Management Investor Presentation - YE 2014

RIOCAN INVESTOR PRESENTATION
Year-end 2014
February 13, 2015

Forward Looking Statements
2
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 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.

One of North America’s Largest Retail REITS
3
340
retail properties
in Canada & U.S.
80 million
sqft total portfolio
$8.4 billion
market cap
54 million
sqft owned
$15.1 billion
enterprise value
~86%
revenue generated by
national and anchor
tenants
~7,700
tenancies

Core Strengths
4
Strong, reliable distribution yield provided to investors
Stable, diversified portfolio of national retail tenants
Disciplined growth strategy in Canada and U.S.
Positioned to benefit from robust development pipeline and acquisitions
Experienced, performance driven management team
Dominant platform, geographically diversified
Conservative balance sheet / financial strength

QC
PA
VA
Property Portfolio
As at December 31, 2014 at RioCan’s interest
CT
MA
BC
AB
ON
QCSA
MB
NB
NFLD
292
retail properties
44 million sqft
84%
annualized rental
revenue
TX
GTA
48
retail properties
10 million sqft
16%
annualized rental
revenue
5

Property Portfolio – Canada
6
Calgary
Edmonton
Vancouver
Toronto
MontrealOttawa
BC
AB
ON
QC
Annualized Rental Revenue by Major Market
9.7%
Major
markets
combined,
73.3%
Rest of
Canada,
26.7%
6.1%
3.8%
3.9%
7.0%
42.8%
6

PA
VA
Property Portfolio – U.S.
7
RICT
NH
MA
TX
Regional Market Strategy & Focus
Annualized Rental Revenue by State
NY
MD
NJ
WV
56.9%
2.5%
1.8%
7.1%
0.9%
0.7%
3.0%
2.5%
20.1%
2.4%
2.1%
48retail properties
10 million sqft
As at December 31, 2014 at RioCan’s interest 7

Property Type Mix - Canada
8
Office, 5.2%
Urban Retail, 8.9%
Enclosed Shopping Centre,
17.8%
Non-Grocery Anchor, 4.6%
Grocery Anchored Centre,
19.6%
New Format Retail, 43.9%
As at December 31, 2014

Strong Tenant Relationships
9
9

Strong Tenant Relationships
10
Top 10 Canada & US Combined
Top 10 Tenant Name
Annualized
Rental
Revenue
Number Of
Locations
Total Area
Occupied
(Sq. Ft. In 000s)
Weighted Avg
Remaining
Lease Term
(Yrs)
1 Loblaws/Shoppers Drug Mart (i) 4.1% 84 2,024 7.4
2 Walmart 3.7% 33 4,000 11.5
3 Canadian Tire Corporation (ii) 3.5% 89 2,020 7.9
4 Metro/Super C/Loeb/Food Basics 3.1% 57 2,119 6.3
5 Cineplex/Galaxy Cinemas 3.0% 29 1,336 9.3
6 Winners/HomeSense/Marshalls/TJ Max 2.7% 75 1,697 6.9
7 Target Corporation 1.9% 26 2,184 12.7
8 Staples/Business Depot 1.6% 48 946 5.2
9 Sobeys Inc. 1.6% 36 991 10.4
10 Cara/Prime Restaurants 1.5% 110 472 6.5
(i) Loblaws/Shoppers Drug Mart includes 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.
10

Lease Rollover Profile
Broadly Distributed Lease Expiries
11
3,949
4,587
3,798
4,579 5,149
2015 2016 2017 2018 2019
736
502
730
1,059
1,527
2015 2016 2017 2018 2019
% Square Feet expiring / portfolio NLA
Canadian Portfolio
U.S. Portfolio
’000s Square Feet
’000s Square Feet
9.9% 11.5% 9.5% 11.5% 12.9%
5.0% 7.3%
10.6%
15.2%
7.3%

Occupancy since 1996
Historical Occupancy Rates 1996 to 2014
96.9%
95.0% 95.0%
95.4%
96.1%
95.6% 95.8%
96.3% 96.3%
97.1%
97.7% 97.6%
96.9%
97.4% 97.4%
97.6% 97.4%
96.9% 97.0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
12

Financial Highlights
(at RioCan’s interest in millions of $ except per unit amounts)
Revenues
758
882
988
1,114
1,195 1,241
2009 2010 2011 2012 2013 2014
Operating FFO*
280
329
380
440
492
2009 2010 2011 2012 2013 2014
517
Operating FFO* Per Unit
1.22
1.33
1.43
1.52
1.63
1.68
2009 2010 2011 2012 2013 2014
14
Years ended December 31st
* Note: FFO reported under IFRS for 2010 onwards,
excludes trading gain income
13.0% CAGR
6.6% CAGR
10.3% CAGR

Quarterly Financial Highlights
(in millions of $ except per
unit amounts)
Revenues*
274
269 271
300
306
292 290
307 308 304 306
323
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operating FFO
103 106
115 116
124 121 124 124 127 127
134 130
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operating FFO Per Unit
0.37 0.37
0.40
0.39
0.41
0.40
0.41 0.41
0.42 0.42
0.43
0.42
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
15
2012
2012
20122013
* At RioCan’s interest
2013
2013
2014
2014
2014

(in millions)
Distributions to Unitholders
228
261 281 285 293 316 313
297
318 343
367
401
426 432
2008 2009 2010 2011 2012 2013 2014
0.99 1.04 1.13 1.14 1.07 1.01 1.04 1.02
1.3275 1.36 1.38 1.38 1.38 1.38 1.41 1.41
2007 2008 2009 2010 2011 2012 2013 2014
Distributions to Unitholders per Unit
16
Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP

$ per unit Payout Ratio
Quarter % Change Q4 2014 Q4 2013 Q4 2014 Q4 2013
Distribution 0.0% 0.3525 0.3525 n/a n/a
FFO nm 0.40 0.40 88.1% 88.1%
OFFO 2.4% 0.42 0.41 83.9% 86.0%
AFFO nm 0.37 0.37 95.3% 95.3%
Canada United States
Q4 2014 2014 Q4 2014 2014
Same Store NOI Growth 0.6% 2.0% 4.4% 3.0%
Same Property NOI Growth 0.4% 1.6% 4.4% 3.0%
17
$ per unit Payout Ratio
Year Ended Dec. 31 2014 2013 2014 2013
Distribution 0.0% 1.41 1.41 n/a n/a
FFO 5.8% 1.65 1.56 85.4% 90.4%
OFFO 3.1% 1.68 1.63 83.9% 86.5%
AFFO 2.0% 1.51 1.48 93.4% 95.3%

