November 11, 2011 · Target. One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at RioCan Niagara Falls. In addition, Target announced

Management Presentation ‐ Q3 2011November 11, 2011

Forward Looking StatementsCertain information included in this presentation contains forward‐looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections.

Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward‐looking information can be found in our annual information form and annual report that are available on our website and at www.sedar.com.

Except as required by applicable law, 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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Overview

About RioCan• Largest REIT in Canada with 308 properties, including 10 under development, owned interests

totalling over 46 million sq. ft. (75 million sq. ft. including partners’ interests and shadow anchors) and an enterprise value of $11.9 billion

• Since, Q4 2009 RioCan has assembled a portfolio of 40 shopping centres, or 5.8 million square feet with a fair value in excess of $1.2 billion

• Able to grow in all cycles of the market using prudent strategies, core competencies, solid partners while staying ahead of trends in commercial real estate

• Focused on retail real estate

• Experienced management team, many have been with the Trust from its inception

• Full service real estate entity with property management, asset management, leasing, acquisitions, development and financing capabilities with 615 employees

• Conservative balance sheet and strong debt metrics

• Unmatched breadth of tenant relationships in Canada

• Approximately 7,000 tenants, no tenant representing over 4.8% of annualized rental revenue

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RioCan – A proven performer

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

An

nu

alize

d R

etu

rns

1 Year Total Return

3 Year Total Return

5 Year Total Return

Source: Green Street Advisors as at 05/19/20115

Portfolio Fundamentals

• High proportion of national tenants

• Approximately 86.0% of our annualized rental revenue is derived from national and anchor tenants

• Stable occupancy levels at 97.5% (total portfolio) and solid leasing activity

• For the quarter ended September 30, 2011, RioCan retained approximately 89% of our expiring leases at an average net rent increase of 7.2%

• US Expansion: – Focus on grocery anchored strip centres – 97.8% occupancy at September 30, 2011

As at September 30, 2011

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Ontario54.0%

Quebec14.9%

Western Canada18.0%

Eastern Canada2.4%

US10.7%

New Format Retail52.5%

Grocery Anchored

Centre20.5%

Enclosed Shopping

Centre12.0%

Non-Grocery Anchored

Centre5.0%Urban Retail

7.8%Office 2.1%

As a % of Rental Revenue

Portfolio Fundamentals

• Focus on the six Canadian high growth markets: Toronto, Ottawa, Montreal, Calgary, Edmonton, and Vancouver, which represent approximately two‐thirds of RioCan’s revenue

• Only six metropolitan markets within Canada have in excess of one million people


6.6% 3.8%

32.9%

9.7%8.2%4.2%

34.6%

Calgary, AlbertaEdmonton, AlbertaToronto, OntarioMontreal, QuebecOttawa, OntarioVancouver, BCAll other markets

5.6% 3.4%

27.4%

10.5%7.9%3.5%

41.6%

Calgary, Alberta

Edmonton, Alberta

Toronto, Ontario

Montreal, Quebec

Ottawa, Ontario

Vancouver, BC

All other markets

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Annualized Rental Revenue - Canada Net Leasable Area - Canada

Top Ten Tenants

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Unmatched Breadth of Tenant Relationships –Top 10 Canada & US Combined• 7,000 tenancies capturing the top Canadian and American retailers

• No tenant represents more than 4.8% of annualized rental revenue

• National and anchor tenants generate 86.0% of RioCan’s rental revenue

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TOP 10 TENANT NAME

ANNUALIZED RENTAL

REVENUENUMBER OF LOCATIONS

TOTAL AREA OCCUPIED

(sq. ft. in 000s)

WEIGHTED AVG

REMAINING LEASE TERM

(yrs)

1 Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere (i) 4.8% 109 2,059 10.1

2 Walmart 4.4% 28 3,187 13.23 Famous Players/Cineplex/Galaxy Cinemas 4.3% 29 1,279 11.74 Metro/A&P/Super C/Loeb/Food Basics 4.3% 57 2,088 7.85 Winners/HomeSense/Marshalls 3.0% 63 1,402 6.86 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 27 1,132 5.17 Target Corporation 2.1% 24 1,960 8.78 Staples/Business Depot 2.1% 48 969 7.29 Future Shop/Best Buy 1.9% 30 665 7.510 Giant Foods/Stop & Shop (Royal Ahold) 1.9% 20 899 14.3

(i) On August 25, 2011, Canadian Tire Corporation, Limited announced that it had completed the acquisition of The Forzani Group Ltd.

Target Entry to Canada

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• Target has selected 24 locations across five provinces that are owned by RioCan and its partners currently occupied by Zellers.

• Included in the 24 locations are 3 additional stores in RioCan’s portfolio as recently announced by Target. One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at RioCan Niagara Falls. In addition, Target announced that the Zellers leases at 404 Town Centre and Parkland Mall were assumed by Wal‐Mart and Canadian Tire respectively.

• Currently in discussions with Target to expand a number of the selected locations and is expected to be the anchor tenant at RioCan’s St. Clair and Weston Road development project.

• Target has committed substantial capital to remodel and renovate the selected locations, which will serve to modernize and bring the stores to a format that is in keeping with a typical Target store.

• RioCan will be Target’s largest landlord in Canada.

• The remaining nine locations not selected by Target continue to operate as Zellers.

Target and RioCan’s Development PipelineSt. Clair & Weston Road

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• The St. Clair and Weston development benefits from a well‐established urban node at the intersection of St. Clair Avenue and Weston Road.

• RioCan has completed the rezoning for its St. Clair and Weston Road development with Trinity and Canada Pension Plan Investment Board (“CPPIB”) in Toronto.

• Construction commenced in the fourth quarter of 2011.

• The 20 acre site is ultimately expected to feature a 484,000 square foot property situated within a unique two storey retail format

• Target has signed letter of intent be the anchor tenant at the site

• A 50% interest in this property was sold to the CPPIB in June 2008 and a 25% interest has been retained by each of Trinity and RioCan.

Unmatched Breadth of Tenant Relationships –US Top Ten Tenants

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As at September 30, 2011, RioCan’s Ten largest tenants in the US for completed acquisitions:

TOP 10 TENANT NAME

ANNUALIZED RENTAL

REVENUE*NUMBER OF LOCATIONS

TOTAL AREA OCCUPIED

(sq. ft. in 000s)

WEIGHTED AVG

REMAINING LEASE TERM

(yrs)

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 20 899 14.32 Best Buy 5.2% 7 205 9.13 PetSmart 2.9% 9 142 10.04 Bed Bath & Beyond 2.8% 8 167 8.35 Lowes 2.6% 3 294 16.16 HEB Grocery Stores 2.3% 2 114 9.57 Ross Dress for Less 1.8% 5 110 6.98 Safeway 1.8% 2 101 12.39 Sports Authority 1.6% 2 67 7.310 Staples 1.5% 5 77 6.8

40.8% 63 2,176 11.8Giant Food Stores, RioCan’s largest US tenant ranks as #10 overall in RioCan’s overall portfolio and represents 1.9% of total annualized rental revenue.

National and anchor tenants generate 87.5% of RioCan’s US rental revenue

Lease Rollover ProfileAs at September 30, 2011 – Canadian Portfolio

13

864

2,8123,216

4,223 4,395

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

% Square Feet expiring / portfolio NLA’000s Square Feet

11.1% 11.6%8.5%7.4%

2.3%

124

238295

523

237

0100200300400500600

2011 2012 2013 2014 2015

’000s Square Feet

As at September 30, 2011 – US Portfolio

9.7% 4.4%5.5%4.4%2.3%

Stable Occupancy

Historical Occupancy Rates 1996 to Q3 2011

14

96.9%

95.0% 95.0% 95.4% 96.1% 95.6% 95.8% 96.3% 96.3%97.1% 97.7% 97.6%

96.9% 97.4%97.4% 97.5%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD

Financial HighlightsQ3 2011 Highlights

• RioCan’s Operating FFO (“Funds From Operations”) increased by 14% for the quarter ended September 30, 2011 to $97 million compared to $85 million for the same period in 2010. On a per unit basis, Operating FFO increased 6% to $0.37 per unit from $0.35 per unit for the same period in 2010;

• RioCan’s Operating FFO increased by 14% for the first nine months ended September 30, 2011 to $280 million compared to $246 million for the same period in 2010. On a per unit basis, Operating FFO increased 6% to $1.07 per unit from $1.01 per unit for the same period in 2010;

• Portfolio occupancy increased 40bps at September 30, 2011 to 97.5%, compared to 97.1% at September 30, 2010;

• RioCan has acquired interests in 7 income properties (3 in Canada and 4 in the United States (“US”)) at an aggregate purchase price of approximately $240 million at RioCan’s interest with a weighted average cap rate of 6.5% during the quarter. RioCan has also added to its development portfolio through the acquisition of interests in several development sites at an aggregate purchaseprice of $56 million;

• Subsequent to the quarter end, RioCan has completed the purchase of four properties (two in Canada and two in the US) at an aggregate purchase price of $157 million at RioCan’s interest with a weighted average cap rate of 6.8%. RioCan has also added toits development portfolio through the acquisition of an interest in two development properties at an aggregate purchase price of$8 million;

• Year to date RioCan has acquired interests in 25 properties (16 in Canada and nine in the US) at an aggregate purchase price of approximately $620 million at RioCan’s interest with a weighted average cap rate of 6.7%;

• RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7% and $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived; and

• RioCan issued 5.1 million units during the quarter, which generated $125 million of gross proceeds. Subsequent to the quarter end, RioCan issued an additional 5.1 million units, which generated an additional $126.5 million of gross proceeds.

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Financial HighlightsIFRS Valuation of Properties• RioCan uses the “fair value” model for the valuation of its income properties and properties under

development (collectively, “Investment Property”) as provided under International Financial Reporting Standards (“IFRS”) ;

• The Trust determined the fair value of each income property based upon the direct capitalization income approach method of valuation. The fair value was determined by applying a capitalization rate to stabilized NOI, which incorporates allowances for vacancy, management fees and structural reserves for capital expenditures for the property. The resulting capitalized value was further adjusted, where appropriate, for extraordinary costs to stabilize the income and non recoverable capital expenditures.

• Individual properties were valued using capitalization rates in the range of 5.5% to 9.3% applied to stabilized net operating income (“NOI”), resulting in an overall weighted average capitalization rate for the portfolio of approximately 6.6%.

16* at RioCan’s Interest

Overall Portfolio September 30, 2011 December 31, 2010Weighted Average Cap

Rate*. Range Weighted Average Cap.

Rate* Range

Enclosed Shopping Centre 7.4% 6.2% - 9.3% 7.5% 6.50% - 9.00%Grocery Anchored Shopping Centre 6.7% 5.8% - 8.8% 7.0% 6.00% - 9.26%Mixed Use 6.7% 5.8% - 8.7% 7.0% 6.00% - 8.75%

New Format Retail 6.4% 5.7% - 8.3% 6.7% 6.00% - 8.25%

Non-Grocery Anchored Centre 6.8% 5.8% - 8.5% 7.1% 6.00% - 8.75%Urban Retail 6.1% 5.5% - 7.0% 6.3% 5.75% - 7.70%

Total Weighted Average 6.6% 5.5% - 9.3% 6.9% 5.75% - 9.26%

Fair Value of Investment Properties (in millions) $9,572 $8,466

First nine months 2011 2010 Jan 1. 2010 IFRS Bump

Fair Value Gain ($ millions) $387 $457 $1,624

Financial Highlights

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Three monthsended September 30,

Nine months Ended September 30,

(in millions of $ except per unit amounts) 2011 2010 2011 2010

Total Revenues $246 $215 $721 $649

Operating FFO $97 $85 $280 $246

Operating FFO per Unit $0.37 $0.35 $1.07 $1.01

Distributions to unitholders $91 $85 $272 $253

Distributions to unitholders per Unit $0.345 $0.345 $1.035 $1.035

Distributions to unitholders net of distribution reinvestment plan $70 $71 $211 $212

Distributions to unitholders net of distribution reinvestment plan per Unit $0.26 $0.29 $0.80 $0.87

Unit issue proceeds under distribution reinvestment plan $21 $14 $61 $41

Distribution reinvestment plan participation rate 22.9% 16.0% 22.5% 16.2%

Sept. 30, 2011 Dec. 31, 2010 Sept. 30, 2010

Total assets $9,906 $8,886 $8,312

Debt (mortgages and debentures payable) 4,749 4,410 4,189

Debt to Total Assets 47.8% 49.1% 50.2%

Debt to total capitalization 40.4% 43.6% 42.0%

Interest coverage ratio 2.4x 2.5x n/c

Debt service coverage ratio 1.9x 1.9x n/c

Fixed charge coverage ratio 1.0x 1.0x n/c

Net debt to Adjusted EBITDA 7.2x 6.8x n/c

Market capitalization 7,010 5,716 5,782

Total capitalization (incl. Preferred Units) 11,887 10,126 9,971

Financial HighlightsNet Operating Income – Year over Year (Canada)

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“nm” – not meaningful.

(i) Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods.

(ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

Financial HighlightsNet Operating Income – Sequential Quarter over Quarter (Canada)

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“nm” – not meaningful.

(i) Same store refers to those income properties that were owned by RioCan and had consistent leasable area in both periods.

(ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

Financial Highlights2011 & 2012 Outlook

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• Robust acquisition activity the past two years will have an impact in 2011 and 2012.

• Year to date RioCan completed total acquisitions of $620 million at an average cap rate of 6.7%

– RioCan has also acquired an interest in several development properties with a total purchase price of $64 million

– RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7%

– $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived

– RioCan will exceed its budgeted $600 million of acquisitions in Canada and the US for 2011

• In 2010, RioCan completed total acquisitions of $986 million at an average cap rate of 7.6%

• Contractual Rent Steps of $1 million expected in remainder of 2011 and $4 million in 2012

• Increased development activity is expected in 2011 and 2012

• US tenant expansion into Canada

– A number of US tenants have announced their entry into Canada

• Target, Marshall’s, J. Crew, Kohl’s, Bed Bath & Beyond, Dick’s Sporting Goods

• Interest savings on maturing debt are expected to continue in 2012

• Mortgage debt maturing in 2012 currently carries an average interest rate of 5.8% providing an opportunity for RioCan to reduce interest expense at current interest rates

– During Q1 2011, RioCan redeemed the $180 million Series L unsecured debentures due April 2014, which carried a coupon of 8.33% and issued $225 million series O unsecured debentures with a five year term and a coupon of 4.499% resulting in annual interest savings of $6.9 million per annum

Acquisition Activity

Acquisition Activity2011 Acquisitions

Acquisitions During 2011

Location Cap rate

RioCan's purchase price (i) (millions)

NLA (in sqft) at RioCan's

interest

CANADA 6.3% $63 220,831

UNITED STATES 7.3% 94 467,726

Fourth Quarter to date 2011 Acquisitions 6.8% $ 157 688,557

CANADA 6.4% $74 298,208

UNITED STATES 6.5% 166 786,170

Third Quarter 2011 Acquisitions 6.5% $ 240 1,084,378

CANADA 6.7% $46 226,729 UNITED STATES 7.3% 90 587,416

Second Quarter 2011 Acquisitions 7.1% $ 136 814,145

CANADA 6.6% $87 391,920 UNITED STATES ‐‐ ‐ ‐

First Quarter 2011 Acquisitions 6.6% $ 87 391,920

2011 Acquisitions:

Canada 7.3% $270 1,137,688

US 6.9% 350 1,841,312

2011 To Date Acquisitions 6.7% $ 620 2,979,000

(i) Excludes closing costs and other acquisition related costs.

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23


24


25


26



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Capital Structure

Conservative Debt Profile

• Debt‐to‐Total Assets of 47.8% at September 30, 2011;

• Total operating lines ‐ $422 million with approximately $332 million available

• 54 properties unencumbered by debt with a fair value of nearly $450 million as at September 30, 2011

• Floating rate debt ‐ 3.2% of total debt

• Strong coverage ratios

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Leverage and Coverage Ratios & Targets

30

(i) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized).

(ii) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized).

(iii) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders.

(iv) Net debt to Adjusted EBITDA is defined as: the average debt outstanding (net of cash) for the period divided by Adjusted EBITDA

* adjusted to exclude interest capitalized.

Modest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even through periods of considerable growth

– Leverage of 47.8% at historical book cost at September 30, 2011;

– 60% max permitted under covenant

– Interest coverage well in excess of the 1.65x maintenance covenant

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47.3% 48.2%51.9% 53.1% 53.8% 53.9%

56.6% 56.3% 54.9% 55.6%

49.1% 47.8%

2.9x 2.9x2.6x 2.6x 2.7x 2.8x

2.9x2.7x

2.6x 2.2x2.5x

2.4xLeverage Interest Coverage

IFRS

Debt Maturity Schedule

• Long‐term, staggered debt maturity profile

• 5.3% Overall WAIR

• 4.7 Year weighted avg. term to maturity

• Minimal floating rate debt exposure (3.2% of total debt)

• Financing mortgages today at around 3.5% to 4.5% (dependent on term)

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Leverage at Fair Value & Stock Market Value

• As at September 30, 2011

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47.8%

40.4%

Debt to Total Assets Debt to Total Capitalization

Net of cash

52.2%

9.5%

38.3%

Capital Structure – September 30, 2011

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Total Assets = $9.9 billion Enterprise Value = $11.9 billion

59.6%

8.2%

32.2%

Mortgages= $3.8 billion

Debentures = $0.9 billion

Equity = 270 million units outstanding

Borrowings in 2011

35

Mortgages Payable Quarter ended September 30, 2011

Nine Months ended September 30, 2011

(millions of dollars, except % data)

ContractuaDebt

l

Weighted Average

Contractual Interest Rate

ContractuaDebt

l

Weighted Average

ContractuaInterest Rate

l

Average term to maturity in

years

New borrowings:

Fixed rate term mortgages – Canada $63 4.06% $309 4.98%* 7.5

Fixed rate term mortgages – US 61 4.34% 135 4.75% 6.5

Floating rate term mortgages 2 3.05% 3 3.27% 2.4

Construction 6 3.88% 43 3.45% 0.6

Operating Lines of Credit 51 3.36% 51 3.36% 1.8

Total $183 3.94% $541 4.63% 6.2

* includes $140 million of CMBS mortgage debt with a rate of 5.48%

Assets Available to Finance

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PRINCIPAL BALANCE OF DEBT MATURING

(in millions except # properties)

NUMBER OF PROPERTIES

Fair Value of IPPAt September 30,

20112011 2012

Collateral – Income Properties

Encumbered Assets with Debt Maturing in 2011 1 99 15 ‐

Encumbered Assets with Debt Maturing in 2012 23 536 ‐ 253

Unencumbered Assets at September 30, 2011 54 449 ‐ ‐

Construction Financing on Properties Under Development (1)

3 62 23 34

Unsecured Debt Maturity ‐ ‐ ‐ 220

TOTAL 81 $1,146 $38 $507

(1) Projects include components that are income producing at September 30, 2011. FV shown represents amounts in IPP only

Looking Ahead

Future Growth Drivers• Organic Growth

– Contractual Rent Steps – contractual rent steps should generate $1 million in the remaining quarter of 2011 and $4 million in 2012

– Positive leasing spreads on maturing leases should provide positive same property NOI growth– US tenant demand providing additional rent growth and conversion of Zellers to Target will increase

demand at those centres– Closing the gap – economic occupancy versus committed occupancy provides an annual NOI impact of

approximately $12 million

• Acquisition Activity – $986 million completed in 2010

– In the first ten months of 2011, RioCan has acquired interests in 25 properties (16 in Canada and 9 in the US) at an aggregate purchase price of approximately $620 million with a weighted average cap rate of 6.7%. RioCan has also acquired an interest in several development properties with a total purchase price of $64 million;

– RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7%, and $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived;

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Future Growth Drivers• Greenfield Development

– Completions in 2011 will begin to provide additional income– New projects such as St. Clair & Weston have commenced with additional projects such as YEC expected

to begin in 2012– As at September 30, 2011, development projects comprise approximately 8.9 million square feet, of

which RioCan’s ownership interest is approximately 7.4 million square feet. Once complete, these developments should generate strong returns and improve the overall quality of the portfolio.

