Earnings release
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RioCan Announces Strong Third Quarter Results - Continuous Operational Strength with 4.6% Commercial Same Property NOI Growth and 98.4% Retail Occupancy Toronto, November 6, 2025 - RioCan Real Estate Investment Trust (“RioCan" or the "Trust”) (TSX: REI.UN) announced today its financial results for the three and nine months ended September 30, 2025. • Achieved new leasing spreads of 44.1% and blended leasing spreads of 20.8% by capturing market rent growth across the portfolio • 4.6% Commercial Same Property NOI growth reflects continued strength across core retail assets • 98.4% Retail Occupancy reflects strong demand “This was an exceptional quarter operationally, highlighting the momentum generated by RioCan’ s platform, processes, and people. Our leasing strategies continue to fuel organic growth. We are aligning rents with market conditions and retain high- calibre retail tenants who serve Canadians’ daily shopping needs," said Jonathan Gitlin, President and CEO of RioCan. “As we simplify our business, we free up capital that will be re invested in our core retail portfolio, amplifying growth now and in the future." Financial Highlights Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 FFO per unit - diluted 1 $ 0.46 $ 0.46 $ 1.42 $ 1.34 Net income (loss) per unit - diluted $ (0.41) $ 0.32 $ (0.20) $ 1.16 As at September 30, 2025 December 31, 2024 Net book value per unit $ 24.19 $ 25.16 • FFO per unit - diluted was unchanged from the same period last year. Strong operating performance, driven by strong growth in Same Property NOI, and accretion from unit buybacks in the current year, together with higher gains related to residential inventory, contributed positively to results. These benefits were offset by higher interest expense and lower fee and interest income. Lower FFO related to former HBC locations also had an impact, with this effect previously forecasted in the full year revised guidance issued in Q1 2025. • Net loss per unit of $0.41 was $0.73 per unit lower than the same period last year, reflecting Net Valuation Losses 1 totalling $242.8 million relating to fair value of investment properties and the RC-HBC LP. • Adjusted Spot Debt to Adjusted EBITDA 1 improved to 8.80x, the ratio of unsecured to secured debt reached 64% to 36% and the FFO Payout Ratio 1 was 61.0%. RioCan's strong balance sheet, reinforced by $1.1 billion of Liquidity1 and $9.3 billion in Unencumbered Assets1, enables flexibility and optimization of capital allocation. Outlook • Our outlook remains aligned with the guidance provided in Q1 2025: Outlook 2025 FFO per unit - diluted (i) $1.85 to $1.88 FFO Payout Ratio ~62% Commercial Same Property NOI growth (i)1 ~3.5% (i) Refer to the Outlook section of the Management Discussion and Analysis for the three and nine months ended September 30, 2025 for further details. 1. A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. 1 of 13
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Selected Financial and Operational Highlights (in millions, except where otherwise noted, and percentages) As at September 30, 2025 September 30, 2024 Occupancy - committed (i) (ii) 97.8 % 97.8 % Retail occupancy - committed (i) (ii) 98.4 % 98.6 % Three months ended September 30 Twelve months ended September 30 2025 2024 2025 2024 Blended leasing spread 20.8 % 14.2 % 21.0 % 14.8 % New leasing spread 44.1 % 24.2 % 40.7 % 30.7 % Renewal leasing spread 15.2 % 12.6 % 17.0 % 10.8 % As at September 30, 2025 December 31, 2024 Liquidity (iii)1 $ 1,133 $ 1,694 Adjusted Spot Debt to Adjusted EBITDA (iii)1 8.80x 9.12x Unencumbered Assets (iii)1 $ 9,255 $ 8,201 (i) Includes commercial portfolio only. Excludes income producing properties that are owned through joint ventures and reported under equity- accounted investments. (ii) Info rmation presented as at respective periods then ended. (iii) At RioCan's Proportionate Share. • Occupancy: RioCan's committed occupancy and retail committed occupancy were strong at 97.8% and 98.4%, increasing