Mr. Jonathan Gitlin reports

RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES STRATEGIC OUTLOOK AT 2025 INVESTOR DAY: STRENGTH IN RETAIL, DURABLE GROWTH AHEAD

RioCan Real Estate Investment Trust 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. "Fuelled 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 per cent over the long term and 3.5 per cent 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 funds from operations demonstrate the stable, high-quality income generated by its retail portfolio. Core FFO excludes items that are not reflective of the trust's core business, such as condominium profits and HBC joint venture related income, and make up an immaterial amount relative to RioCan's net asset value.

RioCan's simplified, retail-focused strategy positions the trust to deliver sustainable core FFO per unit growth of approximately 5 per cent 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 increasing core FFO and reinvesting in the portfolio through capital recycling, the trust will drive sustained NAV per unit growth over time.

2026-2028 outlook

Long-term core FFO per unit growth is expected to be 5 per cent annually, driven by:

• Commercial same-property net operating income growth of at least 3.5 per cent, reflecting the demand for the portfolio and contractual rent escalations;
• 1.5 per cent of core FFO per unit growth from disciplined capital allocation including retained cash flows and $1.3-billion to $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 per unit growth between 2026 and 2028 is expected to be temporarily moderated by approximately 1.5 per cent, resulting in core FFO per unit growth of 3.5 per cent 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.

2025 investor day event details

The RioCan leadership team will present the trust's current operations, strategy and outlook today at 9 a.m. ET. To join the live webcast, please register through the preregistration link on RioCan's website. This event will feature presentations and a live question-and-answer 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 the trust's website at event and presentations.

About RioCan Real Estate Investment Trust

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 Sept. 30, 2025, the portfolio is comppsed of 173 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest).

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