Anchor and National Tenants Percentage of annualized. Anchor and National Tenants 83.4% 82.5%

Transcription

1 RIOCAN REAL ESTATE INVESTMENT TRUST FOURTH QUARTER 2008 SUPPLEMENTAL INFORMATION PACKAGE DESIGNED FOR STRENGTH

2 Real Estate Portfolio Fact Sheet At December 31, 2008 Total Net Leasable Area ( NLA ) (sq. ft.): Retail Office Total Income Producing Properties 31,223,193 1,583,434 32,806,627 Properties Under Development 3,034,243 3,034,243 Total 34,257,436 1,583,434 35,840,870 Number of Tenancies 5,575 Occupancy: Retail Occupancy 96.9% Office Occupancy 96.5% Total Occupancy 96.9% Geographic Diversification Number of properties Percentage of annualized Income producing Properties under rental revenue properties development Total Ontario 62.8% Quebec 17.2% Alberta 10.1% British Columbia 5.7% New Brunswick 2.2% 7 7 Saskatchewan 0.5% 1 1 Manitoba 0.5% 1 1 Prince Edward Island 0.5% 1 1 Newfoundland 0.4% 2 2 Nova Scotia 0.1% % Anchor and National Tenants Percentage of annualized Percentage rental revenue of total NLA Anchor and National Tenants 83.4% 82.5% Top Ten Sources of Revenue by Tenant Percentage of annualized Weighted average Ranking Tenant rental revenue remaining lease term (yrs) 1. Famous Players/Cineplex/Galaxy Cinemas 5.4% Metro/A&P/Super C/Loeb/Food Basics 5.4% Canadian Tire/PartSource/Mark s Work Wearhouse 4.0% Zellers/The Bay/Home Outfitters 3.6% Wal-Mart 3.3% Winners/HomeSense 3.3% Loblaws/No Frills/Fortinos/Zehrs/Maxi 3.0% Staples/Business Depot 2.5% Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 2.0% Harvey s/swiss Chalet/Kelsey s/montana s/milestone s 1.7% 9.8 Total 34.2% Lease Expiries Lease expiries (NLA) Retail Class Total NLA New Format Retail 14,902, ,710 1,005,184 1,441,952 1,085,616 1,298, % 6.7% 9.7% 7.3% 8.7% Grocery Anchored Centre 6,878, , , ,077 1,057, , % 13.2% 14.3% 15.4% 7.2% Enclosed Shopping Centre 6,410, , , , , , % 12.7% 12.3% 7.1% 9.3% Non-Grocery Anchored Centre 1,739, , , , , , % 7.4% 8.3% 7.2% 10.6% Urban Retail 1,291,520 79,764 73,256 76, , , % 5.7% 5.9% 10.5% 11.9% Office 1,583, , , ,716 63, , % 18.3% 21.3% 4.0% 10.7% Total 32,806,627 2,202,784 3,222,302 3,776,079 2,926,276 2,895, % 9.8% 11.5% 8.9% 8.8% Average net rent per square foot $14.61 $15.85 $14.17 $14.29 $15.88 $ Fourth Quarter Ended December 31, 2008 Supplemental Information Package

3 Property Ownership by Geographic Area (square feet) At December 31, 2008 Provincial RioCan s Partners Retailer owned Total interests NLA interests anchors site NLA Ontario Central 12,569,013 3,394,206 3,046,016 19,009,235 Ontario East 4,434,147 1,040,420 1,015,045 6,489,612 Ontario West 2,650,032 80, ,187 3,381,036 Total Ontario 19,653,192 4,515,443 4,711,248 28,879,883 Quebec 6,195,884 1,160,975 1,772,781 9,129,640 Alberta 2,978,539 1,445,366 1,727,805 6,151,710 British Columbia 1,785,043 1,207, ,074 3,333,161 New Brunswick 1,299, , ,615 2,074,369 Saskatchewan 267, ,667 Newfoundland 212, ,331 Manitoba 178, ,877 Prince Edward Island 166, , ,434 Nova Scotia 69,047 69, ,094 Income Producing Properties 32,806,627 8,733,016 9,159,523 50,699,166 Properties Under Development 3,034,243 4,297,757 1,604,000 8,936,000 Total 35,840,870 13,030,773 10,763,523 59,635,166 Six High Growth Markets RioCan s Partners Retailer owned Total interests NLA interests anchors site NLA Calgary, Alberta 1,837, ,620 1,021,735 3,618,154 Edmonton, Alberta 792, , ,070 2,053,372 Montreal, Quebec 3,527,946 1,019, ,700 5,012,685 Ottawa, Ontario 1 2,616, ,229 1,155,000 4,608,188 Toronto, Ontario 2 9,152,461 2,554,861 2,007,941 13,715,263 Vancouver, British Columbia 3 1,066, , ,074 2,139,304 Income Producing Properties 18,994,270 6,608,176 5,544,520 31,146,966 Properties Under Development 2,465,338 3,589,872 1,121,000 7,176,210 Total 21,459,608 10,198,048 6,665,520 38,323,176 Notes: 1. Area extends from Nepean and Vanier, to Gatineau, Quebec. 2. Area extends north to Newmarket, west to Burlington and east to Ajax. 3. Area extends east to Abbotsford. 2 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