by 30 and 20 basis points from the previous quarter, respectively. • Retention Ratio: Retention ratio of 92.7% for the Third Quarter demonstrates the importance of existing space to our tenants. • Leasing Progress: 1.0 million square feet of leasing activity in t he Third Quarter, including 0.8 million square feet of renewals. • Leasing Spreads: Third Quarter blended leasing spread of 20.8% included a new leasing spread of 44.1% and a renewal leasing spread of 15.2%. RioCan continued to capitalize on mark-to-market opportunities, achieving an average blended leasing spread of 27.6% on new and renewed leases done at current market rates . 52% of renewals were at current market rates. • Average Net Rent Per Square Foot : A verage net rent per square foot for new leases for the nine months ended September 30, 2025 was $29.58, a 28.9% premium compared to average net rent per occupied square foot of $22.94 at quarter end. • Same Property NOI: Commercial Same Property NOI1 growth was 4.6% in the Third Quarter, reflects the benefits of 2024 and 2025 leasing activity. • Adjusted G&A Expense as a percentage of rental revenue 1: Improved to 3.7% on a year-to-date basis, down from 4.1% in the comparable prior year period. • Capital R ecycling: As of November 6, 2025 , closed and conditional dispositions totalled $349.9 million , a ligning with IFRS values. For the nine months ended September 30, 2025 , $310.1 million of asset dispositions were completed including the sale of our 50% interests in five RioCan Living properties. • During the quarter, residential condominium closings at 11YV continued, resulting in full repayment of the construction loan and a $10.8 million reduction in RioCan's debt compared to Q2 2025. This repayment decreased the associated outstanding guarantees by $75.9 million and $322.9 million when compared to Q2 2025 and Q4 2024, respectively. Year- to date $127.7 million of construction loans have been repaid . A total of 1,056 units (at 100% ownership), across U.C.Tower 2, U.C.Tower 3, 11YV, Queen & Ashbridge and Verge have been closed on a year-to-date basis. • Year-to-date, $476.2 million of capital was repatriated through asset dispositions and final condominium closings, advancing toward the $1.3 billion to $1.4 billion target for 2025 - 2026. • Development Completions: During the three and nine months ended September 30, 2025, development projects totaling approximately 202,000 and 247,000 square feet, respectively, were completed and transitioned into income producing properties. This includes 165,000 and 186,000 square feet of mixed-use projects comprised of residential rental and retail units and 37,000 and 61,000 square feet of commercial retail projects, respectively. 2 of 13
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• Balance Sheet and Liquidity: As of September 30, 2025, the Adjusted Spot Debt to Adjusted EBITDA ratio improved to 8.80x from 9.12x at the end of 2024, within RioCan's target range of 8.0x - 9.0x. The Trust has $1.1 billion of Liquidity to meet its financial obligations, including $1.0 billion from its revolving unsecured operating line of credit. • The Trust's unencumbered asset pool increased to $9.3 billion at the end of the Third Quarter from $8.2 billion at the end of 2024. • As of September 30, 2025, the Ratio of Unsecured Debt to Total Contractual Debt increased to 64% from 56%, compared to the end of 2024 and on a proportionate share basis. • Subsequent to quarter end, the Trust issued $200.0 million Series AP Senior Unsecured Debentures with an all-in coupon rate of 4.417%, maturing October 1, 2032 . The net proceeds were applied against the drawn bal ances on our operating line of credit, improving the Trust's Liquidity and reducing the amount of floating rate debt outstanding. • Fair value adjustments: Recognized $242.8 million of Net Valuation Losses in the Third Quarter comprised of a $148.2 million net fair value loss on investment properties and $94.6 million Total RC-HBC LP V aluation Loss es. RioCan has significantly advanced matters related to