Q1-2017 Management Investor Presentation

1. Management Investor
Presentation
June 15, 2017
First Quarter 2017

2. 2
NON-GAAP MEASURES
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”), Adjusted FFO (“AFFO”), Operating FFO
(“OFFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Debt to
Adjusted EBITDA,, Adjusted Unitholders Equity, Same Store NOI, and Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge
Coverage, and Total Enterprise Value as well as other measures discussed elsewhere 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 March 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.
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.
2
FORWARD LOOKING INFORMATION

3. 3
One of North America’s Largest Retail REITS
300
properties
in Canada
64 million
sqft total portfolio
$8.5 billion
market cap
46 million
sqft owned
$14.6 billion
enterprise value
~85%
revenue generated
by national and
anchor tenants
~6,400
tenancies
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.

4. 4
Core Strengths
Strong, reliable distribution yield provided to investors
Stable, diversified portfolio of national retail tenants
Disciplined growth strategy in Canada through acquisition and development
Positioned to benefit from robust development pipeline and acquisitions
Experienced, performance driven management team
Dominant platform, geographically diversified across Canada with emphasis on the
Country’s six largest markets
Conservative balance sheet / financial strength

5. 5
Calgary
Edmonton
Vancouver
Toronto
MontrealOttawa
BC
AB
ON
QC
11.4%
8.4%
5.8%
4.9%
5.2%
39.7%
Ontario
64.4%
Alberta
15.1%
Quebec
8.6% BC
9.0%
Eastern
Canada
1.9%
Manitoba /
Saskatchewan
1.0%
Annualized Rental Revenue by Province & Major Market
As at March 31, 2017

6. 6
Strong Tenant Relationships
Top 10 Tenants
Top
10
Tenant Name
Annualized
Rental
Revenue
Number Of
Locations
NLA
(Sq. Ft. In 000s)
Weighted Avg
Remaining
Lease Term
(Yrs)
1 (i) 5.0% 91 2,544 7.3
2 ( (ii) 4.9% 82 2,115 7.5
3 4.3% 29 3,607 9.9
4 4.0% 27 1,443 7.9
5 3.7% 71 1,917 7.3
6 3.5% 50 2,058 6.5
7 1.9% 107 522 5.7
8 1.8% 13 1,517 11.4
9 1.7% 28 928 9.2
10 1.6% 80 725 5.7
(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark’s/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere.
(ii) Loblaws/Shoppers Drug Mart includes No Frills, Fortinos, Zehrs and Maxi.
As at March 31, 2017

7. 7
2,072
4,759
5,381
4,911
5,257
2017 2018 2019 2020 2021
Lease Rollover Profile
Broadly Distributed Lease Expiries
% Square Feet expiring / portfolio NLA
As at March 31, 2017
’000s Square Feet
4.8%
12.5% 11.4% 12.2%11.1%

8. 8
96.0%
95.0%
96.0%
95.0%
96.1% 95.6% 95.8% 96.3% 96.3% 97.1% 97.7% 97.6% 96.9%97.4% 97.4% 97.6% 97.4% 96.9% 97.0%
94.0%
95.6% 96.2%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Occupancy since 1996
Historical Committed Occupancy Rates 1996 to Q1 2017
* As at March 31, 2017

9. 9
Financial Highlights
Funds From Operations (“FFO”)
FFO
340
427
471
507
622
548
2011 2012 2013 2014 2015* 2016*
FFO Per Unit
1.28
1.47
1.56
1.65
1.95
1.68
2011 2012 2013 2014 2015* 2016*
10.0%
CAGR 5.6%
CAGR
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
Note: FFO includes results from continuing and discontinued operations. As previously disclosed
effective January 1, 2017 RioCan will no longer report Operating Funds from Operations (“OFFO”).
* 2015 includes net settlement amount from Target of $88 million. 2016 decline reflects the lost
FFO as a result of the sale of the U.S. portfolio and no Target settlement as in 2015.

