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RIO CAN TSX : REI.UN RIOCAN ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS FOR 2020 Toronto , Ontario ( February 11 , 2021 ) - RioCan Real Estate Investment Trust ( " RioCan " or the " Trust " ) announced today its financial results for the three months ( " Fourth Quarter " ) and year ended December 31 , 2020 . " I cap off my 108th and last quarter as CEO of RioCan as we continue to grapple with the COVID - 19 pandemic . Considering the unparalleled impact of the pandemic on our business , including rent collection , tenant restructuring , and a less active transaction market , RioCan came through very well , ending the year with record liquidity and achieving our FFO per Unit guidance , " said Edward Sonshine , CEO of RioCan . " We made the difficult , yet prudent and correct decision to reduce our distribution to optimize capital allocation towards value creation opportunities such as development , debt repayment and unit buybacks . Our development program is poised to deliver new and diversified sources of income and cash flow from development completions with more to come given our large and robust pipeline . All of these actions will allow us to raise our distribution when the economy recovers as the pandemic dissipates . While we continue to face the second wave of the pandemic and an uneven road to economic recovery , RioCan's best - in - class team under the leadership of Jonathan Gitlin , my successor , are well - positioned to unlock the embedded value in our great portfolio . In my new role as the Board Chairman , I look forward to watching RioCan enter its next phase of growth as life returns to a normal state , hopefully by the end of 2021. " Three months ended December 31 ( in millions except percentages , square feet and per unit values ) 2020 2019 Year ended December 31 2020 2019 Financial Highlights Net income ( loss ) $ Weighted average Units outstanding - diluted ( in thousands ) FFO ( i ) 65.6 $ 317,739 $ FFO per unit - diluted ( i ) $ 0.39 124.1 $ $ 150.8 $ 315,080 146.1 0.46 $ $ ( 64.8 ) $ 317,725 507.4 $ 775.8 307,779 575.8 1.60 $ 1.87 Operation Highlights Same property NOI ( decline ) growth - overall portfolio ( i ) ( 7.9 ) % 2.3 % ( 6.5 ) % 2.1 % Six major markets - % of total annualized revenue ( ii ) 90.0 % 90.1 % 90.0 % 90.1 % Greater Toronto Area - % of total annualized revenue ( ii ) 51.3 % 52.4 % 51.3 % 52.4 % Occupancy - committed six major markets ( ii ) 96.1 % 97.7 % 96.1 % 97.7 % Occupancy - committed ( ii ) 95.7 % 97.2 % 95.7 % 97.2 % Blended leasing spread New leasing spread Renewal leasing spread 3.8 % 8.2 % 5.0 % 9.4 % 5.1 % 2.1 % 7.9 % 10.0 % 3.6 % 10.2 % 4.4 % 9.2 % Development Highlights Development completions - sq ft in thousands 320.0 118.0 529.0 530.0 Development expenditures ( iii ) $ 141.4 $ 143.5 493.4 $ 473.7 Properties under development and residential inventory as a percentage of consolidated gross book value of assets ( maximum permitted : 15 % ) ( ii ) ( iii ) 10.3 % 9.0 % 10.3 % 9.0 % Balance Sheet Strength Highlights Debt to Adjusted EBITDA ( i ) ( iv ) Ratio of total debt to total assets ( i ) ( ii ) ( iv ) 9.47x 45.0 % Unencumbered assets ( i ) ( ii ) ( iv ) Unencumbered assets to unsecured debt ( i ) ( ii ) ( iv ) 8.06x 42.1 % 9.47x 45.0 % 8,727 215 % $ 8,937 227 % $ 8,727 $ 8,937 215 % 227 % 8.06x 42.1 % ( i ) A Non - GAAP measurement . For definitions and the basis of presentation of RioCan's Non - GAAP measures , refer to the Non - GAAP Measures section in RioCan's Management's Discussion and Analysis ( MD & A ) for the year ended December 31 , 2020 . ( ii ) Information presented as at December 31 for the years then ended . ( iii ) Includes costs incurred for various properties under development and for residential inventory in respective reporting periods . ( iv ) At RioCan's proportionate share .