the former HBC locations with asset plans defined for the 12 of 13 of the affected assets. Management has written off RioCan's investment in the RC-HBC LP and has fully provided for the Trust's economic exposures connected to its guarantees and loans receivable. RioCan is actively pursuing recovery of these provisions. Refer to the Asset Profile - Property Valuations and Asset Profile - Joint Arrangements sections of the Trust's MD&A for the three and nine months ended September 30, 2025 for further details. • ESG Leadership: Maintained Regional Sector Leader status in the Americas under the Retail sector in the 2025 GRESB Real Estate Assessment. Secured and retained the #1 ranking among North American retail peers in the Standing Investment Benchmark. 1. A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. Conference Call and Webcast Interested parties are invited to participate in a conference call with management on Friday, November 7, 2025 at 10:00 a.m. (ET). Participants will be required to identify themselves and the organization on whose behalf they are participating. To access the conference call, click on the following link to register at least 10 minutes prior to the scheduled start of the call: Pre-registration link . Participants who pre-register at any time prior to the call will receive an email with dial-in credentials including a login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code: 465290. For those unable to participate in the live mode, a replay will be available at 1-866-813-9403 with access code: 279846. To access the simultaneous webcast, visit RioCan’s website at Events and Presentations and click on the link for the webcast. About RioCan RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail and mixed-use properties in densely populated communities. As at September 30, 2025, our portfolio is comprised of 173 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com. Basis of Presentation and Non-GAAP Measures All figures included in this News Release are expressed in Canadian dollars unless otherwise noted. RioCan’s unaudited interim condensed consolidated financial statements (" Condensed Consolidated Financial Statements ") are prepared in accordance with International Financial Reporting Standards (IFRS). Financial information included within this News Release does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust's Condensed Consolidated Financial Statements and MD&A for the three and nine months ended September 30, 2025, which are available on RioCan's website at www.riocan.com and on SEDAR+ at www.sedarplus.com. Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not in accordance with generally accepted accounting principles (GAAP) under IFRS. Funds From Operations (“FFO”), FFO per unit - diluted, Net Operating Income ("NOI"), Same Property NOI , Commercial Same Property NOI ("Commercial SPNOI"), FFO Payout Ratio , Net Valuation Losses , Total RC-HBC LP Valuation Losses , Adjusted G&A Expense as a percentage of rental revenue, Total Capital Repatriation, Ratio of Unsecured Debt to Total Contractual Debt, Liquidity, Adjusted Spot Debt to Adjusted EBITDA , RioCan's Proportionate Share , Unencumbered Assets as w ell as other measures that may be discussed elsewhere in this News Release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting 3 of 13
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issuers. RioCan supplements its IFRS measures with these Non-GAAP measures to aid in assessing the Trust’s underlying performance and reports these additional measures so that investors may do the same. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. For full definitions of these measures, please refer to the " Non-GAAP Measures” section in RioCan’s MD&A for the three and nine months ended September 30, 2025. 4 of 13
