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Strength in Retail. Durable Growth. INVESTOR DAY ❘ NOVEMBER 18, 2025
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| 2TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Welcome SENIOR VICE PRESIDENT, GENERAL COUNSEL, ESG AND CORPORATE SECRETARY Jennifer Suess
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| 3TSX: REI.UN | RIOCAN INVESTOR DAY 2025 N O N- G A A P M E A S U R E S 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, Funds From Operations (“FFO”), Adjusted Funds From Operations ("AFFO"), Core FFO, Core AFFO, FFO per unit, Core FFO per unit, Core AFFO per unit, FFO Payout Ratio, Core FFO Payout Ratio, Core AFFO Payout Ratio, Net Operating Income (“NOI”), Same Property NOI (“SPNOI”), Total Capital Repatriation, Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Spot Debt to Adjusted EBITDA, Liquidity, Ratio of Unsecured and Secured Debt, Unencumbered Assets as well as other measures discussed in this presentation, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. For full definitions and reconciliations of these non-GAAP measures, refer to the "Non-GAAP Measures” section in the Appendix of this presentation and RioCan’s recent MD&A for the three months and year ended December 31, 2024, as well as three and nine months ended September 30, 2025. F O R W A R D- L O O K I N G I N F O R M AT I O N All information other than statements of current and historical fact included in this presentation is forward-looking information within the meaning of applicable securities laws. Forward-looking information generally can be identified by the use of forward-looking terminology such as “target”, “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, “ambition”, or similar expressions or the negative thereof suggesting future outcomes or events. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information in this presentation includes, but is not limited to, statements regarding the growth and financial targets that RioCan aspires to achieve by 2028, RioCan’s business generally, future financial position and business strategy, and its plans and objectives, as well as our strategies to achieve those objectives. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: growth of the retail environment; a changing interest rate environment; land use intensification at reasonable costs; the Trust’s ability to sell or enter into partnerships with respect to the future incremental density it has identified in its portfolio; final closing of condominium units in accordance with purchase agreements; continued access to equity and debt capital markets to meet the Trust’s current and future financing needs; and the availability of investment opportunities for growth in Canada. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this presentation and actual results could differ materially from such conclusions, forecasts or projections. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including the environment in which RioCan will operate in the future and its ability to achieve its goals. Although management believes that the expectations represented in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The future outcomes that relate to the forward-looking information may be influenced by many factors that could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking information, including the risks referred to under the heading “Risks and Uncertainties” in RioCan’s most recent MD&A and in its most recent Annual Information Form, available at www.sedarplus.com and at www.riocan.com. RioCan cautions that such list of factors is not exhaustive and when relying on forward-looking information to make decisions with respect to RioCan, readers should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this presentation is made as of the date hereof. Except as required by applicable securities laws, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Oliver Harrison Senior Vice President, Leasing and Tenant Experience Franca Smith Senior Vice President, Finance Jennifer Suess, O. Ont. Senior Vice President, General Counsel, ESG and Corporate Secretary Terri Andrianopoulos Senior Vice President, People and Brand Jonathan Gitlin President and Chief Executive Officer John Ballantyne Chief Operating Officer Dennis Blasutti Chief Financial Officer Andrew Duncan Chief Investment Officer Leadership Team | 4TSX: REI.UN | RIOCAN INVESTOR DAY 2025
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| 5TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Agenda Welcome JENNIFER SUESS Senior Vice President, General Counsel, ESG and Corporate Secretary Poised for Continued Growth JONATHAN GITLIN President and Chief Executive Officer Building on Strength: Focusing on Our Retail Core DENNIS BLASUTTI Chief Financial Officer Driving Growth: Productive Retail Core JOHN BALLANTYNE Chief Operating Officer OLIVER HARRISON Senior Vice President, Leasing and Tenant Experience Tenant Fireside Chat JONATHAN GITLIN President and Chief Executive Officer GREG HICKS Canadian Tire Corporation, President and Chief Executive Officer MICHAEL MEDLINE Empire Company Limited, Former President and Chief Executive Officer TODD BARCLAY Recipe Unlimited, President, Casual Brands & Government Relations BREAK Amplifying Growth: Disciplined Capital Allocation ANDREW DUNCAN Chief Investment Officer Delivering Growth: Proven Platform to Execute DENNIS BLASUTTI Chief Financial Officer Closing Remarks JONATHAN GITLIN President and Chief Executive Officer BREAK Q + A RIOCAN LEADERSHIP TEAM
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| 6TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Poised for Continued Growth PRESIDENT AND CHIEF EXECUTIVE OFFICER Jonathan Gitlin
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Strength in Retail. Durable Growth. | 7TSX: REI.UN | RIOCAN INVESTOR DAY 2025
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RIOCAN | INVESTOR DAY 2022 | 8TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strength in Retail. Durable Growth. Structurally set up to grow Core FFO/unit over the long-term +5% 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation.