4 Portfolio Geographic Diversification At December 31, 2008 Percentage of area Percentage of annualized Percentage occupied by rental revenue of annualized Occupancy anchor and national from anchor and Area rental revenue percentage tenants national tenants Ontario Central 38.4% 42.5% 99.0% 86.0% 84.4% Ontario East 13.5% 13.2% 96.7% 84.2% 84.2% Ontario West 8.1% 7.1% 97.2% 87.1% 87.1% Total Ontario 60.0% 62.8% 98.2% 85.7% 85.2% Quebec 18.9% 17.2% 96.7% 76.3% 79.3% Alberta 9.1% 10.1% 99.6% 84.4% 81.7% British Columbia 5.4% 5.7% 98.4% 84.4% 81.4% New Brunswick 4.0% 2.2% 72.3% 63.5% 82.5% Saskatchewan 0.8% 0.5% 85.0% 71.1% 83.0% Newfoundland 0.6% 0.4% 95.8% 85.8% 88.1% Manitoba 0.5% 0.5% 96.2% 62.3% 67.3% Prince Edward Island 0.5% 0.5% 98.6% 71.4% 80.1% Nova Scotia 0.2% 0.1% 100.0% 98.9% 100.0% Total Portfolio 100.0% 100.0% 96.9% 82.5% 83.4% 3 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

5 Top 50 Sources of Revenue by Tenant At December 31, 2008 NLA Weighted Annualized Number (square Percentage average rental of feet in of total remaining Ranking Tenant revenue locations thousands) NLA lease term 1. Famous Players/Cineplex/Galaxy Cinemas 5.4% 28 1, % Metro/A&P/Super C/Loeb/Food Basics 5.4% 53 2, % Canadian Tire/PartSource/Mark's Work Wearhouse 4.0% 56 1, % Zellers/The Bay/Home Outfitters 3.6% 37 2, % Wal-Mart 3.3% 19 1, % Winners/HomeSense 3.3% 53 1, % Loblaws/No Frills/Fortinos/Zehrs/Maxi 3.0% 22 1, % Staples/Business Depot 2.5% % Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 2.0% % Harvey's/Swiss Chalet/Kelsey's/Montana's/Milestone's 1.7% % Shoppers Drug Mart 1.7% % Best Buy/Future Shop 1.6% % Sport Mart/ Sport Chek/Sports Experts/National Sports/Coast Mountain Sports 1.5% % Chapters/Indigo 1.4% % Sobeys/Empire 1.1% % PetSmart 1.1% % Blue Notes/Stitches/Suzy Shier/Urban Planet 1.0% % Sears 1.0% % Safeway 1.0% % Dollarama 1.0% % Rona/Revy/Reno 0.8% % TD Bank 0.8% % Premier Fitness 0.8% % The Brick 0.6% % Michael's 0.6% % London Drugs 0.6% % Bank Of Nova Scotia 0.6% % LCBO 0.6% % Rogers Video 0.5% % Tim Horton's 0.5% % Jysk 0.5% % Prime Restaurants 0.5% % The Shoe Company 0.5% % CIBC 0.5% % International Clothiers 0.4% % Petcetera 0.4% % Blockbuster Video 0.4% % Pharma Plus 0.4% % Pier 1 Imports 0.4% % Bank Of Montreal 0.4% % Moores 0.4% % A Buck Or Two 0.4% % The Source 0.4% % Sleep Country Canada 0.4% % The Beer Store 0.4% % Mexx 0.4% % BouClair 0.3% % Boston Pizza 0.3% % Royal Bank Of Canada 0.3% % Subway 0.3% % % 1,427 19, % Fourth Quarter Ended December 31, 2008 Supplemental Information Package