– Estimated project cost for these sites is $1.8 billion with $659 million having been incurred to date ($427 million at RioCan’s interest)

– Completion of these sites is expected during 2012‐2014, with the majority expected to be completed during 2013

• Intensification of Existing Sites & Urban Development

– RioCan's intensification projects at Avenue Road and Queen and Portland are complete and have come on line

– YEC intensification expected to begin in 2012– Recent Urban Development acquisitions include:

• Yonge & Eglinton Northeast corner – RioCan with its partners has begun to assemble parcels for future development• Bathurst & College – Potential 140‐150k square feet of urban retail space• 740 Dupont in the GTA ‐ Potential 184k square feet of urban retail space• Herongate Mall in Ottawa, ON ‐ 16 acre site, redevelopment project39

Future Growth Drivers

Organic GrowthInstitutional Relationships

Land Use Intensification

Development Pipeline

Acquisitions

New Entrants to Canadian MarketTarget Corporation

• On January 13, 2011 Target announced that it had agreed to acquire up to 220 Zellers leasehold interests from Zellers Inc. and the Hudson Bay Company

• Included in the 24 locations are 3 additional stores in RioCan’s portfolio as recently announced by Target. One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at RioCan Niagara Falls. In addition, Target announced that the Zellers leases at 404 Town Centre and Parkland Mall were assumed by Wal‐Mart and Canadian Tire respectively.

• Currently in discussions to expand several of the planned locations• RioCan is contemplating an extensive capital improvement program for those locations where it feels cash

flow can eventually be increased as a result • Current Target stores selected represent 2 million square feet (at 100%)• Letter of intent to be the anchor tenant at RioCan’s St. Clair & Weston Road development site41

Portfolio Leasing Activity• In Q3 2011, in Canada RioCan has renewed 838,000 square feet at and average rent

increase of $1.01 per square foot or 7.2%

• In first nine months of 2011, in Canada RioCan has renewed 3.1 million square feet at and average rent increase of $1.40 per square foot or 10.1%

• In Q3 2011, excluding fixed rent renewals, RioCan renewed 0.4 million square feet at an average rent increase of $1.76 per square foot, or 9.0%

• In first nine months of 2011, excluding fixed rent renewals, RioCan renewed 1.5 million square feet at an average rent increase of $2.02 per square foot, or 11.7%

• Retained 88.9% of expiring leases in Q3 2011, 89.2% for the first nine months

• New vacancies during Q3 2011 were 186,000 square feet at RioCan’s interest compared to 126,000 square feet in the same period of 2010

• In first nine months of 2011, vacancies during were 613,000 square feet at RioCan’s interest compared to 620,000 square feet in the same period of 2010

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Occupancy Analysis

• RioCan’s committed occupancy rate is 97.5%. Included in this rate is 549,000 square feet of leased but not yet open space, resulting in an economic occupancy rate of 96.3%

• The gap of leased but not yet paying rent represents an additional $12 million of annualized rental revenue

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Portfolio Leasing Activity

44

Canadian portfolio – Renewal Leasing

Portfolio Leasing Activity

45

Total Portfolio – Lease Expiries for 2011

Organic Growth – Lease Expires

46

Canadian Portfolio

US Portfolio

Interest Savings• RioCan’s debt ladder staggers maturities such that there are no single years with a large

exposure to maturing debt.

• This enables RioCan to take advantage of low interest rate environments and insulates the impact of higher interest rate environments.

• In 2010, by refinancing maturing debt with an interest rate in excess of 7% into debt with an average interest rate of 4.8% RioCan has generated annual interest savings in excess of $6 million on refinanced mortgage debt.

• In Q1 2011, RioCan redeemed the $180 million Series L debentures which carried a coupon of 8.33% and issued $225 million series O debentures with a coupon of 4.499% resulting in annual interest savings of $6.9 million and extended the term.

• Additional savings are anticipated again in 2012 as maturing mortgages carry an average interest rate of 5.8% with current financings being completed at approximately 4% or a potential interest savings of 180 bps on $366 million.

47

Debt Maturity Schedule

48 As at September 30, 2011

• Long‐term, staggered debt maturity profile

• 5.3% Overall WAIR

• 4.7 Year weighted avg. term to maturity

• Minimal floating rate debt exposure (3.2% of total debt)

• Financing mortgages today at around 3.5%‐4.5% (dependent on term)





Acquisitions

Future Growth DriversAcquisitions – Income Properties

• In first ten months of 2011, RioCan acquired interests in 25 properties (16 in Canada and 9 in the US) at an aggregate purchase price of approximately $620 million with a weighted average cap rate of 6.7%;

• RioCan has $257 million (at RioCan’s interest) of assets under firm contract, with a weighted average cap rate of 6.7% and $97 million (at RioCan’s interest) of additional acquisitions under contract, but subject to certain conditions not yet waived;

• RioCan completed almost $1 billion of acquisitions in 2010 at a weighted average cap rate of 7.6% and is on pace to complete nearly $1 billion of acquisitions again in 2011 at a cap rate of approximately 6.7%;

• Financing used to complete these acquisitions has been completed at interest rates below 5%

2011 YTD

Capitalization Rate Purchase Price ($ millions)

NLA

Canada 6.5% 270 1,137,688

US 6.9% 350 1,841,312

Total 2011 6.7% 620 2,979,000

50

Future growth potential

Acquisition ActivityRecent Acquisitions – Sheppard Centre

51

• Entered into firm contract to acquire at a purchase price of $218 million (6.11% cap rate)• Mixed use property (Retail, Office, and Residential)• 672,854 sf space• 257,039 sf of retail space

• Winners, Shoppers Drug Mart, BMO, CIBC• 5.3 year avg lease term• 96% leased

• 415,815 sf of office space• BMO, Aon Hewitt• 6.8 avg lease term• 100% leased

• To be acquired on a 50/50 basis with KingSett Capital

• RioCan will manage the property, act as leasing manager for the property and will be the development manager in connection with any redevelopment of the property.

• Strong demographics• Direct access to two subway lines• Opportunities for near term

revenue improvements

• Potential for both retail and residential expansion

• Fast growing area the North Toronto

Examples of nearby residential developments

Acquisition ActivityRecent Acquisitions United States – Selected Photos

52

Alamo Ranch, San Antonio, TX (Under firm contract) Southpark Meadows, Austin, TX

1890 Ranch, Austin, TX

Huntington Square, Huntington (Long Island), NY

Acquisition ActivityRecent Acquisitions

53

Edmonton West Retail Centre, Edmonton, AB

RioCan Stoney Creek, Stoney Creek, ON

RioCan LaGappe, Gatineau, QC





Acquisitions

Potential Development Activity• A number of US retailers have recently announced that they will be opening stores

in Canada over the next five years

• RioCan is in a prime position to assist these tenants with their growth needs to develop new space in Canada

55

Strong Development PipelineGreenfield developments through in‐house capabilities and with partners, such as Trinity and Canada Pension Plan Investment Board (CPPIB)

At September 30, 2011

• Total developments comprise 8.9 million square feet, including shadow anchors

• RioCan and partners’ owned interest consists of 7.4 million square feet

• Total estimated project cost is $1.8 billion, with RioCan’s interest being approx. $1.4 billion

• Invested $427 million in these projects

• RioCan’s funding obligations, before construction financing is $614 million ($37 million is for current development and $577 million is for potential future development)

– In addition, RioCan will fund approx. $176 million under mezzanine lending program to certain partners, primarily Trinity Developments ($12 million is for current development and $164 million is for potential future development)

• Generate unlevered yield between 7% to 11%, at a weighted average of 8.5% to 9.5%

• Recent Urban Development acquisitions include Yonge & Eglinton Northeast corner, Bathurst & College, and 740 Dupont in the GTA and Herongate Mall in Ottawa, ON

Projects Coming on Stream in 2011

• RioCan’s Urban intensification projects at 1717 Avenue Road and Queen & Portland have been completed.

• Grant Crossing, Okotoks and Lowe’s Centre Orleans have also begun to contribute to RioCan’s results.

56

Strong Development PipelineSt. Clair & Weston

57


• Construction commenced in late 2011.

• The 20 acre site is ultimately expected to feature a 563,000 square foot property situated within a unique two storey retail. format


Strong Development Pipeline

58

RioCan Centre BelcourtRioCan is nearing completion of its 39 acre site at Lowe’s Centre Orleans at Innes Road and Belcourt Boulevard in Ottawa, Ontario into a 398,000 square foot new format retail centre. This joint venture development with our partner, Trinity, is anchored by Lowe’s Home Improvement Warehouse which owns its own location and has commenced operations. Other major tenants at the property include Allstate Insurance, CIBC, and Empire Theatres, which have all commenced operations. Construction is expected to commence in 2011 on an additional phase, which will feature a national supermarket tenant of approximately 35,000 square feet.

Grant Crossing

Construction is nearing completion at RioCan’s joint venture development on Hazeldean Road, in Ottawa. This 33 acre site is currently being developed into a 403,000 square foot new format retail centre. The site is anchored by a128,000 square foot Lowe’s that commenced operations in the first quarter of 2011. Lowe’s owns its own store which operates as part of the overall site. A 31,000 square foot Winners, a 26,000 square foot Homesense and a 22,000 square footMichael’s commenced operations in the fourth quarter of 2010.


59

Cimarron Shopping CentreRioCan has commenced construction at its Okotoks site in Okotoks, Alberta, located approximately 40 kilometres south of Calgary. This 31 acre property is a joint venture development with Trinity and is currently being developed into a 434,000 square foot new format retail centre. The site is anchored by a 93,000 square foot Home Depot, which owns its own store. Costco, which will also own its own location and opened in the third quarter of 2010. A 25,000 square foot Winners commenced operations in the first quarter of 2011.


60

Jacksonport• Jacksonport, located at 36th Street NE and

Country Hills Boulevard NE in Calgary, is a 105 acre development site.

• Will be developed into a new format retail centre with CPPIB and Trinity

• Upon completion, the development is expected to feature approximately 1.1 million square feet of retail space.

East Hills• This 148 acre site located in Calgary,

Alberta is currently being developed into a 1.6 million square foot regional new format retail centre.

• The East Hills development is planned in three phases. Phases I and III comprise approximately 111 acres.

• Phase I of the property will be co‐owned with CPP 37.5%, Trinity, and Lansdowne 12.5%.

• Phase II, comprises approximately 37 acres, and will be co‐owned with CPP, Tristar, Trinity and Lansdowne.


61

Windfield Farms

• This 160 acre site located in Oshawa, Ontario is currently being developed into a 1.2 million square foot regional new format retail centre.

• RioCan acquired its partners’ interests in July 2011. RioCan now owns 100% of this development site

Sage HillSubsequent to September 30, 2011. RioCan has waived conditions for the acquisition of Sage Hill Crossing, a 32 acre greenfield development site in Northwest Calgary. The purchase price for the lands, which will be serviced and zoned at the time of closing, will be $31.6 million. Once completed, the anticipated gross leasable area is 347,000 square feet of retail use. The anticipated closing date is September, 2012. Development is expected to commence in 2013.

Canadian Outlet Centre Development

• On January 24, 2011 RioCan Announced that it had entered into a letter of intent to form an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centres similar in concept and design to those within the existing Tanger U.S. portfolio.

• On March 14, 2011 RioCan announced that through the joint venture it has entered into a purchase and sale agreement for a 35 acre parcel located in the GTA market of Halton Hills.

62

Tanger Portfolio Examples

63

Tanger Joint VentureDevelopment Site

64

Halton Hills Site

• 35 – acre site zoned for retail

• Located at 401 and James Snow Parkway

• Excellent access to Brampton, Mississauga and Metro Toronto

• Development expected to begin in 2011 with completion targeted for 2013





Acquisitions

Land Use Intensification• Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban locations, driven by:– Prohibitive costs of expanding infrastructure beyond urban boundaries

– Environmental concerns

– Maximizing use of mass transit

– Generate high yields as land is already owned

66

Land Use Intensification –Eglinton Subway Extension• Proposed subway extension along Eglinton Avenue through mid‐town Toronto will provide

multiple intensification opportunities for RioCan at its properties along Eglinton.

• City of Toronto has said that they will rezone areas surrounding new subway stops to permit higher density developments.

67

Yonge Eglinton CentreToronto, Ontario

68

• One of RioCan’s largest acquisitions at $223 million (acquired in January 2007)– 750,126 sq. ft. of office area and 264,391 sq. ft. of retail area

• RioCan has launched a thorough revitalization and expansion plan that will capitalize on the area’s residential intensification– Improvements to parking increased revenues by $500,000

– 46,000 sq. ft. of new retail, and a connection to the office towers and ingress/egress to the food court and subway

– A combined 12‐storey, 210,000 sq. ft. expansion of the office towers

– received Toronto City Council approval for its development plans and is currently submitting plans for site plan approval, and subject to receipt of all approvals, it is expected that construction can begin in 2012

• RioCan’s leasing and capital improvement efforts have resulted in significant increases in NOI and occupancy

• NOI at acquisition was $13.3 million and is budgeted to be in excess of $22 million for 2012

• Occupancy has increased from 88% at acquisition to 100%

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre

69

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Retail Addition

70

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Vertical Addition

71

Potential to add 210,000 square feet of office space

Urban Intensification1717 Avenue Road, Toronto, ON

• Rezoning urban properties to accommodate mixed use projects became RioCan REIT’s focus in the last several years

72

• 1717 Avenue Road, Toronto

Assembled a city block over four year period located in one of the busiest nodes in Toronto on Avenue Road, between Fairlawn Avenue and St. Germain Avenue

The block was made up of four, one storey, properties, the largest being 21,000 sq. ft. strip centre anchored by an LCBO and Blockbuster

Ideal property for redevelopment into a mixed‐use facility, in keeping with the trend of urban intensification

Residential air rights sold to Tribute Communities, who developed this mixed‐use property

RioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiums

Bank of Montreal and Pharma Plus commenced operations in March 2011

The retail component was completed, is 93% leased, and began producing rental revenue in Q1 2011

Urban IntensificationQueen & Portland, Toronto, ON

73

• One acre parking lot acquired in January 2006

• Southwest corner of Queen and Portland Streets, occupying the entire length of the block

• Ideal property for redevelopment into a mixed‐use facility, in keeping with the trend of urban intensification

• Development includes retail footprint ‐ Loblaws occupying the bulk of the ground floor and all of the second floor, with a flagship Joe Fresh store and a Loblaws supermarket, while Winners occupies the third floor

• Winners and Joe Fresh commenced operations early in the fourth quarter of 2011. Loblaws will also open during the fourth quarter of 2011

• Total retail space is 91,000 sq ft over three levels ‐ 100% leased

• Residential air rights sold to Tribute Communities, who developed this mixed‐use property

• RioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiums

Urban Intensification• RioCan has a number of Urban Intensification opportunities in the GTA market

74

• Sunnybrook Plaza, Toronto, ON

Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto

The site benefits from excellent demographics and is a probable location for a stop along the proposed Eglinton subway line

The property is an excellent location for a redevelopment project similar to what has been accomplished at 1717 Avenue Road.

• Queensway Cineplex, Toronto, ONLocated in Western Toronto at the corner of The Queensway and Islington Avenue with access to the Queen Elizabeth Way (QEW)

Currently anchored by Cineplex this centre is an ideal property for additional density and potential redevelopment into a mixed‐use facility, in keeping with the trend of urban intensification

Tillicum CentreVictoria, BC

• Acquired in July 2002, expansion initiated in 2004

• 62,000 sq. ft. addition anchored by introduction of two marquee tenants

• Fabricland relocated to a larger store and TD Bank also took occupancy during phase 2

• Mixed‐use expansion of will feature 294,000 sq. ft. of residential uses

• In addition to improving tenant quality and aesthetics, the return on investment (“ROI”) since acquisition has increased by more than 100 bps

75





Acquisitions

Institutional Relationships

• Through the years RioCan has developed strong institutional relationships

• Leverage RioCan’s capital to enhance returns and increase scale of investments

• Generate additional revenue streams – Property and asset management fees

• RioCan recently entered into a Joint Venture arrangement with KingSett Capital to acquire the Sheppard Centre– RioCan will manage the property, act as leasing manager for the

property and will be the development manager in connection with any redevelopment of the property.

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Institutional Relationships Strong Partnerships

78

Institutional RelationshipsRioKim Joint Venture

• RioCan REIT and Kimco Realty Corporation, a U.S. REIT listed on the NYSE which also focuses on the ownership of shopping centres, each have a 50% interest in RioKim joint venture

• Invested over $1.2 billion in 45 properties since 2001 comprising over 9.3 million sq. ft. of GLA

• In September 2008, created a second joint venture partnership with Kimco (RioKim II) with the acquisition of a 10 properties portfolio in central and eastern Canada

• RioCan provides asset and property management, development and leasing services to RioKim

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Brentwood Village

Tillicum Centre

Institutional RelationshipsCPPIB Joint Venture

• In October 2004, RioCan REIT and CPPIB announced an agreement to acquire premier regional power centres in Canada on a 50/50 basis as a core, long‐term holding strategy

• Today, RioCan and CPPIB are partners in over 1.3 million sq. ft. of completed regional power centres and approximately 3.0 million sq. ft. of planned development projects

• RioCan provides property and asset management, leasing, development and construction management services for the co‐ownership

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RioCan Centre Burloak ‐ Before

RioCan Centre Burloak ‐ After

Institutional RelationshipsCPPIB Strategic Alliance

Grandview Corners• Acquired in December 2009 on a 50‐50

basis

• Unique asset located in the Greater Vancouver Area market of Surrey

• Diverse and strong tenant mix

• 42 acre site

• 529,827 sq. ft. anchored by a 217,278 sq. ft. Walmart

• Other major tenants include The Brick, Future Shop, Indigo

81

Institutional RelationshipsCPPIB Strategic Alliance ‐ St. Clair & Weston

82


• Construction commenced in the fourth quarter of 2011.