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The reconciliations for non-GAAP measures included in this News Release are outlined as follows: RioCan's Proportionate Share The following table reconciles the consolidated balance sheets from IFRS to RioCan's proportionate share basis as at September 30, 2025 and December 31, 2024: As at September 30, 2025 December 31, 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Assets Investment properties (i) $ 13,782,036 $ 202,174 $ 13,984,210 $ 13,839,154 $ 425,690 $ 14,264,844 Equity-accounted investments 162,508 (162,508) — 408,588 (408,588) — Mortgages and loans receivable 316,514 (6,446) 310,068 470,729 (5,321) 465,408 Residential inventory 264,138 296,541 560,679 284,050 337,920 621,970 Assets held for sale 6,700 — 6,700 16,707 — 16,707 Receivables and other assets 358,711 28,707 387,418 262,573 77,571 340,144 Cash and cash equivalents 92,304 15,790 108,094 190,243 9,890 200,133 Total assets $ 14,982,911 $ 374,258 $ 15,357,169 $ 15,472,044 $ 437,162 $ 15,909,206 Liabilities Debentures payable $ 4,138,901 $ — $ 4,138,901 $ 4,088,654 $ — $ 4,088,654 Mortgages payable 2,249,401 155,914 2,405,315 2,851,602 160,701 3,012,303 Lines of credit and other bank loans 881,830 165,521 1,047,351 383,658 198,682 582,340 Accounts payable and other liabilities 577,752 52,823 630,575 589,792 77,779 667,571 Total liabilities $ 7,847,884 $ 374,258 $ 8,222,142 $ 7,913,706 $ 437,162 $ 8,350,868 Equity Unitholders’ equity 7,135,027 — 7,135,027 7,558,338 — 7,558,338 Total liabilities and equity $ 14,982,911 $ 374,258 $ 15,357,169 $ 15,472,044 $ 437,162 $ 15,909,206 (i) Includes $24.1 million of cumulative unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value. 5 of 13
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RioCan's Proportionate Share (continued) The following tables reconcile the consolidated statements of income (loss) from IFRS to RioCan's proportionate share basis for the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 2025 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Revenue Rental revenue $ 293,362 $ 2,629 $ 295,991 $ 279,557 $ 8,179 $ 287,736 Residential inventory sales 74,866 16,896 91,762 1,479 70,119 71,598 Property management and other service fees 2,942 — 2,942 5,303 (348) 4,955 371,170 19,525 390,695 286,339 77,950 364,289 Operating costs Rental operating costs Recoverable under tenant leases 99,301 1,076 100,377 92,825 798 93,623 Non-recoverable costs 11,157 483 11,640 9,518 686 10,204 Residential inventory cost of sales 63,262 15,585 78,847 1,123 58,014 59,137 173,720 17,144 190,864 103,466 59,498 162,964 Operating income 197,450 2,381 199,831 182,873 18,452 201,325 Other income (loss) Interest income 8,704 (202) 8,502 10,382 518 10,900 Income (Loss) from equity-accounted investments (39,078) 39,078 — 15,709 (15,709) — Fair value (loss) gain on investment properties, net (i) (148,216) (40,905) (189,121) (40,495) 473 (40,022) Investment and other income (loss), net (14,981) (150) (15,131) 10,109 (651) 9,458 (193,571) (2,179) (195,750) (4,295) (15,369) (19,664) Other expenses Interest costs, net 69,124 116 69,240 65,672 2,919 68,591 General and administrative 10,730 10 10,740 12,250 24 12,274 Internal leasing costs 3,310 — 3,310 3,346 — 3,346 Transaction and other costs 41,053 76 41,129 452 140 592 124,217 202 124,419 81,720 3,083 84,803 Income (loss) before income taxes $ (120,338) $ — $ (120,338) $ 96,858 $ — $ 96,858 Net income (loss) $ (120,338) $ — $ (120,338) $ 96,858 $ — $ 96,858 (i) Includes $24.1 million of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value. 6 of 13
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RioCan's Proportionate Share (continued) Nine months ended September 30 2025 2024 (in thousands) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Revenue Rental revenue $ 881,357 $ (5,547) $ 875,810 $ 843,800 $ 24,440 $ 868,240 Residential inventory sales 196,141 73,989 270,130 24,813 148,050 172,863 Property management and other service fees 11,157 (779) 10,378 13,311 (945) 12,366 1,088,655 67,663 1,156,318 881,924 171,545 1,053,469 Operating costs Rental operating costs Recoverable under tenant leases 311,230 2,846 314,076 295,045 2,530 297,575 Non-recoverable costs 32,453 5,552 38,005 26,158 2,031 28,189 Residential inventory cost of sales 