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RIOCAN | INVESTOR DAY 2022 | 9TSX: REI.UN | RIOCAN INVESTOR DAY 2025 2026-2028 Expectations ~ 1.5% Short-Term Interest Expense Impact Core FFO/Unit Growth ≥3.5% ≥3.5% Productive Retail Core Core FFO/Unit Growth ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth ( ) 1 1 1, 2 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation. 2 - 2026-2028 interest rates on maturing debt are below market, impacting projected FFO growth. Core FFO growth 1
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| 10TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strategy Built on Competitive Strengths Productive Retail Core Disciplined Capital Allocation Proven Operating Platform
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RIOCAN | INVESTOR DAY 2022 | 11TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Maximizing Growth in a Thriving Market Canada: unique combination of stability and growth Retail Real Estate: strong demand and supply constrained
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RIOCAN | INVESTOR DAY 2022 | 12TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Canadian Retailers Innovate & Evolve | 12TSX: REI.UN | RIOCAN INVESTOR DAY 2025
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| 13TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strong Position, Favourable Market, & High-Quality Portfolio R E A D Y T O W I N
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| 14TSX: REI.UN | RIOCAN INVESTOR DAY 2025 WHAT WE’VE DONE Simplified Business Focused on Core Retail Increased focus on productive retail Delivered key developments and enhancements 2 1 IMPACT STRONG foundation for growth RELIABLE cash flow RECYCLE $1.3B to 1.4B of capital 1 1 - As at December 31, 2024. Condominium sales are based on contracted sales of pre-sold units and exclude ~$0.1 billion sales revenue pertaining to unsold units. RioCan Living disposition contingent on market demand and provided that prices approximate IFRS values. Expected over the course of 2025 and 2026.
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| 15TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Building from a Position of Strength Vancouver 1.1M SQ FT 1 Edmonton 1.7M SQ FT 1 Montreal 2.0M SQ FT 1 Calgary 3.7M SQ FT 1 Ottawa 4.5M SQ FT 1 Toronto (GTA) 16.4M SQ FT 1 32M SQ FT 1 1 - As at Q3 2025. Excludes income producing properties that are owned through joint ventures and reported under equity-accounted investments. 2 - As at Q3 2025. Percentage of fair value of income producing properties at RioCan's interest with grocery component. 3 - Data is updated annually in the second quarter, with the disclosure reflecting new statistics that become available each spring. Source: 2025 - Trends, 2025 Environics Analytics. within 5km avg population3 85% grocery2 173 properties within 5km avg household income3 ~$155K ~277K
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| 16TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Debt to EBITDA Target2 8-9x 9% Unlevered IRR3 Dynamic Capital Management Strategy Maintain a Strong Balance Sheet Reinvest in Our Business Capitalize on High-Value Opportunities RECYCLE $1.3B to 1.4B of capital 1 1 - As at December 31, 2024. Condominium sales are based on contracted sales of pre-sold units and exclude ~$0.1 billion sales revenue pertaining to unsold units. RioCan Living disposition contingent on market demand and provided that prices approximate IFRS values. Expected over the course of 2025 and 2026. 2 - Based on Adjusted Spot Debt to Adjusted EBITDA which is a non-GAAP measure. 3 - 10-year internal rate of return.