• RioCan's Operating FFO increased 5% to $517 million for the year ended December 31, 2014 compared
to $492 million for the same period in 2013. On a per unit basis, Operating FFO increased by $0.05 or
3% to $1.68 compared to $1.63 during 2013;
• RioCan’s Operating FFO increased by 5% to $130 million for the three months ending December 31,
2014 (“fourth quarter”) compared to $124 million in the fourth quarter of 2013. On a per unit basis,
Operating FFO increased 2% to $0.42 from $0.41 in the same period of 2013;
• During the fourth quarter, RioCan and Tanger celebrated the successful Grand Opening of the
expanded Tanger Factory Outlets in Cookstown, Ontario and the Tanger Factory Outlets Centre in
Kanata, Ontario, which is the first newly constructed outlet centre by RioCan and Tanger;
• For the year ended December 31, 2014, RioCan transferred approximately one million square feet of
development space at RioCan's interest to the income producing portfolio;
• RioCan’s concentration of rental revenue in Canada’s six major markets at December 31, 2014
increased to 73.3% from 71.7% at December 31, 2013. When incorporating RioCan's acquisition and
disposition activities completed subsequent to year-end, RioCan's concentration of rental revenue in
Canada’s six major markets is 73.9%;
18

• For the year ended December 31, 2014, RioCan renewed 4.2 million square feet in the Canadian
portfolio at an average rent increase of $1.84 per square foot, representing an increase of 11.4%;
• For the year ended December 31, 2014, RioCan's same store growth was 2.0% in Canada and 3.0% in
the US;
• As at December 31, 2014, RioCan had ownership interests in 15 properties under development that
will, upon completion, comprise approximately 7.3 million square feet (4.0 million at RioCan’s
interest), all located in major markets in Canada;
• During the quarter, RioCan completed the offering of 4.8 million Trust units at $26.25 per Unit for
gross proceeds of $126 million; and
• Subsequent to the year-end, RioCan announced the offering of $300 million Series W senior
unsecured debentures. The debentures carry a coupon of 3.287% and will mature on February 12,
2024. RioCan also announced the redemption of US$100 million 4.10% Series N debentures (due
September 2015) and $225 million 4.499% Series O debentures (due January 2016).
19

Financial Summary
20
Occupancy and Leasing Profile
2014
2013
Fourth
quarter
Third
quarter
Second
quarter
First
quarter
Fourth
quarter
Third
quarter
Second
quarter
First
quarter
Committed occupancy 97.0% 97.0% 96.9% 96.8% 96.9% 97.0% 96.7% 97.0%
Economic occupancy 96.0% 96.0% 95.9% 95.7% 95.8% 95.5% 95.4% 95.8%
NLA leased but not paying rent (thousands of square
feet) 512 488 520 519 542 716 642 615
Annualized rental impact (millions) $15.7 $15.5 $15.3 $13.0 $14.0 $17.0 $15.0 $15.0
Retention rate – Canada 85.0% 91.7% 88.8% 91.2% 97.0% 91.1% 95.9% 68.3%
% increase in average net rent per sq ft –Canada
11.8% 12.9% 13.9% 7.0% 8.8% 11.2% 12.0% 13.4%
Retention rate – US 78.3% 92.2% 97.3% 86.4% 98.2% 98.4% 92.0% 98.8%
% increase in average net rent per sq ft – US 7.1% 9.3% 7.0% 8.3% 4.8% 3.8% 4.3% 2.3%
Average in place rent (psf) $16.15 $16.01 $16.00 $16.01 $16.08 $16.07 $15.77 $15.77
Same store growth – Canada 0.6% 1.9% 2.0% 3.1% 2.7% 2.2% 0.6% 0.1%
Same store growth – US 4.4% 3.7% 1.4% 3.0% 1.7% 0.9% 1.4% 1.4%

Target’s Departure from Canada
• On January 15, 2015, Target Corporation (Target) announced plans to
discontinue its Canadian operations through its indirect wholly-owned
subsidiary, Target Canada, and that it was utilizing the Companies’ Creditors
Arrangement Act (Canada) (“CCAA”) to wind down its operations.
• At December, 31, 2014 RioCan had 26 Target locations representing 1.9% of
total annualized rental revenue with an average remaining lease term of 12.7
years.
• All but one of these leases are guaranteed through an indemnity arrangement
with Target, generally for the lesser of (i) the remaining term of each lease and
(ii) ten years. The one lease that is not covered by the Target indemnity is
guaranteed by Walmart Canada.
• Consistent with past practice, RioCan will seek to re-lease vacant spaces that
are ultimately created by Target’s withdrawal from the Canadian market.
• In some cases, RioCan’s lease agreements include a co-tenancy clause which
would allow certain other tenants to pay a reduced rent amount and, in certain
instances, terminate their lease. These situations are all being evaluated on a
case by case basis, and any exercises of such clauses are not expected to be
material.
21

Conservative Debt Profile
• Debt‐to‐Total Assets of 43.8% at December 31, 2014.
• Total operating lines $718 million
• Unencumbered pool has a fair value of $2.8 billion
• Floating rate debt 7.8% of aggregate debt
• Strong coverage ratios in 2014:
• EBITDA interest coverage of 2.89x
• Debt service coverage of 2.20x and
• Fixed charge coverage of 1.08x
22

RioCan Capital Structure
33.5%
13.5%
1.9%
51.0%
0%
25%
50%
75%
100%
Book Value*
Common Units - 316 million units outstanding, $8.4 billion market capitalization
Preferred Units - $282 million market capitalization
Debentures - $1.9 billion
Mortgages & Lines of Credit - $4.6 billion
23
30.4%
12.3%
1.9%
55.4%
0%
25%
50%
75%
100%
Market Value
Total Assets* – $14.7 Billion Total Enterprise Value* – $15.1 Billion

Conservative Debt Structure
Growth in Asset vs Debt
24
2008
2009
2010
2011
2012
2013
2014
3,260
3,663 4,410
5,034
5,717
5,988
6,483
5,338 5,862
8,886
10,767
12,888
13,554 14,720
Debt
Assets
CAGR – 19.2%
CAGR – 12.6%
At RioCan’s Interest

Modest Leverage, Strong Interest Coverage
• 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
47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6%
49.1% 46.4% 43.6% 44.0% 43.8%
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Leverage Interest Coverage
25* At RioCan’s interest

