• Simplified, retail-focused strategy backed by a productive, necessity-based portfolio
• Driving sustainable Core FFO per unit growth: 5% long-term trajectory; 3.5% outlook for 2026-2028
• Disciplined capital recycling of $1.3 - $1.4 billion enhances financial flexibility and fuels growth

Company Website: https://www.riocan.com/English/home/default.aspx
TORONTO -- (Business Wire)

Today, RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) is hosting its 2025 Investor Day to share its strategic priorities and provide a three-year financial outlook for 2026 to 2028.

Strategic Priorities

“RioCan’s strategy is anchored in the strength of our core retail platform and our commitment to durable growth,” said Jonathan Gitlin, President and Chief Executive Officer. “Fueled by our strong retail portfolio where Canadians shop every day, we enter our next phase of growth with confidence and momentum. RioCan is structurally positioned to deliver Core FFO per unit growth of 5% over the long term, and 3.5% from 2026 to 2028. We remain focused on maintaining a strong balance sheet, generating predictable high-value cash flows and creating lasting value for our Unitholders.”

RioCan’s Core FFO⁽¹⁾ demonstrates the stable, high-quality income generated by its retail portfolio. Core FFO⁽¹⁾ excludes items that are not reflective of the Trust’s core business, such as condominium profits and HBC-JV related income, and make up an immaterial amount relative to RioCan’s net asset value (NAV).

RioCan’s simplified, retail-focused strategy positions the Trust to deliver sustainable Core FFO⁽¹⁾ per unit growth of approximately 5% annually over the long term through:

• Productive Retail Core: Anchored by necessity-based tenants, including leading grocery retailers, in high-income, high-density Canadian markets. This foundation drives organic growth and resilient income streams.
• Disciplined Capital Allocation: A disciplined capital allocation framework ensures every dollar is deployed for highest risk-adjusted returns.
• Proven Operating Platform: A culture of excellence, technology-enabled insights, and operational independence underpin execution and long-term value creation.

By growing Core FFO and reinvesting in our portfolio through capital recycling, the Trust will drive sustained NAV per unit growth over time.

2026-2028 Outlook

Long term Core FFO⁽¹⁾ per unit growth is expected to be 5% annually, driven by:

• Commercial Same Property NOI (Commercial SPNOI) ⁽¹⁾ growth of at least 3.5%, reflecting the demand for our portfolio and contractual rent escalations.
• 1.5% of Core FFO⁽¹⁾ per unit growth from disciplined capital allocation including retained cash flows and $1.3-1.4 billion of proceeds from the sale of highly sought after, non-core assets.

Due to near-term refinancing, the Trust’s Core FFO⁽¹⁾ per unit growth between 2026-2028 is expected to be temporarily moderated by approximately 1.5%, resulting in Core FFO⁽¹⁾ per unit growth of 3.5% per year, on average.

With the strength of RioCan’s core retail platform, a strong capital base, and over three decades of proven execution, RioCan is positioned to deliver durable growth and create lasting value for Unitholders.

1. A non-GAAP measurement. For 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.

2025 Investor Day Event Details

The RioCan leadership team will present the Trust’s current operations, strategy, and outlook today at9:00 AM ET. To join the live webcast, please register via the pre-registration link on RioCan’s website: Pre-registration link. This event will feature presentations and a live Q&A session for in-person and virtual attendees. Following the event, an archived version of the event, as well as the accompanying slide deck will be available on Trust’s website via Event and Presentations.

About RioCan

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based 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

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 in accordance with generally accepted accounting principles (GAAP) under IFRS. Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”) , Commercial Same Property NOI ("Commercial SPNOI") well 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 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 a definition of Commercial Same Property NOI ("Commercial SPNOI"), Funds From Operations (“FFO”), and Adjusted Funds From Operations (“AFFO”) please refer to the "Non-GAAP Measures”section in RioCan’s MD&A for the three and nine months ended September 30, 2025.

Core FFO

Core Funds From Operations (“Core FFO”) and Core Funds From Operations per unit (“Core FFO per unit”) are 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.

The following table reconciles FFO to Core FFO for the nine months ended September 30, 2025:

Forward-Looking Information

All information other than statements of current and historical fact included in this press release 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 press release includes, but is not limited to, statements regarding the growth and financial targets that RioCan aspires to achieve by the end of 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. The information provided herein with respect to such objectives are intended to support decision-making, strategic planning and risk assessment for various stakeholders and may not be appropriate for any other purpose. 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 press release 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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Contacts:

Contact Information
Investor Relations Inquiries
Email: ir@riocan.com

Media Inquiries
Email: media@riocan.com

Source: RioCan Real Estate Investment Trust