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| 17TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Performance-Driven Culture People ▪ Cohesive culture ▪ Experienced leadership ▪ Compensation program aligned with Unitholder interests Process ▪ Operational excellence ▪ Cost-effective ▪ Independence to execute Technology ▪ Proprietary analytics ▪ Data-driven insights ▪ Integrated systems
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| 18TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Poised for Continued Growth Proven Operating Platform DELIVERING GROWTH DRIVING GROWTH AMPLIFYING GROWTH Productive Retail Core ≥3.5% Core FFO/Unit Growth Disciplined Capital Allocation ~1.5% Core FFO/Unit Growth1 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation.
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| 19TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Building on Strength FOCUSING ON OUR RETAIL CORE CHIEF FINANCIAL OFFICER Dennis Blasutti
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| 20TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Growing from Our Strong Core Base 2025 2026 2027 2028 CORE FFO/UNIT1 2025 AT LEAST $1.55 ~$0.27 Condo-related Income2 $0.04 HBC JV3 1 - Core FFO is calculated as FFO less Condo-related income, HBC-related income, as well as other specific items from time-to-time such as marketable securities gains and losses, debt prepayment penalties and restructuring costs. 2 - Includes inventory gains along with associated fee income and marketing expenses. 3 – Refers to RC-HBC LP. AT LEAST $1.55 $1.85 - $1.88
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| 21TSX: REI.UN | RIOCAN INVESTOR DAY 2025 ✓ Exit lower value cash flows ✓ Retain high value cash flows in our Core business Value of Our Business is Our Core Q3-2025 NAV/UNIT PROFORMA NAV/UNIT ~$24 ~90% CORE1 ~98% CORE1 $24+ Repatriated and reinvested into Core CONDO RCL CONDO 3 2 1 - Core NAV is IFRS NAV excluding RioCan Living equity value and condo inventory. HBC had no value included in Q3 2025 NAV. 2 - Assuming a constant cap rate, based on increase in NOI expected. 3 - Proforma NAV assumes the sale of RioCan Living assets and closing of pre-sold condos with an allowance for defaults.
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| 22TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Deploying Capital COMPETITIVE RISK-ADJUSTED RETURNS
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| 23TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Disciplined Capital Allocation | 23 Dynamic Capital Management Strategy = Balanced Investment Framework + Highest Risk-Adjusted Returns Deploying Capital to Deliver
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| 24TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Flexibility to manage risk and pursue opportunities APPROACH PRIORITIES Balance Sheet Priorities Investment grade credit rating Target Debt-to-EBITDA ratio of 8x-9x Payout ratio of ~70% and declining Large unencumbered asset pool Well-distributed debt ladder Ample liquidity 1 - Based on Adjusted Spot Debt to Adjusted EBITDA which is a non-GAAP measure. 2 - Based on Core FFO. 1 2
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| 25TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Delivering Competitive Risk-Adjusted Returns Capital Management Strategy 1 - Financial return target is applicable for investment opportunities, but not applicable for debt repayment. Maintain a Strong Balance Sheet Reinvest in Our Business Capitalize on High-Value Opportunities Balanced Investment Framework Core FFO/unit accretion NAV/unit accretion Debt-to-EBITDA improvement FINANCIAL RATING Portfolio improvement Timeline of benefit Risk management OPERATIONAL RATING 9% Unlevered IRR INVESTMENT FRAMEWORK FOCUS Financial Return Target 1
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| 26TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Driving Growth PRODUCTIVE RETAIL CORE John Ballantyne CHIEF OPERATING OFFICER SENIOR VICE PRESIDENT, LEASING AND TENANT EXPERIENCE Oliver Harrison
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| 27TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Driving Growth 3.5% SPNOI Growth 2026-2028 Expectations ≥ Productive Retail Core ✓ Unmatched Portfolio Productive Retail Core Proven Operating Platform ✓ Growth-Maximizing Team ✓ Data-Driven Insights
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RIOCAN | INVESTOR DAY 2022 | 28TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Prime Locations in Major Canadian Markets gross rent from properties located in major Canadian markets94% ~32M SQ FT aggregate net leasable area1 1 - Excludes income producing properties that are owned through joint ventures and reported under equity-accounted investments as at Q3 2025.
