Q3 2018

Conference Call Presentation

October 31, 2018

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In talking about our financial and operating performance and in responding to your questions we may make forward-looking statements

including statements concerning RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to

management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results,

circumstances, performance or expectations that are not historical facts. These statements are based on our current estimates and

assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from the conclusions in these

forward-looking statements.

In discussing our financial and operating performance and in responding to your questions we will also be referencing certain financial

measures that are not generally accepted accounting principle measures (“GAAP”) under IFRS. These measures do not have any

standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting

issuers. Non-GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance

with IFRS as indicators of RioCan’s performance, liquidity, cash flows and profitability. RioCan’s management uses these measures to aid

in assessing the Trust’s underlying core performance and provides these additional measures so that investors may do the same.

Additional information on the material risks that could impact our actual results and the estimates and assumptions we applied in making

these forward looking statements, together with details on our use of non-GAAP financial measures, can be found in the financial

statements for the period ended September 30, 2018 and management's discussion and analysis related thereto, as applicable, together

with RioCan’s current Annual Information Form that are all available on our website and at www.sedar.com.

FORWARD LOOKING ADVISORY

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ACCELERATION OF MAJOR MARKETS STRATEGY

Disposition Progress as of

October 30, 2018

Transaction type Value (M)

Closed and Firm $1,074

Conditional/LOI $178

Total to date $1,252

Capitalization Rate 6.49%

63% of

Disposition

Target

Closed/Firm/Conditional

Dispositions

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CANADA’S URBAN PORTFOLIO

Annualized Revenue from the Six Major Markets: 84.1%

GTA:

Q3 2018 45.5%

Q3 2017 40.0%

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Major Markets Same

Property NOI (“SPNOI”)

2.1%Up 2.8% YTD

Overall SPNOI

1.6%Up 2.3% YTD

Major Markets Committed

Occupancy

98.0% 97.0% Overall

97.2% Retail Only

98.2% Major Markets Retail

FFO Per Unit - $0.47

2.5%Up 3.7% YTD

Despite asset sales and

development spending

RELATIVE TO Q3 2017Q3 2018 HIGHLIGHTS

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SAME PROPERTY NOI GROWTH

As compared to the first nine months of 2017

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FUNDS FROM OPERATIONS (“FFO”) & PAYOUT RATIO

FFO per Unit

Increased 2.5%

Despite asset sales • Same property NOI Growth

• Gains from Marketable Security Sales

• Accretion from NCIB

Target is to be

below 80%

** For the twelve months ended

Key Drivers

Payout Ratio**

Highest in

RioCan history*

*Excludes Q4 2015 when RioCan received a one-time

settlement from Target

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DEVELOPMENT PROGRESSING WELL

EXAMPLES

Condos pre-sold and possession will

start in Q4/18. Residential rental

marketing to begin soon

Marketing to commence in Q4/18, substantial

completion and tenant move-in expected in

first half of 2019

Substantially complete and fully leased, tenants will

commence operations in first half of 2019

Office component substantially complete and fully

leased. Possession of condo units (pre-sold) in 2019

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LEVERAGE METRICS

Debt to Adj. EBITDA Debt to Assets Ratio

Target 42%

Target <8.0x

* 12 months ended Sept. 30, 2018

Approximately

1.76x D/EBITDA

due to $1.3B

development on

the Balance

Sheet

Higher due

to timing of

dispositions

and NCIB

program

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CONSISTENTLY ABOVE 95%

STRONG BALANCE SHEETPRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE

Capital Structure Metrics

Target Q3 2018*

Leverage 38% - 42% 42.4%

Debt/EBITDA <8.0x 7.79x

Interest Coverage >3.0x 3.72x

Debt Service Coverage >2.25x 3.09x

Fixed Coverage >1.10x 1.17x

Unencumbered Assets N/A $7.9B

Unencumbered Assets to Unencumbered Debt >2.0x 2.17x

NOI % from Unencumbered Assets >50% 56.6%

Unsecured vs. Secured Debt 60%/40% 59%/41%

FFO Payout Ratio <80% 78.0%

* Coverage and payout ratios calculated on a rolling 12 month basis

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COMMITTED AND IN-PLACE OCCUPANCY

2017 20182016

Return to historic average

Narrowing

the gap

98.0% Major

Market

Occupancy

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Renewal Leasing

• 196 renewals totalling 1,469,000

square feet

• Retention rate of 93.8% in Q3 2018

• 4.1% increase when 10 renewals

with one anchor tenant are excluded

New Leasing

• $27.83 psf – 971,000 square feet in Q3 2018

• >90% of new leasing was completed in major

markets

• >25% increase in average rent psf vs. Q3 2017

LEASING RESULTS

* Excluding ten lease renewals with one anchor tenant

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CANADA’S MAJOR MARKET PORTFOLIOWHERE NEW-TO-MARKET TENANTS WANT TO BE