145,243 63,956 209,199 15,745 120,948 136,693 488,926 72,354 561,280 336,948 125,509 462,457 Operating income (loss) 599,729 (4,691) 595,038 544,976 46,036 591,012 Other income (loss) Interest income 29,777 394 30,171 30,168 1,594 31,762 Income (Loss) from equity-accounted investments (238,335) 238,335 — 34,530 (34,530) — Fair value loss on investment properties, net (i) (147,065) (194,964) (342,029) (31,357) (1,728) (33,085) Investment and other income (loss), net (11,402) (34,531) (45,933) 13,748 (2,479) 11,269 (367,025) 9,234 (357,791) 47,089 (37,143) 9,946 Other expenses Interest costs, net 205,793 4,545 210,338 191,504 8,821 200,325 General and administrative 32,469 47 32,516 40,777 50 40,827 Internal leasing costs 9,808 — 9,808 10,031 — 10,031 Transaction and other costs 43,513 (49) 43,464 2,730 22 2,752 291,583 4,543 296,126 245,042 8,893 253,935 Income (loss) before income taxes $ (58,879) $ — $ (58,879) $ 347,023 $ — $ 347,023 Current income tax recovery — — — (794) — (794) Net income (loss) $ (58,879) $ — $ (58,879) $ 347,817 $ — $ 347,817 (i) Includes $24.1 million of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value. 7 of 13
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NOI and Same Property NOI The following table reconciles operating income to NOI and Same Property NOI to NOI for the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 Operating Income $ 197,450 $ 182,873 $ 599,729 $ 544,976 Adjusted for the following: Property management and other service fees (2,942) (5,303) (11,157) (13,311) Residential inventory gains (11,604) (356) (50,898) (9,068) Operational lease revenue from ROU assets, net (i) 2,387 1,850 7,045 5,329 NOI $ 185,291 $ 179,064 $ 544,719 $ 527,926 (i) Includes $0.6 million and $1.8 million of straight-line rent from operational lease revenue from ROU assets for the three and nine months ended September 30, 2025. Commercial Commercial Same Property NOI $ 155,350 $ 148,569 $ 454,385 $ 439,887 NOI from income producing properties: Acquired (i) — — 2,697 2,326 Disposed (i) 754 2,773 2,915 7,984 754 2,773 5,612 10,310 NOI from completed commercial developments 11,019 11,179 33,091 31,758 NOI from properties under de-leasing (ii) 4,056 4,380 13,081 13,097 Lease cancellation fees 3,720 1,515 6,044 3,226 Straight-line rent adjustment (iii) 2,820 2,707 8,439 8,133 NOI from commercial properties 177,719 171,123 520,652 506,411 Residential Residential Same Property NOI 3,221 3,480 8,536 8,913 NOI from income producing properties: Acquired (i) 1,038 — 3,663 1,378 Disposed (i) 1,080 2,660 5,708 7,618 2,118 2,660 9,371 8,996 NOI from completed residential developments 2,233 1,801 6,160 3,606 NOI from residential rental 7,572 7,941 24,067 21,515 NOI $ 185,291 $ 179,064 $ 544,719 $ 527,926 Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 (i) Includes properties acquired or disposed of durin g the periods being compared. (ii) NOI from limited number of properties undergoing significant de-leasing in preparation for redevelopment or intensification. (iii) Includes $0.6 million and $1.8 million of straight-line rent from operational lease revenue from ROU assets for the three and nine months ended September 30, 2025. Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 Commercial Same Property NOI $ 155,350 $ 148,569 $ 454,385 $ 439,887 Residential Same Property NOI 3,221 3,480 8,536 8,913 Same Property NOI $ 158,571 $ 152,049 $ 462,921 $ 448,800 8 of 13
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FFO The following table reconciles net income (loss) attributable to Unitholders to FFO for the three and nine months ended September 30, 2025 and 2024: (thousands of dollars, except where otherwise noted) 2025 2024 2025 2024 Net income (loss) attributable to Unitholders $ (120,338) $ 96,858 $ (58,879) $ 347,817 Add back (deduct): Fair value losses, net 148,216 40,495 147,065 31,357 Fair value losses (gains) included in equity-accounted investments (i) 40,905 (473) 194,964 1,729 Other RC-HBC LP Valuation Losses 53,746 — 110,196 — Internal leasing costs 3,310 3,346 9,808 