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| 29TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Well-Capitalized and Diversified Necessity-Based Tenants Includes commercial portfolio only. Excludes equity-accounted investments. Selected retailers are presented for example purposes; percentages represent annualized net rental revenue as at September 30, 2025. 20.0% Grocery, Pharmacy & Liquor Loblaws / Sobeys / Metro / Walmart / Costco / Shoppers Drug Mart / Rexall Pharma Plus / LCBO / Jean Coutu / SAQ 24.1% Essential Goods & Services Canadian Tire / PetSmart / Bell / Rogers / Bank of Montreal / CIBC / Royal Bank of Canada / TD Bank / Scotiabank / Medical / Dental / Optical 13.0% Value Retailers Dollarama / Winners / HomeSense / Value Village >5% No single tenant exposure 9.8% Experiential & Dine-in Restaurants 8.0% Quick Service Restaurants 7.7% Specialty Retailers 7.2% Fitness & Personal Services 5.0% Furniture & Home 5.2% Other Tenants
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RIOCAN | INVESTOR DAY 2022 | 30TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Grocery Success Grocery Leasing Activity 2023 to Q3-25 ▪ 1.3M SQ FT renewals at 11% spread ▪ 230K SQ FT new deals at 24% rent lift o 25-50 bps cap rate compression Growth in Next Three Years ▪ Growing Grocery component from 85-90% ▪ Including new deals at Georgian Mall and Oakville Place ▪ Renew 1.7 SQ FT→ 15% spread → $63M Incremental Value
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| 31TSX: REI.UN | RIOCAN INVESTOR DAY 2025 60% 30% 10% Property Mix Grocery Anchored Centre Mixed-Use/Urban Open Air Centre and Other2 1 Resilience Through Grocery 1 - Percentage of fair value of income producing properties at RioCan's interest. Excludes equity-accounted investments. 2 - Mixed-Use / Urban includes approximately 1.3 million square feet of residential rental NLA and the corresponding fair value. ~85% properties with a grocery component
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| 32TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strong Portfolio and Tenant Relationships 1 - Net rent is primarily contractual base rent pursuant to tenant leases. 2 - Includes commercial portfolio only. Excludes equity-accounted investments. 3 - Committed occupancy. 4 - Last twelve months. Average Net Rent per SQ FT $20.16 $20.98 $21.51 $22.39 2021 2022 2023 2024 YTD 2025 92.5% Retention Ratios YTD 2025 97.8% Occupancy YTD 2025 21.0% Blended Leasing Spreads LTM 2025 $22.94 1, 2 2 2, 4 2, 3 | 32
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| 33TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Renewal Upside 30% of Growth Contractually Secured 65% Strategic Initiatives 5% Occupancy, adding GLA, and other ancillary revenue streams ≥3.5% SPNOI Growth Secure Source of Growth FROM CORE RETAIL 1 2 1 - Assumes 90% retention rate and blended leasing spreads in the mid-teens. 2 - Based on contractual rent steps and in-place tenants that will start paying cash rents over the next 3 years.
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| 34TSX: REI.UN | RIOCAN INVESTOR DAY 2025 4,200 Retail Spaces TO POWER ASSET-LEVEL STRATEGIES Data-Driven Platform to Accelerate Growth and Maximize Value IDENTIFY high-value opportunities PRIORITIZE resources and capital BREAK THROUGH barriers to growth TRANSFORM future potential into growth today LEVERAGING INSIGHTS ACROSS Proprietary analytics platform, North Star, consolidates data across our portfolio to provide a clear assessment of the growth potential in each property.
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| 35TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Data-Driven Insights Closing Mark-to-Market Gaps | 35 =+ Expiring GLA SQ FT Mark-to-Market Opportunity $10M Average Annualized SPNOI Increase 10.7M 2026-2028 2026-2028
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| 36TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Maximizing Embedded Portfolio Rent Mark-to-Market Potential 1 - As of Q4 2025. North Star-informed asset-level strategies to: ✓Target rents for new leases ✓Identify fixed rent renewal options ✓Enhance merchandising mix ✓Grow ancillary revenues Mark-to-Market Opportunity +25% average net rent per SQ FT 1
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RIOCAN | INVESTOR DAY 2022 | 37TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Average Household Income $260K ▪ Yonge Subway Line ▪ Eglinton Crosstown Light Rail Transit (LRT) ▪ 300K SQ FT retail ▪ 760K SQ FT office Population 217K Mixed-Use Centre Prime Intersection 1 1 1 - Within 3 km of the property.