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REDEVELOPMENT PROGRESS

• Redevelopment, branding, physical

space and tenant curation designed

to meet the immediate and long

term needs of the community and

tenants

• Improved NOI and increased value

BURLINGTON CENTRE

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REDEVELOPMENT PROGRESSLAWRENCE SQUARE

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DEVELOPMENT PROGRESS

YTD Q3 Q2 Q1

Greenfield Development 16 2 2 12

Urban Intensification 212 140 59 13

Expansion & Redevelopment 273 122 58 93

Total 501 264 119 118

NLA COMPLETED IN 2018 (thousands)

• $149.6 million of costs transferred to IPP in Q3 2018

• $287.9 million of costs transferred to IPP YTD

• 654,000 sf of Urban Intensification NLA under development have committed or

in-place leases at a weighted average net rent of approximately $32.06 psf

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THE WELLSIGNIFICANT LEASING PROGRESS ON COMMERCIAL COMPONENT

• Mixed-use, 3.1M sf (at 100%) GTA site with ~425,000

sf retail, 1.1M sf 36 storeys of office and six residential

towers with ~1,700 residential units (condo and rental)

• Completing excavation. Office tower will be back at

grade November 2018

• Office portion is up to 71% pre-leased

• Shopify, up to 433,750 sf

• Index Exchange, up to 200,000 sf

• Spaces, 125,000 sf

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DEVELOPMENT PROGRESS

King Portland Centre

• Mixed use; office, residential condo, and

retail in Toronto

• Office component was substantially

completed in Q3 2018

• Condominium portion (Kingly) is fully pre-

sold with profitability exceeding initial

expectations. Gains from residential

inventory will be recognized in 2019

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DEVELOPMENT PROGRESS

• 141,000 sf of grocery

anchored urban retail &

office in Toronto

• Substantially complete

and fully leased

• Scotiabank and Sobeys

(FreshCo) are expected

to open late Q4 2018 and

early 2019 respectively

• Additional retail tenants

include Winners

• Office tenants include

University Health

Network and a high

profile technology

company

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DEVELOPMENT PROGRESS

• ePlace: mixed use, residential condominium, rental

residential, and retail at the corner of Yonge & Eglinton

in Toronto

• Will begin marketing eCentral’s 466 residential rental

units in November 2018 with tenants beginning to pay

rent in January 2019

• eCondo condominium owners will start to take

occupancy in late 2018

• RioCan will gain economic ownership of the remaining

50% interest of eCentral upon the first occupancy and

the transaction is expected to close (purchase price of

costs plus $10 million) in Spring 2019

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DEVELOPMENT PROGRESS

• Frontier: 23 storey, 228 unit rental

residential located adjacent to RioCan

Gloucester Silver City Shopping Centre

• Nearing completion on the first phase of

Frontier in Ottawa

• Anticipate marketing rental units to

prospective tenants late 2018

• Tenants will start to take occupancy and

being paying rent in Spring 2019

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TREMENDOUS SOURCES OF CASH FLOW & NAV GROWTH

SELECTED DEVELOPMENT COMPLETIONS OVER THE NEXT THREE YEARS

At RioCan’s Interest 2018 Q4 2019 2020

Est. Completed NLA (‘000s sf)1 317 528 477

Est. PUD Completions (millions)2 $299 $279 $305

1. Estimated NLA completions are NLA transferred to IPP upon projects’ completion in each period, which are estimated as 90% of

gross floor area (GFA)

2. Estimated PUD cost completions are fully loaded IFRS costs including land that are to be transferred to IPP upon projects’

completion in each period, net of land and air rights sales for active projects with detailed cost estimates

Brentwood Village

(Brio)

King Portland Centre

(Kingly)

Bathurst College Centre

Yonge & Eglinton

Northeast Corner

(eCentral)

Gloucester Phase

I (Frontier)

Dupont Street (Litho)

Annualized stabilized NOI from active projects with detailed costs estimates to be completed between Q4 2018 and end of 2020 is expected to be

approximately $46 million at RioCan's interest. The annualized stabilized NOI of a project is an estimate of stabilized NOI following completion of a

project on a full year basis. NOI to be reported for the remainder of 2018 to 2020 will be different from this range, due to the partial year effect in a given

year as a result of project completion timing and the effect of property lease up period.

College & Manning

(Strada)

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DEVELOPMENT PIPELINE

As of Sept. 30, 2018

• Two-thirds with zoning approved or submitted and nearly 100% is located in the six major

markets

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Edward Sonshine, O.Ont., Q.C.Chief Executive Officer

CEO COMMENTS

Edward Sonshine, O.Ont., Q.C.

Chief Executive Officer

Jonathan Gitlin

Chief Operating Officer

Qi Tang

Senior Vice President & Chief Financial Officer

Contact Information RioCan Yonge Eglinton Centre 2300 Yonge Street P.O. Box 2386 Toronto, ON M4P 1E4

(T) 1-800-465-2733 or (416) 866-3033