• The 20 acre site is ultimately expected to feature a 484,000 square foot property situated within a unique two storey retail. format


Institutional RelationshipsCPPIB Strategic AllianceIn September 2008 the Trust and Trinity sold a 50% non‐managing interest in two developments to CPP Investment Board. The two developments are Jacksonport located in Calgary, Alberta and St. Clair Avenue and Weston Road located in Toronto, Ontario. Additionally, in October 2008 RioCan and Trinity sold a 37.5% non‐managing ownership interest in East Hills, phases I and III, a development featuring approximately 115 acres in Calgary, Alberta, to CPP Investment Board.

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Jacksonport• Jacksonport, located at 36th Street NE and Country Hills Boulevard

NE in Calgary, is a 105 acre development site. • Will be developed into a new format retail centre• Upon completion, the development is expected to feature

approximately 1.1 million square feet of retail space.

• RioCan has successfully completed the rezoning requirements for its East Hills development with Trinity, CPPIB and the original vendor in Calgary, Alberta.

• The East Hills development consists of three phases. Phase I and III comprise approximately 111 acres and Phase II comprises approximately 37 acres.

East Hills

Summary

• Canada’s largest REIT• Seasoned management team• Excellent portfolio, solid tenants and diversified• Focus on urban markets• 86% of annualized rental revenue from national and anchor tenants

• Conservative debt profile and access to capital • Strong institutional relationships• Solid development pipeline

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Appendix A

Senior Management

Experienced Management Team• Extensive experience in Canadian real estate market

– Multi‐disciplinary team with experience across a wide spectrum of real estate classes

EDWARD SONSHINE, O.Ont., Q.C. – President & Chief Executive Officer, RioCan REIT• CEO of RioCan REIT since late 1993 and has overseen its growth from an asset base of under $100 million to its current

enterprise value which is in excess of $11 billion

• Previously practiced law for 15 years, during which he was awarded his Queen’s Counsel in 1983

• Member of the board of directors of Royal Bank of Canada, Chair of Chesswood Income Fund, Cineplex Inc. and Chair of Mount Sinai Hospital Foundation

FREDERIC WAKS – Executive Vice President & Chief Operating Officer, RioCan REIT• COO of RioCan REIT since 1995

• Began real estate career in 1981 with Royal LePage, where he earned the honourable designation of Rookie of the Year in the Commercial Division and President’s Round Table

• In 1984, he joined First Plazas as Vice President of Leasing/Marketing. Moved to Dominion Trust in 1988, where he took on the position of Senior Vice President. From 1993 to 1995, acted as Vice‐President, Retail Leasing for Confederation Life.

RAGS DAVLOOR, CA – Senior Vice President & Chief Financial Officer, RioCan REIT• CFO of RioCan REIT since 2008

• Over 25 years of real estate, management, finance, accounting and tax experience

• Began his career with Arthur Anderson & Co where he spent 8 years in audit, tax and advisory roles, followed by over 10 years at O&Y Properties and O&Y REIT ultimately becoming CFO, and prior to coming to RioCan at TD Securities as a Vice President and Director in corporate finance for two years, where he was focused on real estate industry coverage.

• Member of the board of directors of Cedar Shopping Centers, Inc.

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Appendix B

Supplemental Information Package

REALESTATE INVESTMENT TRUST

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Third Quarter 2011Supplemental Information PackageTable of Contents

Real Estate Portfolio Fact Sheet . . . . . . . . . . . . . . . . . . . . 1

FINANCIAL INFORMATION

Operational and Financial Highlights . . . . . . . . . . . . . . . . 2Unaudited Interim Consolidated Financial

StatementsBalance Sheets

Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . 4Equity Reconciliation – January 1, 2010 . . . . . . . . . . . 5Equity Reconciliation – December 31, 2010 . . . . . . . . 6

Consolidated Statements of Earnings . . . . . . . . . . . . . . 7Consolidated Statements of Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Net Earnings and Comprehensive Income

Reconciliations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Consolidated Statements of Cash Flows . . . . . . . . . . . . 9

Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Net Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Quarterly Reconciliation of Previous Canadian GAAP to

IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11International Financial Reporting Standards

(“IFRS”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Summary of Consolidated Debt . . . . . . . . . . . . . . . . . . . . .15Interest Coverage, Debt Service Coverage, Fixed Charge

Coverage and Net Debt to EBITDA Ratios . . . . . . . . . . .16

INVESTMENT ACTIVITY

Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Greenfield Development Projects . . . . . . . . . . . . . . . . . . .21Expansion and Redevelopment Activities . . . . . . . . . . . . .26

REAL ESTATE INFORMATION

Leasing Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28Renewal Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29Contractual Rent Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . .Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34Economic versus Committed Occupancy . . . . . . . . . . . . .34Top 50 Tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36Top Ten Tenants – Canada . . . . . . . . . . . . . . . . . . . . . . . . .37Top Ten Tenants – US . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37Property Ownership by Geographic Area . . . . . . . . . . . . .38Portfolio Geographic Diversification . . . . . . . . . . . . . . . . .39Lease Expires by Geographic Area . . . . . . . . . . . . . . . . . .40

GENERAL

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41Senior Management and Unitholder Information . . . . . . .43

REAL ESTATE PORTFOLIO FACT SHEETFact Sheet as at September 30, 2011

Canadian Properties US Properties GrandTotalTotal Net Leasable Area (“NLA”) (sq.ft.): Retail Office Total Retail Office Total

Income Producing Properties 36,443,171 1,588,499 38,031,670 5,319,621 51,758 5,371,379 43,403,049Properties Under Development 3,498,500 – 3,498,500 – – – 3,498,500Total 39,941,671 1,588,499 41,530,170 5,319,621 51,758 5,371,379 46,901,549

Number of Tenancies 7,000

Portfolio Occupancy

Canadian Properties US Properties TotalRetail 97.5% 98.0% 97.5%Office 97.2% 84.1% 96.8%Total 97.5% 97.8% 97.5%

Geographic Diversification

Number of properties

Percentageof annualized

rental revenue

Incomeproducingproperties

Propertiesunder

development TotalOntario 54.0% 166 7 173Quebec 14.9% 44 – 44Alberta 11.3% 28 2 30British Columbia 5.6% 15 – 15New Brunswick 1.7% 6 1 7Manitoba 0.6% 2 – 2Saskatchewan 0.5% 1 – 1Prince Edward Island 0.3% 1 – 1Newfoundland 0.3% 2 – 2Nova Scotia 0.1% 1 – 1USA 10.7% 38 – 38

100.0% 304 10 314

Anchor and National Tenants (including US)

Percentage of annualized rental revenue Percentage of total NLAAnchor and National Tenants 86.0% 84.0%

Top Ten Sources of Revenue by Tenant (including US)

Ranking TenantPercentage of

annualized rental revenueWeighted average remaining

lease term (yrs)1. Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/ Sport Chek/

Sports Experts/National Sports/Atmosphere 4.8% 10.12. Walmart 4.4% 13.23. Famous Players/Cineplex/Galaxy Cinemas 4.3% 11.74. Metro/Super C/Loeb/Food Basics 4.3% 7.85. Winners/HomeSense/ Marshalls 3.0% 6.86. Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.5% 5.17. Target Corporation 2.1% 8.78. Staples/Business Depot 2.1% 7.29. Future Shop/Best Buy 1.9% 7.5

10. Giant Food Stores/ Stop & Shop (Royal Ahold) 1.9% 14.3Total 31.3%

Lease Expiries – Canada

Lease expiries (NLA)

Retail Class Total NLA 2011 2012 2013 2014 2015New Format Retail 19,029,948 287,279 955,635 1,414,113 1,589,696 2,097,974

1.5% 5.0% 7.4% 8.4% 11.0%Grocery Anchored Centre 7,663,700 205,942 738,536 643,807 1,243,326 1,004,582

2.7% 9.6% 8.4% 16.2% 13.1%Enclosed Shopping Centre 6,311,736 254,776 740,687 622,196 740,906 855,653

4.0% 11.7% 9.9% 11.7% 13.6%Non-Grocery Anchored Centre 2,090,738 28,366 115,755 209,634 166,570 318,713

1.4% 5.5% 10.0% 8.0% 15.2%Urban Retail 1,347,049 1,928 110,584 155,309 311,785 19,124

0.1% 8.2% 11.5% 23.1% 1.4%Office 1,588,499 85,556 150,972 171,038 170,696 98,679

5.4% 9.5% 10.8% 10.7% 6.2%Total 38,031,670 863,847 2,812,169 3,216,097 4,222,979 4,394,725

2.3% 7.4% 8.5% 11.1% 11.6%Average net rent per square foot $ 15.13 $ 16.81 $ 15.87 $ 16.30 $ 15.52 $ 14.41

Lease Expiries – US

Lease expiries (NLA)

Retail Class Total NLA 2011 2012 2013 2014 2015New Format Retail 3,552,908 46,047 139,033 212,152 303,141 201,763

1.3% 3.9% 6.0% 8.5% 5.7%Grocery Anchored Centre 1,583,688 56,291 86,944 51,790 184,377 25,450

3.6% 5.5% 3.3% 11.6% 1.6%Non-Grocery Anchored Centre 183,025 9,061 7,774 19,120 32,000 10,243

5.0% 4.2% 10.4% 17.5% 5.6%Office 51,758 12,406 4,329 12,276 3,654 –

24.0% 8.4% 23.7% 7.1% 0.0%Total 5,371,379 123,805 238,080 295,338 523,172 237,456

2.3% 4.4% 5.5% 9.7% 4.4%Average net rent per square foot $ 14.82 $ 21.08 $ 18.40 $ 16.70 $ 13.47 $ 12.15

1 Third Quarter 2011 Supplemental Information Package

II. OPERATIONAL AND FINANCIAL HIGHLIGHTSOperational Information

(thousands of square feet, except other data)

As at and for the three months ended September 30, 2011 December 31, 2010 September 30, 2010US Canada Total US Canada Total US Canada Total

Number of properties:Income properties 38 266 304 31 256 287 18 250 268Under development (i) – 10 10 – 10 10 – 11 11

Portfolio occupancy 97.8% 97.5% 97.5% 98.2% 97.3% 97.4% 98.1% 97.0% 97.1%Net leasable area (“NLA”) at 100% * 9,692 58,132 67,824 7,468 56,251 63,719 4,002 55,183 59,185Net leasable area (“NLA”) at RioCan’s interest:

Total portfolio 5,371 38,032 43,403 3,998 36,849 40,847 2,455 36,255 38,710Average in place rent $ 14.82 $ 15.13 $ 15.09 $ 14.69 $ 14.82 $ 14.75 $ 17.10 $ 14.86 $ 14.99Completed development and land use intensification

activities during the period ended – 78 78 – 237 237 – 9 9Acquired during the period ended 786 298 1,084 1,542 441 1,983 1,417 838 2,255

Development pipeline upon completion:Total project NLA – 8,991 8,991 – 8,090 8,090 – 8,446 8,446RioCan’s interest of project NLA – 4,715 4,715 – 3,046 3,046 – 3,397 3,397

Percentage of portfolio rental revenue derived from:Six Canadian high growth markets (annualized) (ii) n/a 65.4% 65.4% n/a 65.2% 65.2% n/a 61.7% 61.7%US market (annualized) 10.7% n/a 10.7% 8.2% n/a 8.2% 5.6% n/a 5.6%National and anchor tenants (annualized) 87.5% 85.9% 86.0% 90.2% 85.5% 85.9% 93.8% 85.6% 86.0%Largest tenant (annualized) 18.3% 5.4% 4.8% 21.3% 4.9% 4.6% 18.3% 4.9% 4.7%

Percentage of portfolio NLA anchored or shadow anchoredby grocery stores: 72.4% 74.4% 75.2% 71.0% 75.2% 74.8% 76.2% 75.1% 75.2%

Number of employees (excluding seasonal) 615 598 585

(i) The number of properties under development excludes those properties with phased development where tenancies have already commencedoperations. These properties are included in the number of income properties.

(ii) See discussion in “About RioCan”.* Includes retailer owned anchors


Financial Information – IFRS

(millions of dollars, except per Unit amounts)For the three monthsended September 30,

For the nine monthsended September 30,

2011 2010 2011 2010

Total revenue $ 246 $ 215 $ 721 $ 649Net earnings attributable to unitholders $ 168 $ 56 $ 632 $ 243Net earnings per Unit attributable to common Unitholders - basic $ 0.63 $ 0.23 $ 2.39 $ 1.00Net earnings per Unit attributable to common Unitholders - diluted $ 0.63 $ 0.23 $ 2.38 $ 0.99Adjusted EBITDA (i) $ 159 $ 136 $ 463 $ 429Operating FFO (ii) $ 97 $ 85 $ 280 $ 246Operating FFO per Unit (ii) $ 0.37 $ 0.35 $ 1.07 $ 1.01Weighted average common Units outstanding (in thousands) 265,515 246,314 262,743 244,284Distributions to common Unitholders $ 91 $ 85 $ 272 $ 253Distributions to common Unitholders per Unit $ 0.345 $ 0.345 $ 1.035 $ 1.035Distributions per common Unit (annualized) $ 1.38 $ 1.38 $ 1.38 $ 1.38Distributions to common Unitholders net of distribution reinvestment

plan $ 70 $ 71 $ 211 $ 212Distributions to common Unitholders net of distribution reinvestment

plan per Unit $ 0.26 $ 0.29 $ 0.80 $ 0.87Common Unit issue proceeds under distribution reinvestment plan $ 21 $ 14 $ 61 $ 41Distribution reinvestment plan (“DRIP”) participation rate 22.9% 16.0% 22.5% 16.2%

(millions of dollars, except other data)As at

September 30,2011

December 31,2010

September 30,2010

Total assets $ 9,906 $ 8,886 $ 8,312Debt (mortgages and debentures payable) $ 4,749 $ 4,410 $ 4,189Debt to total assets (iii) 47.8% 49.1% 50.2%Debt to total capitalization (iv) 40.4% 43.6% 42.0%Interest coverage ratio (v) 2.4 2.5 n/cDebt service coverage ratio (vi) 1.9 1.9 n/cFixed charge coverage ratio (vii) 1.0 1.0 n/cNet debt to adjusted EBITDA (viii) 7.2 6.8 n/cTotal unitholders’ equity $ 4,841 $ 4,165 $ 2,857Common Units outstanding (in thousands) 269,630 259,818 252,255Closing market price per common Unit $ 26.00 $ 22.00 $ 22.92Common Units – market capitalization (ix) $ 7,010 $ 5,716 $ 5,782Preferred units outstanding (in thousands) 5,000 n/a n/aClosing market price per preferred unit $ 25.55 n/a n/aPreferred units – market capitalization (x) $ 128 n/a n/aTotal enterprise value (xi) $ 11,887 $ 10,126 $ 9,971

(i) A non-GAAP measurement. Adjusted EBITDA is defined as net earnings before changes in fair value of income properties, net interest expense andincome taxes as well as other one-time adjustments such as expense for early redemption of debentures. A reconciliation of Adjusted EBITDA canbe found in RioCan’s discussion under “Capital Strategy”.

(ii) A non-GAAP measurement for which a reconciliation to net earnings can be found in RioCan’s discussion under “OFFO”.(iii) A non-GAAP measurement. Calculated as debt net of cash divided by total assets net of cash.(iv) A non-GAAP measurement. Calculated by the Trust as debt divided by total capitalization. RioCan’s method of calculating debt to total capitalization

may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers.(v) A non-GAAP measurement. Interest coverage is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by total

interest expense (including interest that has been capitalized).(vi) A non-GAAP measurement. Debt service coverage is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by total

interest expense (including interest that has been capitalized) and scheduled mortgage principal amortization.(vii) A non-GAAP measurement. Fixed charge coverage ratio is calculated on a rolling twelve month basis and is defined as Adjusted EBITDA divided by

total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders.(viii) A non-GAAP measurement. Net debt to Adjusted EBITDA is calculated on a rolling twelve month basis and is defined as the average debt outstanding

(net of cash) for the period divided by Adjusted EBITDA.(ix) A non-GAAP measurement. Calculated by the Trust as closing market price of the common Units trading on the TSX on December 31, 2010,

September 30, 2010 and September 30, 2011 multiplied by the number of common Units outstanding at such date. RioCan’s method of calculatingmarket capitalization may differ from other issuers’ methods and accordingly may not be comparable to such amounts reported by other issuers.

(x) A non-GAAP measurement. Calculated by the Trust as closing market price of the preferred units trading on the TSX on September 30, 2011multiplied by the number of preferred units outstanding at such date. RioCan’s method of calculating market capitalization may differ from otherissuers’ methods and accordingly may not be comparable to such amounts reported by other issuers.

(xi) A non-GAAP measurement. Calculated by the Trust as debt plus common Unit market capitalization plus preferred unit market capitalization.RioCan’s method of calculating total enterprise value may differ from other issuers’ methods and accordingly may not be comparable to suchamounts reported by other issuers.

n/c – not calculated


CONSOLIDATED BALANCE SHEETS(unaudited – Canadian dollars, in millions)

IFRS Previous Canadian GAAP

As at,September 30,

2011December 31,

2010September 30,

2010January 1,

2010December 31,

2010December 31,

2009

ASSETS

Investment property $ 9,572 $ 8,466 $ 7,916 $ 6,938 $ 6,385 $ 5,314Mortgages and loans receivable 154 188 208 236 188 236Investments 30 59 59 50 59 50Deferred tax asset 8 8 – –Receivables and other assets 115 73 97 66 135 115Cash and equivalents 27 92 32 147 92 147

Total assets $ 9,906 $ 8,886 $ 8,312 $ 7,437 $ 6,859 $ 5,862

LIABILITIES

Mortgages payable and lines of credit $ 3,806 $ 3,316 $ 3,091 $ 2,669 $ 3,316 $ 2,669Debentures payable 943 1,094 1,098 994 1,094 994Deferred tax liability – – 994 890 – 140Accounts payable and other liabilities 239 252 231 196 252 193

Total liabilities 4,988 4,662 5,414 4,749 4,662 3,996

NON-CONTROLLINGINTEREST

– – – – 46 9

EQUITYPreferred unitholders’ equity 121 – – – – –Common unitholders’ equity 4,720 4,165 2,857 2,680 2,151 1,857

Total unitholders’ equity 4,841 4,165 2,857 2,680 2,151 1,857Non-controlling interest 77 59 41 8 – –

Total equity 4,918 4,224 2,898 2,688 2,151 1,857

Total liabilities, non-controlling

interest and equity $ 9,906 $ 8,886 $ 8,312 $ 7,437 $ 6,859 $ 5,862


EQUITY RECONCILIATION – JANUARY 1, 2010(unaudited – Canadian dollars, in millions)

The following is a reconciliation of the Trust’s equity reported in accordance with previous Canadian GAAP to IFRS at January 1,2010 (date of transition to IFRS).

