development activitiess1.q4cdn.com/847730316/files/documents_financial/2013/q3/development.pdfbns,...

DISPOSITIONS DURING 2013Dispositions During 2013

Canadian Disposition Activity

As a further means of raising and re-cycling capital, the Trust evaluates the sale of selected assets as part of a process of activelymanaging the portfolio and a means of increasing the portfolio weighting to the urban markets in Canada.

During the three months ended September 30, 2013, RioCan completed dispositions of three income properties aggregating $16million, comprised of approximately 311,000 square feet.

During the nine months ended September 30, 2013, RioCan completed dispositions of eight income properties aggregating $390million, comprised of approximately 2.0 million square feet.

DEVELOPMENT ACTIVITIESDevelopment Activities in 2013

During the three months ended September 30, 2013, RioCan transferred from properties under development to income producingproperties $53 million in costs pertaining to 462,000 square feet of completed greenfield development or expansion andredevelopment projects. For the nine months ended September 30, 2013, RioCan transferred $92 million in costs pertaining to583,000 square feet.

A summary of RioCan’s 2013 transfers to income properties from development projects is as follows:

NLA (in thousands of square feet)at

RioCan’s Interest

RioCan’sownership

interest

2013

Property location TotalThird

quarterSecondquarter

Firstquarter

NLA at100% Tenants

Centre St. Martin, Laval, QC 100% 45 45 - - 45 Gold’s Gym, Restaurant Nuitsde Beyrouth

East Court Mall, Cornwall, ON 100% 91 91 - - 91 No Frills, Ardene, Dollarama,Urban Planet

Five Points Shopping Centre, Oshawa,Ontario 100% 108 108 - - 108 Target Retrofit and

Expansion, Burger KingGaleries Laurentides, St.-Jerome, QC 100% 78 78 - - 78 Maxi, Urban PlanetRioCan Greenfield, Greenfield Park, QC 50% 3 3 - - 5 National BankRioCan West Ridge, Orillia, ON 100% 65 - - 65 65 Big Lots, SearsSouth Hamilton Square, Hamilton, ON 100% 87 87 - - 87 Target Retrofit and

Expansion, Burger KingTimmins Square, Timmins, ON 30% 13 13 - - 44 Urban PlanetHerongate Mall, Ottawa, ON 75% 47 - - 47 63 Food Basics, PharmaPlus,

BNS, Dentist, Barbershop,Subway

Meadow Ridge Plaza, Ajax, ON 20% 7 - 7 - 34 Good Life, DollaramaSouthbank Centre, Okotoks, AB 50% 2 - - 2 5 Sleep Country CanadaThe Stockyards, Toronto, ON 25% 37 37 - - 147 Target

583 462 7 114 772

27 Third Quarter 2013 Supplemental Information Package

A summary of RioCan’s 2012 transfers to income properties from development projects is as follows:

NLA (in thousands of square feet)at RioCan’s Interest

RioCan’sownership

interest

2012

Property location TotalFourth

quarterThird

quarterSecondquarter

Firstquarter

NLA at100% Tenants transferred to IPP

404 Town Centre,Newmarket, ON 50% 10 - - 10 - 21 Shoppers Drug Mart

Cambrian Mall, SaultSte. Marie, ON 100% 5 5 - - - 5 Shoppers Drug Mart

ExpansionCarrefour Neufchatel,

Neufchatel, QC 100% 141 13 44 - 84 141 Urban Planet, Gold’s Gym,Staples, Winners, Bouclair,Ardene, Yellow, Dollarama

Lincoln Square, Arlington, TX 100% 27 - 27 - - 27 Michaels, UltraPlace Newman, LaSalle, QC 100% 3 3 - - - 3 Wendy’sQuartier 10/30, Brossard, QC 50% 8 8 - - - 17 Cineplex ExpansionRioCan Hall, Toronto, ON 100% 36 - 36 - - 36 MarshallsRioCan Scarborough Centre,

Toronto, ON 100% 118 - 111 7 - 118 LA Fitness, OrientalGrocer, Structube

Shoppers World Brampton,Brampton, ON 100% 81 - 81 - - 81 Winners, Bulk Barn, Bad

Boy, Carter’s, ImperialBuffet

Yonge Eglinton Centre,Toronto, ON 100% 13 - - - 13 13 Urban Outfitters

College & Manning, Toronto, ON 50% 28 28 - - - 56 Office BuildingCorbett Centre, Fredericton, NB 100% 46 33 13 - - 46 Bouclair, Carter’s, Bed

Bath & Beyond, St Hubert,The Gap

Flamborough Walmart Centre,Waterdown, ON 100% 33 18 15 - - 33 Block C4 (17,800 sqft),

StaplesGrant Crossing, Ottawa, ON 60% 15 - - - 15 25 Bed Bath & BeyondMarch Road, Ottawa, ON 50% 3 - - 3 - 5 Starbucks, National BankMeadow Ridge Plaza, Ajax, ON 20% 2 - 2 - - 10 Bulk Barn ,Subway, Nails

Shop, Hair Salon, Dentist,Hakim Optical

Southbank Centre, Okotoks, AB 50% 4 4 - - - 8 Block D3 (8,400 sqft)

573 112 329 20 112 645

DEVELOPMENT PIPELINE SUMMARYThe fair market value of properties under development at September 30, 2013 is $541 million (September 30, 2012-$389 million),which includes costs of $520 million (September 30, 2012-$366 million) and a fair value increment of $21 million (September 30,2012-$23 million).

As at September 30, 2013, RioCan’s greenfield development and urban intensification pipeline will, upon completion, compriseapproximately 10 million square feet, of which RioCan’s ownership interest will be approximately 5 million square feet whichincludes approximately 0.9 million square feet which is already income producing.


The following table represents the components of properties under development by development type and status as ofSeptember 30, 2013 and 2012:

As at September 30, 2013Active

Committed Non-committed Non-active Total

Comprised of:

Greenfield Development $ 214 $ 56 $ - $ 270Urban Intensification 23 100 - 123Expansion and Redevelopment 71 25 - 96Excess Density - - 41 41Other (i) - - 11 11

$ 308 $ 181 $ 52 $ 541

(i) including earnouts and other

As at September 30, 2012Active

Committed Non-committed Non-active Total

Comprised of:

Greenfield Development $ 164 $ 53 $ - $ 217Urban Intensification 11 46 - 57Expansion and Redevelopment 35 29 - 64Excess Density - - 42 42Other (i) - - 9 9

$ 210 $ 128 $ 51 $ 389

(i) including earnouts and other

Definitions

Greenfield Development - vacant land located in suburban markets.

Urban Intensification - development or redevelopment projects located in urban markets.

Expansion and Redevelopment - projects that will improve the property through demolition, renovation and/or the addition of density.

Excess Density - leasable area identified and available for future development if and when market demand exists.

Active Committed - a property where the pro forma budget has been approved, all major planning issues have been resolved, tenantshave been secured and construction is about to start or has started.