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| 38TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Flagship RBC Relocation 12,000 SQ FT Store Front Metro Expansion 30,000 SQ FT Store The rendering may differ from the final results. Space Reimagined: Future Initiatives Strength in Retail In-Action | 38
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| 39TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Winners Expansion Completed GoodLife Relocation and Expansion The rendering may differ from the final results. Space Evolution: Tenant Upgrades Strength in Retail In-Action | 39
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RIOCAN | INVESTOR DAY 2022 | 40TSX: REI.UN | RIOCAN INVESTOR DAY 2025 ✓ Exemplifying Embedded Growth Potential on $19M investment16% ~$23M NAV GROWTH at today’s IFRS cap rate UNLEVERED IRR Recently Renovated Food Hall The rendering may differ from the final results. Enhanced Tenant Mix in Retail Concourse New 2700 SQ FT Tenant The rendering may differ from the final results.
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RIOCAN | INVESTOR DAY 2022 | 41TSX: REI.UN | RIOCAN INVESTOR DAY 2025 B U R L O A K $41M Value $20M Cost $21M $3M NOI GROWTH NAV GROWTH ✓ Leveraging tenants needs ✓ Repositioning an underperforming asset for growth COSTCO HALO EFFECT 40K SQ FT of new leases at 180% higher average rent
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| 42TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Driving Growth 3.5% SPNOI Growth 2026-2028 Expectations ≥ Productive Retail Core ✓ Unmatched Portfolio Productive Retail Core Proven Operating Platform ✓ Growth-Maximizing Team ✓ Data-Driven Insights
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| 43TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Michael Medline EMPIRE COMPANY LIMITED, FORMER PRESIDENT AND CEO Greg Hicks CANADIAN TIRE CORPORATION, PRESIDENT AND CEO Todd Barclay RECIPE UNLIMITED, PRESIDENT, CASUAL BRANDS & GOVERNMENT RELATIONS Jonathan Gitlin RIOCAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER | 43
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| 44TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Amplifying Growth DISCIPLINED CAPITAL ALLOCATION CHIEF INVESTMENT OFFICER Andrew Duncan
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| 45TSX: REI.UN | RIOCAN INVESTOR DAY 2025 ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth Amplifying Growth Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Capital Allocation Disciplined Capital Allocation ✓ Investing for Superior Risk-Adjusted Returns Proven Operating Platform ✓ Data-Driven Capital Recycling Strategy 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation.
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| 46TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Disciplined Capital Allocation | 46 Dynamic Capital Management Strategy = Balanced Investment Framework + Highest Risk-Adjusted Returns Deploying Capital to Deliver
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| 47TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Unlocking Capital Through Residential Monetization 1 - 13 buildings as at December 31, 2024. RioCan acquired another residential rental property during 2025. ASSET DISPOSITIONS 1 Buildings 14 Major market locations 100% Average age 4 yrs NEWLY BUILT ~$1.0B Asset Dispositions including RioCan Living Portfolio ~$0.4B Estimated Sales Proceeds from pre-sold condo units CAPITAL SOURCES ✓ ~$0.5B repatriated YTD between asset sales and condo closings ✓ 6 residential rental assets monetized to date ✓ ~15% IRR on RioCan Living apartment buildings sold in 2025 ✓ ~$250M of condo profits generated since inception SUCCESSFUL EXECUTION In-demand asset class with depth of buyer pool 1 1 | 47
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| 48TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Highly-Efficient, Recurring Sources of Capital Retained Cash Flow Additional Asset Monetization
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| 49TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Low-Yield Assets Fully Optimized Assets Non-Core Assets Data-Driven Asset Disposition Strategy Criteria informed by data-driven analysis: Assets that will not contribute to our goal of: CANDIDATES FOR DISPOSITIONS ≥3.5% SPNOI Growth 2026-2028 Expectations
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| 50TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Investing for Superior Risk-Adjusted Returns ~$1.0B Asset Dispositions including RioCan Living Portfolio ~$0.4B Estimated Sales Proceeds from pre-sold condo units CAPITAL SOURCES DYNAMIC CAPITAL MANAGEMENT STRATEGY INVESTMENT OPTIONS ▪ Debt repayment ▪ Retail infill ▪ Leasing capital ▪ Unit buybacks ▪ Retail acquisitions Maintain a Strong Balance Sheet Reinvest in Our Business Capitalize on High-Value Opportunities 1 - As at December 31, 2024. 2 - Retained cash flow of $70 to $80 million per year, levered at 45% is approximately $130M to $150M per year. ~$0.4B Retained Cash Flow over three years 1 1 2