January 1, 2010

PreviousCanadian

GAAP

Effect oftransition

to IFRS IFRS

ASSETS

Investment property $ 5,314 $ 1,624 $6,938Mortgages and loans receivable 236 – 236Investments 50 – 50Receivables and other assets 115 (49) 66Cash and equivalents 147 – 147

Total assets $ 5,862 $ 1,575 $7,437

LIABILITIES

Mortgages payable and lines of credit $ 2,669 $ – $2,669Debentures payable 994 – 994Deferred tax liability 140 750 890Accounts payable and other liabilities 193 3 196

Total liabilities 3,996 753 4,749

NON-CONTROLLING INTEREST 9 (9) –

EQUITY

Common unitholders’ equity 1,857 823 2,680

Non-controlling interest – 8 8

Total equity 1,857 831 2,688

Total liabilities, non-controlling interest and equity $ 5,862 $ 1,575 $7,437


EQUITY RECONCILIATION – DECEMBER 31, 2010(unaudited – Canadian dollars, in millions)

The following is a reconciliation of the Trust’s equity reported in accordance with previous Canadian GAAP to IFRS at December 31,2010.

December 31, 2010

PreviousCanadian

GAAP

Effect oftransition

to IFRS2010

IFRS impact IFRS

ASSETS

Investment property $ 6,385 $ 1,624 $ 457 $8,466Mortgages and loans receivable 188 – – 188Investments 59 – – 59Deferred tax asset – – 8 8Receivables and other assets 135 (49) (13) 73Cash and equivalents 92 – – 92

Total assets $ 6,859 $ 1,575 $ 452 $8,886

LIABILITIES

Mortgages payable and lines of credit $ 3,316 $ – $ – $3,316Debentures payable 1,094 – – 1,094Deferred tax liability – 750 (750) –Accounts payable and other liabilities 252 3 (3) 252

Total liabilities 4,662 753 (753) 4,662

NON-CONTROLLING INTEREST 46 (9) (37) –

EQUITY

Common unitholders’ equity 2,151 823 1,191 4,165

Non-controlling interest – 8 51 59

Total equity 2,151 831 1,242 4,224

Total liabilities, non-controlling interest and equity $ 6,859 $ 1,575 $ 452 $8,886


CONSOLIDATED STATEMENTS OF EARNINGS(unaudited – Canadian dollars, in millions, except per share amounts)

For the three monthsended September 30,


PreviousCanadian GAAP


2011 2010 2010 2011 2010 2010

Rental revenue $ 236 $ 205 $ 206 $ 694 $ 608 $ 611

Property operating costs

Recoverable under tenant leases 78 65 64 232 199 197Non-recoverable from tenants 2 2 2 7 5 5

80 67 66 239 204 202

Net operating income 156 138 140 455 404 409Fees and other income 8 4 4 17 13 13Interest 2 3 3 10 11 11Gains on properties held for resale – 3 3 – 17 17Fair value gains on investment

property 73 1 – 387 104 –

239 149 150 869 549 450

Expenses

Interest and other 60 55 53 178 163 158General and administrative 9 10 6 23 24 19Business acquisition transaction

costs – – – – 3 –Transition costs – – 1 – – 2Expense for early redemption of

debentures – – – 27 – –Amortization – – 46 – – 136

69 65 106 228 190 315

Earnings before income taxes 170 84 44 641 359 135Income tax expense – 26 5 1 112 10

Net earnings $ 170 $ 58 $ 39 640 247 $ 125

Net earnings attributable to:

Common and preferredunitholders $ 168 $ 56 $ 39 $ 632 $ 243 $ 124

Non-controlling interests 2 2 – 8 4 1

$ 170 $ 58 $ 39 $ 640 $ 247 $ 125

Net earnings per unit attributable

to common unitholders – basic $ 0.63 $ 0.23 $ 0.16 $ 2.39 $ 1.00 $ 0.51

Net earnings per unit attributable

to common unitholders – diluted $ 0.63 $ 0.23 $ 0.16 $ 2.38 $ 0.99 $ 0.50

Weighted average number of

common units outstanding –

basic (in thousands) 265,515 246,314 246,314 262,743 244,284 244,284

Weighted average number of

common units outstanding –

diluted (in thousands) 266,952 247,073 247,073 264,228 244,916 244,916


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(unaudited – Canadian dollars, in millions)





2011 2010 2010 2011 2010 2010

Net earnings $ 170 $ 58 $ 39 $ 640 $ 247 $ 125

Other comprehensive income (loss), net of tax

Unrealized gain on interest rate swap agreements (5) (4) (4) (7) (3) (3)Unrealized loss on translation of foreign operations 21 (1) (5) 12 – (2)Unrealized (loss) gain on available-for-sale securities (19) – - (29) (6) (7)Actuarial gains (losses) on pension plan – – – (1)

Other comprehensive (loss) income (3) (5) (9) (24) (10) (12)

Comprehensive income $ 167 $ 53 $ 30 $ 616 $ 237 $ 113

Comprehensive income attributable to

Unitholders $ 161 $ 51 $ 30 $ 606 $ 233 $ 112Non-controlling interest 6 2 – 10 4 1

$ 167 $ 53 $ 30 $ 616 $ 237 $ 113

NET EARNINGS AND COMPREHENSIVE INCOME RECONCILIATIONS(unaudited – Canadian dollars, in millions)

Reconciliation of Net Earnings and Comprehensive Income as Reported Under Previous Canadian GAAP to IFRS

The following is a reconciliation of the Trust’s net earnings and comprehensive income reported in accordance with previousCanadian GAAP to IFRS for the three and nine months ended September 30, 2010.

Three monthsended September 30,

2010

Nine monthsended September 30,

2010

Net earnings as reported under previous Canadian GAAP $ 39 $ 125Fair value gains recorded under IFRS 1 104Depreciation and amortization recorded under previous Canadian GAAP 46 136Capitalized costs (3) (7)Lease accounting (1) (3)Business acquisition transaction costs – (3)Income tax expense and other (24) (105)

Net earnings as reported under IFRS $ 58 $ 247

Other comprehensive loss as reported under previous Canadian GAAP $ (8) $ (12)Decrease in unrealized loss on translation of foreign operations 3 1Decrease in unrealized loss on available-for-sale securities – 1

Other comprehensive loss as reported under IFRS $ (5) $ (10)

Comprehensive income as reported under IFRS $ 53 $ 237


CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited – Canadian dollars, in millions)



PreviousCanadian

GAAP

PreviousCanadian

GAAP

2011 2010 2010 2011 2010 2010

CASH FLOWS PROVIDED BY (USED IN):Operating activities

Net earnings $170 $ 58 $ 39 $640 $247 $ 125Amortization – – 46 1 1 136Recognition of rents on a straight-line basis (2) (2) (2) (7) (5) (6)Unit-based compensation expense 1 1 1 3 2 2Amortization of differential between contractual and market rents on

in-place leases – – (1) – – (3)Deferred tax expense – 26 5 1 112 10Fair value gains on investment properties (68) – - (363) (104) -Fair value gains (losses) on properties under development (5) – - (24) – -Properties held for resale – 3 3 – (1) (1)Acquisition and development of properties held for resale (1) (2) (1) (2) (3) (3)

Changes in non-cash operating items and other (18) 13 11 (39) (13) (8)

Cash flows provided by operating activities 77 97 101 210 236 252

Investing activities

Acquisition of income properties and properties under development (240) (344) (345) (418) (516) (561)Acquisition of income properties by business combination – – - – (46) -Capital expenditures on income properties – – - – (2) (2)Capital expenditures on properties under development (20) (26) (32) (85) (44) (60)Maintenance capital expenditures recoverable from tenants (2) (3) (2) (10) (6) (6)Maintenance capital expenditures not recoverable from tenants (2) (1) (2) (4) (2) (3)Tenant installation costs (10) (12) (12) (29) (25) (26)Mortgages and loans receivable

Advances (13) (14) (13) (19) (41) (41)Repayments 3 4 4 54 55 55

Investment in available-for-sale securities – – - – (19) (20)

Cash flows used in investing activities (284) (396) (402) (511) (646) (664)

Financing activities

Mortgages payableBorrowings (net of NCI) 131 239 246 480 601 608Repayments (103) (144) (144) (190) (339) (339)

Issue of debentures payable, net – 102 99 223 102 99Repayment of debentures payable 51 (3) - 51 (3) -Distributions paid to common unitholders (91) (85) (91) (272) (253) (259)Distributions paid to preferred unitholders (2) – - (4) – -Units issued under distribution reinvestment plan 21 14 14 61 41 42Issue of preferred units – – - 121 – -Issue of common units 126 143 144 146 146 146

Cash flows provided by financing activities 133 266 268 236 295 297

Decrease in cash and equivalents during the period (74) (33) (33) (65) (115) (115)Cash and equivalents, beginning of period 101 65 65 92 147 147

Cash and equivalents, end of period $27 $ 32 $ 32 $27 $ 32 $ 32


RESULTS OF OPERATIONSThe components of RioCan’s net earnings attributable to unitholders for each respective period are as follows:

(thousands of dollars, except per Unit amounts)Three months ended

September 30,Increase

(decrease)

Nine months endedSeptember 30,

Increase(decrease)2011 2010 2011 2010

Rental revenue $ 235,981 $ 204,811 $ 693,777 $ 608,182Property operating costs 79,900 66,861 238,796 204,112

Net operating income 156,081 137,950 454,981 404,070Fees and other income 8,273 4,421 16,828 12,658Interest income 2,267 3,573 10,168 11,603Fair value gains 73,230 674 387,382 104,308Gains on properties held for resale - 2,859 - 17,064

239,851 149,477 869,359 549,703

Interest expense 60,487 54,892 177,959 163,426Expense for early retirement of debentures - - 27,217 -General and administrative expense 7,841 6,023 21,314 19,266Foreign exchange loss 130 2,736 94 1,297Demolition costs 940 447 1,338 1,311IFRS and SIFT implementation costs - 1,144 - 2,217Acquisition transaction costs 86 - 247 3,255Deferred income tax expense - 26,143 700 112,279

Net earnings $ 170,367 $ 58,092 193% $ 640,490 $ 246,652 160%

Net earnings attributable to Unitholders $ 168,676 $ 56,298 200% $ 632,337 $ 243,092 160%

Net earnings attributable to non-controlling

interest $ 1,691 $ 1,794 (6%) $ 8,153 $ 3,560 129%

Net earnings per Unit attributable to common

Unitholders - basic $ 0.63 $ 0.23 175% $ 2.39 $ 1.00 140%

Net earnings per Unit attributable to common

Unitholders - diluted $ 0.63 $ 0.23 174% $ 2.38 $ 0.99 139%

Weighted average number of common Units

outstanding - basic (in thousands) 265,515 246,314 8% 262,743 244,284 8%

Weighted average number of common Units

outstanding - diluted (in thousands) 266,952 247,073 8% 264,228 244,916 7%


NET OPERATING INCOMEConsolidated NOI for the three and nine months ended September 30, 2011 and 2010 is as follows:

(thousands of dollars)Three months ended

September 30,Increase

(decrease)

Nine months endedSeptember 30,

Increase(decrease)2011 2010 2011 2010

Base rent $157,917 $134,460 17% $459,514 $394,673 16%Percentage rent 920 894 3% 2,437 2,576 (5%)Rents subject to tenants’ sales thresholds 1,325 1,315 1% 3,960 4,066 (3%)Property taxes and operating cost recoveries 75,807 63,439 19% 227,111 194,489 17%

235,969 200,108 18% 693,022 595,804 16%Lease cancellation fees 12 4,704 nm 755 12,378 nm

Rental revenue 235,981 204,812 15% 693,777 608,182 14%

Recoverable property taxes and operating costs 77,582 64,936 19% 232,199 199,219 17%Non-recoverable property operating and site

administration costs 2,318 1,926 20% 6,597 4,893 35%

Property operating costs 79,900 66,862 19% 238,796 204,112 17%

NOI $156,081 $137,950 13% 454,981 404,070 13%

NOI as a percentage of rental revenue (excluding theimpact of lease cancellation fees) 66% 67% (1%) 66% 66% 0%

“nm”—not meaningful.

QUARTERLY RECONCILIATIONS OF PREVIOUS CANADIAN GAAP TO IFRS

For the three months ended(thousands, except per unitamounts) Q1 2011* Q2 2011 Q3 2011

YTD2011 Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010

FFO as calculated under

previous Canadian GAAP $ 91,133 $ 94,259 $ 98,166 $283,558 $ 86,291 $ 92,750 $ 89,331 $ 88,404 $356,776FFO per weighted average

common unit outstanding $ 0.35 $ 0.36 $ 0.37 $ 1.08 $ 0.36 $ 0.38 $ 0.36 $ 0.35 $ 1.45

Reconciling items:

Straight line rents (438) (292) (103) (833) (385) (438) (239) 204 (858)Deferred market rents (735) (785) (816) (2,336) (577) (614) (711) (1,009) (2,911)Pension plan adjustment – – – – – – – (2,033) (2,033)Capitalized interest and other

adjustments affectinginterest expense (1,511) (1,863) (1,683) (5,057) (1,727) (1,640) (1,690) (1,615) (6,672)

Capitalized CAM and tax (348) (365) (251) (964) (485) (432) (489) (824) (2,230)Demolition costs (307) (90) (941) (1,338) (284) (576) (447) (1,054) (2,361)

Total of reconciling items (3,339) (3,395) (3,794) (10,528) (3,458) (3,700) (3,576) (6,331) (17,065)

FFO as calculated under IFRS $ 87,794 $ 90,864 $ 94,372 $273,030 $ 82,833 $ 89,050 $ 85,755 $ 82,073 $339,711FFO per weighted average

common unit outstanding $ 0.34 $ 0.35 $ 0.36 $ 1.05 $ 0.34 $ 0.37 $ 0.35 $ 0.32 $ 1.38

Weighted average common unitsoutstanding 260,355 262,302 265,515 261,334 242,826 243,674 246,314 253,610 246,608

* FFO for Q1 2011 excludes one-time expense for early redemption of debentures


The following tables provide the analysis of RioCan’s operating FFO and AFFO for the three and nine months ended September 30,2011 and 2010.

(thousands of dollars, except per Unit amounts and otherdata)Nine months ended September 30, 2011 2010

OperatingFFO

Development/redevelopment

activities FFOOperating

FFOTransaction

gains


activities FFO

OperatingFFO

Increase

Net operating income $455,945 $ (964) $454,981 $405,482 $ – $ (1,406) $404,076Other revenue 26,989 – 26,989 21,485 19,804 – 41,289

482,934 (964) 481,970 426,967 19,804 (1,406) 445,365Interest expense 172,902 5,057 177,959 158,369 – 5,058 163,427General and administrative 21,314 – 21,314 19,278 – – 19,278Demolition costs – 1,338 1,338 – – 1,311 1,311Preferred unit distributions 4,432 – 4,432 – – – –IFRS and SIFT implementation – – – 2,217 – – 2,217Non-controlling interest 3,898 – 3,898 1,496 – – 1,496Expense for early retirement of debentures – – 27,217 – – – –

202,546 6,395 236,158 181,360 – 6,369 187,729

Operating FFO $280,388 $245,607 14%

Other activities $ (7,359) $ 19,804 $ (7,775)

FFO (i) $245,812 $257,636

Operating FFO per Unit $ 1.07 $ 1.01 6%

FFO per Unit $ 0.94 $ 1.06

FFO, excluding expenses for earlyretirement of debentures $273,029 $257,636

FFO per Unit, excluding expenses for earlyretirement of debentures $ 1.04 $ 1.06

Adjustments to bring Operating FFO toAFFO (ii):

Add back/(deduct):

Deduction of rents recorded on a straight-line basis (6,982) (4,620)

Non-cash unit based compensation expense 2,380 1,592Normalized productive capacity

maintenance cash expenditurescapitalized:

Leasing commissions and tenantimprovements (12,000) (12,000)

Maintenance capital expendituresrecoverable from tenants (9,750) (9,750)

Maintenance capital expenditures notrecoverable from tenants (2,250) (2,250)

IFRS and SIFT implementation costs 2,217

AFFO $251,786 $220,796 14%

AFFO per Unit $ 0.96 $ 0.91 5%

Weighted average number of common Unitsoutstanding (in thousands) 262,743 244,284

Distribution Coverage Ratios:

Cash distributions per Unit $ 1.035 $ 1.035

Distributions paid as a percentage ofOperating FFO 96.7% 102.5%

Distributions as a percentage of AFFO 107.8% 113.7%

Distributions net of DRIP as a percentage ofAFFO 83.7% 95.9%

(i) – FFO is generally the same as IFRS net earnings other than excluding changes in the fair values of investment properties, deferred incometaxes, acquisition transaction costs and deducting preferred unit distributions.

(ii) – AFFO is calculated by adjusting FFO for straight-line rent adjustments, non-cash compensation expenses, costs for capital expendituresand leasing costs for maintaining shopping centre infrastructure and current lease revenues (“productive capacity maintenance”). In addition,non-recurring costs that impact operating cash flow may be adjusted.


(thousands of dollars, except per Unit amounts andother data)Three months ended September 30, 2011 2010

OperatingFFO


activities FFOOperating

FFOTransaction

gains


activities FFO

OperatingFFO

Increase

Net operating income $156,331 $ (251) $156,080 $138,444 $ – $ (489) $137,955Other revenue 10,536 – 10,536 7,428 3,415 – 10,843

166,867 (251) 166,616 145,872 3,415 (489) 148,798Interest expense 58,804 1,683 60,487 53,201 – 1,690 54,891General and administrative 7,841 – 7,841 6,011 – – 6,011Demolition costs – 941 941 – – 447 447Preferred unit distributions 1,641 – 1,641 – – – –IFRS and SIFT implementation – – – 1,144 – – 1,144Non-controlling interest 1,336 – 1,336 550 – – 550

69,622 2,624 72,246 60,906 – 2,137 63,043

Operating FFO $ 97,245 $ 84,966 14%

Other activities $ (2,875) $ 3,415 $ (2,626)

FFO (i) $ 94,370 $ 85,755

Operating FFO per Unit $ 0.37 $ 0.35 6%

FFO per Unit $ 0.36 $ 0.35

Adjustments to bring Operating FFO toAFFO (ii):

Add back/(deduct):Deduction of rents recorded on a

straight-line basis (2,051) (1,305)Non-cash unit based compensation

expense 1,045 634Normalized productive capacity

maintenance cash expenditurescapitalized:Leasing commissions and tenant

improvements (4,000) (4,000)Maintenance capital expenditures

recoverable from tenants (3,250) (3,250)Maintenance capital expenditures

not recoverable from tenants (750) (750)IFRS and SIFT implementation

costs – 1,144

AFFO $ 88,239 $ 77,439 14%

AFFO per Unit $ 0.33 $ 0.31 5%

Weighted average number ofcommon Units outstanding (inthousands) 265,515 246,314

Distribution Coverage Ratios:

Cash distributions per Unit $ 0.345 $ 0.345

Distributions paid as a percentageof Operating FFO 93.2% 98.6%

Distributions as a percentage ofAFFO 104.5% 109.7%

Distributions net of DRIP as apercentage of AFFO 79.5% 99.2%

(i) – FFO is generally the same as IFRS net earnings other than excluding changes in the fair values of investment properties, deferred incometaxes, acquisition transaction costs and deducting preferred unit distributions.