10,031 Transaction losses on investment properties, net (ii) 5,060 422 5,341 1,879 Transaction gains on equity-accounted investments — (21) — (52) Transaction costs on sale of investment properties 2,921 284 3,966 1,231 Transaction costs on sale of investment properties in equity- accounted investments 73 — 73 — ERP implementation costs — 958 — 5,368 ERP amortization (434) (409) (1,302) (818) Change in unrealized fair value on marketable securities — (5,908) — (4,648) Current income tax recovery — — — (794) Operational lease revenue from ROU assets 1,998 1,508 5,819 4,280 Operational lease expenses from ROU assets in equity-accounted investments (14) (17) (50) (51) Capitalized interest related to equity-accounted investments (iii): Capitalized interest related to properties under development 195 67 287 316 Capitalized interest related to residential inventory 1,016 741 3,436 3,947 FFO $ 136,654 $ 137,851 $ 420,724 $ 401,592 Add back (deduct): Debt prepayment gain — (457) — (457) Restructuring costs — 4 255 650 FFO Adjusted $ 136,654 $ 137,398 $ 420,979 $ 401,785 FFO per unit - diluted $ 0.46 $ 0.46 $ 1.42 $ 1.34 FFO Adjusted per unit - diluted $ 0.46 $ 0.46 $ 1.42 $ 1.34 Weighted average number of Units - basic (in thousands) 294,940 300,466 296,222 300,463 Weighted average number of Units - diluted (in thousands) 294,945 300,486 296,222 300,463 FFO for last four quarters $ 555,103 $ 534,482 Distributions paid for last four quarters $ 338,556 $ 329,741 FFO Payout Ratio 61.0% 61.7% Three months ended September 30 Nine months ended September 30 (i) Includes $24.1 million unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three and nine months ended September 30, 2025. (ii) Represents net transaction gains or losses connected to certain investment properties during the period. (iii) This amount represents the interest capitalized to RioCan's equity-accounted investment in WhiteCastle New Urban Fund 2, LP, WhiteCastle New Urban Fund 3, LP, WhiteCastle New Urban Fund 4, LP, WhiteCastle New Urban Fund 5, LP, RioCan-Fieldgate JV, RC (Queensway) LP, PR Bloor Street LP and RC Yorkville LP. This amount is not capitalized to development projects under IFRS but is allowed as an adjustment under REALPAC’s definition of FFO. 9 of 13
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Net Valuation Losses Net Valuation Losses is the sum total of fair value loss on investment properties, net and Total RC-HBC LP Valuation Losses. The following table reconciles Net Valuation Losses during the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 Fair value loss on investment properties, net $ 148,216 $ 40,495 $ 147,065 $ 31,357 Add: Total RC-HBC LP Valuation Losses (see below for reconciliation) 94,629 — 305,347 — Net Valuation Losses $ 242,845 $ 40,495 $ 452,412 $ 31,357 Total RC-HBC LP Valuation Losses The following table reconciles Total RC-HBC LP Valuation Losses and Other RC-HBC LP Valuation Losses during the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 Share of net loss (income) from equity-accounted investments $ 39,078 $ (15,709) $ 238,335 $ (34,530) Add back (deduct): Share of income from RC-HBC LP operations 361 3,424 3,355 10,205 Share of fair value losses on investment properties from RC-HBC LP pre-CCAA Proceedings — (102) — (497) Share of income from other equity-accounted investments 894 12,387 9,361 24,822 Provision for credit losses on RC-HBC LP loans receivable 16,477 — 16,477 — Provision for guarantee losses on RC-HBC LP mortgages payable 37,819 — 37,819 — Total RC-HBC LP Valuation Losses $ 94,629 $ — $ 305,347 $ — Deduct: Share of fair value losses on investment properties from RC-HBC LP post-CCAA Proceedings (40,883) — (195,151) — Other RC-HBC LP Valuation Losses $ 53,746 $ — $ 110,196 $ — Total RC-HBC LP Valuation Losses comprise of the following during the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2025 2024 2025 2024 Provision for expected credit losses on finance lease receivables in RC-HBC LP $ — $ — $ 24,671 $ — Write-off of straight-line rent receivable in RC-HBC LP — — 23,300 — Transaction gains in RC-HBC LP (550) — (550) — Impairment losses on RC-HBC LP — — 8,479 — Provision for credit losses on RC-HBC LP loans receivable 16,477 — 16,477 — Provision for guarantee losses on RC-HBC LP mortgages payable 37,819 — 37,819 $ — Other RC-HBC LP Valuation Losses $ 53,746 $ — $ 110,196 $ — Fair value losses on investment properties from RC-HBC LP (i) 40,883 — 195,151 — Total RC-HBC LP Valuation Losses $ 94,629 $ — $ 305,347 $ — (i) Includes $24.1 million unrecognized share of losses from RC-HBC LP for the three and nine months ended September 30, 2025 and cumulatively. 10 of 13