Debt Maturity Schedule
26
• Long‐term, staggered debt maturity profile.
• 4.12% overall WAIR and 3.95 year weighted avg. term to maturity at RioCan’s interest.
• Low floating rate debt exposure (7.8% of total debt) at RioCan’s interest.
4.10%
4.47%
3.62% 3.56%
3.93%
4.32%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
500
1,000
1,500
2,000
2,500
3,000
2015 2016 2017 2018 2019 Thereafter
Scheduled principal amortization
Mortgages payable
Floating Rate Mortgages and Lines of Credit
Debentures payable
$ Millions
WeightedAvg.InterestRateonMaturingDebt
798 699
1,133
880
541
2,389
Adjusted for issuance of $300 million Series W, and the redemption of Series N (US$100 million) and O ($225 million)

27
Leverage and Coverage Ratios & Targets
3 Months 12 Months
Targeted
Ratios
Dec.
31/14
Dec.
31/146
Dec.
31/14
Dec.
31/13
Interest coverage ratio1,5 >3.00x 2.84x 3.21x 2.89x 2.83x
Debt service coverage ratio2 >2.25x 2.16x 2.37x 2.20x 2.10x
Fixed charge coverage ratio3 >1.1x 1.05x 1.10x 1.08x 1.06x
Net operating debt to
operating EBITDA ratio4 <6.5x 7.96x 7.96x 7.67x 7.24x
Unencumbered Assets
($millions)
$2,776 $2,068
Unsecured Debentures
($millions)
$1,866 $1,456
Unencumbered Assets to
Unsecured Debt
>200% 149% 142%
(1) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized except where otherwise noted).
(2) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been
capitalized).
(3) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred
unitholders.
(4) Net operating debt to Operating EBITDA is defined as: the average debt outstanding (net of cash) for the period less debt related to property under development divided by Operating EBITDA
(5) Coverage ratios excludes a yield maintenance charge of $2.9 million incurred during 2014 related to the early redemption of a development property mortgage as the Trust does not consider
its inclusion as an accurate measure of RioCan's ability to meet normal annualized interest cost requirements.
(6)Adjusted to exclude interest capitalized to properties under development.

Future Growth Drivers
28
Future Growth
Drivers
Institutional
Relationships
Organic
Growth
Acquisitions
Development
Pipeline
Land Use
Intensification

Organic Growth
Canadian Portfolio
29
Lease Expiries
(thousands except psf and % amounts Portfolio NLA 2015 2016 2017 2018 2019
Total 39,994 3,949 4,587 3,798 4,580 5,150
Square Feet expiring/portfolio NLA 9.9% 11.5% 9.5% 11.5% 12.9%
Total average net rent psf $16.69 $17.54 $17.30 $18.82 $17.52 $17.19
Ability to add growth through rental renewals with 44% of leases renewing over next five years.
• In 2014 achieved renewal rent increases of 11.4% or $1.84 psf with an average renewal rate of $18.00 psf.
• Retention rate of 90.2% in 2014
$12
$13
$14
$15
$16
$17
$18
$19
$20
0
1,000
2,000
3,000
4,000
5,000
6,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
RioCan Lease Maturity Schedule and Renewal History
Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF

Organic Growth
U.S. Portfolio
30
Lease Expiries
(thousands except % amounts) Portfolio NLA 2015 2016 2017 2018 2019
Total 10,030 735 502 730 1,059 1,527
Square Feet expiring/portfolio NLA 7.3% 5.0% 7.3% 10.6% 15.2%
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018
Leases Expiring Total Portfolio Cumulative
Square Feet expiring/portfolio NLA
Ability to add growth through rental renewals and leasing of vacant space.
• 45% of US Leases will expire over the next five years creating the potential for organic rental growth in the US portfolio
• In 2014, achieved renewal rent increases of 7.8% or $1.60 psf with an average renewal rental rate of $22.16 psf
• Maintained a retention rate of 93.4% in 2014
• Achieved same store rent growth of 3.0% in 2014

Organic Growth
31
Occupancy
December 31, 2014 December 31, 2013
Canada US Total Canada US Total
Majors (>10,000 sf) 98.9% 99.9% 99.1% 98.8% 99.7% 99.0%
Small Shop (<10,000 sf) 93.2% 88.9% 92.6% 93.1% 88.2% 92.3%
Blended 97.0% 97.1% 97.0% 96.9% 96.8% 96.9%
Leasing Activity
Canada US
Year ended December 31,
(per square foot)
2014 2013 2014 2013
New Leasing $22.19 $18.97 $21.34 $21.96
Renewal Leasing $18.00 $18.22 $22.16 $12.96
% increase in average net rent psf 11.4% 11.0% 7.8% 3.9%

Acquisitions
Track Record – Acquisitions 2011 – 2014
32
Location Cap Rate
RioCan’s Purchase Price
(millions)
Canada 6.4% 506
United States 6.9% 567
2011 Acquisitions 6.6% $1,073
Canada 5.7% 543
2012 Acquisitions 6.1% $926
Canada 5.3% 571
Canada 5.8% 149
Grand Total 2011-Q3 2014 6.1% $3,039

US Operating Platform and Dissolution of US JV’s
• In the fourth quarter of 2012 RioCan dissolved its JV with Cedar Realty Trust and opened its first office outside Canada in
Mount Laurel, New Jersey. Then, in Q4 2013, RioCan dissolved its joint ventures with Retail Properties of America Inc.
(RPAI) and Dunhill Partners, which resulted in RioCan owing a 100% interest in 18 properties in Texas (RioCan owns one
additional property in Texas through an 80/20 interest with Kimco).
• As a result of these transactions RioCan opened two regional offices (one in Mount Laurel, New Jersey and Dallas, Texas)
and has developed an operating platform to manage the assets internally.
33
Region
Number of
Assets
Total NLA Occupancy
% of
Annualized
Rental
Revenue
Northeast 28 4,709,793 98.0% 6.8%
Texas 20 5,320,878 96.3% 9.0%
Total/W.A. 48 10,030,671 97.1% 15.8%

High quality assets with a focus
towards grocery anchored centres
34
Riverpark, HoustonAlamo Ranch, San Antonio
Stop N Shop Plaza, Bridgeport, CT
Town Square Plaza, Reading, PA
Shaw’s Plaza, Raynham, MA
Loyal Plaza, Williamsport, PA

Extracting Value by Recycling Capital
• 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 to the six major markets in Canada. Since the start of
2013 to February 13, 2015, the Trust disposed of $895 million of properties. As part of actively managing
and improving the portfolio mix, RioCan will continue to identify properties for disposition. The pace of
dispositions is expected to be reduced for 2015, but will continue.
• In January 2015, RioCan completed the sale of five income properties, located in Quebec, totalling $120
million at a weighted average capitalization rate of 6.8%. The debt associated with these properties was
$21 million with a weighted average interest rate of 4.1%.
• Current asset sales plan involves selling centres in lower growth and secondary markets;
– No dispositions under conditional contract
– Land dispositions under conditional contract of $18 million (no debt associated with these properties)
– Further land parcels with a fair value of $41 million being marketed (no debt associated with these properties)
– Income properties with a fair value of $11 million are currently being marketed (no debt associated with these properties)
• These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high
growth markets;
– RioCan’s concentration in Canada’s six high growth markets is now 73.9% (Year end 2012 68%)
– Capital from asset sales redeployed into acquisitions and development activities.
35
RioCan’s plan to 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.