Active Non - committed - a property where the development team is creating the pro forma budget, all planning issues are beingresolved, the leasing team is in the process of securing tenants, but construction has not started.

Non - active - a property that has future development potential


Estimated Spending Summary by Development Category - Active Projects

(in millions of dollars) 2013 2014 2015 FD* Total

Greenfield Development $ 23.6 $ 53.0 $ 10.7 $ 273.9 $ 361.2Urban Intensification 1.6 4.9 18.8 407.8 $ 433.1Expansion & Redevelopment 29.9 75.6 75.3 – 180.8

Total Construction Expenditures 55.1 133.5 104.8 681.7 975.1Construction Financing (1.8) (8.9) (3.5) (497.2) (511.4)Mezzanine Financing 6.3 3.9 0.2 46.8 57.2

Total RioCan Financing Requirements $ 59.6 $ 128.5 $ 101.5 $ 231.3 $ 520.9

* Future Development– projected costs from 2016 to 2019 to build NLA not leased

The NLA of development pipeline expected to be completed by year, as at September 30, 2013 is as follows:

(in millions of square feet) NLA – 100% NLA – RioCan% IPP (i) 2013 2014 2015 2016+

Greenfield Development 7.2 3.3 0.8 – 0.6 0.6 1.3Urban Intensification 3.1 1.5 0.1 – – 0.1 1.3

Sub-total 10.3 4.8 0.9 – 0.6 0.7 2.6Expansion & Redevelopment 1.4 1.0 – 0.1 0.4 0.4 0.1

Total 11.7 5.8 0.9 0.1 1.0 1.1 2.7

(i) Phases of the development pipeline that are currently income producing.

The development (including expansions and redevelopment projects) pipeline NLA expected to be completed by year, as atSeptember 30, 2013 is as follows:

0

400

200

NL

A -

th

ou

sa

nd

s o

f S

qu

are

fe

et

2013

*subject to preleasing and market conditions

Committed

Non-committed

2014 2015 2016 2017 2018 2019

800

600

1000

1200


Highlights of RioCan’s greenfield developments pipeline as at September 30, 2013, are as follows:

Estimated square feet upon completion of thedevelopment project

Anticipated date ofdevelopment completion

(thousands of square feet)

RioCan’s%

ownership Partners Anchors

Totalestimated

development

Retailerowned

anchors(i)

RioCan’sinterest

Partners’interests

Totalleasingactivity

(ii)%

LeasedCurrent

development

Potentialfuture

developments

GreenfieldDevelopmentProperties:Corbett Centre,

Fredericton, NB100% – Home

Depot,Costco,

Winners

464 242 222 – 178 80% Q3 2014 2015

East Hills, Calgary, AB* 30% CPP /Trinity /

Sidorski /Tristar

Walmart,Empire

Theatres

1,110 159 286 665 211 22% Q3 2014 2016

Eglinton Avenue &Warden Avenue,Toronto, ON 100% – Target 169 – 169 – 157 93% Q2 2014 2015

Flamborough PowerCentre, Hamilton, ON 100% – Target 267 – 267 – 187 70% – 2015

Grant Crossing,Ottawa, ON

60% Trinity /Shenkman

Lowe’s,Winners

399 128 162 109 223 82% Q2 2014 2015

Herongate Mall,Ottawa, ON

75% Trinity FoodBasics

186 – 139 47 89 48% – 2015

McCall Landing,Calgary, AB*

25% CPP /Trinity

– 862 182 170 510 – 0% – 2015(iii)

RioCan CentreBelcourt, Ottawa, ON

60% Trinity /Shenkman

Lowe’s,Food

Basics

405 142 158 105 257 98% Q2 2014 2014

RioCan CentreVaughan, Vaughan,ON Ph 2 & 3*

31.25% Trinity /Strathallan

– 261 – 82 179 – 0% – 2015

Sage Hill, Calgary, AB* 50% Kingsett Walmart/Loblaws

386 – 193 193 276 72% – 2015

Southbank Centre,Okotoks, AB

50% Trinity /Tristar

HomeDepot,

Costco,Winners

421 276 73 72 143 99% Q2 2014 2014

Tanger Outlets –Kanata, Kanata, ON*

50% Tanger – 357 – 179 178 83 23% Q3 2014 2015

The Stockyards,Toronto, ON*

25% CPP /Trinity

Target,Marshalls,

HomeSense

551 – 138 413 435 79% Q2 2014 2014

Westney Road &Taunton Road, Ajax,ON 20% Sunlife Sobeys 174 – 34 140 112 64% Q2 2014 2015

GreenfieldDevelopments –Committed 6,012 1,129 2,272 2,611 2,351 48%

Windfield Farms,Oshawa, ON* 100% – – 1,217 156 1,061 – – 0% – 2016(iii)

GreenfieldDevelopments-NonCommitted 1,217 156 1,061 – – 0%

Total GreenfieldDevelopments 7,229 1,285 3,333 2,611 2,351 40%

(i) Retailer owned anchors include both completed and contemplated sales.(ii) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.(iii) The first phases are expected to be substantially complete by the dates indicated.* Property represents one of RioCan’s 15 properties under development.


Acquisition and development expenditures incurred to dateEstimated remaining construction

expenditures to complete

RioCan’s interest

(thousands of dollars)RioCan’s

% ownershipEstimated project

cost (100%) (i)

Amountincluded

in IPP

Amountincluded

in PUD TotalPartners’

interest TotalRioCan’sinterest

Partners’interest Total

Greenfield Development Properties:

Corbett Centre, Fredericton, NB 100% $ 44,641 $ 32,260 $ 2,391 $ 34,651 $ – $ 34,651 $ 9,990 $ – $ 9,990

East Hills, Calgary, AB 30% 213,226 – 42,779 42,779 83,092 125,871 26,207 61,148 87,355

Eglinton Avenue & Warden Avenue, Toronto, ON 100% 45,178 35,718 4,353 40,071 – 40,071 5,107 – 5,107

Flamborough Power Centre, Hamilton, ON 100% 56,431 30,903 6,919 37,822 – 37,822 18,609 – 18,609

Grant Crossing, Ottawa, ON 60% 71,971 30,175 6,805 36,980 23,394 60,374 6,958 4,639 11,597

Herongate Mall, Ottawa, ON 75% 49,415 12,077 9,821 21,898 6,864 28,762 15,490 5,163 20,653

McCall Landing, Calgary, AB 25% 157,685 – 16,089 16,089 36,194 52,283 26,351 79,051 105,402

RioCan Centre Belcourt, Ottawa, ON 60% 59,262 23,983 8,853 32,836 20,836 53,672 3,354 2,236 5,590

RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 80,463 – 10,240 10,240 25,511 35,751 13,973 30,739 44,712

Sage Hill, Calgary, AB 50% 100,864 – 17,709 17,709 17,084 34,793 33,036 33,035 66,071

Southbank Centre, Okotoks, AB 50% 36,302 12,416 5,624 18,040 16,244 34,284 1,009 1,009 2,018

