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RioCan REIT - Q2-2017 Earnings & Price Target Update

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RioCan owns and manages Canada's largest retail focused portfolio with ownership interests in 299 retail and mixed use properties, including 15 properties underdevelopment, containing leasable area in total of 45.4 sq. ft. RioCan's property portfolio includes grocery anchored, new format retail, urban retail, mixed use and non-grocery anchored centres, of which 253 properties are 100% owned (250 income properties and 3 properties underdevelopment) and 46 are co-owned and governed by co-ownership agreements (including 12 properties under development). RioCan's primary co-ownership arrangements are with Allied Properties REIT (AP.UN); Canada Pension Plan Investment Board (CPPIB); KingSett Capital; Tanger Factory Outlet Centres, Inc.; and Trinity Development Group. In addition, they also own partial interests in 13 properties through joint ventures with Hudson's Bay Company (HBC) and Marketvest Corporation/Dale-Vest Corporation. Measured by revenues, 64% is from Ontario, Alberta-15%, Quebec - 9%, BC -9% and other at 2%. Among their largest tenants are Loblaws, Shoppers Drug Mart, Canadian Tire, Walmart and Cineplex Galaxy Cinemas.

Total properties prior to the US disposition in May-2016 were 353 retail properties in Canada and the U.S. combined, including 15 under development. The decrease as of June-30-2017 is from the disposition of their US property portfolio net of acquisitions of Canadian properties. In May-2016, RioCan completed the sale of its U.S. portfolio of 49 wholly owned investment properties to Blackstone Real Estate Partners for US$1.9B before repaying mortgages of US$1B.

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