Extracting Value by Recycling Capital
Growth in Canada’s 6 Major Markets
RioCan’s program of recycling capital is to shift the portfolio’s geographic allocation away from
low growth markets into Canada’s six high growth major markets.
Markets with highest population growth will outperform smaller markets with little growth or
negative population statistics.
2008 2012 02/2015*
65.9%
67.5%
73.9%
36
* Includes impact of recent acquisitions/dispositions

Development Activity
At December 31, 2014
• Total developments comprise 8.4 million square feet, including shadow anchors (2.9 million square feet included in Greenfield
developments and 4.1 million square feet of Urban intensification projects and 1.4 million square feet of Expansion and
Redevelopment).
• RioCan’s aggregate net interest is 4.9 million square feet, comprising 1.8 million square feet of Greenfield development, 2.1
million square feet of Urban intensification projects and 1.0 million square feet of Expansion and Redevelopment.
• Total estimated development spending of approximately $150 million in 2015 on Greenfield, Urban intensification, and
Expansion & Redevelopment activities. Overall development spending in the next five years will range from $150 million to
$250 million per year.
• Estimated spending on RioCan’s active development pipeline totals approximately $1.4 billion.
• Generate unlevered yield on an individual basis of between 6% to 10%, with a weighted average of 7% to 8%.
• Recent Urban Development projects include The Well (Spadina and Front Street), Yonge & Eglinton Northeast corner, Bathurst
& College, and 740 Dupont in the Greater Toronto Area and the CPA Site in Calgary, Alberta.
• RioCan has filed applications for rezoning on eight projects which, upon completion, should comprise a total of 5.8 million
square feet, of which 2.7 million square feet will be residential rental units held for long-term rental income, 1.0 million
square feet will be condominiums for sale and 2.1 million square feet will be incremental commercial gross leasable area. This
would permit RioCan to have an interest in approximately 3,369 residential units.
37
Development Pipeline
Greenfield developments through in‐house capabilities and with partners, such as Allied
Properties, KingSett Capital, and Canada Pension Plan Investment Board (CPPIB)

38
RioCan’s development/redevelopment
program consists of 38 projects that are
expected to add 8.4 million square feet
(4.9 million square feet at RioCan’s
interest) over the next six years.
• Key component of RioCan’s organic
growth strategy
• Focused on well located urban and
suburban developments in Canada’s six
major markets
* Subject to preleasing and market conditions
RioCan’s development portfolio is expected to add considerable value to the overall investment
property portfolio over the next six years. These assets are expected to generate higher yields
than what can currently be achieved in the acquisition market and create higher quality assets
than what are currently available for purchase.
-
200
400
600
800
1,000
1,200
1,400
2015 2016 2017 2018 2019 2020
PipelineNLA(000'sSq.Ft.)
Committed Non-committed

Development Activity - Current
Portfolio
46.6%
53.4%
Property Type as a % of Development
Portfolio
New Format Retail Urban Retail
39
Alberta
14.8%
Suburban
GTA*
27%
Toronto*
51%
Other Ontario*
7%
Ontario
85.2%
Development Portfolio by
Geographic Diversification
* % of total portfolio

Current Portfolio – Greenfield and Urban Intensification Projects
GTA Developments
Greenfield Developments
• RioCan Centre Vaughan
• Windfield Farms
Urban Intensification
• The Stockyards
(completed)
• 1860 Bayview Ave
• Bathurst & College
• Yonge & Eglinton Northeast
Corner
• College and Manning
• Dupont Street
• The Well
• King & Portland
Calgary Developments
• East Hills
• Sage Hill
• East Village (CPA Lands)
Ottawa Developments
• Tanger Outlets – Kanata
(completed)
Greenfield Development
Flamborough Power Centre,
Hamilton, ON
40

Toronto Development Projects and Recent Completions
Key Development Projects
Eglinton & Warden
(completed)
The Stockyards
(completed)
1860 Bayview Ave
Bathurst & College
Yonge & Eglinton
Northeast Corner
College and Manning
Dupont Street
The Well
King & Portland
Properties not mapped: Westney Road and Taunton, RioCan Centre Vaughan, Windfield Farms 41

Calgary Development Projects
East Hills
Sage Hill
Calgary East village
(CPA Lands)
42

Ottawa Development Projects and Recent Completions
Key Development Projects
Grant Crossing (completed)
Herongate Mall (completed)
Tanger Outlets – Kanata
(Phase I completed)
43

Land Use Intensification – Residential Potential
Greater Toronto Area Case Study
• 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 (highlighted above in
the GTA market)
• 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
– Maximizing use of mass transit
– Generate higher yields as land is already owned
• RioCan has a number of potential sites located in other major markets such as, Tillicum Centre in Victoria, BC and Brentwood Village
Mall in Calgary Alberta
44
N
12
1. 2955 Bloor Street
2. 740 Dupont Ave
3. College & Manning
4. 491 College Street
5. Dufferin Plaza
6. King & Portland
7. Lawrence Square
8. Markington Square
9. Queensway Cineplex
10. RioCan Hall
11. RioCan Leaside
12. RioCan Marketplace
13. RioCan Scarborough
14. Yonge Sheppard Centre
15. Sunnybrook Plaza
16. The Well
17. Northeast Yonge & Eglinton
Properties where zoning applications have been filed.