10. 10
Financial Highlights
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
• On a continuing operations basis, Funds From Operations ("FFO")
increased 31% to $143 million for the First Quarter, as compared to
$109 million in the first quarter of 2016;
• Same property NOI grew by 1.5%, or $2.5 million in the First Quarter
as compared to the same period in 2016;
• Committed occupancy improved 140 basis points to 96.2% at March
31, 2017 as compared to 94.8% at March 31, 2016;
• Achieved renewal rent increases of 8.2% with a retention rate of
88.6% in the First Quarter as compared to a renewal rent increase of
6.2% with a retention rate of 84.4% in the same period in 2016

11. 11
Financial Highlights
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
• RioCan's Total Debt to Total Assets ratio was 40.5% (40.8% at
RioCan's proportionate share) as at March 31, 2017 as compared to
45.4% (45.6% at RioCan's proportionate share) at March 31, 2016,
providing sufficient financial capacity for RioCan to pursue its
development and intensification program;
• As part of RioCan's ongoing capital recycling program, RioCan sold
a portion of its marketable securities and recognized a gain of $11.5
million related to the sale in the First Quarter of 2017;
• Subsequent to March 31, 2017, the Trust exercised its option to
extend the maturity date on its operating line of credit to May 31,
2022.

12. 12
Financial Highlights
Q1 2017
Same Property NOI Growth 1.5%
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
($ millions)
Three months ended
March 31, 2017 March 31, 2016 % Change
Revenue 289,669 283,831 2.1%
FFO 142,764 142,631 nm
FFO from continuing operations 142,934 108,760 31.4%
FFO (per unit - diluted) 0.44 0.44 nm
ACFO 117,583 122,263 (3.8%)
nm – not material

13. 13
Financial Highlights
228
261 281 285 293
316 312 365
397
297
318 340
367
401
426 433 453 458
2008 2009 2010 2011 2012 2013 2014 2015 2016
(in millions)
Distributions to Unitholders
1.04
1.14 1.14
1.07
1.01 1.04 1.02
0.97
1.22
1.36 1.38 1.38 1.38 1.38 1.41 1.41 1.41 1.41
2008 2009 2010 2011 2012 2013 2014 2015 2016
Distributions to Unitholders per Unit
Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP
Total Distributions to Unitholders Total Distributions per Unit to Unitholders
* Distribution net of DRIP increased as a result of a lower DRIP participation rate (6.3% @ Q1 2017).

14. 14
Conservative Debt Structure
Growth in Asset vs Debt (at RioCan’s interest)
In millions
Debt
Assets
2008
2009
2010
2011
2012
2013
2014
2015
2016
3,260
5,878
5,334
14,344
Debt
Assets
CAGR – 12.7%
CAGR – 7.4%
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.

15. 15
RioCan has consistently adhered to a conservative debt policy even through periods of
considerable growth
• 60% max permitted under covenant
• Interest coverage well in excess of the 1.65x maintenance covenant
Modest Leverage, Strong Interest Coverage
47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6%
49.1% 46.4% 43.5% 44.0% 43.8% 46.3%
40.0% 40.8%
2.9x 2.9x
2.6x 2.6x
2.7x
2.8x
2.9x
2.7x
2.6x
2.2x
2.5x 2.5x
2.7x
2.8x 2.9x
3.1x
3.4x
3.5x
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1
2017
Leverage Interest Coverage
At RioCan’s interest
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.

