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RioCan REIT - 2017 Earnings & Price Target Update

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Riocan is Canada's largest retail-focused shopping centre REIT with ownership interests in 289 retail and mixed-use properties, including 17 properties under development, comprising 44.1M sq. ft. RioCan's property portfolio includes grocery anchored, new format retail, urban retail, mixed-use and non-grocery anchored centres, of which 236 properties are 100% owned (233 income properties and 3 properties under development) and 53 are co-owned and governed by co-ownership agreements (including 14 properties under development). RioCan's primary co-ownership arrangements are with Allied Properties REIT(AP.UN); Canada Pension Plan Investment Board; KingSett Capital; Tanger Factory Outlet Centres, Inc.; and Trinity Development Group. In addition, they own partial interests in 13 properties through joint ventures with Hudson's Bay Company (HBC) and Marketvest Corporation/Dale-Vest Corporation.

RioCan owns 41.8M sq. ft (excluding 2.3M sq. ft in development) compared to 43.2M sq. ft. as at Dec-31-2016. The decrease of 1.4M sq. ft was due primarily to the disposition of six properties in Q4-2017 outside of major markets to pursue the strategic initiative to accelerate the major markets focus. Other dispositions including the sale of a portfolio of six chartered bank branches in British Columbia in Aug-2017 and the sale of the Cambie Street property in British Columbia in Jun-2017, and decommissioning of property space that is being redeveloped, partially offset by the leasable area created by completed developments with new tenants commencing operations.

Measured by revenues, 66% is from Ontario, Alberta-15%, Quebec - 9%, BC -8% and other at 2%. Among their largest tenants are Loblaws, Shoppers Drug Mart, Canadian Tire, Walmart and Cineplex Galaxy Cinemas.

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