(ii) – AFFO is calculated by adjusting FFO for straight-line rent adjustments, non-cash compensation expenses, costs for capital expendituresand leasing costs for maintaining shopping centre infrastructure and current lease revenues (“productive capacity maintenance”). In addition,non-recurring costs that impact operating cash flow may be adjusted.


INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)Valuation Process

RioCan’s management conducted an international valuation of both its US and Canadian investment properties assets to determinethe fair value of its property portfolio. The Trust included a sample of external appraisals, which were used as a data source.

The Trust determined the fair value of each income property based upon the direct capitalization income approach method ofvaluation.

The table below provides further details of the average capitalization rates (weighted based on stabilized NOI) and ranges for eachretail class as at September 30, 2011, June 30, 2011, March 30, 2011 and December 31, 2011.

September 30, 2011 December 31, 2010

Retail Class

WeightedAverage Cap.

Rate* Range


Rate* Range

Enclosed Shopping Centre 7.37% 6.15% – 9.33% 7.54% 6.50% – 9.00%Grocery Anchored Shopping Centre 6.74% 5.75% – 8.75% 7.04% 6.00% – 9.26%Mixed Use 6.67% 5.75% – 8.65% 7.01% 6.00% – 8.75%New Format Retail 6.36% 5.65% – 8.25% 6.67% 6.00% – 8.25%Non-Grocery Anchored Centre 6.84% 5.75% – 8.50% 7.09% 6.00% – 8.75%Urban Retail 6.05% 5.50% – 7.00% 6.33% 5.75% – 7.70%

Total Weighted Average 6.58% 5.50% – 9.33% 6.88% 5.75% – 9.26%

* at RioCan’s interest

The table below provides the fair value and weighted average capitalization rate split between Canada and US as at September 30,2011, June 30, 2011, March 31, 2011 and December, 31, 2010:

As at September 30, 2011 June 30, 2011 March 31, 2011 December 31, 2010

(in millions, except percentages)


Rate* Value


Rate* Value


Rate* Value


Rate* Value

Canada 6.54% $8,471 6.60% $8,237 6.62% $8,105 6.85% $7,706US 6.93% 1,101 7.07% 865 7.04% 770 7.22% 760

Total 6.58% $9,572 6.65% $9,102 6.66% $8,875 6.88% $8,466


The table below provides details of the average capitalization rates (weighted based on stabilized NOI) and ranges for each retailclass and market category as at September 30, 2011.

Canadian Portfolio

Overall Portfolio Primary Market Secondary Market

Retail Class


Rate* Range


Rate* Range


Rate* Range

Enclosed Shopping Centre 7.37% 6.2% – 9.3% 7.11% 6.4% – 9.3% 7.62% 6.2% – 9.0%Grocery Anchored Shopping Centre 6.70% 5.8% – 8.8% 6.56% 5.8% – 8.6% 6.98% 6.3% – 8.8%Mixed Use 6.67% 5.8% – 8.7% 6.46% 5.8% – 7.3% 7.75% 6.9% – 8.7%New Format Retail 6.28% 5.7% – 8.3% 6.10% 5.7% – 7.0% 6.69% 6.0% – 8.3%Non-Grocery Anchored Centre 6.81% 5.8% – 8.5% 6.48% 5.8% – 7.3% 7.29% 6.5% – 8.5%Urban Retail 6.05% 5.5% – 7.0% 6.05% 5.5% – 7.0% – –

6.54% 5.5% – 9.3% 6.33% 5.5% – 9.3% 6.95% 6.0% – 9.0%



US Portfolio

Overall Portfolio North East** Texas

Retail Class


Rate* Range


Rate* Range


Rate* Range

Grocery Anchored Shopping Centre 6.92% 6.2% – 8.0% 6.96% 6.2% – 8.0% 6.66% 6.5% – 6.8%New Format Retail 6.91% 6.2% – 7.7% 6.98% 6.8% – 7.6% 6.86% 6.2% – 7.7%Non-Grocery Anchored Centre 7.50% 7.5% – 7.5% 7.50% 7.5% – 7.5% – –

6.93% 6.2% – 8.0% 6.99% 6.2% – 8.0% 6.84% 6.2% – 7.7%

* at RioCan’s interest** Area includes Connecticut, Maryland, Massachusetts, New Jersey, New York, Rhode Island, Pennsylvania and Virginia.

The following table provides a sensitivity analysis for the capitalization rate applied at September 30, 2011:

(in billions, except percentages)

Capitalization rate sensitivityIncrease (decrease)

Weightedaverage

capitalizationrate*

Fair value ofinvestment property

(at RioCan’sownership)

Fair valuevariance % change

Ratio of Debt, netof cash, to Total

Assets, net ofcash

(0.75%) 5.83% $ 10.8 $ 1.2 12.6% 42.6%(0.50%) 6.08% $ 10.4 $ 0.8 8.0% 44.4%(0.25%) 6.33% $ 10.0 $ 0.4 3.9% 46.1%September 30, 2011 6.58% $ 9.6 $ – 0.0% 47.8%

0.25% 6.83% $ 9.3 $ (0.3) (3.5%) 49.5%0.50% 7.08% $ 8.9 $ (0.7) (6.9%) 51.2%0.75% 7.33% $ 8.6 $ (1.0) (10.0%) 52.9%


SUMMARY OF CONSOLIDATED DEBTCapital Structure

As at September 30, 2011 and December 31, 2010, RioCan’s capital structure was as follows:

(millions of dollars, except percentage amounts)September 30,

2011December 31,

2010Increase

(decrease)

Capital:Mortgages payable $ 3,806 $ 3,316 $ 490Debentures payable 943 1,094 (151)

Total Debt 4,749 4,410 339Common and preferred unitholders’ equity 4,841 4,165 676

Total capital $ 9,590 $ 8,575 $ 1,015

Ratio of Debt, net of cash, to Total assets, net of cash 47.8% 49.1% (1.3%)


Contractual Debt Repayment

Contractual

Principal maturities

(millions of dollars, exceptpercentage amounts)As at September 30, 2011

Scheduledprincipal

amortizationMortgages

payable

Weightedaverageinterest

rateDebentures

payable


rate Total


rate

Year ending December 31:2011 (i) $ 20 $ 44 5.14% $ – – $ 64 5.14%2012 87 279 5.78% 220 5.25% 586 5.55%2013 82 426 5.58% 150 5.23% 658 5.49%2014 72 427 5.75% – – 499 5.75%2015 62 674 5.00% 253 5.02% 989 5.00%2016 45 490 4.99% 225 4.50% 760 4.85%

Thereafter 139 965 5.52% 100 5.95% 1,204 5.55%

$ 507 $ 3,305 5.39% $ 948 5.08% $4,760 5.33%

(i) Amounts pertain to the remaining three months of 2011.

Interest Coverage, Debt Service Coverage, Fixed Charge Coverage and Net Debt to Adjusted EBITDA Ratios

Three months ended Rolling 12 months ended

TargetedRatios

September 30,2011*

September 30,2011

September 30,2011

December 31,2010

Interest coverage ratio (i) >2.5x 2.63 2.47 2.43 2.47Debt service coverage ratio (ii) >2.0x 1.98 1.89 1.86 1.90Fixed charge coverage ratio (iii) >1.1x 1.04 1.01 0.99 1.00Net debt to Adjusted EBITDA ratio (iv) <6.5x 7.22 7.22 7.19 6.80

(i) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized).Adjusted EBITDA is calculated below.

(ii) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization(including interest that has been capitalized).

(iii) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized)and distributions to common and preferred unitholders.

(iv) Net debt to Adjusted EBITDA is defined as: the average debt outstanding (net of cash) for the period divided by Adjusted EBITDA* adjusted to exclude interest capitalized.

Interest and debt service coverage ratios remained consistent in 2011 as compared to 2010, based on rolling twelve month results.

As part of its capital management strategy, it is RioCan’s objective to further improve its leverage and coverage ratios. It is theTrust’s objective to achieve the targeted ratios indicated in the above table over time.


Adjusted EBITDA is calculated as follows:

(thousands of dollars)

Threemonths

endedSeptember 30,

2011

12 months ended

September 30,2011

December 31,2010

Net earnings attributable to unitholders $ 168,676 $ 1,884,262 $ 1,495,016Deferred income tax (recovery) expense - (1,009,162) (897,583)Fair value gains on investment property (73,230) (556,557) (273,443)Interest expense 60,486 235,930 221,397Expense for early redemption of debentures - 27,217 -Amortization of capital assets included in general and administrative expense 277 1,414 1,536Non-controlling interest 1,692 18,871 14,278Foreign exchange loss on monetary item not forming part of a net investment in a

foreign operation 129 93 1,297Capitalized CAM and tax 251 1,788 2,230Demolition costs 941 2,392 2,365Acquisition transaction costs 86 153 3,350Pension expense adjustment - 2,034 2,034IFRS and SIFT implementation costs - 3,279 5,496

Adjusted EBITDA $ 159,308 $ 611,714 $ 577,973

Three months annualized $ 637,232

Net debt is calculated as follows:

(thousands of dollars)

Average debt outstanding $ 4,667,018 $ 4,470,251 $ 4,015,906Less: average cash on hand (65,846) (69,739) (88,577)

Net debt $ 4,601,172 $ 4,400,512 $ 3,927,329


ACQUISITIONS DURING 2011

Property name andlocation

Capitalizationrate

RioCan’spurchase

price (i)(millions)

NLA(in sqft)

atRioCan’sinterest

Weightedaveragein placerent

Assetclass (ii)

YearBuilt

%Leased

WeightedAverageRemainingLeaseTerm(years) (iii)

Largesttenant(s)and NLA

RioCan’sownership

interest

CANADA

Repentigny ShoppersDrug Mart, Repentigny(Montreal), QC

7.0% $ 5 17,035 $13.00 NGA 2009 100% 13.3 Shoppers Drug Mart(17,035)

100%

Mega Centre Rive-Sud,Levis (Quebec City), QC

6.2% 48 207,201 15.17 NFR 2006 96% 8.7 Wal-Mart (111,930),Canadian Tire*,Home Depot*

100%

Southwinds Crossing,Oliver, BC

6.7% 21 73,972 18.77 GA 2010 100% 13.7 Buy Low Foods(23,900), CanadianTire (23,100)

100%

Total Canada -ThirdQuarter 2011Acquisitions

6.4% 74 298,208 15.94

UNITED STATES

Inland Western

Portfolio Acquisitions:

Sawyer Heights SC,Houston, TX

6.2% 27 86,041 25.77 NFR 2007 88% 6.5 Staples (20,138),PetSmart (20,156),Target*

80%

Southpark Meadows II,Austin, TX

6.6% 88 523,440 13.45 NFR 2006/2008 100% 6.4 JC Penney (98,132),Hobby Lobby(61,095), SportsAuthority (42,000),Super Target*

80%

6.5% 115 609,481 15.19

US Acquisitions

Without Partner:

Huntington SquarePlaza, Huntington, NY

6.2% 39 116,201 22.56 GA 2002 100% 11.8 Stop & Shop(69,215), Best Buy(47,000)

100%

Stop & Shop Plaza,Richmond, RhodeIsland

7.4% 12 60,488 15.72 GA 2008 100% 6.2 Stop & Shop (53,988) 100%

6.5% 51 176,689 20.22

Total US - Third Quarter2011 Acquisitions

6.5% 166 786,170 16.32

Third Quarter 2011Acquisitions

6.5% $ 240 1,084,378 $16.21

CANADA

RioCan Elgin MillsRichmond Hill, ON(additional 12.5%

acquired)

6.0% $ 10 40,041 $ 15.24 NFR 2009 100% 10.9 Costco (114,774),Michael’s (21,575),Staples (20,620)

75%

Flamborough PowerCentre,Hamilton, ON

6.9% 36 186,688 11.75 NFR 2007 100% 9.0 Target (116,493),Value Village(25,206)

100%

Total Canada - Second

Quarter 2011

Acquisitions

6.7% 46 226,729



Capitalizationrate

RioCan’spurchase

price (i)(millions)

NLA(in sqft)



Assetclass (ii)

YearBuilt

%Leased



RioCan’sownership

interest

UNITED STATES

Cedar

Northwoods Crossing,Taunton, MA

7.6% 18 127,651 11.38 NFR 2003/2010 100% 11.6 BJ’s Wholesale Club(115,367), TractorSupply (19,097)

80%

Inland Western

Bird Creek Crossing,Temple, TX

7.7% 16 99,953 15.04 NFR 2007/2009 94% 6.6 Best Buy (30,038),PetSmart (19,900),OfficeMax (17,862),Target*, HomeDepot*

80%

Dunhill

Lincoln Square,Arlington, TX

7.2% 56 359,812 13.05 NFR 1984/2008 91% 4.7 Stein Mart (45,000),Ross Dress for Less(30,049), Best Buy(30,038)

82%

Total US - Second

Quarter 2011

Acquisitions

7.3% 90 587,416

Second Quarter 2011

Acquisitions

7.1% $ 136 814,145

CANADA

Grant Crossing, Ottawa,ON (Additional 26.6%)

6.8% $6 21,125 $ 12.15 NFR 2010/2011 100% 15 Lowe’s* (128,000),Winners,Homesense,Michaels

60%

Highway 401 & ThicksonRoad - Phase I Whitby,ON (Additional 25%)

7.5% 6 24,645 13.51 NFR - 100% 18 Rona (98,580) 50%

Pembroke ShoppersDrug Mart, Pembroke,ON

7.3% 5 17,020 21.98 NGA 2006 100% 10 Shoppers Drug Mart(17,035)

100%

Rexall Pharma Plus -2950 Carling Avenue,

Ottawa, ON

6.9% 4 10,422 27.00 NGA 2008 100% 13 Pharma Plus(10,442)

100%

RioCan Centre Belcourt,Ottawa, ON (Additional26.6%)

6.8% 6 15,557 19.82 NFR 2011 100% 10 Lowe’s* (142,000),Empire Theatre,Food Basics

60%

RioCan Colossus Centre,Vaughan, ON (Additional

10%)

6.3% 17 58,263 9.71 NFR 2000/2008 99% 7 Rona (121,000),Famous Players -Cineplex (101,000)Costco* (130,000)

70%

Silver City Gloucester,Ottawa, ON (Additional10%)

6.3% 7 22,722 14.86 NFR 2000 100% 5 Famous PlayersSilver City, Chapters,Future Shop

70%

Trinity CommonBrampton, Brampton,ON (Additional 10%)

6.3% 18 66,255 13.06 NFR 1999/2004 100% 6 Famous Players -Cineplex, Zellers,Metro, CanadianTire*, Home Depot*

70%

Whiteshield Plaza,Toronto, ON

6.5% 18 155,911 9.09 GA 1959/1985 80% 3 Lone Thai Grocery 100%



Capitalizationrate

RioCan’spurchase

price (i)(millions)

NLA(in sqft)



Assetclass (ii)

YearBuilt

%Leased



RioCan’sownership

interest

Total Canada - First Quarter

2011 Acquisitions

6.6% 87 391,920

First Quarter 2011

Acquisitions

6.6% $ 87 391,920

Canada 6.5% $ 207 916,857

US

Cedar 7.6% 18 127,651

Inland Western 6.7% 131 709,434

Dunhill 7.2% 56 359,812

Without Partner 6.5% 51 176,689

6.8% 256 1,373,586

2011 Acquisitions 6.7% $ 463 2,290,443

(i) Excludes closing costs and other acquisition related costs.(ii) “GA” - Grocery Anchored Centre; “NGA” - Non Grocery Anchored Centre; “NFR” - New Format Retail; “ MIX” - Mixed use(iii) Weighted average based on gross rental revenue* - Shadow Anchor


GREENFIELD DEVELOPMENT PROJECTSHighlights of RioCan’s development pipeline as at September 30, 2011 are as follows:

Estimated square feet upon completion of the development project

RioCan’s interest

(thousands of square feet, except percentage amounts)RioCan’s %ownership

Totalestimated

development

Retailerowned

anchors (i)

RioCan’sand

partners’interests

Incomeproducing

(“IPP”)

Underdevelopment

(“PUD”)Potential Future

Developments (ii)Total

RioCanTotal

partner

Active Leasing Sites:Cimarron Shopping Centre, Okotoks, AB 50% 434 244 190 36 4 56 96 94Corbett Centre, Fredericton, NB 100% 473 242 231 108 51 72 231 –Eglinton Avenue & Warden Avenue,

Toronto, ON 100% 169 – 169 144 7 18 169 –Flamborough Power Centre, Hamilton, ON 100% 281 – 281 187 – 94 281 –Flamborough Wal-Mart Centre, Hamilton,

ON 100% 317 – 317 267 38 12 317 –Grant Crossing, Ottawa, ON 60% 403 128 275 91 38 36 165 110Herongate Mall, Ottawa, ON 75% 180 – 180 – – 135 135 45Riocan Centre Belcourt, Ottawa, ON 60% 398 142 256 85 34 35 154 102Westney Road & Taunton Road, Ajax, ON 20% 174 – 174 13 3 19 35 139

2,829 756 2,073 931 175 477 1,583 490

Greenfield and Urban Development Properties:Bathurst Street & College Street, Toronto,

ON 60% 139 – 139 – – 83 83 56Dupont Street, Toronto, ON 100% 184 – 184 – – 184 184 –East Hills, Calgary, AB 37.5% 1,586 – 1,586 – – 595 595 991Highway 401 & Thickson Road – Phase II,

Whitby, ON 100% 115 – 115 – – 115 115 –Jacksonport, Calgary, AB 25% 1,141 427 714 – – 179 179 535RioCan Centre Vaughan, Vaughan, ON

Ph 2 & 3 31.25% 300 – 300 – – 94 94 206St. Clair Avenue and Weston Road, Toronto,

ON 25% 563 – 563 – – 141 141 422Stouffville, ON 41.75% 60 – 60 – – 25 25 35Windfield Farms, Oshawa, ON 100% 1,217 156 1,061 – – 1,061 1,061 –

5,305 583 4,722 – – 2,477 2,477 2,245

Excess Land Sites:Highway 401 & Thickson Road – Phase I,

Whitby, ON 50% 205 – 205 49 – 53 102 103Riocan Gravenhurst, ON 100% 301 – 301 150 – 151 301 –RioCan Renfrew Centre, Renfrew, ON 100% 210 74 136 53 – 83 136 –

716 74 642 252 – 287 539 103

Total Development NLA 8,850 1,413 7,437 1,183 175 3,241 4,599 2,838

(i) Retailer owned anchors include both completed and sale transactions under contract.(ii) Future development projects will be deferred until economic conditions warrant. RioCan will not commence construction until it has secured the

requisite leasing commitments and appropriate risk-adjusted returns.

RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction ofthe development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the currenteconomic environment, it is expected that the commencement of construction for several of the development projects will bedeferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to newdevelopments, which will impact the timing of several developments, as RioCan will not commence construction until it hassecured the requisite leasing commitments and appropriate risk-adjusted returns.

Our estimated development project square footage and development costs are subject to change, which may be material asassumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, projectcompletion timelines and project costs, are updated periodically based on revised site plans, our costs tendering process andcontinuing tenant negotiations.


Anticipated date of developmentcompletion

(thousands of square feet, except percentage amounts)RioCan’s %ownership

Leasingactivity (i)

% Leasingactivity

Currentdevelopment

Potentialfuture

developments Anticipated anchors (ii)

Active Leasing Sites:

Cimarron Shopping Centre, Okotoks, AB 50% 79 42% Q4 2011 2013 Home Depot *,Costco *, Winners

Corbett Centre, Fredericton, NB 100% 151 65% Q3 2012 2013 Home Depot*,Costso*, Winners

Eglinton Avenue & Warden Avenue, Toronto, ON 100% 151 89% Q2 2012 2012 Target

Flamborough Power Centre, Hamilton, ON 100% 187 67% – 2013 Target

Flamborough Wal-Mart Centre, Hamilton, ON 100% 298 94% Q4 2012 2013 Wal-Mart, Rona,Staples

Grant Crossing, Ottawa, ON 60% 215 78% Q2 2012 2013 Lowe’s*, Winners

Herongate Mall, Ottawa, ON 75% – 0% Q1 2013 2013 Lowe’s*, Winners

Riocan Centre Belcourt, Ottawa, ON 60% 198 77% Q2 2012 2013 Lowe’s*, Food Basics

Westney Road & Taunton Road, Ajax, ON 20% 76 44% Q2 2012 2013 Sobeys

1,355 65%

Greenfield and Urban Development Properties:

Bathurst Street & College Street, Toronto, ON 60% – 0% – 2013 –

Dupont Street, Toronto, ON 100% – 0% – 2013 –

East Hills, Calgary, AB 37.5% – 0% – 2013(iii) –

Highway 401 & Thickson Road – Phase II,Whitby, ON

100% – 0% – 2013 –

Jacksonport, Calgary, AB 25% – 0% – 2013(iii) –

RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – 0% – 2013 –

St. Clair Avenue and Weston Road, Toronto, ON 25% – 0% – 2013 –

Stouffville, ON 41.75% – 0% – 2013 –

Windfield Farms, Oshawa, ON 100% – 0% – 2014(iii) –

– 0%

Excess Land Sites:

Highway 401 & Thickson Road – Phase I,Whitby, ON

50% 99 48% – 2013 Rona

Riocan Gravenhurst, ON 100% 150 50% – 2013 Canadian Tire, Sobeys

RioCan Renfrew Centre, Renfrew, ON 100% 53 39% – 2013 Loblaws *, Staples

302 47%

1,657 22%

(i) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.(ii) Anchors that are retailer owned are designated with an asterisk (*).(iii) The first phases are expected to be substantially complete by dates indicated.


Acquisition and development expenditures incurred to dateEstimated remaining construction

expenditures to complete

RioCan’s interest

(thousands of dollars)RioCan’s %ownership

Estimatedproject cost

(100%) (i)

Amountincluded in

IPP

Amountincluded in

PUD TotalPartners’

interest TotalRioCan’sinterest

Partners’interest Total

Active Leasing Sites:Cimarron Shopping Centre, Okotoks,

AB 50% $ 46,111 $ 11,006 $ 1,304 $ 12,310 $ 12,310 $ 24,620 $ 10,745 $ 10,746 $ 21,491Corbett Centre, Fredericton, NB 100% 44,929 21,485 1,387 22,872 – 22,872 22,058 – 22,058Eglinton Avenue & Warden Avenue,

Toronto, ON 100% 44,368 32,647 6,862 39,509 – 39,509 4,858 – 4,858Flamborough Power Centre,

Hamilton, ON 100% 57,000 30,637 6,027 36,664 – 36,664 20,336 – 20,336Flamborough Wal-Mart Centre,

Hamilton, ON 100% 52,930 38,379 4,155 42,534 – 42,534 10,397 – 10,397Grant Crossing, Ottawa, ON 60% 68,869 23,384 7,275 30,659 20,439 51,098 10,662 7,108 17,770Herongate Mall, Ottawa, ON 75% 45,786 – 12,940 12,940 4,313 17,253 21,399 7,133 28,532Riocan Centre Belcourt, Ottawa, ON 60% 59,050 15,195 11,789 26,984 17,989 44,973 8,446 5,631 14,077Westney Road & Taunton Road, Ajax,

ON 20% 51,045 3,837 2,182 6,019 24,075 30,094 4,190 16,761 20,951

470,088 176,570 53,921 230,491 79,126 309,617 113,091 47,379 160,470

Greenfield and Urban DevelopmentProperties:Bathurst Street & College Street,

Toronto, ON 60% 76,022 – 9,155 9,155 6,104 15,259 36,458 24,305 60,763Dupont Street, Toronto, ON 100% 79,936 – 12,049 12,049 – 12,049 67,887 – 67,887East Hills, Calgary, AB 37.5% 343,976 – 22,742 22,742 37,903 60,645 106,249 177,081 283,330Highway 401 & Thickson Road –

Phase II, Whitby, ON 100% 29,753 – 7,364 7,364 – 7,364 22,389 – 22,389Jacksonport, Calgary, AB 25% 183,366 – 13,142 13,142 39,426 52,568 32,700 98,099 130,799RioCan Centre Vaughan, Vaughan, ON

Ph 2 & 3 31.25% 60,512 – 7,267 7,267 22,374 29,641 9,648 21,225 30,873St. Clair Avenue and Weston Road,

Toronto, ON 25% 152,290 – 8,712 8,712 26,136 34,848 29,360 88,080 117,440Stouffville, ON 41.75% 24,990 – 7,068 7,068 9,862 16,930 3,365 4,695 8,060Windfield Farms, Oshawa, ON 100% 196,326 – 44,049 44,049 – 44,049 152,277 – 152,277

1,147,171 – 131,548 131,548 141,805 273,353 460,333 413,485 873,818

Excess Land Sites:Highway 401 & Thickson Road –

Phase I, Whitby, ON 50% 45,129 9,665 1,302 10,967 10,967 21,934 11,597 11,597 23,194Riocan Gravenhurst, ON 100% 60,866 35,281 4,498 39,779 – 39,779 21,087 – 21,087RioCan Renfrew Centre, Renfrew, ON 100% 28,574 11,456 2,882 14,338 – 14,338 14,236 – 14,236

134,569 56,402 8,682 65,084 10,967 76,051 46,920 11,597 58,517

$1,751,828 $232,972 $194,151 $427,123 $231,898 $659,021 $620,344 $472,461 $1,092,805

(i) Proceeds from sale to shadow anchors reduce projected cost.


Estimated remaining development activity to be funded by RioCan

2011 2012 2013 & Thereafter Future Development


RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing


Cimarron Shopping Centre,Okotoks, AB 50% $ 287 $ 144 $ 135 $ 67 $ 19 $ 10 $ 10,303 $ 5,152

Corbett Centre, Fredericton, NB 100% 1,010 – 1,040 – – – 20,007 –Eglinton Avenue & Warden Avenue, Toronto, ON 100% 900 – – – – – 3,958 –Flamborough Power Centre, Hamilton, ON 100% 90 – 367 – – – 19,878 –Flamborough Wal-Mart Centre, Hamilton, ON 100% 922 – 5,933 – – – 3,541 –Grant Crossing, Ottawa, ON 60% 1,544 1,029 719 479 11 7 8,388 5,592Herongate Mall, Ottawa, ON 75% 2 1 3,999 1,333 5,548 1,849 11,850 3,950Riocan Centre Belcourt, Ottawa, ON 60% 2,857 1,905 832 555 – – 4,757 3,171Westney Road & Taunton Road, Ajax, ON 20% 468 – 75 – – – 3,647 –

8,080 3,079 13,100 2,434 5,578 1,866 86,329 17,865

Greenfield and Urban Development Properties:

Bathurst Street & College Street, Toronto, ON 60% – 1 82 55 335 223 36,041 24,027Dupont Street, Toronto, ON 100% 180 1 734 734 778 – 66,195 –East Hills, Calgary, AB 37.5% 341 172 1,376 688 711 356 103,821 51,910Highway 401 & Thickson Road – Phase II,

Whitby, ON 100% 110 – 448 – 475 – 21,355 –Jacksonport, Calgary, AB 25% 197 196 794 795 546 273 31,299 31,299RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 59 130 199 437 47 104 2,710 5,962St. Clair Avenue and Weston Road, Toronto, ON 25% 131 132 527 526 181 90 28,567 28,567Stouffville, ON 41.75% 117 163 435 607 – – 2,813 3,924Windfield Farms, Oshawa, ON 100% 271 – 690 – 210 – 151,105 –

1,406 795 5,285 3,108 3,283 1,046 443,906 145,689

Excess Land Sites:

Highway 401 & Thickson Road – Phase I,Whitby, ON 50% 20 – 79 – 84 – 11,414 –

Riocan Gravenhurst, ON 100% 68 – 282 – – – 20,737 –RioCan Renfrew Centre, Renfrew, ON 100% – – – – 86 – 14,149 –

88 – 361 – 170 – 46,300 –

$9,574 $ 3,874 $18,746 $ 5,542 $9,031 $ 2,912 $576,535 $163,554


Development financing

RioCan and partners

Third party RioCan


Total inplace

financingAdvanced

to date

Remainingto be

advancedRioCan’sinterest

RioCan onbehalf ofpartners

TotalRioCanfunded Partners Total


Cimarron Shopping Centre,Okotoks, AB 50% $ – $ – $ – $ 10,744 $ 5,373 $ 16,117 $ 5,373 $ 21,490

Corbett Centre, Fredericton, NB 100% – – – 22,057 – 22,057 – 22,057

Eglinton Avenue & Warden Avenue,Toronto, ON 100% – – – 4,859 – 4,859 – 4,859

Flamborough Power Centre, Hamilton,ON 100% – – – 20,337 – 20,337 – 20,337

Flamborough Wal-Mart Centre,Hamilton, ON 100% – – – 10,397 – 10,397 – 10,397

Grant Crossing, Ottawa, ON 60% 17,000 14,828 2,172 9,360 6,239 15,599 – 15,599

Herongate Mall, Ottawa, ON 75% – – – 21,400 7,133 28,533 – 28,533

Riocan Centre Belcourt, Ottawa, ON 60% 40,000 26,125 13,875 121 81 202 – 202

Westney Road & Taunton Road,Ajax, ON 20% – – – 4,190 – 4,190 16,761 20,951

57,000 40,953 16,047 103,465 18,826 122,291 22,134 144,425

Greenfield and Urban DevelopmentProperties:

Bathurst Street & College Street,Toronto, ON 60% – – – 36,459 24,305 60,764 – 60,764

Dupont Street, Toronto, ON 100% – – – 67,888 – 67,888 – 67,888

East Hills, Calgary, AB 37.5% – – – 106,251 53,124 159,375 123,957 283,332

Highway 401 & Thickson Road –Phase II, Whitby, ON 100% – – – 22,390 – 22,390 – 22,390

Jacksonport, Calgary, AB 25% – – – 32,699 32,700 65,399 65,399 130,798

RioCan Centre Vaughan, Vaughan,ON Ph 2 & 3 31.25% – – – 9,646 – 9,646 21,225 30,871

St. Clair Avenue and Weston Road,Toronto, ON 25% – – – 29,361 29,360 58,721 58,721 117,442

Stouffville, ON 41.75% – – – 3,365 4,695 8,060 – 8,060

Windfield Farms, Oshawa, ON 100% – – – 152,277 – 152,277 – 152,277

– – – 460,336 144,184 604,520 269,302 873,822

Excess Land Sites:

Highway 401 & Thickson Road –Phase I, Whitby, ON 50% – – – 11,598 – 11,598 11,597 23,195

Riocan Gravenhurst, ON 100% – – – 21,087 – 21,087 – 21,087

RioCan Renfrew Centre, Renfrew, ON 100% – – – 14,236 – 14,236 – 14,236

– – – 46,921 – 46,921 11,597 58,518

$57,000 $40,953 $ 16,047 $610,722 $163,010 $773,732 $303,033 $1,076,765


EXPANSION AND REDEVELOPMENT ACTIVITIESHighlights of RioCan’s expansion and redevelopment projects are as follows:


Project

Estimated project costincluding land Development

expendituresto date atRioCan’sinterest

Estimated remainingdevelopment

activity atRioCan’s interest(thousands of square

feet, millions ofdollars)

RioCan’s % RioCan’s Partners’ownership Tenant(s) NLA interest interest Total 2011 2012

RioCan owned:Shoppers World

Brampton,Brampton, ON 100%

Bad Boy, ImperialBuffet, Winners,Bulk Barn 80 $ 32 $ – $ 32 $ 16 $ 7 $ 8

Yonge & EglintonCentre,Toronto, ON 100% 43 25 – 25 2 – 22

123 $ 57 $ – $ 57 $ 18 $ 7 $ 30Co-ownerships:

404 Town Centre,Newmarket, ON 50% Shoppers Drug Mart 24 3 3 6 – 2 –

147 $ 60 $ 3 $ 63 $ 18 $ 9 $ 30

Bathurst Street and College Street

Toronto, Ontario

This 1.3 acre site is located just west ofthe downtown core in Toronto nearBathurst Street and College Street. Theproperty will be developed into a139,000 square foot three storey urbanretail building. RioCan sold a 40%ownership interest in the site to Trinityin the third quarter of 2011.

Cimarron Shopping Centre

Okotoks, Alberta

This site is currently being developedinto a 434,000 square foot new formatretail centre as a joint venture withTrinity and Tristar. The site is anchoredby a 93,000 square foot Home Depotwhich owns its own store and operatesas part of the overall site. A 151,000square foot Costco, which also owns itsown store, commenced operations inthe third quarter of 2010. A 25,000square foot Winners commencedoperations in the first quarter of 2011.RioCan’s ownership interest in theproperty is 50%.

Clappison’s Crossing

Flamborough, Ontario

This 31-acre site is currently beingdeveloped into a 317,000 square footnew format retail centre. The site isanchored by a 99,000 square foot Rona,which commenced operations in thefourth quarter of 2007 and a 151,000square foot Wal-Mart whichcommenced operations in the thirdquarter of 2009. An additional 50,000square feet of retail space will bedeveloped at the property. RioCanpurchased Trinity’s interest in theproperty in the second quarter of 2010.

Corbett Centre

Fredericton, New Brunswick

This 26 acre site, acquired by way of a66-year long-term lease, is currentlybeing developed into a 473,000 squarefoot new format retail centre. The siteis anchored by Home Depot, whichowns its own store and operates aspart of the overall site. A Costco, whichalso owns its own store, commencedoperations in the third quarter of 2011.RioCan purchased Trinity’s interest inthe property in the second quarter of2010.

East Hills

Calgary, Alberta

This 148 acre site is currently beingdeveloped into a 1.6 million square footregional new format retail centre. TheEast Hills development is planned inthree phases. Phases I and III compriseapproximately 111 acres and theownership structure is CPP 37.5%,RioCan 37.5%, Trinity 12.5% andLansdowne 12.5%. Phase II, comprisesapproximately 37 acres, and theownership structure is CPP 37.5%,Tristar 25%, RioCan 16.7%, Trinity 8.3%and Lansdowne 12.5%. Phases I, II and IIIwill ultimately form an integrated site.

Eglinton Avenue and Warden Avenue

Toronto, Ontario

Located at the northeast corner ofEglinton Avenue East and WardenAvenue, the site is currently beingdeveloped into a 169,000 square footnew format retail centre anchored by a116,000 square foot Zellers whichcommenced operations in the thirdquarter of 2009. A 23,000 square footPetSmart and a 5,000 square foot TDBank commenced operations in thefourth quarter of 2010. An additional25,000 square feet of retail space willbe developed at the property.

Flamborough Power Centre

Flamborough, Ontario

This 25-acre site is currently beingdeveloped into a 281,000 square footnew format retail centre. The site isanchored by a 116,000 square footZellers store that will be converted intoa Target store in 2013. An additional94,000 square feet of retail space willbe developed at the property.

Grant Crossing

Ottawa, Ontario

This 33 acre site is currently beingdeveloped into a 403,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site is anchored by a128,000 square foot Lowe’s thatcommenced operations in the firstquarter of 2011. Lowe’s owns its ownstore which operates as part of theoverall site. A 31,000 square footWinners, a 26,000 square footHomeSense and a 22,000 square footMichael’s commenced operations inthe fourth quarter of 2010. RioCanpurchased an additional 13.3% interestin the property from each of Trinity andShenkman Corporation in the firstquarter of 2011.

Herongate Mall

Ottawa, Ontario

This 16 acre site currently consists of a196,000 square foot enclosed mall. Theexisting building will be demolishedand the property will be redevelopedinto a 180,000 square foot new formatretail centre. The site will be developedwith Trinity. RioCan’s ownershipinterest in the property is 75%.


Highway 401 and Thickson Road –

Phase I & II

Whitby, Ontario

Phase I of site is currently beingdeveloped into a 205,000 square footnew format retail centre as a jointventure with The Wynn Group. Theproperty is well located with easyaccess off Highway 401. The site isanchored by a 99,000 square foot Ronastore, which commenced operations inthe fourth quarter of 2007. RioCanpurchased Trinity’s 25% interest in theproperty in the first quarter of 2011increasing our ownership interest inthe property to 50%.

Phase II of the site consists of 11 acresand it will be developed into a 115,000square foot new format retail centre. Aportion of the site totalling 37 acreswas sold to Metrolinx in the fourthquarter of 2010. RioCan has a 100%ownership interest in this portion of thesite.