Tanger Outlets – Kanata, Kanata, ON 50% 119,502 48 20,494 20,542 20,131 40,673 39,415 39,414 78,829

The Stockyards, Toronto, ON 25% 182,786 9,832 28,692 38,524 103,109 141,633 10,288 30,865 41,153

Westney Road & Taunton Road, Ajax, ON 20% 52,883 6,665 2,359 9,024 30,539 39,563 2,664 10,656 13,320

Greenfield Developments – Committed 1,270,609 194,077 183,128 377,205 382,998 760,203 212,451 297,955 510,406

Windfield Farms, Oshawa, ON 100% 198,165 – 49,415 49,415 – 49,415 148,750 – 148,750

Greenfield Developments – Non-Committed 198,165 – 49,415 49,415 – 49,415 148,750 – 148,750

Fair value adjustments – – 37,505 37,505 – 37,505 – – –

Total Greenfield Developments $ 1,468,774 $ 194,077 $ 270,048 $ 464,125 $ 382,998 $ 847,123 $ 361,201 $297,955 $ 659,156

(i) Proceeds from sale to shadow anchors reduce projected cost.


Estimated remaining development activity to be funded by RioCan

2013 2014 2015 & Thereafter Future Development

(thousands of dollars)

RioCan’s%

ownershipRioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing


Corbett Centre, Fredericton, NB 100% $ 77 $ – $ 3,460 $ – $ – $ – $ 6,453 $ –East Hills, Calgary, AB 30% 3,693 2,000 2,793 1,513 1,931 1,046 17,790 9,636Eglinton Avenue & Warden Avenue,

Toronto, ON 100% 134 – 2,781 – – – 2,192 –Flamborough Power Centre, Hamilton,

ON 100% 86 – 350 – 1,913 – 16,260 –Grant Crossing, Ottawa, ON 60% 1,093 729 457 304 – – 5,408 3,605Herongate Mall, Ottawa, ON 75% 2,056 685 1,262 421 – – 12,172 4,057McCall Landing, Calgary, AB 25% 1,293 1,293 636 636 651 651 23,770 23,770RioCan Centre Belcourt, Ottawa, ON 60% 1,507 1,005 790 527 – – 1,057 705RioCan Centre Vaughan, Vaughan, ON Ph

2 & 3 31.25% 104 62 416 249 – – 13,453 8,072Sage Hill, Calgary, AB 50% 335 – 871 – 915 – 30,915 –Southbank Centre, Okotoks, AB 50% 940 470 68 34 – – – –Tanger Outlets – Kanata, Kanata, ON 50% 9,752 – 28,058 – – – 1,605 –The Stockyards, Toronto, ON 25% 1,774 1,774 8,514 8,514 – – – –Westney Road & Taunton Road, Ajax, ON 20% 36 – 50 – – – 2,578 –

Greenfield Developments – Committed 22,880 8,018 50,506 12,198 5,410 1,697 133,653 49,845

Windfield Farms, Oshawa, ON 100% 767 – 2,509 – 5,269 – 140,203 –

Greenfield Developments – NonCommitted 767 – 2,509 – 5,269 – 140,203 –

Total Greenfield Developments 23,647 8,018 53,015 12,198 10,679 1,697 273,856 49,845

Third party financing (1,774) (1,774) (8,949) (8,514) (3,496) (1,697) (214,735) (37,772)

RioCan funded development activity netof third party financing $ 21,873 $ 6,244 $ 44,066 $ 3,684 $ 7,183 $ – $ 59,121 $ 12,073

Development financing

RioCan and partners

Third party RioCan

(thousands of dollars)RioCan’s %ownership

Total inplace

financingAdvanced

to date

Remainingto be

advancedRioCan’sinterest

RioCan onbehalf ofpartners

TotalRioCanfunded Partners Total


Corbett Centre, Fredericton, NB 100% $ – $ – $ – $ 9,990 $ – $ 9,990 $ – $ 9,990East Hills, Calgary, AB 30% – – – 26,208 14,195 40,403 46,953 87,356Eglinton Avenue & Warden Avenue, Toronto, ON 100% – – – 5,107 – 5,107 – 5,107Flamborough Power Centre, Hamilton, ON 100% – – – 18,610 – 18,610 – 18,610Grant Crossing, Ottawa, ON 60% – – – 6,959 4,638 11,597 – 11,597Herongate Mall, Ottawa, ON 75% – – – 15,490 5,163 20,653 – 20,653McCall Landing, Calgary, AB 25% – – – 26,350 26,351 52,701 52,701 105,402RioCan Centre Belcourt, Ottawa, ON 60% – – – 3,354 2,236 5,590 – 5,590RioCan Centre Vaughan, Vaughan,

ON Ph 2 & 3 31.25% – – – 13,972 8,384 22,356 22,356 44,712Sage Hill, Calgary, AB 50% – – – 33,036 – 33,036 33,035 66,071Southbank Centre, Okotoks, AB 50% – – – 1,010 504 1,514 504 2,018Tanger Outlets – Kanata, Kanata, ON 50% – – – 39,414 – 39,414 39,415 78,829The Stockyards, Toronto, ON 25% 110,000 81,966 28,034 – – – – –Westney Road & Taunton Road, Ajax, ON 20% – – – 2,664 – 2,664 10,656 13,320

Greenfield Developments – Committed 110,000 81,966 28,034 202,164 61,471 263,635 205,620 469,255

Windfield Farms, Oshawa, ON 100% – – – 148,750 – 148,750 – 148,750

Greenfield Developments – Non-Committed – – – 148,750 – 148,750 – 148,750

Total Greenfield Developments $ 110,000 $ 81,966 $ 28,034 $ 350,914 $ 61,471 $ 412,385 $ 205,620 $ 618,005


A summary of significant Greenfield Development projects currently underway are as follows:

Corbett Centre Fredericton,

New Brunswick

This 26 acre site, acquired by way of a66-year long-term lease, is currentlybeing developed into a 464,000 squarefoot new format retail centre. The siteis anchored by Home Depot, whichowns its own store and operates aspart of the overall site. A Costco, whichalso owns its own store, commencedoperations in the third quarter of 2011.RioCan purchased Trinity’s interest inthe property in the second quarter of2010. A 19,000 square foot Homesensewill be developed in 2014.

East Hills Calgary,

Alberta

This 148 acre site is currently beingdeveloped into a 1.1 million square footregional new format retail centre. TheEast Hills development is planned inthree phases. The site will be anchoredby a 134,000 square foot Walmart thatis scheduled to open in the first quarterof 2014.

Eglinton Avenue and Warden Avenue

Toronto, Ontario

Located at the northeast corner ofEglinton Avenue East and WardenAvenue, the site is currently beingdeveloped into a 169,000 square foot newformat retail centre anchored by a116,000 square foot Target. A 23,000square foot Petsmart and a 5,000 squarefoot TD Bank commenced operations inthe fourth quarter of 2010. A 6,500square foot Structube commencedoperations in the third quarter of 2012.An additional 19,500 square feet of retailspace will be developed at the propertyincluding 6,000 square feet scheduled tobe developed in 2014.

