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RioCan REIT- Q2-2020 Earnings & Price Target Update

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RioCan REIT(REI.UN) owns and develops retail shopping properties, with emphasis on adding mixed-use, transit-oriented properties in Canada's six major markets while reducing ownership of retail properties in secondary Canadian markets. The portfolio as of Jun-30-2020 is comprised of 222 property totaling 37.2M sq. ft. including 1.3M sq. ft. under development with a total asset value of $15.4B.

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. The funds were deployed to acquire and develop mixed use properties. The major Canadian urban markets contribute 90% of revenues; the balance is from secondary markets. The Greater Toronto area contributes 50% 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. Residential property development profits are expected to comprise 10% of total profits for 2020 to 2023.

Total annualized rental revenue generated from the six major markets and the Greater Toronto Area (GTA) was 90% and 51% as of Jun-30-2020, respectively. Mixed-Use / Urban, Grocery Anchored and Open Air centres accounted for more than 90% of leasable area and annualized rental revenue as of Jun-30-2020, with Grocery Anchored centres alone accounting for 42% of annualized rent. Enclosed centres represent less than 10% of its total portfolio. Necessity-based and service-oriented tenants accounted for 75% of revenues.

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