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RioCan REIT - Q1-2022 Earnings, Price Target Update

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RioCan REIT(REI.UN) owns, manages and develops retail-focused, and increasingly mixed-use properties located in prime, high-density transit-oriented areas in the six major Canadian metropolitan areas. The portfolio is comprised of 204 retail and mixed-use properties (36.2M sq ft at Riocan's interest). This includes office, residential rental and 13 properties under development as at Mar-31-2022. Retail accounts for 90.1% annualized contractual gross rent, followed by office at 7.7% and residential at 2.2%. As more RioCan Living residential rental buildings currently under development are completed and stabilized, the residential proportion of the portfolio will grow over time, resulting in an increasingly mixed-use portfolio.

The property portfolio includes Mixed-Use / Urban, Grocery Anchored centres, Open Air centres and Enclosed centres. As at Mar-31-2022, the portfolio was comprised of 159 properties which are 100% owned (156 income properties and 3 properties under development) and 45 properties which are co-owned and governed by co-ownership agreements (including 10 properties under development). In addition, Riocan owns partial interests in 15 properties through 6 joint ventures. RioCan enters into co-ownerships and joint ventures to leverage its robust pipeline of prime locations and established development platform to efficiently raise capital, mitigate development risk and earn management fees for its expertise in managing the entire development process.

Total assets as of Mar-31-2022 were $15.3B(Dec-31-2021: $15.2B, Dec-31-2020- $15.3B) . This includes $1.4B of properties under development and $256M of residential inventory. The major Canadian urban markets contribute 90% of revenues; the balance is from secondary markets. The Greater Toronto area contributes 51% of rents, Ottawa – 13%, Alberta - 11%, Montreal - 4%, Vancouver - 5% and secondary markets at 9%. Among their largest tenants are Canadian Tire, TJX Co.'s, Loblaws, Shoppers Drug Mart, Walmart and Cineplex Galaxy Cinemas. Residential property development profits contributed approximately 6% of profits for 2021 and forecast to contribute 10% for each of 2022-2023.

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