16. 16
Long-term, staggered debt maturity profile.
• The weighted average contractual interest rate at March 31, 2017 was 3.44% with a 3.55 year
weighted avg. term to maturity as compared to 3.54% and 3.42 years at Dec. 31, 2016.
• Floating rate debt exposure at RioCan’s interest – 15.1%
Debt Maturity Schedule
3.42% 3.44%
3.97%
3.22%
2.93%
3.17%
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
2017 2018 2019 2020 2021* Thereafter**
Scheduled principal amortization Mortgages payable
Floating Rate Mortgages and Lines of Credit Debentures payable
Weighted average interest rate
$ Millions
WeightedAvg.InterestRateonMaturingDebt
930
792 686
866 1,111
1,410
*Reflects $300 million issuance of Series Z unsecured debenture with a coupon rate of 2.194%
** Reflects maturity extension of Line of Credit to May 31, 2022

17. 17
Rolling 12 Months Ended
At RioCan’s interest Mar.
31/17
Dec.
31/16
Interest coverage ratio 3.54x 3.36x
Debt service coverage ratio 2.75x 2.61x
Fixed charge coverage ratio 1.10x 1.10x
Debt to Adjusted EBITDA 7.90x 8.10x
Distributions as a percentage of FFO 83.9% 71.2%*
Unencumbered Assets to Unsecured Debt 236% 240%
Debt to Assets (as at) 40.8% 40.0%
% NOI generated by unencumbered assets 52.9% 49.5%
Leverage and Coverage Ratios & Targets
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
Targeted Ratios
>3.00X
>2.25X
>1.10X
<8.0X
<80%
>200%
38% - 42%
>50%
* includes Target settlement. Excluding the settlement the FFO payout ratio would be 82.6%

18. 18
Future Growth Drivers
Organic Growth
Development
JV Partners
Acquisitions
Land Use
Intensification

19. 19
Lease Expiries
(thousands except psf and % amounts) Portfolio NLA 2017 2018 2019 2020 2021
Total 43,064 2,072 4,759 5,381 4,911 5,257
Square Feet expiring/portfolio NLA 4.8% 11.1% 12.5% 11.4% 12.2%
Total average net rent psf $20.41 $18.66 $19.02 $17.82 $17.97
Organic Growth
Diversified lease rollover profile with less than 50% of leases renewing through 2020.
• In Q1 2017, achieved renewal rent increases of 8.2% or $1.44 psf with an average renewal rate of $19.13 psf.
• Retention rate of 88.6% in the quarter.
$10
$11
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
0
1,000
2,000
3,000
4,000
5,000
6,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 2017 2017
remaining
2018 2019 2020 2021
RentPSF
Squarefeet('000s)
RioCan Lease Maturity Schedule and Renewal History
Square feet expiring (left axis) Square feet renewed (left axis) Achieved Renewal Rent PSF
Expired Rent PSF Expiring Rent PSF

20. 20
Organic Growth
Occupancy and Leasing Profile – Last eight quarters
2017 2016 2015
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
Committed occupancy (%) 96.2 95.6 95.3 95.1 94.8 94.0 93.2 93.1
In-place occupancy (%) 94.4 93.6 93.6 92.9 92.8 93.3 92.4 92.5
Retention rate (%) 88.6 84.0 83.1 91.6* 84.4 81.4 89.8 87.7
Increase in average net rent per sf. (%) 8.2 8.1 6.6 3.3* 6.2 4.0 8.6 9.5
This slide contains references to non-GAAP Measures. For a definition of such measures please refer to RioCan’s March 31, 2017 MD&A.
• Annualized incremental IFRS rental income represented by the gap between committed and economic occupancy
is $16.2 million and includes amounts related to Target backfill progress as applicable.
• Of the 804,000 square feet of NLA and $16.2 million of annualized incremental IFRS rent, 64.2% of the NLA and
43.7% of the incremental IFRS rent relates to the leasing of former Target space and leasing of other tenant space
in development projects expected to be completed in 2017.
* The renewal rate increase in Q2 2016 was below average as it was impacted by one renewal during the quarter with a
large national tenant in a secondary market that renewed at a rent lower than the contractual rent due on expiry. Excluding
this tenant renewal, the increase in average net rent per square foot would be $1.34 or 6.9%. However, as a result of
securing this tenant the retention ratio increased to above 90% in Q2 2016.