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.
Market CMHC Reported Vacancy Rate October 2014
Toronto, Ontario 1.6%
Ottawa, Ontario 2.6%
Calgary, Alberta 1.4%
Edmonton, Alberta 1.7%
Vancouver, BC 1.0%
• 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 as a healthy diversification to RioCan’s retail portfolio.
• 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 is committed to ensuring that the individual properties in its portfolio are utilized to their highest and
best use. RioCan has focused on mixed use projects containing predominantly multi-residential rental
buildings. RioCan has identified 50 properties that it deems to be strong intensification opportunities all
located in Canada’s six major markets.
45

Development Activities
Residential Intensification
Potential GLA (square feet at 100%)
Property Location
Application
Submission
Date Ownership (%) Commercial
Residential
Rental (i) Condominium Total
Residential
Rental Units
Yonge Eglinton Northeast Corner Toronto, ON Jan-12 50% (Metropia/Bazis) 54,000 384,498 491,491 929,989 465
Sunnybrook Plaza Toronto, ON Dec-14 100% 24,928 374,791 — 399,719 426
College & Manning Toronto, ON Sep-13 50% (Allied) 5,887 55,746 — 61,633 77
740 Dupont Street Toronto, ON Jul-14 100% 81,918 189,549 — 271,467 225
Sheppard Centre Toronto, ON May-13 50% (Kingsett) 104,000 319,000 — 423,000 399
King & Portland Toronto, ON Aug-13 50% (Allied) 245,345 106,208 — 351,553 139
The Well Toronto, ON 40% (Allied / Diamondcorp) 1,608,698 940,000 466,206 3,014,904 1,343
Tillicum Victoria, BC Feb-09 50% 18,143 300,000 — 318,143 295
TOTAL 2,142,919 2,669,792 957,697 5,770,408 3,369
RioCan has filed applications for rezoning eight projects which, upon completion, should comprise a total of 5.8
million square feet, of which 2.7 million square feet will be residential rental units held for long-term rental
income, 1.0 million square feet will be condominiums for sale and 2.1 million square feet will be incremental
commercial gross leasable area. This would permit RioCan to have an interest in approximately 3,369 residential
units.
RioCan intends to file applications to rezone 17 additional properties by the end of 2015. These proposed
redevelopments are expected to produce approximately 8.6 million square feet, of which 6.2 million square feet
is expected to be residential. This would permit RioCan to have an interest in an additional 8,713 residential
units. As these projects are in preliminary stages, there can be no assurance that any of these developments will
be undertaken and if so, on what terms.
46

47
Location: Toronto, Ontario
Intersection: Yonge & Eglinton
Total Proposed GLA: 54,000 square feet*
Design Concept: Urban Retail
Anticipated Completion: 2017
RioCan Interest 50%
Yonge & Eglinton Northeast Corner - Toronto, Ontario
• 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 98% pre-sold, 606 of
the 621 units have been sold.
• North tower to be developed as rental residential. Current
plans are for 465 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.
Creating New Cash Flow Sources

• Located at the busy intersection of Bayview Avenue
and Eglinton Avenue in midtown Toronto.
• The site benefits from excellent demographics and
is a probable location for a stop along the proposed
Eglinton subway line.
• RioCan has filed for rezoning into a 400,000 sf
mixed use, retail/residential redevelopment project
including 25,000 sf of retail and 375,000 sf of
residential including 426 units.
48
RioCan has a number of Urban Intensification opportunities in the GTA market
Sunnybrook Plaza, Toronto, ON
Today
Proposed

49
The Sheppard Centre, Toronto
Intersection: Yonge & Sheppard
Total GLA: 423,000 square feet
Expected Construction Start: Late 2014
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.
• When complete will add approximately 104,000 square feet of new
retail space.
• Plans also contemplate the addition of a new 39 storey residential
tower containing 319,000 square feet including 399 rental units.
• Fast growing area of North Toronto
• Anchored by Shoppers Drug Mart and Winners
• Agreements in place with Longo’s and LA Fitness
Potential Design

50
Intersection: 740 Dupont Street
Total Proposed GLA: 271,467 square feet
Total Proposed Units: 225
Design Concept: Urban Retail/Residential
RioCan Interest 100%
740 Dupont - Toronto, Ontario

51
• RioCan, Allied Properties and Diamond Corp announced in
November 2012 that they had entered into a joint venture
arrangement to acquire the Globe and Mail site in downtown
Toronto. In April 2013, the partners also purchased an
adjacent parcel. The combined parcels are approximately 7.7
acres.
• Project is expected to be approximately 3 million square feet
of mixed use space including approximately 1.6 million sf of
retail and office space and 1.4 million sf of residential space
(0.9 million sf rental and 0.5 million sf as condominium
space) that will be built out in phases.
• The joint venture will be structured on a 40/40/20 basis
between RioCan, Allied and Diamond. RioCan and Allied
would act as joint development and construction managers.
Upon completion of any projects RioCan would act as
property manager for any retail portion of the property and
Allied would act as property manager for any office portion
RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

52
THE WELL – Potential Layout and Vision
Current vision for the site includes a mixed use of office, retail and residential
uses with inspiration drawn from other open air mixed retail properties in
Europe.

53
THE WELL – Potential Layout and Vision

54
• 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. RioCan and Allied would act as joint
development and construction managers. Upon completion
of any projects RioCan would act as property manager for
any retail portion of the property and Allied would act as
property manager for any office portion
• First two sites to be developed are:
– King and Portland which will be developed into a mixed
use complex with approx. 351,553 square feet including
139 residential units in Toronto, Ontario. In Q4, 2014
RioCan purchased an additional parcel at 499 Adelaide St.
West which will form part of the assembly.
– College and Manning will be developed into a mixed use
complex with approx. 125,000 square feet. The site, which
received zoning approval in the third quarter of 2014, will
include 5,887 square feet of retail and 77 residential units
in an eight-storey mixed-use building.
RioCan & Allied Properties REIT Joint Venture
King & Portland
College and Manning

• 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.
• The intention is for two residential towers to be
erected upon the retail podium that will be anchored
by a 102,000 square foot Loblaws.
• RioCan and KingSett, have 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, along with approximately $40 million
in cost reimbursement for infrastructure works.
• Development is anticipated to commence in H2 2015.
• RioCan is responsible for the development,
management and leasing of the property.
55
Calgary East Village Potential Design
Current Site

56
Sage Hill, 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.
• Once completed, the anticipated gross leasable
area is 394,000 square feet of retail use.
• The property is 75% preleased with Walmart and
Loblaws slated to be the anchor tenants. Walmart
commenced operations in January 2015.
• Other major tenants include, RBC, Scotiabank,
McDonalds, Liquor Depot and London Drugs.
• The property is expected to be completed in
2016.
• RioCan is responsible for the development,
management and leasing of the property.