Flamborough Power Centre

Flamborough, Ontario

This 25-acre site is currently beingdeveloped into a 267,000 square footnew format retail centre. The site isanchored by a 116,000 square footTarget store that commencedoperations in the first quarter of 2013.An additional 80,000 square feet ofretail space will be developed at theproperty.

Grant Crossing

Ottawa, Ontario

This 33 acre site is currently beingdeveloped into a 399,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site is anchored by a

128,000 square foot Lowe’s thatcommenced operations in the firstquarter of 2011. Lowe’s owns its ownstore which operates as part of theoverall site. A 31,000 square footWinners, a 26,000 square footHomesense and a 22,000 square footMichael’s commenced operations inthe fourth quarter of 2010. 8,000square feet of new CRU space willcommence operations in late-2013 andearly-2014 and an 18,000 square footJYSK and a 10,000 square footDollarama are scheduled to bedeveloped in 2014.

Herongate Mall

Ottawa, Ontario

This 16 acre site consisted of a 196,000square foot enclosed mall when theproperty was acquired in 2011. Themajority of the original building wasdemolished in two stages in 2012 and2013 and the property will beredeveloped into a 186,000 square footnew format retail centre. The site willbe anchored by a 42,000 square footFood Basics. A 12,000 square footPharma Plus commenced operations inApril 2013. A 12,000 square footPetsmart and a 10,000 square footDollarama are scheduled to bedeveloped in 2014. The site will bedeveloped with Trinity. RioCan’sownership interest in the property is75%.

McCall Landing

Calgary, Alberta

McCall Landing, located at 36th StreetNE and Country Hills Bouelvard NE inCalgary, is a 105 acre development thatwill consist predominately of newformat retail. Upon completion, thedevelopment is expected to featureapproximately 862,000 square feet ofretail space.

RioCan Centre Belcourt

Ottawa, Ontario

This 39 acre site is currently beingdeveloped into a 405,000 square footnew format retail centre as a jointventure with Trinity and ShenkmanCorporation. The site is anchored by a142,000 square foot Lowe’s thatcommenced operations in the fourthquarter of 2009. Lowe’s owns its ownstore which operates as part of theoverall site. In addition, a 41,000square foot Empire Theatrescommenced operations in December2009 and a 35,000 square foot FoodBasics commenced operations inOctober 2011. A 45,000 square footToys R Us is currently under

development and is scheduled to openin the second quarter of 2014.

RioCan Centre Vaughan

Vaughan, Ontario

This 54 acre site is currently beingdeveloped into a 523,000 square footnew format retail centre that isanchored by a 213,000 square footWalmart Supercentre that opened inthe first quarter of 2009. The site isbeing developed with RioCan’spartners, Trinity and StrathallenCapital Corporation. RioCan purchasedTrinity and Strathallen CapitalCorporation’s interests in phase one ofthe property in September 2009. Phaseone of the project featuresapproximately 262,000 square feet andis substantially complete.

Sage Hill

Calgary, Alberta

This 34-acre site is currently beingdeveloped into a 386,000 square footnew format retail centre as a jointventure with KingSett Capital and isapproximately 70% preleased. Theproperty was acquired in the firstquarter of 2013, site servicing work willcommence in fall 2013, buildingconstruction is expected to commencein Spring 2014 with completionexpected in 2016. The site will beanchored by a Walmart Superstore anda Loblaws Foodstore. Walmart isanticipating opening in the early part of2015 with Loblaws scheduled to openlater that same year. Other majortenants at the property will includeRoyal Bank of Canada, Scotiabank,McDonalds, Liquor Depot and LondonDrugs.

The site is the only designated majorretail development site remaining inNorthwest Calgary and as such,provides significant opportunity forretailers to locate at the core of whatwill be a thriving residentialcommunity. The surrounding northsector area has an existing populationof almost 30,000 persons and 10,600housing units. The north sector isexpected to have a population in excessof 85,000 persons and 29,000 housingunits. This anticipated residentialgrowth rate is consistent with theoverall population growth forecastedfor the Calgary Economic Region whereit is expected to increase by anadditional 135,000 people to 1.5 millionpersons, a strong growth of 10.1% by2016.


Southbank Centre

Okotoks, Alberta

This site is currently being developedinto a 421,000 square foot new formatretail centre as a joint venture withTrinity and Tristar. The site is anchoredby a 93,000 square foot Home Depotwhich owns its own store and operatesas part of the overall site. A 151,000square foot Costco, which also owns itsown store, commenced operations inthe third quarter of 2010. A 25,000square foot Winners commencedoperations in the first quarter of 2011.A 24,000 square foot Good Life Fitnessand a 15,000 square foot Sport Chekare scheduled to open in the secondhalf of 2014. RioCan’s ownershipinterest in the property is 50%.

Tanger Outlets – Kanata

Kanata, Ontario

In the second quarter of 2013, RioCanand Tanger purchased a 52.5 acre

parcel of land located in Kanata,Ontario, approximately 20 kilometreswest of Ottawa, Ontario. The site will bedeveloped into a 357,000 square footoutlet centre. RioCan’s ownershipinterest in the property is 50%.

The Stockyards

Toronto, Ontario

The St. Clair and Weston developmentbenefits from a well-established urbannode at the intersection of St. ClairAvenue and Weston Road. The 19 acresite is expected to ultimately featureapproximately 551,000 square feet ofspace. The project concept features aunique urban, two-storey retailprototype that has been successfullyutilized in the US. A 50% interest in thisproperty was sold to the CPPIB in June2008 and a 25% interest has beenretained by each of Trinity and RioCan.The site will be anchored by a 149,000square foot Target, which has takenpossession in the quarter. This will be

Target’s first purpose built store inCanada. In addition, Marshalls,Homesense, Michael’s, Old Navy, SportChek and PetSmart will operate at thesite.

Westney Road and Taunton Road

Ajax, Ontario

This site is currently being developedinto a 174,000 square foot new formatretail centre as a joint venture with theSun Life Assurance Company ofCanada. A 50,000 square foot Sobeysanchors the property. A 24,000 squarefoot Good Life Fitness is scheduled toopen in the first quarter of 2014.RioCan’s ownership interest in theproperty is 20%.

Windfield Farms

Oshawa, Ontario

This 160 acre site is currently beingdeveloped into a 1,217,000 square footregional new format retail centre.