Jacksonport Calgary,

Alberta

Jacksonport, located at 36th Street NEand Country Hills Bouelvard NE inCalgary, is a 105 acre development thatwill consist predominately of newformat retail. Upon completion, thedevelopment is expected to featureapproximately 1.1 million square feetof retail space. A 50% interest in thisproperty was sold to the CPPIB in June2008 and a 25% interest has beenretained by each of Trinity and RioCan.

Queen Street and Portland Street

Toronto, Ontario

Construction has begun on a one acresite in downtown Toronto, located in anarea bound by Richmond Street to thesouth, Portland Street to the east, andQueen Street to the north. This site isbeing developed into a mixed-usebuilding featuring a four-storeyresidential component as well asapproximately 91,000 square feet ofretail space on three storeys. Loblawsand Winners will anchor the site. Thesite will be developed with TributeCommunities, which owns theresidential component. A 29,000 squarefoot Winners commenced operations inthe third quarter of 2011. Loblaws willcommence operations in the fourthquarter of 2011.

RioCan Centre Belcourt

Ottawa, Ontario

This 39 acre site is currently beingdeveloped into a 398,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site is anchored by a142,000 square foot Lowe’s that

commenced operations in the fourthquarter of 2009. Lowe’s owns its ownstore which operates as part of theoverall site. In addition, a 41,000square foot Empire Theatrescommenced operations in December2009. RioCan purchased an additional13.3% interest in the property fromeach of Trinity and ShenkmanCorporation in the first quarter of 2011.

RioCan Centre Vaughan

Vaughan, Ontario

This 54 acre site is currently beingdeveloped into a 561,000 square footnew format retail centre that isanchored by a 213,000 square footWal-Mart Supercentre that opened inthe first quarter of 2009. The site isbeing developed with our partners,Trinity and Strathallen CapitalCorporation. RioCan purchased Trinityand Strathallen Capital Corporation’sinterests in phase one of the propertyin September 2009. Phase one of theproject features approximately 261,000square feet and is substantiallycomplete. RioCan’s ownership interestin phase two of the property is 31.25%.

RioCan Gravenhurst

Talisman Drive and Edward Street,

Gravenhurst, Ontario

This 29 acre site is currently beingdeveloped into a 301,000 square footnew format retail centre. The site isanchored by a 76,000 square footCanadian Tire and a 41,000 square footSobeys. RioCan purchased Trinity’s andThe Otis Group of Companies’ interestsin the third quarter of 2010.

RioCan Renfrew

O’Brien Road and Gillan Street,

Renfrew, Ontario

This 14 acre site is currently beingdeveloped into a 210,000 square footretail strip plaza. The site is anchoredby a 74,000 square foot Loblaws (whichowns its own lands) and is expected tobe accompanied by 136,000 square feetof ancillary retail space. Tenantstotalling approximately 53,000 squarefeet commenced operations as atSeptember 2011.

St. Clair Avenue and Weston Road

Toronto, Ontario

The St. Clair and Weston developmentbenefits from a well-established urbannode at the intersection of St. ClairAvenue and Weston Road. The 20 acresite is expected to ultimately featureapproximately 563,000 square feet ofspace. The project concept features aunique urban, two-storey retailprototype that has been successfullyutilized in the United States. A 50%

interest in this property was sold to theCPPIB in June 2008 and a 25% interesthas been retained by each of Trinityand RioCan.

Stouffville

Stouffville, Ontario

This 24 acre site was originally a jointventure between RioCan, Trinity andRice/Fryberg. RioCan purchased Rice/Fryberg’s interest in the site in the firstquarter of 2010 which increasedRioCan’s ownership interest in theproperty to 83.5%. In the fourth quarterof 2010, a 50% interest in the site wassold to Minto Communities, with a41.75% interest being retained byRioCan and an 8.25% interest beingretained by Trinity. Five acres of thesite will be developed into a 60,000square foot retail centre.

Westney Road and Taunton Road

Ajax, Ontario

This site is currently being developedinto a 174,000 square foot new formatretail centre as a joint venture with theSun Life Assurance Company ofCanada. A 50,000 square foot Sobeysanchors the property. RioCan’sownership interest in the property is20%.

Windfield Farms

Oshawa, Ontario

This 160 acre site is currently beingdeveloped into a 1.2 million square footregional new format retail centre.RioCan purchased an additional 33.3%interest from each of FrumDevelopment Group and TributeCommunities in the third quarter of2011.

Yonge Street & Eglinton Avenue

Toronto, Ontario

This site is located on the north-eastcorner of Yonge Street and EglintonAvenue in Toronto. The propertycurrently consists of three retailbuildings as well as a thirty unitresidential apartment building. It isanticipated that the project will containresidential, office and retailcomponents upon completion. The sitewill be developed with Metropia andBaziz. RioCan’s ownership interest inthe property is 50%.


LEASING ACTIVITYA summary of RioCan’s 2011 and 2010 new leasing on the existing portfolio by property type is as follows:

Canadian Portfolio

New Leasing2011 2011 2011 2011 2010

(in thousands, except per sqft amounts)Year to

dateThird

quarterSecondquarter

Firstquarter

Thirdquarter

Square feet leased:

New format retail 415 89 194 132 108

Grocery anchored centre 223 44 97 82 99

Enclosed shopping centre 278 61 127 90 89

Non-grocery anchored centre 61 13 22 26 15

Urban retail 104 18 45 41 30Office 109 31 21 57 1

Total 1,190 256 506 428 342

Average net rent per square foot:

New format retail $ 21.18 $ 22.48 $ 21.33 $ 20.06 $ 18.05

Grocery anchored centre 16.32 20.92 15.28 15.07 13.32

Enclosed shopping centre 15.42 17.48 16.30 12.70 15.51

Non-grocery anchored centre 16.11 11.98 16.30 18.05 11.22

Urban retail 28.66 21.33 39.25 20.18 17.01Office 14.97 9.24 15.55 17.90 12.50

Total $ 18.75 $ 18.80 $ 20.05 $ 17.16 $ 15.61

United States Portfolio

New Leasing2011 2011 2011 2011 2010


dateThird


Firstquarter

Thirdquarter

Square feet leased:

New format retail 49 24 7 18 2


Office 1 1 – – –

Total 77 44 9 24 12

Average net rent per square foot (US dollars):


Grocery anchored centre 18.64 18.34 20.54 17.49 19.41Office 19.76 19.76 – – –

Total $ 19.96 $ 19.11 $ 21.95 $ 20.77 $ 19.50


RENEWAL ACTIVITYA summary of RioCan’s 2011 and 2010 renewals by property type is as follows:

Canadian Portfolio

Renewal Leasing2011 2011 2011 2011 2010


dateThird


Firstquarter

Thirdquarter

Square feet renewed:

New format retail 1,237 264 512 461 310


Enclosed shopping centre 667 191 153 323 319

Non-grocery anchored centre 69 11 33 25 66

Urban retail 53 1 44 8 11Office 159 34 52 73 1

Total 3,123 838 1,022 1,263 941

Average net rent per square foot:



Enclosed shopping centre 11.73 12.72 16.22 9.02 10.36

Non-grocery anchored centre 17.49 20.38 18.38 15.04 17.02

Urban retail 23.97 25.00 22.48 32.13 43.58Office 14.41 12.46 15.10 14.81 19.50

Total $ 15.29 $ 15.12 $ 16.33 $ 14.55 $ 15.91

Increase in average net rent per square foot $ 1.40 $ 1.01 $ 1.99 $ 1.17 $ 1.35

Percentage increase in average net rent per square foot 10.1% 7.2% 13.9% 8.7% 9.3%

United States Portfolio

Renewal Leasing2011 2011 2011 2011 2010


dateThird


Firstquarter

Thirdquarter

Square feet renewed*:

New format retail 46 4 39 3 –


Non-grocery anchored centre 6 6 – – –

Total 153 58 85 10 104

Average net rent per square foot (US dollars):

New format retail $ 13.46 $ 23.62 $ 11.69 $ 23.60 $ –


Non-grocery anchored centre 26.58 26.58 – – –

Total $ 18.03 $ 20.47 $ 16.78 $ 15.47 $ 2.95

Increase in average net rent per square foot (US dollars) $ 1.35 $ 1.24 $ 1.43 $ 1.41 $ 0.02Percentage increase in average net rent per square foot 8.1% 6.4% 9.3% 10.0% 0.7%

*All renewals were made at market rates.


Including anchor tenants, the components of renewal activity for the Canadian portfolio for the three months ended September 30,2011 by property type are as follows:

(in thousands, except per sqft amounts) Total

Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office

Renewals at market rental rates:

Square feet renewed 357 130 114 83 11 1 18

Average net rent per sqft $21.34 $22.95 $ 20.69 $ 21.19 $ 20.38 $ 25.00 $14.71Increase in average net rent per sqft $ 1.76 $ 2.21 $ 1.41 $ 1.48 $ 1.54 $ 3.00 $ 2.04

Renewals at fixed rental rate options:

Square feet renewed 481 134 223 108 – – 16

Average net rent per sqft $10.51 $15.06 $ 9.91 $ 6.17 $ – $ – $10.00Increase in average net rent per sqft $ 0.45 $ 0.52 $ 0.48 $ 0.38 $ – $ – $ –

Total:

Square feet renewed 838 264 337 191 11 1 34

Average net rent per sqft $15.12 $18.93 $ 13.55 $ 12.72 $ 20.38 $ 25.00 $12.46

Increase in average net rent per sqft $ 1.01 $ 1.35 $ 0.79 $ 0.86 $ 1.54 $ 3.00 $ 1.07Percentage increase in average net rent per sqft 7.2% 7.7% 6.2% 7.3% 8.2% 13.6% 9.4%

Including anchor tenants, the components of renewal activity for the US portfolio for the three months ended September 30, 2011by property type are as follows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office


Square feet renewed 18 1 14 – 3 – –

Average net rent per sqft $19.50 $22.50 $ 17.47 $ – $ 27.22 $ – $ –Increase in average net rent per sqft $ 0.59 $ – $ 0.70 $ – $ 0.28 $ – $ –



Average net rent per sqft $20.90 $24.00 $ 20.18 $ – $ 25.92 $ – $ –Increase in average net rent per sqft $ 1.52 $ 2.00 $ 1.45 $ – $ 1.92 $ – $ –

Total:


Average net rent per sqft $20.47 $23.62 $ 19.41 $ – $ 26.58 $ – $ –

Increase in average net rent per sqft $ 1.24 $ 1.49 $ 1.23 $ – $ 1.09 $ – $ –Percentage increase in average net rent per sqft 6.4% 6.7% 6.8% 4.3%


Including anchor tenants, the components of renewal activity for the Canadian portfolio for the nine months ended September 30,2011 by property type are as follows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office


Square feet renewed 1,530 681 318 296 68 24 143

Average net rent per sqft $ 19.26 $19.47 $ 19.97 $ 19.66 $ 16.69 $ 31.56 $ 14.91Increase in average net rent per sqft $ 2.02 $ 2.18 $ 2.11 $ 1.40 $ 1.78 $ 3.02 $ 2.36


Square feet renewed 1,593 556 619 371 2 29 16

Average net rent per sqft $ 11.48 $15.19 $ 11.43 $ 5.40 $ 46.08 $ 17.55 $ 10.00Increase in average net rent per sqft $ 0.79 $ 0.75 $ 0.92 $ 0.59 $ 3.95 $ 1.60 $ –

Total:

Square feet renewed 3,123 1,237 937 667 70 53 159

Average net rent per sqft $ 15.29 $17.54 $ 14.33 $ 11.73 $ 17.49 $ 23.97 $ 14.41

Increase in average net rent per sqft $ 1.40 $ 1.53 $ 1.32 $ 0.95 $ 1.84 $ 2.25 $ 2.12Percentage increase in average net rent per sqft 10.1% 9.6% 10.1% 8.8% 11.8% 10.4% 17.2%

Including anchor tenants, the components of renewal activity for the US portfolio for the nine months ended September 30, 2011 byproperty type are as follows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-grocery

anchoredcentre

Urbanretail Office

Renewals at market rental rates (US dollars):



Renewals at fixed rental rate options (US dollars):



Total:


Average net rent per sqft $18.09 $13.46 $ 19.68 $ – $ 26.58 $ – $ –

Increase in average net rent per sqft $ 1.35 $ 0.61 $ 1.71 $ – $ 1.09 $ – $ –Percentage increase in average net rent per sqft 8.1% 4.7% 9.5% 4.3%


Lease Expiries

RioCan’s lease expiries for the Canadian portfolio by property type as at September 30, 2011 are as follows:

Lease expiries

(in thousands, except per sqft and percentage amounts)Portfolio

NLA 2011 (i) 2012 2013 2014 2015

Square feet:

New format retail 19,030 287 956 1,414 1,590 2,098

Grocery anchored centre 7,664 206 739 644 1,243 1,005

Enclosed shopping centre 6,312 255 741 622 741 856

Non-grocery anchored centre 2,091 28 116 210 167 319

Urban retail 1,347 2 111 155 312 19Office 1,588 86 151 171 171 99

Total 38,032 864 2,814 3,216 4,224 4,396

Square feet expiring/Portfolio NLA 2.3% 7.4% 8.5% 11.1% 11.6%

Average net rent per occupied square foot:

New format retail $ 16.51 $ 20.51 $18.73 $17.53 $ 17.85 $ 16.64

Grocery anchored centre 14.38 16.53 15.75 17.03 13.36 14.27

Enclosed shopping centre 11.77 13.68 11.22 14.94 13.53 9.49

Non-grocery anchored centre 16.37 19.22 14.18 14.43 16.55 12.80

Urban retail 22.29 30.11 30.62 15.73 17.68 32.17Office 9.58 13.30 11.74 11.02 13.16 12.77

Total average net rent per square foot $ 15.13 $ 16.81 $15.87 $16.30 $ 15.52 $ 14.41

(i) Lease expiries for the remaining three months of 2011.

RioCan’s lease expiries for the US portfolio, at RioCan’s interest, as at September 30, 2011 are as follows:

Lease expiries

(in thousands, except per sqft and percentage amounts)Portfolio

NLA (i) 2011 (ii) 2012 2013 2014 2015

Square feet:

New format retail 3,553 46 139 212 303 202

Grocery anchored centre 1,584 56 87 52 184 25

Non-grocery anchored centre 183 9 8 19 32 10Office 52 12 4 12 4 –

Total 5,372 123 238 295 523 237

Square feet expiring/Portfolio NLA 2.3% 4.4% 5.5% 9.7% 4.4%

Average net rent per occupied square foot (US dollars):

New format retail $ 13.52 $ 18.73 $18.32 $15.94 $13.76 $10.71

Grocery anchored centre 17.67 20.11 18.04 17.44 13.48 23.08

Non-grocery anchored centre 13.41 26.31 19.63 15.42 9.50 13.26Office 22.64 30.43 26.20 28.85 23.76 –

Total average net rent per square foot $ 14.82 $ 21.08 $18.40 $16.70 $13.47 $12.15

(i) Represents RioCan’s proportionate ownership share.(ii) Lease expiries for the remaining three months of 2011.


The components of RioCan’s Canadian and US lease expiries for the remaining three months of 2011 by property type are asfollows:


Newformat

retail

Groceryanchored

centre

Enclosedshopping

centre

Non-groceryanchored

centreUrbanretail Office

2011 expiries at market rental rates:

Square feet expiring 899 301 217 247 34 2 98Average net rent per sqft $17.06 $19.98 $ 17.20 $ 13.42 $ 20.60 $30.11 $15.47

2011 expiries with fixed rental rate options:

Square feet expiring 88 32 45 7 4 – –

Average in-place net rent per sqft $20.29 $22.89 $ 17.76 $ 22.36 $ 24.00 $ – $ –

Average renewal net rent per sqft$21.76

$24.02$ 19.40 $ 24.07 $ 25.95 $ – $ –

Increase in average net rent per sqft $ 1.47 $ 1.13 $ 1.64 $ 1.71 $ 1.95 $ – $ –

Total

Square feet expiring 987 333 262 254 38 2 98Average net rent per sqft $17.35 $20.27 $ 17.30 $ 13.68 $ 20.94 $30.11 $15.47

Contractual Rent Increases

Certain of RioCan’s leases allow for periodic increases in rates during the term of the leases. Contractual rent increases in eachyear for the next five years are as follows:

For the years ending

(in millions) 2011 (i) 2012 2013 2014 2015

Net increase in contractual rent receipts $ 1 $ 4 $ 3 $ 3 $ 3

(i) Increases for the remaining three months of 2011.


OCCUPANCY – MOST RECENT EIGHT QUARTERS

The historical occupancy rate of the Canadian portfolio is as follows:

95.0%

100.0%

Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q2 2011Q1 2011 Q3 2011

97.5%97.4%97.0% 97.0% 97.0% 97.3% 97.4% 97.5%

The historical occupancy rate of the US portfolio is as follows:

95.0%

100.0%

Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q3 2011Q2 2011

95.1%

96.2%

98.2%97.4% 97.8%98.1%

95.8%

98.0%

ECONOMIC VERSUS COMMITTED OCCUPANCY

Leasing Activities

RioCan’s committed occupancy rate remained at 97.5% at September 30, 2011 as compared to 97.5% at June 30, 2011. Included inthis occupancy rate is 549,000 square feet of NLA that has been leased but is not yet paying rent, resulting in an economicoccupancy rate of 96.3% which represents the occupied NLA for which tenants are paying rent. The annualized rental impact oncethese tenants take occupancy paying rent is approximately $12 million.

(in thousands, except percentage amounts) Total Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013

Square feet:NLA commencing 549 275 66 43 117 40 8Cumulative NLA commencing 549 275 341 384 501 541 549% of NLA commencing 50% 12% 8% 21% 7% 1%Cumulative % total 50% 62% 70% 91% 99% 100%Average net rent:Monthly rent commencing $1,031 $ 496 $ 191 $ 100 $ 165 $ 67 $ 12Cumulative monthly rent commencing $1,031 $ 496 $ 687 $ 787 $ 952 $ 1,019 $ 1,031% of rent for NLA commencing 48% 19% 10% 16% 6% 1%Cumulative % total rent commencing 48% 67% 76% 92% 99% 100%


A continuity of RioCan’s vacancies and leasing activities for the third quarter of 2011 is as follows:

(in thousands of square feet)Total Leased

Space

Space forwhich rent is

currentlybeing paid Total Area

OccupancyRates

Annualizedrental

impact(in millionsof dollars)

Committed Occupancy, June 30, 2011 41,159 41,159 42,232 97.5%

Less: space leased but not paying rent (485) –

Economic Occupancy at June 30, 2011 40,674 42,232 96.3% $ 13

Less:

GLA vacated in Q3 2011 (186) (186) –Add:

Re-Leasing of vacant space 194 194 –Other (i) 89 89 87

97 97 87

Acquisitions 1,066 1,066 1,084

Committed Occupancy, September 30, 2011 42,322 43,403 97.5%

Add: tenant openings in Q3 2011 266 –Less: GLA leased in Q3 2011 but not yet paying rent (223) –Other (i) (99)

Economic Occupancy at September 30, 2011 41,781 43,403 96.3% $ 12

(i) represents additional GLA from tenant expansions and properties under development.