Recent Completions
57
The Stockyards - St. Clair & Weston, Toronto
551,000 sqf. two storey retail – Opened Spring 2014
Partner: Canada Pension Plan Investment Board (“CPPIB”)
• This unique site at the corner of St. Clair and Weston Road in Toronto, Ontario;
• On March 31, 2014, RioCan acquired its partner Trinity’s 25% interest in the site, as a result RioCan owns 50%
of this landmark property. RioCan manages and leases the property on behalf of the joint venture;
• The property opened in the Spring of 2014, and during the third quarter 2014 an additional fourteen tenants
(including Sport Chek, Roots, Banana Republic and RBC Royal Bank) totalling approximately 57,000 square
feet commenced operations.

“Densifying” existing urban locations
58
Yonge Eglinton Centre - Toronto, Ontario
• RioCan acquired the property in 2007 and
launched revitalization and expansion plan to
capitalize on area’s residential intensification
significant increases in NOI and occupancy

59
RioCan Yonge Eglinton Centre –The Cube
Intersection: Yonge & Eglinton
Construction Start: Q2 2013
Expected Completion: 2015
RioCan Interest: 100%
RioCan has leased the media screens to CBS Outdoor
Canada, which will generate additional revenue at the site.
Today
Proposed

60
420 Bathurst Street, Toronto
Intersection: Bathurst & College
Design Concept: Urban Retail/Office

Urban Intensification – Completed
Projects
61
Queen & Portland, Toronto, ON
Before
After
Intersection: Portland & Queen
Design Concept: Mixed‐use facility
Construction Completed: 2011

Urban Intensification – Completed
Projects
62
1717 Avenue Road, Toronto, ON
Intersection: 1717 Avenue Road
Design Concept: Mixed‐use facility
Construction Completed: 2011

Canadian Outlet Centre Development
• In 2011, RioCan entered into an exclusive joint venture for the acquisition, development and
leasing of sites across Canada that are suitable for development or redevelopment as outlet
shopping centres similar in concept and design to those within the existing Tanger U.S.
portfolio.
• In November 2012, RioCan and Tanger acquired two sites in the Montreal area, Les
Factoreries Saint-Sauveur, and Le Carrefour Champetre (Bromont Outlet Centre). The
Montreal sites are existing centres which will be expanded and re-branded as Tanger Outlet
Centers.
• In the fourth quarter of 2014 the joint venture opened/expanded two Tanger Factory Outlet
Centers. The first in Kanata, Ontario in the Ottawa market, which was the first ground up
development by RioCan and Tanger. The other completed centre was the Tanger Factory
Outlet Center in Cookstown, Ontario in the Greater Toronto market at the newly expanded
Cookstown Mall location that was acquired by the joint venture in 2011.
63

Outlet Centre Development
Completed Projects
• 161,000 square foot outlet centre with the construction in progress to add a further 158,000 square feet of retail space.
• Construction on the expansion began in Q2 2013 and was completed in Q4 2014.
• Site includes 80 designer stores including:
64
Cookstown Outlet Mall
Purchased in December 2011 with Tanger
Factory Outlet Centers.
Before After

• 52.5 acre site, approximately 20 kilometres west of Ottawa
• Development began in Q2 2013, and the initial phase comprising 353,000 square foot outlet centre was completed
in Q4 2014.
• The grand opening on October 17, 2014 was very well received with tenants reporting sales above expectations.
• A second 54,000 square foot phase will commence construction in 2015 which will include a 28,000 sf Saks Off Fifth
location.
65
Tanger Outlets - Kanata
Outlet Centre Development

Greenfield Development Portfolio
(i) Retailer owned anchors include both completed and contemplated sales.
(ii)Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.
(iii) The first phases are expected to be substantially complete by the dates indicated.
* Property represents one of RioCan’s 15 properties under development.
67
Greenfield Development Properties Estimated square feet upon completion of the Anticipated date of
development project development completion
(thousands of square feet) Total
estimated
development
Retailer
owned
anchors(i)
RioCan’s
interest
Partners’
interests
Total
leasing
activity(ii)
%
Leased
Current
development
Potential
future
developments
RioCan’s
Interest Partners Anchors
East Hills, Calgary, AB * 40%
CPP /
Lansdowne /
Tristar
Walmart, Cineplex 916 160 302 454 276 37% Q3 2015 2017
Flamborough Power Centre, Hamilton, ON * 100% — — 283 — 283 — 195 69% Q1 2016 2016
Sage Hill, Calgary, AB * 50% Kingsett
Walmart, Loblaws,
London Drugs
394 — 197 197 294 75% Q2 2016 2016
Greenfield Developments –Committed 1,593 160 782 651 765 53%
RioCan Centre Vaughan, Vaughan, ON Ph 3 * 31%
Trinity /
Strathallan
96 74 7 15 — —% 2016
Windfield Farms, Oshawa, ON * 100% — 1,214 157 1,057 — — —% — 2017 (iii)
Greenfield Developments –Non-committed 1,310 231 1,064 15 — —%
Total Greenfield Developments 2,903 391 1,846 666 765 30%

Development Expenditures
(i) Proceeds from sale to shadow anchors reduce projected cost.
(ii) Credits reflect proceeds from a potential land parcel sale.
68
Greenfield Development Expenditures Estimated remaining construction
Acquisition and development expenditures incurred to date expenditures to complete
RioCan’s interest
RioCan’s Estimated Amount Amount
% project cost included in included in Partners’ RioCan’s Partners’
(thousands of dollars) ownership (100%) (i) IPP PUD Total interest Total interest interest Total
East Hills, Calgary, AB 40% $313,426 $483 $68,728 $69,211 $88,310 $157,521 $62,362 $93,543 $155,905
Flamborough Power Centre, Hamilton, ON 100% 61,565 31,391 7,448 38,839 — 38,839 22,727 — 22,727
Sage Hill, Calgary, AB 50% 110,644 21 21,639 21,660 19,924 41,584 34,530 34,530 69,060
Fair value adjustments — 14,447 14,447 — 14,447 — — —
Greenfield Developments – Committed 485,635 31,895 112,262 144,157 108,234 252,391 119,619 128,073 247,692
RioCan Centre Vaughan, Vaughan, ON Ph 3 (ii) 31% 10,395 — 7,649 7,649 11,081 18,730 (2,605) (5,730) (8,335)
Windfield Farms, Oshawa, ON 100% 223,476 — 52,595 52,595 — 52,595 170,881 — 170,881
Greenfield Developments - Non-committed 233,871 — 64,570 64,570 11,081 75,651 168,276 (5,730) 162,546
Total Greenfield Developments 719,506 31,895 176,832 208,727 119,315 328,042 287,895 122,343 410,238