Urban Intensification

Highlights of RioCan’s urban intensification pipeline as at September 30, 2013, are as follows:Estimated square feet upon completion of the

development projectAnticipated date of

development completion

(thousands of square feet)

RioCan’s%

ownership Partner(s)

Totalestimated

development

Retailerowned

anchors(i)

RioCan’sinterest

Partners’interests

Totalleasingactivity

(ii)%

LeasedCurrent

development

Potentialfuture

developments

Urban Intensification Properties

Bathurst Street & College Street,Toronto, ON* 60% Trinity 126 – 76 50 0% – 2015

CPA Lands, Calgary, AB* 50% Kingsett 316 – 158 158 – 0% – 2016NE Yonge Eglinton, Toronto, ON*

50%Metropia /

Baziz 54 – 27 27 – 0% – 2017

Urban Intensification – Committed 496 – 261 235 – 0% – –

College & Manning,Toronto, ON* 50% Allied 125 – 63 62 56 45% – 2017Dupont Street, Toronto, ON* 100% – 184 – 184 – – 0% – 2017Downtown West Lands, Toronto, ON*

40%Allied /

Diamond 1,820 – 728 1,092 – 0% – 2019(iii)King & Portland, Toronto, ON* 50% Allied 499 – 250 249 48 10% – 2017

Urban Intensification – Non-Committed 2,628 – 1,225 1,403 104 4%

Total Urban Intensification 3,124 – 1,486 1,638 104 3%

(i) Retailer owned anchors include both completed and contemplated sales.(ii) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines.(iii) The first phases are expected to be substantially complete by the dates indicated.* Property represents one of RioCan’s 15 properties under development.


Acquisition and development expenditures incurred to dateEstimated remaining construction

expenditures to complete

RioCan’s interest

(thousands of dollars)RioCan’s

% ownershipEstimated project

cost (100%) (i)

Amountincluded

in IPP

Amountincluded in

PUD TotalPartners’

interest TotalRioCan’sinterest


Urban Intensification Properties

Bathurst Street & College Street, Toronto, ON 60% $ 73,532 $ – $ 11,732 $ 11,732 $ 7,088 $ 18,820 $ 32,827 $ 21,885 $ 54,712

CPA Lands, Calgary, AB 50% 131,362 – 10,312 10,312 10,077 20,389 55,487 55,486 110,973

NE Yonge Eglinton, Toronto, ON 50% 36,115 156 5,127 5,283 4,520 9,803 13,156 13,156 26,312

Urban Intensification – Committed 241,009 156 27,171 27,327 21,685 49,012 101,470 90,527 191,997

College & Manning, Toronto, ON 50% – 7,822 4,463 12,285 11,383 23,668 – – (ii)

Dupont Street, Toronto, ON 100% 79,936 – 13,401 13,401 – 13,401 66,535 – 66,535

Downtown West Lands, Toronto, ON 40% 832,544 – 69,160 69,160 100,501 169,661 265,153 397,730 662,883

King & Portland, Toronto, ON 50% – 10,355 12,852 23,207 21,965 45,172 – – (ii)

Urban Intensification – Non-Committed 912,480 18,177 99,876 118,053 133,849 251,902 331,688 397,730 729,418

Fair value adjustments – – (4,210) (4,210) – (4,210) – – –

Total Urban Intensification $ 1,153,489 $18,333 $ 122,837 $ 141,170 $ 155,534 $ 296,704 $ 433,158 $ 488,257 $ 921,415

(i) Proceeds from sale to shadow anchors reduce projected cost.(ii) Estimated project costs/cost to complete cannot be determined due to the early stage of the project.

Estimated remaining development activity to be funded by RioCan

2013 2014 2015 & Thereafter Future Development

(thousands of dollars)

RioCan’s%

ownershipRioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

RioCan’sinterest

Mezzaninefinancing

Urban Intensification PropertiesBathurst Street & College Street,

Toronto, ON 60% $ 80 $ 53 $ 323 $ 215 $ 339 $ 226 $ 32,085 $ 21,390CPA Lands, Calgary, AB 50% 479 – 528 – 2,116 – 52,363 –NE Yonge Eglinton, Toronto, ON 50% – – – – – – 13,156 13,156

Urban Intensification – Committed 559 53 851 215 2,455 226 97,604 34,546

College & Manning,Toronto, ON (i) 50% – – – – – – – –Dupont Street, Toronto, ON 100% 168 – 678 – 2,137 – 63,552 –Downtown West Lands, Toronto, ON 40% 838 – 3,392 – 14,246 – 246,678 –King & Portland, Toronto, ON (i) 50% – – – – – – – –

Urban Intensification – Non Committed 1,006 – 4,070 – 16,383 – 310,230 –

Total Urban Intensification 1,565 53 4,921 215 18,838 226 407,834 34,546

Third party financing – – – – – – (282,373) –

RioCan funded development activity netof third party financing $ 1,565 $ 53 $ 4,921 $ 215 $ 18,838 $ 226 $ 125,461 $ 34,546

(i) Estimated development funding by RioCan cannot be determined due to the early stage of the project.


RioCan’s% ownership

Development financing

RioCan and partners

Third party RioCan

(thousands of dollars)Total in place

financingAdvanced

to dateRemaining

to be advanced RioCan’s interest

RioCan onbehalf ofpartners

Total RioCanfunded Partners Total

Urban Intensification Properties:

Bathurst Street & College Street,Toronto, ON 60% $ – $ – $ – $ 32,828 $ 21,885 $ 54,713 $ – $ 54,713

CPA Lands, Calgary, AB 50% – – – 55,487 – 55,487 55,486 110,973

NE Yonge Eglinton, Toronto, ON 50% – – – 13,156 13,156 26,312 – 26,312

Urban Intensification – Committed – – – 101,471 35,041 136,512 55,486 191,998

College & Manning, Toronto, ON 50% – – – – – – – –

Dupont Street, Toronto, ON 100% – – – 66,536 – 66,536 – 66,536

Globe & Mail Lands, Toronto, ON 40% – – – 265,154 – 265,154 397,730 662,884

King & Portland, Toronto, ON 50% – – – – – – – –

Urban Intensification – Non-Committed – – – 331,690 – 331,690 397,730 729,420

Total Urban Intensification $ – $ – $ – $ 433,161 $ 35,041 $ 468,202 $ 453,216 $ 921,418

A summary of significant urban intensification projects currently underway are as follows:

Bathurst Street and College Street

Toronto, Ontario

This 1.3 acre site is located just west ofthe downtown core in Toronto nearBathurst Street and College Street. Theproperty will developed into 126,000square foot three storey urban retailbuilding.

CPA Lands

Calgary, Alberta

This 2.8 acre site is located in the EastVillage area of downtown Calgary,Alberta. The site is one of downtownCalgary’s few remaining privatelyowned full city blocks. The site wasacquired in the second quarter of 2013on a 50/50 joint venture basis betweenRioCan and KingSett. The property willbe developed into a mixed use retail andoffice building containing 316,000square feet. Development is anticipatedto commence in the spring of 2014.

Yonge & Eglinton Northeast Corner

Toronto, Ontario

This site is located on the north-eastcorner of Yonge Street and EglintonAvenue in Toronto. When completed,the property will consist of a 54,000square foot retail and office space onthe first three floors. As part of thedevelopment RioCan has entered intoan agreement with its partners todevelop the north tower to include 208multi-family residential units. The28,000 square foot retail componentof the centre will include a landmark TDBank branch. Construction is expectedto commence in February 2014. The site

will be developed with Metropia andBazis. RioCan’s ownership interest inthe property is 50%.