6 Lease Expiries by Geographical Area At December 31, 2008 Property ownership NLA (sq. ft.) Year Total Ontario Central Square feet 12,569, ,969 1,257,177 1,507, ,731 1,376,359 5,894,593 Percentage 6.2% 10.0% 12.0% 7.8% 11.0% 46.9% Ontario East Square feet 4,434, , , , , ,313 1,624,422 Percentage 7.2% 10.3% 8.8% 6.1% 4.2% 36.6% Ontario West Square feet 2,650, , , , , ,601 1,333,703 Percentage 8.2% 13.3% 7.1% 12.9% 8.9% 45.4% Total Ontario Square feet 19,653,192 1,313,031 2,063,434 2,087,243 1,590,737 1,798,273 8,852,718 Percentage 6.7% 10.5% 10.6% 8.1% 9.2% 45.0% Quebec Square feet 6,195, , , , , ,306 2,555,631 Percentage 7.6% 5.1% 12.0% 10.1% 6.4% 41.2% Alberta Square feet 2,978, , , , , ,683 1,702,171 Percentage 6.4% 14.2% 13.3% 13.0% 10.3% 57.1% British Columbia Square feet 1,785,043 82, , , , , ,657 Percentage 4.6% 9.4% 11.7% 12.4% 16.2% 43.4% New Brunswick Square feet 1,299,330 51, , ,077 59,720 59, ,459 Percentage 4.0% 10.2% 13.2% 4.6% 4.6% 36.6% Saskatchewan Square feet 267,667 14,690 7, ,269 8,646 16, ,649 Percentage 5.5% 3.0% 45.7% 3.2% 6.0% 58.5% Newfoundland Square feet 212,331 22,831 39,085 37,199 2,378 5, ,204 Percentage 10.8% 18.4% 17.5% 1.1% 2.7% 50.5% Manitoba Square feet 178,877 37,112 26,775 5,573 5,867 10,958 86,285 Percentage 20.7% 15.0% 3.1% 3.3% 6.1% 43.2% Prince Edward Island Square feet 166,717 18,272 46,999 1,148 22,293 13, ,889 Percentage 11.0% 28.2% 0.7% 13.4% 7.9% 53.3% Nova Scotia Square feet 69,047 1, ,952 Percentage 0.0% 1.9% 0.0% 1.2% 1.1% 4.3% Total Square feet 32,806,627 2,202,784 3,222,302 3,776,079 2,926,276 2,895,174 15,022,615 Percentage 6.7% 9.8% 11.5% 8.9% 8.8% 45.8% Expiries 5 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

7 Greenfield Development Projects As at December 31, 2008 (thousands of square feet, except percentage amounts) Estimated square feet upon completion of the development project RioCan s interest Total Retail RioCan s Income Under RioCan s % estimated owned and partners producing development Total Total ownership development anchors (iv) interests ( IPP ) ( PUD ) RioCan partner RioCan Owned: Avenue Road, Toronto, ON 100% Barrie Essa Road, Barrie, ON (i) 100% Eglinton Avenue & Warden Avenue, Toronto, ON 100% Queen Street & Portland Street, Toronto, ON 100% RioCan Renfrew Centre, Renfrew, ON 100% Taunton Road & Garrard Road, Whitby, ON (i) 100% Co-ownerships: Trinity Development Group ( Trinity ) Clappison s Crossing, Hamilton, ON 50% Corbett Centre, Fredericton, NB 62.5% Gravenhurst, ON 33.3% Hazeldean Road, Ottawa, ON 33.3% Highway 401 & Thickson Road Phase I, Whitby, ON 25% Innes Road & Belcourt Boulevard, Ottawa, ON 33.3% Okotoks, AB 50% RioCan Centre Vaughan, Vaughan, ON 31.25% Stouffville, ON 34% , , ,437 CPPIB Investment Board ( CPPIB ) RioCan Meadows, Edmonton, AB (ii) 50% CPPIB/Trinity East Hills, Calgary, AB 37.5% 1,586 1, Jacksonport, Calgary, AB 25% 1, St. Clair Avenue and Weston Road, Toronto, ON 25% , , ,953 Other Westney Road & Taunton Road, Ajax, ON 20% Windfield Farms, Oshawa, ON (i) 33.3% 1,225 1, ,395 1, Other projects March Road, Ottawa, ON (iii) 60% Paris, ON 62.5% Total Development NLA 9,622 1,604 8, ,034 3,421 4,597 Lands Under Conditional Contract Ontario 1,920 PEI 660 Total Lands Under Conditional Contract 2,580 Total Development Projects 12,202 Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) (ii) (iii) (iv) Included (or a portion thereof) in properties held for resale. 50% of this development is subject to a forward sale to CPPIB. As a result, only RioCan s interests are reported. In January 2009, RioCan sold its interest in this property to Trinity. Retailer owned anchors include both complete and sale transactions under contract. 6 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