(i) Credits reflects proceeds from a potential land parcel sale.
69
Greenfield Development
Projects Estimated remaining development activity to be funded by RioCan
2014 2015 2016 & Thereafter Future Development Total
RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine
(thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing
East Hills, Calgary, AB 40% $10,193 $— $1,973 $— $2,072 $— $48,124 $— $62,362 $—
Flamborough Power Centre, Hamilton, ON 100% — $— — $— — — 22,727 $— 22,727 $—
Sage Hill, Calgary, AB 50% 19,533 $— 7,137 $— — — 7,861 $— 34,531 $—
Greenfield Developments –Committed 29,726 — 9,110 — 2,072 — 78,712 — 119,620 —
RioCan Centre Vaughan, Vaughan, ON Ph 3 (i) 31% 239 143 251 151 — — (3,095) (1,857) (2,605) (1,563)
Windfield Farms, Oshawa, ON 100% 2,630 — 2,761 — 2,899 — 162,591 — 170,881 —
Greenfield Developments –Non-committed 2,869 143 3,012 151 2,899 — 159,496 (1,857) 168,276 (1,563)
Total Greenfield Developments 32,595 143 12,122 151 4,971 $— 238,208 (1,857) 287,896 (1,563)

Urban Intensification Properties
(i) Retailer owned anchors include both completed and contemplated sales.
(ii) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.
(iii) The first phases are expected to be substantially complete by the dates indicated.
(iv) Includes amounts for offices and retail components only (not residential).
70
Urban Intensification Properties Estimated square feet upon completion of the Anticipated date of
development project development completion
(thousands of square feet) Total Retailer Total Potential
RioCan’s Anchors estimated owned RioCan’s Partners’ leasing % Current future
Interest Partners
developm
ent anchors(i) interest interests
activity
(ii) Leased development
develop
ments
1860 Bayview Avenue, Toronto, ON * 100% — Whole Foods 76 —
76
— 68 89% Q3 2015 2015
Bathurst Street & College Street, Toronto, ON * 100% — 145
145
— 52 36% — 2017
CPA Lands, Calgary, AB * 50% Kingsett Loblaws 174 —
87 87
102 59% — 2019
NE Yonge Eglinton, Toronto, ON (iv) * 50% Metropia / Bazis — 438 —
219
219 18 4% — 2017
Urban Intensification-Committed 833 —
527
306 240 29%
College & Manning, Toronto, ON * 50% Allied — 114 —
57 57
59 52% — 2018
Dupont Street, Toronto, ON * 100% — — 271 —
271
— — —% — 2020
The Well, Toronto, ON (iv)* 40% Allied / Diamond — 2,548 — 1,019
1,529
— —% —2019 (iii)
King & Portland, Toronto, ON * 50% Allied —
352
—
176
176 48 14% — 2018
Urban Intensification - Non-committed 3,285 — 1,523 1,762 107 3%
Total Urban Intensification 4,118 — 2,050 2,068 347 8%

71
(i) Proceeds from sale to shadow anchors reduce projected cost, and exclude potential condominium residential units.
Urban Intensification Expenditures Estimated remaining construction
Acquisition and development expenditures incurred to date expenditures to complete
RioCan’s interest
RioCan’s Estimated Amount Amount
% project cost included in included in Partners’ RioCan’s Partners’
(thousands of dollars) ownership (100%) (i) IPP PUD Total interest Total interest interest Total
1860 Bayview Avenue, Toronto, ON 100% $56,831 $— $28,044 $28,044 $— $28,044 $28,787 $— $28,787
Bathurst Street & College Street, Toronto, ON 100% 89,836 — 25,572 25,572 — 25,572 64,264 — 64,264
CPA Lands, Calgary, AB 50% 126,414 — 11,387 11,387 10,528 21,915 52,250 52,250 104,500
NE Yonge Eglinton, Toronto, ON 50% 207,375 126 20,306 20,432 20,416 40,848 83,256 83,256 166,512
Fair value adjustments (4,549) (4,549) (4,549)
Urban Intensification – Committed 480,456 126 80,760 80,886 30,944 111,830 228,557 135,506 364,063
College & Manning, Toronto, ON 50% 52,420 8,539 4,506 13,045 11,879 24,924 13,748 13,748 27,496
Dupont Street, Toronto, ON 100% 98,450 — 14,953 14,953 — 14,953 83,497 — 83,497
The Well, Toronto, ON 40% 1,566,995 632 76,872 77,504 109,543 187,047 551,980 827,970 1,379,950
King & Portland, Toronto, ON 50% 128,419 10,349 14,380 24,729 22,752 47,481 40,469 40,469 80,938
Urban Intensification - Non-committed 1,846,284 19,520 129,947 149,467 144,174 293,641 689,694 882,187 1,571,881
Total Urban Intensification $2,326,740 $19,646 $210,707 $230,353 $175,118 $405,471 $918,251 $1,017,693 $1,935,944

72
Urban Intensification Projects Estimated remaining development activity to be funded by RioCan
2015 2016 2017 & Thereafter Future Development Total
RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine
(thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing
1860 Bayview Avenue, Toronto, ON 100% $28,787 $— $— $— $— $— $— $— $28,787 $—
Bathurst Street & College Street, Toronto, ON 100% 1,279 — 1,343 — 1,410 — 60,233 — 64,265 —
CPA Lands, Calgary, AB 50% 569 — 598 — 628 — 50,455 — 52,250 —
NE Yonge Eglinton, Toronto, ON (i) 50% — — — — — — — — — —
Urban Intensification – Committed 30,635 — 1,941 — 2,038 — 110,688 — 145,302 —
College & Manning, Toronto, ON 50% $225 — $237 — $497 — $12,790 — $13,749 —
Dupont Street, Toronto, ON 100% 748 — 785 — 1,649 — 80,316 — 83,498 —
The Well, Toronto, ON 40% 3,844 — 4,036 — 12,713 — 531,388 — 551,981 —
King & Portland, Toronto, ON 50% 719 — 755 — 1,585 — 37,410 — 40,469 —
Urban Intensification – Non-committed 5,536 — $5,813 — $16,444 — $661,904 — 689,697 —
Total Urban Intensification $36,171 $— $7,754 $— $18,482 $— $772,592 $— $834,999 $—
(i) Cost to complete to be financed by construction line.