21. 21
The Death of the Mall?
Media reports fail to recognize differences between Canada and the U.S.

22. 22
Key Differences Between Canadian and U.S. Retail
• Canada simply has far less retail space per capita (60%)
than they have in the United States.
• The number of anchors in the United States is far greater.
Contributing to the increased supply of space.
• Our geography - Canada is essentially a country that is 100
miles deep and 3,000 miles wide. Making shipping and
delivery costs more expensive.

23. 23
The Death of the Mall?
RioCan’s approach to the evolving retail landscape
Core strategy of Urban retail
• Capitalizing on core demographic trends of increasing urbanization
• Convenience, ease of pickup for goods
• Intensification strategy puts increased density of consumers adjacent to retail
offerings
• Flexible box sizes to suit tenant needs
Tenant Mix
• Fastest growing tenant categories are in the “experiential” retail space
• Fitness, Food and Beverage, Entertainment
• These categories also work best in highly populated markets with solid
demographics
Grocery/Necessity based retail
• Grocery and needs based retail remains defensive against e-commerce
• Prepared food offerings from major grocers remains a core area of growth for
the grocery segment
What is RioCan doing to manage the changing retail environment?

24. 24
RioCan continues to evaluate its portfolio in order to selectively dispose of assets as a means of recycling
capital, and also to increase the portfolio weighting in the six major markets in Canada.
These asset sales will further enhance RioCan’s strategy to shift the portfolio’s geographic allocation away
from low growth markets to Canada’s high population, high growth markets;
• RioCan’s concentration in Canada’s six high growth markets is 75.4% (Year end 2004 - 57.7%) and is expected to continue
to increase as the result of the development completions.
• Capital from asset sales redeployed into development and acquisition activities.
• Markets with highest population growth will outperform smaller markets with little growth or negative population statistics.
Extracting Value by Recycling Capital
RioCan’s plan to continue recycle capital into higher growth assets will provide for enhanced
returns to unitholders and a reduced need for access to public equity markets to raise capital.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1
2017
57.7%
75.4%

25. 25
Development Activity - Current Portfolio
Alberta
16%
Ottawa
8%
Suburban
GTA
19%
Toronto
57%
Development Portfolio by Geographic Diversification
(by NLA)
(thousands of square feet)
NLA -
100%
NLA -
RioCan%
Greenfield Development 2,099 1,001
Urban Intensification 3,861 2,154
Sub-total 5,960 3,155
Expansion & Redevelopment 1,797 1,271
Total 7,757 4,426
(thousands of dollars) 2017 remainder 2018 2019 2020+ Total
Greenfield Development 14,146 68,601 22,146 72,281 177,174
Urban Intensification 151,490 275,721 258,626 308,270 994,107
Expansion & Redevelopment 110,475 76,491 19,616 73,833 280,415
Total RioCan Share of Construction
Expenditures
276,111 420,813 300,388 454,384 1,451,696
Projected proceeds from dispositions (i) (44,754) (26,813) - (101,964) (173,531)
Projected development costs, net of
dispositions
$231,357 $394,000 $300,388 $352,420 $1,278,165
Committed 249,644 310,882 225,347 155,181 941,054
Non-Committed (18,287) 83,118 75,041 197,239 337,111
Total $231,357 $394,000 $300,388 $352,420 $1,278,165
(i) Projected proceeds from dispositions represents conditional land and air right sales, which management considers as reductions to its overall
development expenditures.