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Adjusted G&A Expense Adjusted G&A Expense for the three and nine months ended September 30, 2025 and 2024 are as follows: Total G&A expense - IFRS $ 10,730 $ 12,250 $ (1,520) $ 32,469 $ 40,777 $ (8,308) Add back (deduct): ERP implementation costs — (958) 958 — (5,368) 5,368 ERP amortization 434 409 25 1,302 818 484 Restructuring costs — (4) 4 (255) (650) 395 Adjusted G&A Expense - IFRS 11,164 11,697 (533) 33,516 35,577 (2,061) Add: G&A expense from equity-accounted investments 10 24 (14) 47 50 (3) Adjusted G&A Expense - RioCan's proportionate share $ 11,174 $ 11,721 $ (547) $ 33,563 $ 35,627 $ (2,064) Rental revenue - IFRS 293,362 279,557 13,805 881,357 843,800 37,557 Add back (deduct): Rental revenue from equity-accounted investments 2,629 8,179 (5,550) (5,547) 24,440 (29,987) Write-off of straight-line rent receivable in RC-HBC LP — — — 23,300 — 23,300 Rental revenue - RioCan's proportionate share $ 295,991 $ 287,736 $ 8,255 $ 899,110 $ 868,240 $ 30,870 Adjusted G&A Expense as a percentage of rental revenue 3.8% 4.1% (0.3)% 3.7% 4.1% (0.4)% (thousands of dollars, except where otherwise noted) Three months ended September 30 Nine months ended September 30 2025 2024 Change 2025 2024 Change Total Capital Repatriation The following table reconciles Total Capital Repatriation for nine months ended September 30, 2025: (thousands of dollars) Nine months ended September 30, 2025 Anticipated 2025 & 2026 Residential inventory sales revenue $ 255,654 $ 434,000 Less: Outstanding accounts receivable related to above sales (93,093) — Proceeds from residential inventory sales (i) 162,561 434,000 Proceeds from asset dispositions 310,149 984,800 Proceeds from asset dispositions within EAI JV 3,500 — Total Capital Repatriation $ 476,210 $ 1,418,800 (i) Based on RioCan's Proportionate Share in EAI JV. Total Contractual Debt The following table reconciles total debt to Total Contractual Debt as at September 30, 2025 and December 31, 2024: As at September 30, 2025 December 31, 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Debentures payable $ 4,138,901 $ — $ 4,138,901 $ 4,088,654 $ — $ 4,088,654 Mortgages payable 2,249,401 155,914 2,405,315 2,851,602 160,701 3,012,303 Lines of credit and other bank loans 881,830 165,521 1,047,351 383,658 198,682 582,340 Total debt $ 7,270,132 $ 321,435 $ 7,591,567 $ 7,323,914 $ 359,383 $ 7,683,297 Less: Unamortized debt financing costs, premiums and discounts on origination and debt assumed, and modifications (30,266) (304) (30,570) (35,490) (526) (36,016) Total Contractual Debt $ 7,300,398 $ 321,739 $ 7,622,137 $ 7,359,404 $ 359,909 $ 7,719,313 11 of 13
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Unsecured and Secured Debt The following table reconciles Total Unsecured and Secured Debt to Total Contractual Debt as at September 30, 2025 and December 31, 2024: As at September 30, 2025 December 31, 2024 (thousands of dollars, except where otherwise noted) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Total Unsecured Debt $ 4,840,000 $ — $ 4,840,000 $ 4,300,000 $ — $ 4,300,000 Total Secured Debt 2,460,398 321,739 2,782,137 3,059,404 359,909 3,419,313 Total Contractual Debt $ 7,300,398 $ 321,739 $ 7,622,137 $ 7,359,404 $ 359,909 $ 7,719,313 Percentage of Total Contractual Debt: Unsecured Debt 66.3 % 63.5 % 58.4 % 55.7 % Secured Debt 33.7 % 36.5 % 41.6 % 44.3 % Liquidity As at September 30, 2025, RioCan had approximately $1.1 billion of