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| 51TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Creating Value Through Retail Infill 1 - Unlevered IRR. ~1.0M Retail infill opportunitySQ FT BENEFITS ▪ More predictable outcomes ▪ Lower risk ▪ Shorter timelines ▪ Pre-leasing potential 9% Target returns1STRATEGIC RATIONALE ▪ Unlocks underutilized land ▪ Supports NAV/unit growth ▪ Core competitive strength
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| 52TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Investment Framework in Action: Retail Infill Core
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RIOCAN | INVESTOR DAY 2022 | 53TSX: REI.UN | RIOCAN INVESTOR DAY 2025 ▪ DEMOGRAPHIC ADVANTAGE Retail market with minimal supply ▪ EMBEDDED VALUE Strong tenant demand – 38K SQ FT pipeline in 2026 ▪ HIGH-PERFORMING TENANTS Recent tenants including, Chick-fil-A, HomeSense; new builds for several more underway including Sephora, BMO, Value Village ✓ High risk- adjusted returns ✓ NAV growth 1 - Costco is a non-owned anchor, excluded from total site NLA. East Hills CALGARY 880K SQ FT centre anchored by Costco1 and Walmart CASE STUDY: RETAIL INFILL | 53
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| 54TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Operational Excellence Value-Add Potential Attractive Demographics Data-Driven Retail Acquisition Strategy 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation. Criteria informed by data-driven analysis: Assets that will contribute to our goal of: CANDIDATES FOR ACQUISITIONS ≥3.5% Core FFO Growth 2026-2028 Expectations 1
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| 55TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Aligning Development with Market Cycles WHERE WE ARE TODAY ▪ No new construction of mixed-use development projects ▪ Disposition of non-productive development land / zone and sell ▪ Advancing entitlement on selected Core development lands / advance zoning BENEFITS ▪ More flexibility for nimble and strategic capital allocation ▪ Reallocate capital minimal impact to current income ▪ Balance sheet light
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| 56TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Amplifying Growth Disciplined Capital Allocation 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation. ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Capital Allocation ✓ Investing for Superior Risk-Adjusted Returns Proven Operating Platform ✓ Data-Driven Capital Recycling Strategy 1
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| 57TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Delivering Growth PROVEN PLATFORM TO EXECUTE CHIEF FINANCIAL OFFICER Dennis Blasutti
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RIOCAN | INVESTOR DAY 2022 | 58TSX: REI.UN | RIOCAN INVESTOR DAY 2025 DELIVER competitive risk-adjusted returns for our unitholders MANAGE RISK by maintaining a strong balance sheet that withstands market cycles Financial Objectives
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| 59TSX: REI.UN | RIOCAN INVESTOR DAY 2025 2026-2028 Outlook 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation. 2 - 2026-2028 interest rates on maturing debt are below market, impacting projected Core FFO growth. ≥3.5% Productive Retail Core Core FFO/Unit Growth ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth Short-Term Interest Expense Impact Core FFO/Unit Growth 2026-2028 Expectations Core FFO growth1 ≥3.5% ~ 1.5% ( ) 1 1 1, 2
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| 60TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Growing from Our Strong Core Base 2025 2026 2027 2028 CORE FFO/UNIT1 2025 AT LEAST $1.55 ~$0.27 Condo-related Income2 $0.04 HBC JV3 $1.85 - $1.88 1 - Core FFO is calculated as FFO less Condo-related income, HBC-related income, as well as other specific items from time-to-time such as marketable securities gains and losses, debt prepayment penalties and restructuring costs. 2 - Includes inventory gains along with associated fee income and marketing expenses. 3 – Refers to RC-HBC LP AT LEAST $1.55
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| 61TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Renewal Upside 30% of Growth Contractually Secured 65% Strategic Initiatives 5% Occupancy, adding GLA, and other ancillary revenue streams ≥3.5% SPNOI Growth Secure Source of Growth FROM CORE RETAIL 1 2 1 - Assumes 90% retention rate and blended leasing spreads in the mid-teens. 2 - Based on contractual rent steps and in-place tenants that will start paying cash rents over the next 3 years.