Expansion & Redevelopment Portfolio
73
Expansion & Redevelopment Development
expenditures Sub-total Estimated remaining
Estimated project cost to date at Costs development activity
(thousands of square feet, millions of dollars) RioCan’s Project RioCan’s Partners’ Historical RioCan’s Incurred at RioCan’s interest
As at June 30, 2014 interest Tenant(s) NLA interest interest Total costs(i) interest to date 2015 2016 2017+
491 College Street, Toronto, ON 50% LCBO 30 $5.1 $5.1 $10.2 $4.0 $0.3 $4.3 $0.3 $0.3 $4.2
Brentwood Village, Calgary, AB 50% Retail Podium 40 2.9 2.9 5.8 7.0 1.4 8.4 1.2 0.3 —
Centre St. Martin, Laval, Québec 100% Giant Tiger 40 4.3 — 4.3 2.4 2.5 4.9 1.7 — —
Corbett Centre, Fredericton, NB 100%
Sleep Country
Canada
32 7.6 — 7.6 — 3.2 3.2 1.2 3.2 —
Eglinton Avenue & Warden Avenue, Toronto, ON 100%
Dentist, Mucho
Burrito, Popeyes
15 4.0 — 4.0 4.4 0.6 5.0 3.2 0.2 —
Grant Crossing, Ottawa, ON 60% TBD 41 6.4 4.3 10.7 0.4
0.9
1.3 0.1 5.4 —
Herongate Mall, Ottawa, ON 75%
Dollarama,
Petsmart
67 8.9 3.0 11.9 5.8 6.8 12.6 2.1 — —
Kennedy Commons, Toronto, ON 50%
Sleep Country,
Sunset Grill
21 1.6 1.6 3.2 1.8
0.3
2.1 1.4 — —
Mill Woods Town Centre, Edmonton, AB 40%
LensCrafters,
Cellicon
10 0.4 0.5 0.9 1.1 0.2 1.3 0.2 — —
RioCan Colossus Centre, Vaughan, ON 100% TBD 116 29.1 — 29.1 17.4
4.9
22.3 10.8 8.4 5.0
RioCan Hall, Toronto , ON 100% Michael's 32 2.8 — 2.8 14.6 0.6 15.2 2.3 — —
Shoppers City East, Ottawa, ON * 63%
Shoppers Drug
Mart, Beer Store
34 5.2 3.1 8.3 18.5 2.4 20.9 0.6 2.2 —
Tanger Outlets - Kanata, Kanata, ON 50% Saks Off 5th 79 13.3 13.3 26.6 5.8 3.1 8.9 0.8 9.4 —
The Stockyards, Toronto, ON 50% TBD 20 1.7 1.7 3.4 6.7 0.7 7.4 0.6 0.4 —
West Ridge Place 100%
Petsmart, Fit for
Less
23 0.9 — 0.9 2.9 0.3 3.2 0.6 — —
Yonge & Eglinton Centre, Toronto, ON 100%
Winners, Joe
Fresh, Cineplex
Expansion
45 86.2 — 86.2 8.6 64.7 73.3 21.5 — —
Yonge Sheppard Centre, Toronto, Ontario 50%
Longos, LA
Fitness, Mall
Renovation (ii)
104 79.1 79.1 158.2 7.6 2.0 9.6 33.3 37.2 6.6
Fair Value Adjustments — — — — (1.3) — (1.3) — — —
Total Committed Expansion and Redevelopment properties 749 259.5 114.6 374.1 107.7 94.9 202.6 81.9 67.0 15.8
(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment.
(ii) Yonge Sheppard Centre's interior mall retrofit is excluded from NLA, however, it is included in estimated project costs. Condo related
NLA and costs are excluded from the table

Expansion & Redevelopment Portfolio
(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment.
74
Expansion & Redevelopment Development
Continued expenditures Sub-total Estimated remaining
Estimated project cost to date at Costs development activity
(thousands of square feet, millions of dollars) RioCan’s Project RioCan’s Partners’ Historical RioCan’s Incurred at RioCan’s interest
As at December 31, 2014 interest Tenant(s) NLA interest interest Total costs(i) interest to date 2015 2016 2017+
Brookside Mall, Fredericton, NB 50% TBD 70 $2.1 $2.1 $4.2 $ 0.3 $1.0 $1.3 — $1.1 —
Les Factoreries Tanger - Bromont, Bromont, Quebec 50% TBD 70 8.9 8.9 17.8 1.3 0.1 1.4 — 8.8 —
Les Factoreries Tanger - Saint-Sauveur, Saint Sauveur, Quebec 50% TBD 19
3.1 3.1 6.2 0.3 0.1 0.4
—
3.0
—
Mega Centre Notre-Dame, Dorothee, Quebec 100% TBD 181 39.0 — 39.0 12.5 1.5 14.0 — 37.5 —
RioCan Centre Barrie, Barrie, Ontario 100% TBD 26 8.2 — 8.2 1.5 0.9 2.4 — 7.3 —
RioCan Centre Burloak, Oakville, Ontario 50% TBD 141 8.0 8.0 16.0 5.0 1.1 6.1 0.1 2.7 4.0
Timiskaming Square, New Liskeard, ON 100% TBD 79 3.5 — 3.5 1.4
0.6 2.0
— 3.0 —
Westney Road & Taunton Road, Ajax, ON 100% TBD 62 32.8 — 32.8 10.6 0.5 11.1 0.3 32.0 —
Fair Value Adjustments — — — —
(6.9)
—
(6.9)
— — —
Total Non-committed Expansion and Redevelopment properties 648 105.6 22.1 127.7 26.0 5.8 31.8 0.4 95.4 4.0
Total 1,397 365.1 136.7 501.8 133.7 100.7 234.4 82.3 162.4 19.8

75
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 Interest, Funds From Operations (“FFO”), Adjusted FFO,
Operating Funds From Operations (“Operating FFO”), Net Operating Income (“NOI”),
Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”),
Operating EBITDA, Net Consolidated Debt to Adjusted EBITDA, Net Operating Debt to
Operating EBITDA, Adjusted Unit holders Equity, Same Store NOI, and Same Property NOI,
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 year ended
December 31, 2014. RioCan uses these measures to better assess the Trust’s underlying
performance and provides these additional measures so that investors may do the same.

Management Investor Presentation - YE 2014

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