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RIO CAN TSX : REI.UN RIOCAN ANNOUNCES FIRST QUARTER RESULTS FOR 2021 • 1.1 million sq . ft . of new and renewed leases with new leasing spread of 14.2 % and blended spread of 8.1 % ; • Net income increased to $ 106.7 million from $ 102.8 million for pre - pandemic Q1 2020 ; • FFO / unit ( excluding debenture prepayment costs ) of $ 0.36 , impacted by $ 5.8 million of one - time G & A costs ; • Committed occupancy improved 10 bps from Q4 2020 to 95.8 % and 30 bps to 96.0 % as of May 3 , 2021 ; • Capital recycling program remains robust with $ 543.1 million of closed , firm and conditional deals year - to - date . Toronto , Ontario ( May 4 , 2021 ) - RioCan Real Estate Investment Trust ( " RioCan " or the " Trust ” ) announced today its financial results for the three months ended March 31 , 2021 ( the " First Quarter " ) . " While we have seen volatility in the retail sector throughout the pandemic , I am proud of how we have come through . The operating environment is becoming more favourable for a portfolio like RioCan's , as evidenced by our strong leasing spreads , increased leasing velocity and occupancy and our rent collections , " said Jonathan Gitlin , President and CEO of RioCan . " Our strong team will continue to create value through our well - positioned income producing portfolio and development pipeline . As vaccines begin to take hold , we look ahead beyond this exceptional moment in time poised to capitalize on pent - up consumer activity that will benefit our tenants , RioCan and ultimately , our Unitholders . " ( in millions except percentages , square feet and per unit values ) Financial Highlights Net income Weighted average Units outstanding - diluted ( in thousands ) FFO ( i ) FFO ( excluding debenture prepayment costs ) ( i ) FFO per unit - diluted ( i ) FFO per unit - diluted ( excluding debenture prepayment costs ) ( i ) Operation Highlights Same property NOI ( decline ) growth - overall portfolio ( i ) Six major markets - % of total annualized revenue ( ii ) Greater Toronto Area - % of total annualized revenue ( ii ) Occupancy committed six major markets ( ii ) Occupancy - committed ( ii ) Blended leasing spread New leasing spread Renewal leasing spread + A $ EA EA EA EA Three months ended March 31 , 2021 2020 106.7 317,758 $ 102.8 317,725 106.0 $ 144.6 113.1 $ 144.6 0.33 $ 0.46 0.36 $ 0.46 EA EA EA EA ( 4.6 ) % 3.0 % 90.4 % 90.2 % 51.0 % 51.0 % 96.1 % 97.3 % 95.8 % 96.8 % 8.1 % 5.6 % 14.2 % 6.7 % 5.0 % 5.3 % Development Highlights Development completions - sq ft in thousands Development expenditures ( iii ) $ Properties under development and residential inventory as a percentage of consolidated gross book value of assets ( maximum permitted : 15 % ) ( ii ) ( iii ) 30.0 87.5 10.7 % 133.0 $ 103.0 9.4 % Balance Sheet Strength Highlights March 31 , 2021 December 31 , 2020 Debt to Adjusted EBITDA ( i ) ( iv ) Ratio of total debt to total assets ( i ) ( ii ) ( iv ) Unencumbered assets ( i ) ( ii ) ( iv ) 10.02x 45.3 % 8,719 $ 9.47x 45.0 % 8,727 Unencumbered assets to unsecured debt ( i ) ( ii ) ( iv ) 221 % 215 % ( 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 three months ended March 31 , 2021 . ( ii ) Information presented as at respective periods 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 .