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RIOCAN | INVESTOR DAY 2022 | 62TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Disciplined Capital Allocation ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth Productive Retail Core ✓ Creating Value Through Reinvestment Disciplined Capital Allocation ✓ Investing for Superior Risk-Adjusted Returns Proven Operating Platform ✓ Data-Driven Capital Recycling Strategy 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation.
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| 63TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 63 Retained Cash Flow = Leverage + Capital Retained Cash Flow: Consistent, Recurring Source of Capital ~$130-150M~$60-70M~$70-80M 1 1, 21, 2 1 - Average run rate. 2 - Assumed levered at 45%, maintaining a neutral debt/assets ratio. per year per year per year
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| 64TSX: REI.UN | RIOCAN INVESTOR DAY 20251 - As at December 31, 2024. ~$0.4B ~$0.6B ~$1.0B Asset Dispositions including RioCan Living Portfolio ~$0.4B Estimated Sales Proceeds from pre-sold condo units CAPITAL SOURCES Repayment of condo project debt Higher leverage RioCan Living mortgages repaid Additional Financial Flexibility USES Reinvest in Our Business Capitalize on High-Value Opportunities ~$0.4B Capital Recycling to Drive Additional Financial Flexibility 1 1
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| 65TSX: REI.UN | RIOCAN INVESTOR DAY 2025 | 65 Levered Retained Cash Flow = Capital Recycling + Total Capital Expected Annual Capital Allocation ~$200-250M~$70-100M~$130-150M 1, 2, 3 1, 2, 31, 2 Reinvestment capital targeting unlevered IRR of at least 9%, modelled assuming ~7% initial yield plus projected growth. ~1.5% Disciplined Capital Allocation Core FFO/Unit Growth1 1 - Per year. 2 - Average run rate. 3 - Assumed levered at 45%, maintaining a neutral debt/assets ratio..
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| 66TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Temporary Interest Expense Impact 1 - Based on Q3 2025 results on an IFRS basis, excluding $107M maturing in the remainder of 2025. 2 - Weighted average interest rate. Refinancing lower-yield debt maturing in the next three years is expected to temporarily reduce growth by 1.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034+2026 2027 2028 2029 2030 2031 2032 2033 2034+ Total Debt $877M $1,052M $1,062M $1,136M $1,203M $947M $521M $161M $184M WAIR2 3.1% 3.4% 3.2% 4.8% 4.7% 4.6% 4.4% 4.4% 4.3% DEBT MATURITY SCHEDULE as at September 30, 20251 2026-2028: WEIGHTED AVERAGE INTEREST RATE OF ~3.2%
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| 67TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Beyond 2028, interest rates on maturing debt are assumed to be similar to current cost of debt Well-Distributed Debt Ladder PROFORMA DEBT MATURITY SCHEDULE1 2029 2030 2031 2032 2033 2034 2035 20362029 2030 2031 2032 2033 2034 2035 2036 Total Debt1 $1,300M $1,200M $850M $600M $600M $600M $600M $600M WAIR2 4.9% 4.8% 4.9% 4.6% 4.5% 4.6% 4.5% 4.5% 1 - Approximate debt maturities by year. 2 - Based on 4.5% cost of debt on refinancing activities. 3 - Compared to Q3 2025. Total debt is expected to decrease by ~10%3 CURRENT COST OF DEBT IS SIMILAR TO WEIGHTED AVERAGE INTEREST RATE OF ~4.7% OF OUTER YEARS
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| 68TSX: REI.UN | RIOCAN INVESTOR DAY 2025 ✓ Exit lower value cash flows ✓ Retain high value cash flows in our Core business Value of Our Business is Our Core Q3-2025 NAV/UNIT PROFORMA NAV/UNIT ~$24 ~90% CORE1 ~98% CORE1 $24+ Repatriated and reinvested into Core CONDO RCL CONDO 3 2 1 - Core NAV is IFRS NAV excluding RioCan Living equity value and condo inventory. HBC had no value included in Q3 2025 NAV. 2 - Assuming a constant cap rate, based on increase in NOI expected. 3 - Proforma NAV assumes the sale of RioCan Living assets and closing of pre-sold condos with an allowance for defaults.