Occupancy rates and their rental impact over the last eight quarters is as follows:

2011 2010 2009

(thousands of square feet, millions of dollars)Third


Firstquarter

Fourthquarter

Thirdquarter

Secondquarter

Firstquarter

Fourthquarter

Committed occupancy 97.5% 97.5% 97.4% 97.4% 97.1% 97.0% 97.0% 97.4%Economic occupancy 96.3% 96.3% 96.3% 96.4% 95.8% 95.7% 95.8% 96.4%NLA leased but not paying rent 549 485 470 407 492 476 407 323Annualized rental impact $ 12.0 $ 13.0 $ 11.7 $ 9.2 $ 11.6 $ 11.6 $ 10.2 $ 7.8


TOP FIFTY TENANTS – CANADA AND USAs at September 30, 2011, RioCan’s fifty largest tenants in Canada and the US combined have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA

(in thousands)Percentage of

total NLA

Weightedaverage

remaininglease term

(years)*

1 Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere 4.80% 109 2,059 4.90% 10.1

2 Walmart 4.40% 28 3,187 7.50% 13.23 Famous Players/Cineplex/Galaxy Cinemas 4.30% 29 1,279 3.00% 11.74 Metro/Super C/Loeb/Food Basics 4.30% 57 2,088 4.90% 7.85 Winners/HomeSense/Marshalls 3.00% 63 1,402 3.30% 6.86 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.50% 27 1,132 2.70% 5.17 Target Corporation 2.10% 24 1,960 4.60% 8.78 Staples/Business Depot 2.10% 48 969 2.30% 7.29 Future Shop/Best Buy 1.90% 30 665 1.60% 7.5

10 Giant Food Stores/ Stop & Shop (Royal Ahold) 1.90% 20 899 2.10% 14.311 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.70% 128 538 1.30% 4.712 Shoppers Drug Mart 1.60% 40 460 1.10% 9.913 Harvey’s/Swiss Chalet/Kelsey’s/Montana’s/Milestone’s (Cara) 1.60% 92 386 0.90% 8.514 Sobeys/IGA/Price Chopper/Empire Theatres 1.40% 22 623 1.40% 10.415 PetSmart 1.30% 35 489 1.20% 7.816 Dollarama 1.30% 66 556 1.30% 7.217 Zellers/The Bay/Home Outfitters 1.20% 18 874 2.10% 8.518 Chapters/Indigo 1.10% 24 320 0.80% 3.219 Lowes 1.10% 7 844 2.00% 16.620 TD Bank 1.00% 50 205 0.50% 7.621 Safeway 1.00% 15 500 1.20% 8.722 Blue Notes/Stitches/Suzy Shier/Urban Planet (YM Inc.) 0.80% 49 220 0.50% 4.923 The Brick 0.80% 14 309 0.70% 8.724 Sears 0.70% 15 362 0.90% 3.125 Premier Fitness 0.70% 10 291 0.70% 6.926 Michael’s 0.70% 21 280 0.70% 5.827 Bank of Nova Scotia 0.60% 36 133 0.30% 6.528 Liquor Control Board of Ontario (LCBO) 0.60% 21 165 0.40% 9.529 Rona/Revy/Reno 0.60% 5 284 0.70% 14.630 Pharma Plus 0.50% 16 102 0.20% 8.931 London Drugs 0.50% 10 204 0.50% 6.532 Jysk Linen 0.50% 12 207 0.50% 5.233 Value Village 0.50% 13 229 0.50% 8.034 CIBC 0.50% 26 98 0.20% 5.935 BouClair 0.40% 20 153 0.40% 7.036 Bell/The Source 0.40% 72 102 0.20% 5.837 Bank of Montreal 0.40% 24 88 0.20% 7.038 Golf Town 0.40% 12 145 0.30% 6.339 Bed Bath & Beyond 0.40% 12 222 0.50% 8.940 Liz Claiborne/Mexx 0.40% 26 113 0.30% 5.341 East Side Mario’s/Casey’s (Prime Restaurants) 0.40% 19 95 0.20% 7.242 The Shoe Company 0.40% 24 122 0.30% 5.343 Moores 0.40% 22 105 0.30% 4.544 Subway 0.40% 82 87 0.20% 4.845 Old Navy 0.40% 10 134 0.30% 3.146 Ardene 0.40% 37 103 0.20% 6.047 Royal Bank of Canada 0.40% 20 79 0.20% 6.148 Pier 1 Imports 0.30% 16 110 0.30% 3.649 Sleep Country Canada 0.30% 19 84 0.20% 5.0

50 Boston Pizza 0.30% 18 88 0.20% 12.459.70% 1,613 26,149 61.80% 8.6

* – Weighted average based on gross rental revenue.


TOP TEN TENANTS – CANADAAs at September 30, 2011, RioCan’s ten largest tenants in Canada have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA

(in thousands)Percentageof total NLA

Weightedaverage

remaininglease term

(years)*

1 Canadian Tire/PartSource/Mark’s Work Wearhouse/Sport Mart/Sport Chek/Sports Experts/National Sports/Atmosphere 5.4% 109 2,059 5.6% 10.1

2 Walmart 4.8% 27 3,023 8.2% 13.23 Famous Players/Cineplex/Galaxy Cinemas 4.8% 29 1,279 3.5% 11.74 Metro/Super C/Loeb/Food Basics 4.8% 57 2,088 5.6% 7.85 Winners/HomeSense/ Marshalls 3.3% 60 1,338 3.6% 6.86 Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.8% 27 1,132 3.1% 5.17 Target Corporation 2.4% 24 1,960 5.3% 8.78 Staples/Business Depot 2.3% 47 954 2.6% 7.19 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 128 538 1.5% 4.7

10 Shoppers Drug Mart 1.8% 40 460 1.2% 9.934.3% 548 14,831 40.2% 9.1

* – Weighted average based on gross rental revenue

TOP TEN TENANTS – USAs at September 30, 2011, RioCan’s ten largest tenants in the US have the following profile:

Rank Tenant name

Annualizedrental

revenueNumber of

locationsNLA

(in thousands)Percentageof total NLA

Weightedaverage

remaininglease term

(years)*

1 Giant Food Stores/ Stop & Shop (Royal Ahold) 18.3% 20 899 16.9% 14.32 Best Buy 5.2% 7 205 3.8% 9.13 PetSmart 2.9% 9 142 2.7% 10.04 Bed Bath & Beyond 2.8% 8 167 3.1% 8.35 Lowes 2.6% 3 294 5.5% 16.16 HEB Grocery Stores 2.3% 2 114 2.1% 9.57 Ross 1.8% 5 110 2.1% 6.98 Safeway 1.8% 2 101 1.9% 12.39 Sports Authority 1.6% 2 67 1.3% 7.3

10 Staples/Business Depot 1.5% 5 77 1.5% 6.840.8% 63 2,176 40.9% 11.8

* – Weighted average based on gross rental revenue


PROPERTY OWNERSHIP BY GEOGRAPHIC AREA (SQUARE FEET)At September 30, 2011

Provincial

RioCan’sInterest

NLAPartners’interests

Retailerowned

anchorsTotal Site

NLA

Ontario Central 15,021,028 3,419,595 3,021,016 21,461,639Ontario East 4,788,628 1,090,076 1,257,045 7,135,749Ontario West 2,735,977 80,817 650,187 3,466,981

Total Ontario 22,545,633 4,590,488 4,928,248 32,064,369Quebec 7,128,143 1,282,401 2,058,634 10,469,178Alberta 4,177,001 1,962,884 2,240,151 8,380,036British Columbia 2,113,785 1,462,814 426,074 4,002,673New Brunswick 1,081,742 138,165 470,615 1,690,522Manitoba 269,603 211,695 92,604 573,902Saskatchewan 267,667 – – 267,667Newfoundland 212,331 – – 212,331Prince Edward Island 166,717 166,717 – 333,434Nova Scotia 69,047 69,047 – 138,094USA 5,371,380 1,673,512 2,647,131 9,692,023

Income Producing Properties 43,403,049 11,557,723 12,863,457 67,824,229

Properties Under Development 3,498,500 2,611,500 1,413,000 7,523,000

Total 46,901,549 14,169,223 14,276,457 75,347,229

Six High Growth Markets

RioCan’sinterests

NLAPartners’interests

Retailerowned

anchorsTotal site

NLA

Calgary, Alberta 2,136,612 743,933 1,265,971 4,146,516Edmonton, Alberta 1,308,328 1,187,245 822,680 3,318,253Montreal, Quebec 3,987,715 1,139,148 429,553 5,556,416Ottawa, Ontario 1 3,011,343 820,156 1,397,000 5,228,499Toronto, Ontario 2 10,434,806 2,581,926 1,982,941 14,999,673Vancouver, British Columbia 3 1,322,613 1,040,157 373,074 2,735,844

Income Producing Properties 22,201,417 7,512,565 6,271,219 35,985,201

Properties Under Development 2,997,500 2,611,500 935,000 6,544,000

Total 25,198,917 10,124,065 7,206,219 42,529,201

Notes:1. Area extends from Nepean and Vanier, to Gatineau, Quebec.2. Area extends north to Newmarket, west to Burlington and east to Ajax.3. Area extends east to Abbotsford.


PORTFOLIO GEOGRAPHIC DIVERSIFICATIONAt September 30, 2011

Area

Percentage ofannualized

rentalrevenue

Occupancypercentage

Percentage of areaoccupied by anchor

and national tenants

Percentage of annualizedrental revenue from anchor

and national tenants

Ontario Central 34.6% 37.6% 98.1% 85.5% 87.3%Ontario East 11.0% 10.9% 97.4% 85.1% 87.1%Ontario West 6.3% 5.5% 96.8% 80.4% 88.0%

Total Ontario 51.9% 54.0% 97.8% 84.8% 87.3%Quebec 16.4% 14.9% 96.5% 80.5% 84.3%Alberta 9.0% 11.3% 99.1% 84.2% 83.4%British Columbia 5.5% 5.6% 98.3% 85.3% 82.2%New Brunswick 2.5% 1.7% 90.3% 82.3% 87.8%Saskatchewan 0.6% 0.5% 96.2% 74.9% 96.6%Newfoundland 0.5% 0.3% 96.7% 87.6% 89.8%Manitoba 0.6% 0.6% 94.3% 66.5% 77.9%Prince Edward Island 0.4% 0.3% 97.8% 70.1% 74.5%Nova Scotia 0.2% 0.1% 100.0% 98.9% 96.8%USA 12.4% 10.7% 97.8% 86.2% 87.5%

Total Portfolio 100.0% 100.0% 97.5% 84.0% 86.0%


LEASE EXPIRIES BY GEOGRAPHIC AREAAt September 30, 2011

PropertyownershipNLA (sq.ft.)

Expiries

Year 2011 2012 2013 2014 2015 Total

Ontario Central Square feet 15,021,029 375,785 1,025,340 1,419,974 1,703,045 1,477,128 6,001,272Percentage 2.5% 6.8% 9.5% 11.3% 9.8% 40.0%

Ontario East Square feet 4,788,628 100,748 296,017 314,947 426,160 634,295 1,772,167Percentage 2.1% 6.2% 6.6% 8.9% 13.2% 37.0%

Ontario West Square feet 2,735,977 25,246 252,464 279,336 480,892 557,417 1,595,355Percentage 0.9% 9.2% 10.2% 17.6% 20.4% 58.3%

Total Ontario Square feet 22,545,634 501,779 1,573,821 2,014,257 2,610,097 2,668,840 9,368,794Percentage 2.2% 7.0% 8.9% 11.6% 11.8% 41.6%

Quebec Square feet 7,128,143 133,760 571,386 411,673 631,376 821,747 2,569,942Percentage 1.9% 8.0% 5.8% 8.9% 11.5% 36.1%

Alberta Square feet 4,177,001 79,383 375,440 350,849 452,745 475,685 1,734,102Percentage 1.9% 9.0% 8.4% 10.8% 11.4% 41.5%

British Columbia Square feet 2,113,785 44,228 165,906 324,890 230,812 206,890 972,726Percentage 2.1% 7.8% 15.4% 10.9% 9.8% 46.0%

New Brunswick Square feet 1,081,742 71,090 74,589 75,213 65,675 104,303 390,870Percentage 6.6% 6.9% 7.0% 6.1% 9.6% 36.1%

Saskatchewan Square feet 267,667 18,987 7,176 6,755 53,655 5,573 92,146Percentage 7.1% 2.7% 2.5% 20.0% 2.1% 34.4%

Newfoundland Square feet 212,331 1,732 2,378 7,155 74,488 44,721 130,474Percentage 0.8% 1.1% 3.4% 35.1% 21.1% 61.4%

Manitoba Square feet 269,603 12,042 15,071 13,351 89,584 20,257 150,305Percentage 4.5% 5.6% 5.0% 33.2% 7.5% 55.8%

Prince Edward Island Square feet 166,717 846 25,558 10,633 14,547 46,709 98,293Percentage 0.5% 15.3% 6.4% 8.7% 28.0% 59.0%

Nova Scotia Square feet 69,047 – 844 1,321 – – 2,165Percentage 0.0% 1.2% 1.9% 0.0% 0.0% 3.1%

Total Square feet 38,031,670 863,847 2,812,169 3,216,097 4,222,979 4,394,725 15,509,817Percentage 2.3% 7.4% 8.5% 11.1% 11.6% 40.8%


GENERAL INFORMATIONAt September 30, 2011

Distributions per Unit:

Distributions are paid,

CommonUnits

Monthly

PreferredUnits

Quarterly

2011 YTD $ 1.03500 $ 0.88633*2010 $ 1.380002009 $ 1.380002008 $ 1.360002007 $ 1.327502006 $ 1.297502005 $ 1.272502004 $ 1.227502003 $ 1.140002002 $ 1.105002001 $ 1.075002000 $ 1.071251999 $ 1.040001998 $ 0.950001997 $ 0.775001996 $ 0.650001995 $ 0.580001994 $ 0.43000

* Preferred units were issued January 26, 2011 at an annual rate equal to $1.3125 per unit.

Common Unitholder Distribution Reinvestment Plan:

RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested withoutcommission and provides participants with a number of bonus units equal to 3.1% of the number of units acquired upon thereinvestment.

Average Daily Volume of Units Traded:

Common Units2011 2010 2009 2008 2007

4th quarter 498,834 504,418 568,328 441,8833rd quarter 325,919 500,554 601,290 444,161 524,2912nd quarter 423,402 507,743 690,923 495,014 500,4701st quarter 531,993 647,952 588,563 534,105 560,320

Annual 538,336 596,329 513,692 506,883

Preferred Units – Series A2011

4th quarter3rd quarter 2,4552nd quarter 4,0401st quarter * 26,707

* Preferred Units were issued on January 26, 2011


Unit Prices ($):

Common UnitsQ3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009

High $ 26.32 $ 26.20 $ 25.50 $ 23.40 $ 23.12 $ 20.00 $ 20.07 $ 20.05Low $ 24.51 $ 25.20 $ 22.01 $ 21.12 $ 18.80 $ 17.25 $ 17.45 $ 17.15Close $ 26.00 $ 25.94 $ 25.46 $ 22.00 $ 22.92 $ 19.04 $ 18.48 $ 19.85

Preferred UnitsQ3 2011 Q2 2011 Q1 2011*

High $ 25.97 $ 26.16 $ 26.10Low $ 25.42 $ 25.41 $ 25.05Close $ 25.55 $ 25.56 $ 26.00

* Preferred Units were issued on January 26, 2011 at $25.00 per Unit

Non-resident Ownership of units*:

Common UnitsQ3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009

Canadian 73.23% 73.99% 73.17% 66.35% 65.69% 63.27% 65.84% 68.13%Non-Resident 26.77% 26.01% 26.83% 33.65% 34.31% 36.73% 34.16% 31.87%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

* Estimate based on mailing addresses as at the end of each quarter


SENIOR MANAGEMENT AND UNITHOLDER INFORMATION

Head Office:

RioCan Real Estate Investment Trust2300 Yonge Street, Suite 500PO Box 2386, Toronto, Ontario M4P 1E4Tel: (416) 866-3033 or 1 (800) 464-2733Fax: (416) 866-3020Website: www.riocan.comE-mail: [email protected]

Senior Management:

Edward Sonshine, O.Ont., Q.C. President & Chief Executive OfficerFrederic A. Waks Executive Vice President & Chief Operating OfficerRaghunath Davloor Senior Vice President, Corporate Secretary & Chief Financial OfficerHoward Rosen Senior Vice President, Chief Accounting OfficerJohn Ballantyne Senior Vice President, Asset ManagementMichael Connolly Senior Vice President, ConstructionJonathan Gitlin Senior Vice President, InvestmentsDanny Kissoon Senior Vice President, OperationsDonald MacKinnon Senior Vice President, Real Estate FinanceJordan Robins Senior Vice President, Planning & DevelopmentJeff Ross Senior Vice President, LeasingOliver Harrison Vice President, Asset ManagementSuzanne Marineau Vice President, Human ResourcesJane Plett Vice President, Operations – Western CanadaMaria Rico Vice President, Financial ReportingKenneth Siegel Vice President, Leasing

Investor Relations Contact:

Christian GreenDirector, Investor Relations and ComplianceTel: (416) 864-6483 or 1 (800) 465-2733Fax: (416) 866-3128E-mail: [email protected]

Stock Exchange Listing: The Toronto Stock Exchange

Trading Symbols:

Common Units REI.UNPreferred Units REI.PR.A

Transfer Agent & Registrar:

CIBC Mellon Trust CompanyP.O. Box 7010 Adelaide Street Postal Station, Toronto, ON M5C 2W9Answerline: (416) 643-5500/Toll Free North America: 1 (800) 387-0825Website: www.cibcmellon.comE-mail: [email protected]


RioCan Yonge Eglinton Centre2300 Yonge Street, Suite 500 P.O. Box 2386, Toronto, Ontario M4P IE4T 416 866 3033 or 1 800 465 2733F 416 866 3020W www.riocan.com

RioCan Yonge Eglinton Centre

2300 Yonge Street

Suite 500, PO Box 2386,

Toronto, ON416‐866‐3033 / 1‐800‐465‐2733

www.riocan.com

Documents

November 11, 2011 · Target. One of the latest 3 store openings is the result of Target’s acquisition of the Wal‐Mart lease at RioCan Niagara Falls. In addition, Target announced