Liquidity as summarized in the following table: As at September 30, 2025 December 31, 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Undrawn revolving unsecured operating line of credit $ 960,000 $ — $ 960,000 $ 1,250,000 $ — $ 1,250,000 Undrawn construction lines and other bank loans 29,855 35,245 65,100 146,024 97,892 243,916 Cash and cash equivalents 92,304 15,790 108,094 190,243 9,890 200,133 Liquidity $ 1,082,159 $ 51,035 $ 1,133,194 $ 1,586,267 $ 107,782 $ 1,694,049 Adjusted EBITDA The following table reconciles consolidated net income attributable to Unitholders to Adjusted EBITDA: Twelve months ended September 30, 2025 December 31, 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Net income attributable to Unitholders $ 66,769 $ — $ 66,769 $ 473,465 $ — $ 473,465 Add (deduct) the following items: Income tax recovery: Current — — — (794) — (794) Fair value losses on investment properties, net 145,061 196,818 341,879 29,353 3,582 32,935 Total RC-HBC LP Valuation Losses 305,347 (195,151) 110,196 — — — Change in unrealized fair value on marketable securities (i) — — — (4,648) — (4,648) Internal leasing costs 13,070 — 13,070 13,293 — 13,293 Non-cash unit-based compensation expense 10,370 — 10,370 10,385 — 10,385 Interest costs, net 271,833 7,268 279,101 257,544 11,544 269,088 Debt prepayment gain 912 — 912 455 — 455 Restructuring costs 7,457 — 7,457 7,852 — 7,852 ERP implementation costs — — — 5,368 — 5,368 Depreciation and amortization 1,369 — 1,369 1,450 — 1,450 Transaction (gains) losses on the sale of investment properties, net (ii) 3,352 — 3,352 2 (52) (50) Transaction costs on investment properties 6,407 74 6,481 3,672 1 3,673 Operational lease revenue (expenses) from ROU assets 9,353 (68) 9,285 7,814 (69) 7,745 Adjusted EBITDA $ 841,300 $ 8,941 $ 850,241 $ 805,211 $ 15,006 $ 820,217 (i) By adding back the change in unrealized fair value on marketable securities, RioCan effectively includes realized gains and losses on the sale of marketable securities in Adjusted EBITDA and excludes unrealized fair value gains and losses on marketable securities in Adjusted EBITDA. (ii) Includes transaction gains and losses realized on the disposition of investment properties. 12 of 13
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Adjusted Spot Debt to Adjusted EBITDA Ratio Adjusted Spot Debt to Adjusted EBITDA ratio is calculated as follows: As at September 30, 2025 December 31, 2024 (thousands of dollars, except where otherwise noted) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Adjusted Spot Debt to Adjusted EBITDA Total debt outstanding $ 7,270,132 $ 321,435 $ 7,591,567 $ 7,323,914 $ 359,383 $ 7,683,297 Less: cash and cash equivalents (92,304) (15,790) (108,094) (190,243) (9,890) (200,133) Adjusted Spot Debt $ 7,177,828 $ 305,645 $ 7,483,473 $ 7,133,671 $ 349,493 $ 7,483,164 Adjusted EBITDA (i) $ 841,300 $ 8,941 $ 850,241 $ 805,211 $ 15,006 $ 820,217 Adjusted Spot Debt to Adjusted EBITDA 8.53 8.80 8.86 9.12 (i) Adjusted EBITDA is on a rolling twelve-month basis Unencumbered Assets The tables below summarize RioCan's Unencumbered Assets as at September 30, 2025 and December 31, 2024: As at September 30, 2025 December 31, 2024 (thousands of dollars) IFRS basis Equity- accounted investments RioCan's proportionate share IFRS basis Equity- accounted investments RioCan's proportionate share Investment properties $ 13,782,036 $ 202,174 $ 13,984,210 $ 13,839,154 $ 425,690 $ 14,264,844 Less: Encumbered investment properties (4,545,259) (183,580) (4,728,839) (5,704,034) (359,465) (6,063,499) Unencumbered Assets $ 9,236,777 $ 18,594 $ 9,255,371 $ 8,135,120 $ 66,225 $ 8,201,345 Forward-Looking Information This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. 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 those described in the “ Risks and Uncertainties” section in RioCan's MD&A for the three and nine months ended September 30, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Contact Information RioCan Real Estate Investment Trust Investor Relations Inquiries Email: ir@riocan.com 13 of 13