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RioCan REIT- Q1-2019 Earnings & Price Target Update

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Riocan REIT owns, manages and develops retail properties, with a strategic focus to add mixed-use retail and residential transit-oriented properties in Canada's six major markets. Ownership interests include 230 retail and mixed-use properties, including 14 properties under development, comprising in total 37.5M sq. ft. The major Canadian markets contribute 88% of revenues; the balance is from secondary markets. The Greater Toronto area contributes 48% of revenues, Ottawa – 13%, Alberta -16%, Montreal-5% and Vancouver - 6%.

In Oct-2017 a strategy was put in place to shift the portfolio focus in Canada's six major markets through the sale of approximately 100 properties located primarily in secondary markets across Canada over two to three years. As of Mar-31-2019, approximately $1.3B of properties in secondary markets represents approximately 65% of the disposition target. A total of $1.8B of properties has been sold over the past two years. Among their largest tenants are Loblaws, Shoppers Drug Mart, Canadian Tire, Walmart and Cineplex Galaxy Cinemas.

Intensification Strategy

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