
o Disposition net proceeds
o Excess operating cash flows
o Sale of marketable securities
o Debt, subject to leverage targets and
credit metrics
• Optimize secured versus unsecured
debt and floating versus fixed rate debt
STRATEGIC PILLAR THREE: STRONG BALANCE SHEET
PRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE

41.4%
46.0%
3.1x
2.6x
7.6x
8.3x
Debt Service Coverage
Leverage
48
INDUSTRY LEADING FINANCIAL PROFILE
Source: company reports; Peers: FCR, SRU, CHP, CRR, CRT
3.9x
3.1x
Interest Coverage
Debt to EBITDA

49
STAGGERED DEBT MATURITY AND LOW COST OF DEBT
WeightedAvg.InterestRateonMaturingDebt
3.37% 3.52% 3.65%
4.40%
2.69%
3.36%
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
1,004 963 896 922 1,080
1,201
LESS IMPACTED BY RISING INTEREST RATES

50
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
51
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 Since 2015

MIXED-USE DEVELOPMENT
52
Proposed
THE WELL TORONTO, ON

53
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 - 2023
*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 .

54
Proposed
THE WELL,
TORONTO ON
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
55
• Demographics in 5 km radius:

56
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: 79% pre-leased
Anchor Tenants: University Health
Network (UHN), Winners
Estimated project completion: 2019
Proposed

57
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
158,000 sf of retail and 597,000 sf
residential sold as air rights
Leasing status: 70% pre-leased
Estimated project completion: 2021
Lead Tenants : Loblaw’s City Market,
Shoppers Drug Mart
Proposed

CONTACT INFORMATION
58
Proposed
Proposed
Edward Sonshine, O.Ont., Q.C.
Chief Executive Officer
Rags Davloor
President & Chief Operating Officer
Qi Tang
Senior Vice President & Chief Financial Officer
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 - Q4 2017

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Management Investor Presentation - Q4 2017