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RIOCAN | INVESTOR DAY 2022 | 69TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Highly Valuable Core Business 1 - Calculation of 15X next-twelve-months multiple: Q3 2025 IFRS NAV of ~$24 per unit divided by $1.55 2025 Core FFO grown by 3.5%. 2 - Average next-twelve-months FFO multiple from March 2010 to March 2020; Source: Capital IQ. Valuable, durable, predictable and growing 15x ~$24 IFRS NAV per unit Value of the Core business +25% NTM Core FFO multiple 15.4x historic multiple2 Net Asset Value per unit Higher than current unit price 1
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RIOCAN | INVESTOR DAY 2022 | 70TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strength in Retail. Durable Growth. Structurally set up to grow Core FFO/unit over the long-term +5% 1 1 - Represents a non-GAAP measure. Refer to Non-GAAP Measures in the Appendix of this presentation for definition and reconciliation.
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| 71TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Closing Remarks PRESIDENT AND CHIEF EXECUTIVE OFFICER Jonathan Gitlin
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| 72TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Strength in Retail. Durable Growth. POISED FOR CONTINUED GROWTH:
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TSX: REI.UN | RIOCAN INVESTOR DAY 2025 Head Office | RioCan Yonge Eglinton Centre, 2300 Yonge Street, Suite 2200, Toronto, Ontario M4P 1E4 • 1-800-465-2733 • riocan.com
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| 74TSX: REI.UN | RIOCAN INVESTOR DAY 2025 TARGETS AND ASSUMPTIONS – 2026 TO 2028 1 - Assumes a decline in Interest & Other Income over the 3-year period as Mortgages and Loans Receivable balance decrease and development management fees reduce. Reinvestment of repatriated capital is expected to offsets the decrease in Interest Income.
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| 75TSX: REI.UN | RIOCAN INVESTOR DAY 2025 The definitions and reconciliations of Core FFO, Core FFO per unit, Core AFFO and Core AFFO per unit included in this presentation are as follows. (thousands of dollars, except otherwise noted) Nine months ended September 30, 2025 FFO $420,724 Add back (deduct): Residential inventory gains1 (60,933) Residential inventory marketing costs1 433 Capitalized interest relief from sale of residential inventory related to equity- accounted investments 814 Residential inventory fee income1 (1,860) Residential inventory gain related to change in use (4,634) Residential inventory other income (147) HBC- related income2 (11,320) Restructuring costs 255 Core FFO $343,332 Weighted average number of Units - diluted (in thousands) 296,222 FFO per unit $1.42 Core FFO per unit $1.16 1 - Based on RioCan's proportionate share. 2 - Including FFO from operations, interest income from mezzanine loans and fee income. Core FFO and Core FFO per unit Core FFO is calculated as FFO less inventory-related gains, marketing expenses, and fee and other income, HBC-related income, as well as other specific items from time-to-time such as realized marketable securities gains and losses, debt prepayment penalties and restructuring costs to indicate Core operational performance. Core AFFO and Core AFFO per unit Core AFFO is calculated as AFFO less inventory-related gains, marketing expenses, and fee and other income, HBC-related income, as well as other specific items from time-to- time such as realized marketable securities gains and losses, debt prepayment penalties and restructuring costs to indicate Core operational performance. (thousands of dollars, except otherwise noted) Nine months ended September 30, 2025 AFFO $362,151 Add back (deduct): Residential inventory gains1 (60,933) Residential inventory marketing costs1 433 Capitalized interest relief from sale of residential inventory related to equity- accounted investments 814 Residential inventory fee income1 (1,860) Residential inventory gain related to change in use (4,634) Residential inventory other income (147) HBC- related income2 (11,320) Restructuring costs 255 Core AFFO $284,759 Weighted average number of Units - diluted (in thousands) 296,222 AFFO per unit $1.22 Core AFFO per unit $0.96 NON -GAAP MEASURES