College Street and Manning Avenue

Toronto, Ontario

This site is comprised of 551-555College Street, formerly ownedexclusively by Allied Properties REIT,and 547 and 549 College Street,formerly owned exclusively by RioCan.Given the strategic downtown locationof each respective property, Allied andRioCan have formed a 50-50 jointventure partnership to create one23,000 square foot site with 185 feet offrontage on College Street. The sitepossesses excellent potential and thejoint venture has a view to intensify thesite by creating a mixed-use office,retail and residential complex withapproximately 125,000 square feet ofgross floor area upon completion.

Dupont Street

Toronto, Ontario

This 1.4 acre site, located on DupontStreet near Christie Avenue, is north-west of the downtown core of Toronto.The site is expected to be developed into184,000 square foot three storey urbanretail building. RioCan has a 100%ownership interest in the site.

Downtown West

Toronto, Ontario

This 7.74-acre site is currently the homeof The Globe & Mail newspaper and islocated on part of a large city blockbounded by Spadina Avenue, Front

Street, Draper Street and WellingtonStreet. The site is in close proximity toToronto’s downtown office corridor andadjacent to a large and growingresidential population. The property willbe redeveloped as a mixed-usedevelopment that will includeapproximately 700,000 square feet ofretail space, 1,120,000 square feet ofoffice space and 1,100,000 square feet ofresidential space that will become alandmark destination to live, work andshop in Toronto. The ownershipstructure of the property is RioCan 40%,Allied 40% and Diamond 20%. RioCanhas a beneficial ownership in theDowntown West JV of 43.9% includingits 19.3% participation in Diamond’sWhitecastle New Urban Fund 2.

King Street & Portland Street

Toronto, Ontario

This site is comprised of 602-606 KingStreet West, formerly owned exclusivelyby Allied Properties REIT, and adjacentproperties to the west extending fromKing Street West through to AdelaideStreet West that Allied and RioCanacquired jointly. Given the site’s premierlocation in the heart of the affluent KingWest neighbourhood, Allied and RioCanhave formed a 50-50 joint venturepartnership to create one 61,600 squarefoot property, with frontage on KingStreet West, Portland Street andAdelaide Street West. Upon completion,the site will obtain a mixed use office,retail and residential complex withapproximately 499,000 square feet ofgross floor area.


EXPANSION AND REDEVELOPMENT ACTIVITIESExpansion & Redevelopment

RioCan’s expansion and redevelopment project costs for 2013 are currently expected to be approximately $30 million. As atSeptember 30, 2013 RioCan’s expansion and redevelopment pipeline will, upon completion, comprise approximately 1.3 millionsquare feet, of which RioCan’s ownership interest will be approximately 1.0 million square feet.

RioCan will continue to upgrade existing shopping centre infrastructure and aesthetics related to shopping centres where Targetwill have tenancy. This will include roof replacement, paving, sidewalk and curb replacement, entrance improvements, landscapingimprovements, signage and upgrades to interior common areas and washrooms.


Highlights of RioCan’s expansion and redevelopment projects are as follows:

As at September 30, 2013

(thousands of squarefeet, millions ofdollars)

RioCan’s %ownership Tenant(s)

ProjectNLA

Estimated project cost

Estimated remainingdevelopment activityat RioCan’s interest

RioCan’sinterest


Historicalcosts (i)

Developmentexpenditures

to date atRioCan’sinterest

Sub-totalCosts

Incurredto date 2013 2014 2015+

Centre St. Martin, Laval,Québec

100% Pharma Prix,Dollarama,L’Aubainerie 61 $ 6 $ – $ 6 $ 3 $ 2 $ 5 $ 2 $ 2 $ –

Collingwood Centre,Collingwood, ON

100% Sobeys Expansion,Winners, Bed Bath &Beyond, Sport Check,Carter’s 80 12 – 12 2 1 3 2 9 –

Kennedy Commons,Toronto, ON

50% LA Fitness, Michaels84 6 6 12 9 1 10 2 3 –

Niagara Falls Plaza,Niagara Falls, ON

100% LA Fitness38 9 – 9 1 – 1 1 8 –

Northumberland,Miramichi, NB

100% Giant Tiger, Winners43 8 – 8 – – – 2 6 –

Queensway Cineplex,Toronto, Ontario

50% Cineplex Expansion12 1 1 2 – – – 1 – –

Sudbury Place, Sudbury,Ontario

100% Target Expansion24 1 – 1 7 1 8 – – –

Tanger OutletsCookstown, Innisfil,Ontario

50% Multiple internationalbrands

159 22 22 44 7 1 8 13 8 –

Timmins Square,Timmins, ON

30% Ardene, Atmosphere30 1 2 3 1 – 1 – 1 –

Yonge & Eglinton Centre,Toronto, ON

100% Winners, Joe Fresh,Cineplex Expansion 51 62 – 62 10 25 35 6 15 16

Total CommittedExpansion andRedevelopmentproperties 582 128 31 159 40 31 71 29 52 16

Brookside Mall,Fredericton, NB

50% TBD70 1 1 2 – – – – – 1

Carrefour Neufchatel,Neufchatel, Quebec

100% TBD22 5 – 5 1 – 1 – 5 –

Flamborough WalmartCentre, Flamborough,Ontario

100% TBD

5 1 – 1 – – – – – 1

Les Factoreries Tanger –Bromont, Bromont,Quebec

50% TBD

70 9 9 18 1 – 1 – – 9

Les Factoreries Tanger –Saint-Sauveur, SaintSauveur, Quebec

50% TBD

20 3 3 6 – – – – – 3

Madawaska Centre,Madawaska, NB

100% TBD91 4 – 4 1 – 1 – – 4

Mega Centre Notre –Dame, Dorothee, Quebec

100% TBD143 29 – 29 11 3 14 – – 26

RioCan Centre Barrie,Barrie, Ontario

100% TBD26 8 – 8 1 1 2 – 7 –

RioCan Centre Burloak,Oakville, Ontario

50% TBD141 6 6 12 3 – 3 – – 6

RioCan Meadows,Edmonton Alberta

50% TBD31 5 5 10 3 1 4 – 1 3

Timiskaming Square, NewLiskeard, ON

100% TBD43 2 – 2 1 – 1 – – 2

Yonge Sheppard Centre,Toronto, Ontario

50% Longos110 17 17 34 – 1 1 1 11 4

Total Non-committedExpansion andRedevelopmentproperties 772 90 41 131 22 6 28 1 24 59

Sub-total 1,354 218 72 290 62 37 99 30 76 75

Fair Value Adjustments – – – – (3) – (3) – – –

Total 1,354 $ 218 $ 72 $ 290 $ 59 $ 37 $ 96 $ 30 $ 76 $ 75

(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment.