26. 26
RioCan’s Urban Platform holds a number of sites where the possibility for additional density through residential exist:
• Properties with the greatest potential for residential intensification are located on or near transit lines
Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban locations, driven by:
• Prohibitive costs of expanding infrastructure beyond urban boundaries
• Prohibitive costs of urban housing – Toronto’s average single family detached house price now exceeds $1.5 million
• Maximizing use of mass transit
• Generate higher yields as land is already owned
RioCan has a number of potential sites located in other markets such as Tillicum Centre in Victoria, BC
Land Use Intensification – Residential Potential
Transit Oriented Development
Toronto

27. 27
Development Activities - Residential Intensification
Investment Rationale
• Demand for professionally managed, quality apartment
units in Canada remains high.
• Rental rates in key major markets, like Toronto, have
reached a level where the economics are attractive for
redeveloping certain centres in urban, transit oriented
locations. RioCan owns the underlying land, often at
irreplaceable locations, thus giving it the unique
opportunity to create a tremendous amount of value.
• RioCan is committed to ensuring that the individual
properties in its portfolio are utilized to their highest and
best use, and the addition of a residential component
will enhance the value of the underlying retail element of
RioCan’s property.
• It is a sector that allows a steady and continuous income
stream with a growth profile that will serve as a hedge
against inflation. The residential rental sector serves to
diversify RioCan’s retail portfolio.
• RioCan has focused on mixed use projects containing a
mix of condominium and multi-unit rental residential
buildings. RioCan has identified nearly 50 properties
that it deems to be strong intensification opportunities all
located in Canada’s six major markets. Yonge Sheppard Centre

28. 28
Land Use Intensification – Residential Potential
Greater Toronto Area Case Study

29. 29
Land Use Intensification – Residential Potential
Hurontario – Main LRT (Mississauga and Brampton LRT)
RioCan Sandalwood Square Shopping Centre
Shoppers World Brampton
RioCan Grand Park
With three shopping
centres and
approximately 82 acres
of land on this LRT line,
RioCan is very well
positioned to take
advantage of future
intensification
opportunities.

30. 30
Land Use Intensification – Residential Potential
• RioCan’s residential development plans include amenities that meet or exceed offerings in current condominium
developments providing a competitive advantage over that of existing residential stock.
• Given the extent of this initiative, RioCan will possess a scale that will result in numerous efficiencies going forward.
Residential rental properties will typically attract favourable financing terms based on the availability of CMHC
insurance.
• RioCan has established a team to carry forward the residential rental development initiative, drawing from its existing
areas of expertise. The team is comprised of existing RioCan executives as well as third-party consultants. On
certain projects RioCan has partnered with developers/managers that have residential development and
management expertise.
• As the initiative continues to grow, additional resources will be added to the platform to facilitate such growth.