8 Greenfield Development Projects Continued As at December 31, 2008 (thousands of square feet, except percentage amounts) Anticipated date of RioCan s % Leasing % Leasing substantial Anticipated ownership activity (iii) activity completion anchors (iv) RioCan Owned: Avenue Road, Toronto, ON 100% 16 76% Q Barrie Essa Road, Barrie, ON (i) 100% % Q Loblaws, Lowe s Eglinton Avenue & Warden Avenue, Toronto, ON 100% % Q Zellers Queen Street & Portland Street, Toronto, ON 100% 0% 2011 RioCan Renfrew Centre, Renfrew, ON 100% 53 39% Q Loblaws *, Staples Taunton Road & Garrard Road, Whitby, ON (i) 100% % Q Lowe s % Co-ownerships: Trinity Clappison s Crossing, Hamilton, ON 50% % Q Rona, Wal-Mart Corbett Centre, Fredericton, NB 62.5% 92 38% Q Home Depot *, Costco * Gravenhurst, ON 33.3% % Q Canadian Tire, Sobeys Hazeldean Road, Ottawa, ON 33.3% 88 33% Q Highway 401 & Thickson Road Phase I, Whitby, ON 25% 99 48% Q Rona Innes Road & Belcourt Boulevard, Ottawa, ON 33.3% 82 29% 2011 Okotoks, AB 50% 63 41% 2011 Home Depot * RioCan Centre Vaughan, Vaughan, ON 31.25% % Q Wal-Mart Stouffville, ON 34% 8 4% ,087 46% CPPIB RioCan Meadows, Edmonton, AB (ii) 50% % Q Loblaws *, Home Depot, Staples, Winners, Best Buy CPPIB/Trinity East Hills, Calgary, AB 37.5% 0% 2011 Jacksonport, Calgary, AB 25% 0% 2011 St. Clair Avenue and Weston Road, Toronto, ON 25% 0% 2011 Other Westney Road & Taunton Road, Ajax, ON 20% 8 5% Q Windfield Farms, Oshawa, ON (i) 33.3% 0% 2014 (v) 8 1% 1,970 25% Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Included (or a portion thereof) in properties held for resale. (ii) 50% of this development is subject to a forward sale to CPPIB. As a result, only RioCan s interests are reported. (iii) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (iv) Anchors that are retailer owned are designated with an asterisk (*). (v) The first phases are expected to be substantially complete in Fourth Quarter Ended December 31, 2008 Supplemental Information Package