A summary of significant expansion and redevelopment projects currently underway are as follows:

Centre St. Martin

Laval, Quebec

Centre St. Martin is a shopping centrelocated in the most densely populatedarea of Laval. The property is anchoredby Club Entrepot – Provigo (Loblaws)supermarket. Approximately 95,000square feet of the centre is beingredeveloped in 2013. Shoppers DrugMart, Rossy and Dollarama will becompleting expansions and a 15,000square foot L’Aubainerie will beconstructed in the redevelopment area.A 30,000 square foot Gold’s Gym hastaken possession.

Collingwood Centre

Collingwood, Ontario

Collingwood Centre is a communityshopping centre currently consisting of248,000 square feet of retail space. Thecentre is located at the northeastcorner of Blue Mountain Road andHighway 26 and is anchored byCanadian Tire and Fresh Co. RioCannegotiated a lease terminationagreement with Zellers (93,000 squarefeet) effective April 1, 2013. Theenclosed mall portion of the propertywill be demolished and redeveloped in2013 and 2014. New leases have beencompleted with Winners, Sport Chek,Bed Bath & Beyond, Dollarama and aFresh Co expansion as part of theredevelopment.

Kennedy Commons

Scarborough, Ontario

Kennedy Commons is a 468,000 squarefoot new format retail centre anchoredby Metro, Chapters, Sears Whole Homeand The Brick and shadow anchored bya Rona. A lease buy-out was completedwith AMC Theatres in late 2012. Theirpremises have been demolished andwill be replaced with LA Fitness andMichaels in 2014. RioCan has a 50%ownership in this property.

Niagara Falls Plaza

Niagara Falls, Ontario

This 144,000 square foot unenclosedcommunity shopping centre anchoredby a 33,275 square foot Foodland(Sobeys) is located at the northeastcorner of Morrison Street andDorchester Road. RioCan hasnegotiated a lease termination withZellers effective April 1, 2013. A newlease has been finalized with LAFitness to construct a 38,000 squarefoot gym in the former Zellerspremises. The remainder of the formerZellers unit will be demolished late in2013.

Northumberland Square

Miramichi, New Brunswick

Northumberland Square is a 208,000square foot shopping centre located atthe intersection of King GeorgeHighway and Rennie Road. RioCan hasnegotiated a lease termination withZellers effective April 1, 2013, providingan opportunity to re-develop theproperty. 20,000 square feet has beenleased to Winners and 23,000 squarefeet has been leased to Giant Tiger.Both tenants are scheduled tocommence operations in 2014.

Queensway Cineplex

Toronto, Ontario

Queensway Cineplex is a 110,700square foot new format retail propertylocated in Toronto, Ontario. Theproperty is anchored by an 87,510square foot Cineplex operating on aland lease. Cineplex will expand byapproximately 12,000 square feet inlate-2013 in order to incorporate a ‘VIPTheatre’ into their premises. RioCanhas a 50% ownership interest in theproperty.

Sudbury Place

Sudbury, Ontario

Sudbury Place is a 192,000 square footenclosed shopping mall with threefreestanding pads located in northeastSudbury. Target is in the process ofreformatting/remerchandising thestore as well as completing anexpansion of approximately 24,000square feet. Target is scheduled tocommence operations in November2013.

Tanger Outlets – Cookstown

Innisfil, Ontario

Tanger Outlets – Cookstown is locatedin Innisfil, Ontario, approximately 70kilometres north of Toronto and 20kilometres south of Barrie. The existingsite is a 162,000 square foot singlestory, multi-tenant outlet centre.International brands located at theproperty include Coach, TommyHilfiger, Adidas, Mexx and Jones NewYork. The site also features 15 acres ofvacant developable land on which aproposed expansion of approximately159,000 square feet will be developedin 2014. This property was acquired inDecember 2011 as part of a 50-50 jointventure with Tanger Outlets.

Timmins Square

Timmins, Ontario

Timmins Square is a 391,000 squarefoot enclosed mall anchored by Sears,

Winners, Sport Chek and No Frills(Loblaws). Zellers vacated their 76,000square foot premises in January 2013and the unit has been backfilled byUrban Planet, Ardene and Atmosphere.RioCan has a 30% ownership interest inthe property.

RioCan Yonge Eglinton Centre

Toronto, Ontario

Acquired in January 2007, RioCanYonge Eglinton Centre is located at thenorthwest corner of Yonge Street andEglinton Avenue and is comprised oftwo high rise office towers situatedabove two levels of upscale retail. Theretail component comprisesapproximately 264,000 square feet andfeatures 70 retailers including anchortenants Indigo Books & Music, Metro,Cineplex Silver City Theatres and Toys“R” Us. The office componentcomprises approximately 755,000square feet situated within a 30-storeybuilding on Yonge Street and a 22-storey tower on Eglinton Avenue. Themixed-use property aggregates over1,000,000 square feet in total.

RioCan has commenced a revitalizationand expansion plan at RioCan YongeEglinton Centre that will capitalize onthe neighborhood’s residentialintensification. The expansion includes51,000 square feet of new retail spacethat will feature National tenantsWinners, Joe Fresh as well as anexpansion of the existing CineplexSilver City Theatres and a potentialcombined 12-storey, 210,000 squarefoot expansion of the office towers. Thenew building will have a connection tothe office towers and access to the foodcourt and subway. Construction of thenew retail space began in early 2013.The revitalization work is expected tobe completed during the first quarter of2014 while the expansion component ofthe development is expected to becompleted in Spring 2015.

Brookside Mall

Fredericton, New Brunswick

This enclosed mall, anchored bySobeys, contains 276,000 square feet ofleasable area and is located on thenorth side of the Saint John River.Zellers vacated the site in January 2013providing an opportunity to redeveloptheir 70,000 square foot space. 12,000square feet of the former Zellerspremises have been leased to afurniture store. RioCan has a 50%ownership interest in this property.


Carrefour Neufchatel

Neufchatel, Quebec

Negotiations are underway withnumerous national retailers for theremaining 22,000 square feet that canbe developed at the site. Uponcompletion, the gross leasable area ofthe property will be approximately231,000 square feet.

Flamborough Walmart Centre

Flamborough, Ontario

This 31-acre site has been developedinto a 312,000 square foot new formatretail centre. The site is anchored by a99,000 square foot Rona, whichcommenced operations in the fourthquarter of 2007 and a 151,000 squarefoot Walmart which commencedoperations in the third quarter of 2009.A 15,000 square foot Staplescommenced operations in August 2013and approximately 18,000 square feetof new tenancies commencedoperations in early-2013. An additional5,000 square feet of space remains tobe developed at the property.

Les Factoreries Tanger – Bromont

Bromont, Quebec

Les Factoreries Tanger – Bromont is a162,000 square foot outlet mall locatedin Bromont, Quebec. Bromont is apopular ski tourist destination town,situated approximately 85 kilometressoutheast of Montreal. The site benefitsfrom an excellent tenant rosterfeaturing major international brandssuch as Tommy Hilfiger, Reebok,Sports Experts, Urban Planet and LeChateau. The site also features 8.13acres of vacant developable land onwhich an expansion of approximately70,000 square feet can be developed.This property was acquired inNovember 2012 as part of a 50% jointventure with Tanger Outlets.