31. 31
Development Activities
Residential Intensification
RioCan has filed applications for rezoning projects which, upon completion, should comprise a total of
12.1 million square feet, which will include residential rental units, condominiums for sale (primarily
through the sale of air rights) and commercial gross leaseable area.
(i) Residential gross leaseable area (GLA) represents residential rental units that will produce long-term rental income as well as condominium units and/or air rights that will be sold (where applicable). The costs
associated with the residential rental units are included in the Urban Intensification and Expansion & Redevelopment tables in the Properties Under Development section of this MD&A (where applicable).
(ii) The Urban Intensification and Expansion & Redevelopment tables currently do not include potential residential density contemplated for this property, but will be updated to include residential density as the
development plan is finalized.
(iii) GLA excludes the square footage that is currently generating income.
(iv) Commercial square footage to be developed at Sheppard Centre represents redevelopment of existing enclosed mall retail space.
(v) As at the date of this report, RioCan has obtained planning approvals for the development of this site.
Property Location
RioCan Ownership %
(Partner)
Estimated square feet upon completion: (at 100%)
FIRST PHASE
Commercial Residential (i) Total
Yonge Eglinton Northeast Corner (v) Toronto, ON 50% (Metropia / Bazis) 56,000 774,000 830,000
College & Manning (iii) (v) Toronto, ON 50% (Allied) 6,000 57,000 63,000
Dupont Street (v) Toronto, ON 100% 29,000 168,000 197,000
Yonge Sheppard Centre (iv) (v) Toronto, ON 50% (KingSett) 216,000 295,000 511,000
King-Portland Centre (iii) (v) Toronto, ON 50% (Allied) 301,000 116,000 417,000
Tillicum Centre (ii) (v) Victoria, BC 100% 18,000 275,000 293,000
Markington Square (ii) (v) Toronto, ON 100% 40,000 267,000 307,000
Gloucester phase II (ii) (v) Gloucester, ON 100% — 216,000 216,000
Fifth & Third (v) Calgary, AB 100% 184,000 650,000 834,000
Windfields Farm Oshawa, ON 50% 819,000 637,000 1,456,000
Brentwood Village (ii) Calgary, AB 100% 10,000 164,000 174,000
Sunnybrook Plaza (ii) Toronto, ON 100% 43,000 303,000 346,000
Clarkson Village (v) 35,000 426,000 461,000
The Well Toronto, ON 40% (Allied / Diamond) 1,530,000 1,441,000 2,971,000
Southland Crossing (ii) Calgary, AB 100% 12,000 182,000 194,000
Queensway Cineplex (ii) Toronto, ON 50% (Talisker) 11,000 209,000 220,000
Mill Woods Town Centre (ii) Edmonton, AB 40% (Bayfield) 20,000 188,000 208,000
RioCan Grand Park (ii) GTA, ON 100% 18,000 235,000 253,000
Dufferin Plaza (ii) Toronto, ON 100% 61,000 578,000 639,000
Elmvale Acres (ii) Ottawa, ON 100% 25,000 147,000 172,000
Westgate Shopping Centre (ii) Ottawa, ON 100% 25,000 162,000 187,000
RioCan Scarborough Centre (ii) Toronto, ON 100% 600,000 188,000 788,000
RioCan Leaside Centre (ii) Toronto, ON 100% 132,000 230,000 362,000
Total 4,191,000 7,908,000 12,099,000

32. 32
Residential Area
Gloucester City Centre
Development Activities
Residential Intensification
• 7.1 acre development site located adjacent to
RioCan's Gloucester Silver City Shopping
Centre in Ottawa, Ontario.
• RioCan and Killam entered into 50/50 joint
venture to develop the property.
• RioCan will act as the development manager,
and upon completion, Killam will act as the
residential property manager.
• The site has zoning approval for a total of
four residential towers containing up to an
aggregate of 840 units.
• Site work has commenced and occupancy is
anticipated in mid-2019.
• The first phase of the development will
include a 217,000 square foot, 23-storey
tower containing approximately 222 units.
• This leading edge development will maximize
efficiency with the incorporation of a
geothermal energy system for the building's
heating and cooling.

33. 33
Location: Toronto, Ontario
Intersection: Yonge & Eglinton
Total Proposed Retail GLA: 56,000 square feet*
Proposed Rental Residential Units: 462 Units
Design Concept: Urban Retail
Anticipated Completion: 2018 & 2019
RioCan Interest 50%
Yonge & Eglinton Northeast Corner - Toronto, Ontario
• Located across the street from RioCan’s head office
• 1.1 acre site has been approved for redevelopment by the
city of Toronto with a 58 storey tower at corner of Yonge and
Eglinton and a 36 storey tower fronting Roehampton Avenue
(first street north of Eglinton).
• Condominium portion of the project is 100% pre-sold.
• North tower to be developed as rental residential. Current
plans are for a 462 unit residential apartment building.
• Construction commenced in Q2 2014.
* RioCan will purchase 100% of the retail space at a 7% capitalization rate upon completion of the project.
Investing for the Future - Creating New Cash Flow Sources
Residential Intensification

