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RioCan REIT- Q3-2019 Earnings & Price Target Update

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RioCan REIT owns, manages and develops quality retail, increasingly mixed-use, transit-oriented properties in Canada's major markets. The strategic focus is to add mixed-use retail and transit-oriented residential properties in Canada's six major markets while reducing ownership of retail properties in secondary Canadian markets. RioCan owns, manages and develops retail-focused, and increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians shop, live and work. RioCan's portfolio is comprised of 225 (230 as at Jun-30-2019) retail and mixed-use properties with an leasable area of 39.3M sq. ft., including residential rental properties and 14 properties under development as at Sept-30-2019 (at RioCan's Interest). RioCan's property portfolio includes grocery anchored, urban retail, mixed-use and non-grocery anchored centres, of which 186 properties are 100% owned (182 income properties and 4 properties under development) and 39 are co-owned and governed by co-ownership agreements (including 10 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.; Boardwalk REIT (BEI.UN); Killam Apartment REIT (KMP.UN); Concert Properties; and Woodbourne Canada Partners (Woodbourne). 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.

The major Canadian urban markets contribute 88% of revenues; the balance is from secondary markets. The Greater Toronto area contributes 49% of revenues, Ottawa – 13%, Alberta -17%, Montreal-5%, Vancouver - 5% and secondary markets of 11%. Among their largest tenants are Loblaws, Shoppers Drug Mart, Canadian Tire, Walmart and Cineplex Galaxy Cinemas. Total assets as of Sept-30-2019 $15.1B(Jun-30-2019, $14.6B).

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. This strategy includes deriving over 90% and 50% of annualized rent revenues from the six major markets and Greater Toronto Area (GTA), respectively. As of Sept -30-2019, 90% of annual rent revenues are from the six major markets, up 8% from a year ago while the GTA represents 50% of annualized rent revenues, a 6% increase from last year. As of Aug-1-2019, 82 properties have been sold for $1.8B.

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