Les Factoreries Tanger – Saint-Sauveur

Saint-Sauveur, Quebec

Les Factoreries Tanger – Saint-Sauveur consists of two properties; anoutlet mall of approximately 100,000square feet and a single tenant officebuilding of approximately 16,000square feet. Saint-Sauveur is a touristand ski destination town in Quebecapproximately 60 kilometres north ofMontreal. The retail outlet mallbenefits from a diverse tenant basefeaturing major international brandssuch as Point Zero, Bench, Nike, FGLSports (Canadian Tire), Tommy Hilfiger,Reebok among others. The site alsofeatures 1.1 acres of excess density

which will be acquired if the vendor isable to acquire the land from the city,on which two additional buildingstotaling approximately 20,000 squarefeet can be constructed. This propertywas acquired in November 2012 as partof a 50% joint venture with TangerOutlets.

Madawaska Centre

St. Basile, New Brunswick

This 272,000 square foot enclosedshopping centre is anchored by a27,000 square foot Bargain Giant and aStaples. RioCan has negotiated a leasetermination with Zellers (91,000 squarefeet) effective April 1, 2013 providing anopportunity to redevelop the site.

Mega Centre Notre-Dame

St. Dorothee, Ontario

Mega Centre Notre-Dame is located inLaval and contains 611,000 square feetof new format retail space. Theproperty is anchored by Target anduser-owned retailers Super C (MetroRichelieu) and Pharmaprix (ShoppersDrug Mart). National tenants operatingat the property include Winners,HomeSense and Sports Experts. Theplans contemplate that approximately19 acres of adjacent vacant land will bedeveloped into an additional 143,000square feet of retail space.

RioCan Centre Barrie

Barrie, Ontario

The centre is anchored by single-storeyfreestanding Zehrs (Loblaws) store anda Lowe’s store that commencedoperations in January 2009. The centreis located in one of the most developedareas in Barrie and has excellentvisibility from Highway 400. InSeptember 2009, RBC and RBCinsurance commenced operations in anewly constructed freestanding pad.Mountain Equipment Co-op enteredinto a land lease with RioCan andconstruction of a freestanding buildingwas completed in 2010. An additional26,000 square feet of excess densityexists on the site.

RioCan Centre Burloak

Oakville, Ontario

RioCan Centre Burloak is an 89 acresite located at the southeastintersection of the QEW Highway andBurloak Drive. This 553,000 square footnew format retail site is anchored by aHome Depot (retailer owned), aFamous Players (Cineplex) Theatre anda Longo’s Supermarket. An additionalparcel of land totaling 8.5 acres isowned immediately south of the

property and RioCan has entered into aconditional agreement to purchase theadjacent 4 acres. These parcels of landwill be re-zoned in 2014 and anadditional 141,000 square feet of retailwill be developed on the site. RioCanhas a 50% ownership interest in theproperty.

RioCan Meadows

Edmonton, Alberta

RioCan Meadows is strategicallylocated at the southwest corner ofWhitemud and 17th Avenue, insoutheast Edmonton. Upon completion,the site will contain a total leasablearea of approximately 329,000 squarefeet. Existing anchor tenants includeWinners, Best Buy, Staples, Mark’sWork Wearhouse and PetSmart. Inaddition, a Home Depot (land lease)operates as part of the site. In 2010,Loblaws (who owns its own site)completed construction of a 100,000square foot Real Canadian Super Storethat acts as a shadow anchor. Anadditional 31,000 square feet can bedeveloped at the site. RioCan has a 50%ownership interest in the property.

Timiskaming Square

New Liskeard, Ontario

Timiskaming Square is a 164,000square foot shopping centre located atthe intersection of Highway 11 andHighway 11B. This enclosed shoppingcentre is anchored by Food Basics(Metro Richelieu) and Staples. Zellers(43,000 square feet) vacated the siteeffective January 2013, providing anopportunity to redevelop the site.

Yonge Sheppard Centre

Toronto, Ontario

Located approximately six kilometresnorth of RioCan Yonge Eglinton Centreat the northeast corner of one ofToronto’s busiest intersections andsituated on both the Yonge andSheppard subway lines, this 6.2 acresite is currently comprised of a 680,000square foot mixed use propertycontaining 262,000 square feet of retail,416,000 square feet of office space and25 rental townhomes. RioCan and itspartner, KingSett Capital, have recentlysubmitted an application in order toadd an additional 110,000 square feetof retail space and 290,000 square feetof multi-family residential density tothe site. The completed expansion andrenovation of the existing space willinvolve three significant elements andwill greatly increase the profile of thismixed use urban property.


Excess Density

In addition to RioCan’s various development projects, the Trust contributes to portfolio growth through the intensification ofexisting properties where RioCan has identified opportunities to increase density or add to an existing asset. This intensification ofexisting properties is an important component of RioCan’s organic growth strategy. As at September 30, 2013, RioCan’s totalexcess density fair market value is $41 million and its potential consists of approximately 1.38 million square feet, of whichRioCan’s ownership interest will be approximately 1.26 million square feet.

OCCUPANCY – MOST RECENT EIGHT QUARTERSThe historical occupancy rate of the Canadian portfolio is as follows:

95.0%

100.0%

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q2 2013Q1 2013 Q3 2013Q4 2012

97.5% 97.3% 97.2% 97.0%96.7%97.2%

96.6% 96.9%

The historical occupancy rate of the US portfolio is as follows:

95.0%

100.0%

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q2 2013Q1 2013 Q3 2013Q4 2012

98.1% 97.8% 98.1%97.4%97.5% 97.8%

97.3% 97.4%

ECONOMIC VERSUS COMMITTED OCCUPANCYOccupancy and Leasing

RioCan’s committed occupancy rate decreased modestly to 97.0% at September 30, 2013 as compared to 97.4% at December 31,2012 and 97.3% at June 30, 2012. Included in this occupancy rate is 716,000 square feet of NLA that has been leased but is not yetpaying rent, resulting in an economic occupancy rate of 95.5% which represents the occupied NLA for which tenants are payingrent. The annualized rental impact once these tenants take occupancy paying rent is approximately $17 million.

(in thousands, except percentage amounts) Total Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Square feet:NLA commencing 716 385 110 53 67 101Cumulative NLA commencing 716 385 495 548 615 716% of NLA commencing 54% 15% 7% 9% 14%Cumulative % total 54% 69% 77% 86% 100%Average net rent:Monthly rent commencing $ 1,389 $ 768 $ 248 $ 116 $ 107 $ 150Cumulative monthly rent commencing $ 1,389 $ 768 $ 1,016 $ 1,132 $ 1,239 $ 1,389% of rent for NLA commencing 55% 18% 8% 8% 11%Cumulative % total rent commencing 55% 73% 81% 89% 100%


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