34. 34
• Acquired in 2007 for $22.8 million.
• Located at the busy intersection of Bayview Avenue and
Eglinton Avenue in midtown Toronto.
• The site benefits from excellent demographics and is
adjacent to a stop along the proposed Eglinton LRT line.
• RioCan has filed for rezoning to permit a 346,000 sf
mixed use, retail/residential redevelopment project
including 43,000 sf of retail and 303,000 sf of residential
in 350 units.
• Recently entered into a joint venture with Concert
Real Estate Corporation to develop the project:
• Concert will pay RioCan $26.3 million for a 50% interest
in the development.
• Both parties will share in the development costs on a
50/50 basis.
• Concert will be the development manager and property
manager for residential portion on completion.
• RioCan will be the retail property manager on completion.
RioCan has a number of Urban Intensification opportunities in the GTA market
Sunnybrook Plaza, Toronto, ON
Proposed
Investing for the Future Creating New Cash Flow Sources
Residential Intensification

35. 35
Sheppard Centre, Toronto
Location: Toronto, Ontario
Intersection: Yonge & Sheppard
Total Commercial GLA: 216,000 square feet
Residential: 295,000 square feet
Design Concept: Urban Retail
Retail Renovation commenced: Q1 2016
RioCan Interest 50%
• Plans include substantial renovation of retail space including a new
four storey retail addition fronting Sheppard Avenue and substantial
upgrade to the interior retail space.
• Retail portion currently undergoing renovations
• Plans also contemplate the addition of a new 39 storey residential
tower containing 295,000 square feet of residential rental space.
• In June 2015, RioCan and its partner received zoning approval
• Anchored by Shoppers Drug Mart, Winners, and three major banks.
Agreements in place with Longo’s and LA Fitness
Potential Design
Investing for the Future Creating New Cash Flow Sources
Residential Intensification

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Development Pipeline
• RioCan and its partners have received an Official Plan Amendment from The City of Toronto for approximately 3.1
million sf. of Gross Floor Area.
• Project is expected to be approximately 3.0 million sf. of mixed use space including approximately 1.5 million sf. of
retail and office space and 1.5 million sf. of residential space.
RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture
The site is approximately 7.7 acres.

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Development Pipeline
• The joint venture is structured on a 40/40/20 basis between RioCan, Allied and Diamond. RioCan and Allied will act as
joint development and construction managers. Upon completion of any projects RioCan will act as property manager
for any retail portion of the property and Allied will act as property manager for any office portion.
• Entered into an agreement with Tridel and Woodbourne to sell the residential density at the project. RioCan will retain
a 50% interest in one of the towers.
• Demolition and site work commenced in Q2 2017
RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

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The Well
Exterior Concept Open air pedestrian walkway
RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

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Floorplan Market Hall
The Well
RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture
Food Hall
The Well will bring a truly unique
modern market concept to Toronto
with food shopping, discovery,
learning and tasting. The old-world
inspired Food Market will be
brimming with fresh local produce,
quality meat and seafood and artisan
food and beverage.
The Well’s Food Hall will transform
the traditional food court into an
elegant, urban food experience.
Here upscale kitchens will offer an
exciting array of multicultural food
to satiate Toronto foodies whether
they want to grab something on the
go or stay and linger.

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RioCan and Allied Properties announced in July 2012 that
they had entered into a joint venture arrangement on a non
exclusive basis to acquire sites in the urban areas of major
Canadian cities that are suitable for mixed use intensification.
The joint venture is structured on a 50/50 basis between
RioCan and Allied. Upon completion of any projects RioCan
will act as property manager for any retail portion of the
property and Allied will act as property manager for any office
portion.
First two sites to be developed are:
• King Portland Centre which will be developed into a mixed
use complex with approx. 417,000 square feet of gross
floor area in Toronto, Ontario. Office component 75%
leased with Shopify and Indigo announced.
• Construction commenced development of this project Q2
2016.
• College and Manning will be developed into a mixed use
complex with approx. 122,000 square feet, including
59,000 square feet that is currently income producing,
57,000 square feet of residential density, and 6,000 square
feet of retail.
Development Pipeline
RioCan & Allied Properties REIT Joint Venture
King Portland Centre
College and Manning

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Development Pipeline
• 2.8 acre site located in the East Village area of
downtown Calgary, Alberta. One of Calgary’s
few remaining privately owned blocks.
• The site was acquired on a 50/50 joint venture
basis with KingSett Capital. RioCan purchased
KingSett’s 50% interest in the property in Q2
2015, resulting in a 100% interest in the
property.
• The site is zoned for the proposed
development and RioCan has submitted for a
development permit, which was approved by
the Calgary Planning Commission in Q4 2015.
• RioCan has entered into an agreement with
developer, Embassy BOSA Inc., to sell up to
$30 million in air rights (representing 600,000
square feet) above the site.
• The intention is for two residential towers to be
erected upon the planned retail podium that
will be anchored by Loblaws City
Market/Shoppers Drug Mart.
• Development commenced in Q2 2016.
Fifth and Third East Village Potential Design
Current Site

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Development Pipeline
Greenfield Development
Sage Hill Crossing, Calgary
• Sage Hill Crossing, a 32 acre greenfield
development site in Northwest Calgary.
• RioCan owns the development on a 50/50
basis with KingSett Capital.
• Development commenced in 2013, with
completion expected in 2018. 329,000 square
feet of this development has been transferred
to income producing as at March 31, 2017.
• Once completed, the anticipated gross
leasable area is 394,000 square feet of retail
use.
• The property is 93% leased with Walmart and
Loblaws as anchor tenants. Walmart
commenced operations in January 2015.
Loblaws opened in January 2016.
• Other major tenants include, RBC, Scotiabank,
McDonalds, Liquor Max, Bulk Barn and
London Drugs.
• RioCan is responsible for the development,
management and leasing of the property.

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Creating Value in existing urban locations
RioCan Yonge Eglinton Centre –The Cube
Location: Toronto, Ontario
Intersection: Yonge & Eglinton
Total GLA: 45,000 square feet
Design Concept: Urban Retail
Construction Start: Q2 2013
Completed: 2015
RioCan Interest: 100%
Occupancy: Retail 98%, Office 99%
RioCan has leased the media screens to CBS Outdoor
Canada, which generates additional revenue at the site.
Before After

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Creating Value – Backfill of Target spaces
BURLINGTON MALL
• Rental revenue from vacated
target space will generate will be
about 36 PERCENT HIGHER
($3.9 million per year) than what
was generated by Target.
• Increased tenant DIVERSITY
• Improved foot traffic and greater
customer APPEAL

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TRIBUTE JOINT VENTURE
FUTURE
RESIDENTIAL
Creating Value – Windfields Farm
• 100+ acre site at Hwy 407 and Simcoe Road in Oshawa Ontario. Near University of Ontario Institute of
Technology
• Originally purchased with retail uses in mind
• Market for retail development of that size (> 1 million square feet) is not there
• Extracting value by partnering with Tribute Communities for residential together with commercial
development
• Will generate sizable gains in 2018 through 2020 as townhouse units are completed. Phase one of 169
townhomes virtually sold out.

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Urban Intensification
Bathurst College Centre, Toronto
Location: Toronto, Ontario
Intersection: Bathurst & College
Total Proposed GLA: 146,000 square feet
% Leased 62%
Design Concept: Urban Retail/Office
Anticipated Completion: 2018

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• On June 13, 2017 Sears Canada announced that it has significant doubt
as to the company’s ability to continue operations.
• Limited exposure to Sears Canada – majority via Sears Whole Home
banner.
• RioCan’s 29th largest tenant:
• 381k square feet (at RioCan’s interest),
• generating 0.6% of RioCan’s Annualized rental revenue.
• Nine locations
• Seven Whole Home Stores: average size approx. 45k square feet
• Two department stores – Oakville Place, Timmins Square (vacating July 2017,
RioCan owns a 30% interest)
Appendix A
Sears Canada Exposure