9 Greenfield Development Projects Continued As at December 31, 2008 (thousands of dollars) Estimated remaining construction Development activity Acquisition and development expenditures incurred to date expenditures to complete funded by RioCan RioCan s interest Estimated Amount Amount RioCan s % project cost included included Partners RioCan s Partners 2011 & ownership at 100% (iii) in IPP in PUD Total interest Total interest interest Total thereafter RioCan Owned: Avenue Road, 100% $ 25,962 $ $ 12,552 $ 12,552 $ $ 12,552 $ 13,410 $ $ 13,410 $ 4,931 $ 5,796 $ 2,684 Toronto, ON Barrie Essa Road, 100% 44,364 9,697 17,288 26,985 26,985 17,379 17,379 7,844 1,531 8,004 Barrie, ON (i) Eglinton Avenue & 100% 44,186 20,364 20,364 20,364 23,822 23,822 22,143 1,679 Warden Avenue, Toronto, ON Queen Street & 100% 39,492 15,058 15,058 15,058 24,434 24,434 (1,838) 14,153 12,120 Portland Street, Toronto, ON RioCan 100% 29,109 8,489 5,037 13,526 13,526 15,583 15, ,448 Renfrew Centre, Renfrew, ON Taunton Road & 100% 13,435 11,333 11,333 11,333 2,102 2,102 1, Garrard Road, Whitby, ON (i) 196,548 18,186 81,632 99,818 99,818 96,730 96,730 35,107 24,369 37,256 Co-ownerships: Trinity Clappison s 50% 53,249 9,556 9,367 18,923 18,923 37,846 7,702 7,701 15, ,504 4,143 Crossing, Hamilton, ON Corbett Centre, 62.5% 45,939 9,152 3,816 12,968 7,781 20,749 15,744 9,446 25,190 6,730 12,992 5,468 Fredericton, NB Gravenhurst, ON 33.3% 62,867 6,854 6,854 13,709 20,563 14,101 28,203 42,304 4,958 3,609 5,535 Hazeldean Road, 33.3% 63,208 5,731 5,731 11,460 17,191 15,339 30,678 46,017 1,340 23,862 20,816 Ottawa, ON Highway 401 & 25% 40,465 4, ,410 16,231 21,641 4,706 14,118 18, ,359 Thickson Road Phase I, Whitby, ON Innes Road & 33.3% 61,845 5,156 5,156 10,311 15,467 15,459 30,919 46,378 9,208 29,537 7,634 Belcourt Boulevard, Ottawa, ON Okotoks, 50% 37,718 2,601 2,601 2,600 5,201 16,259 16,258 32,517 11,535 10,146 2,705 Okotoks, AB RioCan Centre 31.25% 59,071 14,333 14,333 36,457 50,790 2,588 5,693 8,281 (2,817) 3,102 2,302 Vaughan, Vaughan, ON Stouffville, ON 34% 43,492 6,126 6,126 11,891 18,017 8,662 16,813 25, , ,854 23,364 54,738 78, , , , , ,389 32,061 93,752 83,137 CPPIB RioCan Meadows, 50% 38,236 27,848 2,905 30,753 30,753 3,742 3,741 7, , Edmonton, AB (ii) CPPIB/Trinity East Hills, 37.5% 348,365 17,179 17,179 28,631 45, , , ,555 8,134 25, ,382 Calgary, AB Jacksonport, 25% 183,412 12,466 12,466 37,399 49,865 33, , ,547 4,294 12,818 49,661 Calgary, AB St. Clair Avenue and 25% 186,478 7,104 7,104 21,312 28,416 39, , , ,119 51,106 Weston Road, Toronto, ON 718,255 36,749 36,749 87, , , , ,164 13,234 65, ,149 Other Westney Road 20% 46,212 2,571 2,571 10,285 12,856 6,672 26,684 33,356 1,500 4, & Taunton Road, Ajax, ON Windfield Farms, 33.3% 195,723 9,856 9,856 19,713 29,569 55, , , ,005 Oshawa, ON (i) 241,935 12,427 12,427 29,998 42,425 62, , ,510 1,680 5,104 55,272 $1,662,828 $ 69,398 $ 188,451 $ 257,849 $ 246,703 $ 504,552 $ 449,451 $ 708,825 $1,158,276 $ 82,651 $ 191,389 $ 413,432 Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Included (or a portion thereof) in properties held for resale. (ii) 50% of this development is subject to a forward sale to CPPIB. As a result, only RioCan s interests are reported. (iii) Proceeds from sale to shadow anchors reduce projected costs. 8 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

10 Greenfield Development Projects Continued As at December 31, 2008 (thousands of dollars) Third party Development financing Total Remaining RioCan Total RioCan s % financing Advanced to be on behalf RioCan ownership available to date advanced (iii) RioCan of partners funded Partners Total RioCan RioCan and partners RioCan Owned: Avenue Road, Toronto, ON 100% $ 13,410 $ $ 13,410 $ $ $ $ $ Barrie Essa Road, Barrie, ON (i) 100% 17,379 17,379 17,379 Eglinton Avenue & Warden Avenue, 100% 23,822 23,822 23,822 Toronto, ON Queen Street & Portland Street, 100% 24,434 24,434 24,434 Toronto, ON RioCan Renfrew Centre, Renfrew, ON 100% 15,583 15,583 15,583 Taunton Road & Garrard Road, 100% 2,102 2,102 2,102 Whitby, ON (i) 13,410 13,410 83,320 83,320 83,320 Co-ownerships: Trinity Clappison s Crossing, Hamilton, ON 50% 15,403 15,403 15,403 Corbett Centre, Fredericton, NB 62.5% 35,000 9,324 25,676 (304) (182) (486) (486) Gravenhurst, ON 33.3% 31,500 31,500 3,601 3,601 7,203 10,804 Hazeldean Road, Ottawa, ON 33.3% 15,339 30,678 46,017 46,017 Highway 401 & Thickson Road 25% 4,706 4,706 9,412 9,412 18,824 Phase I, Whitby, ON Innes Road & Belcourt Boulevard, 33.3% 15,459 30,919 46,378 46,378 Ottawa, ON Okotoks, AB 50% 16,259 8,129 24,388 8,129 32,517 RioCan Centre Vaughan, Vaughan, ON 31.25% 25,500 18,270 7, ,051 Stouffville, ON 34% 8,662 16,813 25,475 25,475 92,000 27,594 64,406 79,453 91, ,516 25, ,983 CPPIB RioCan Meadows, Edmonton, AB (ii) 50% 3,742 3,742 3,741 7,483 CPPIB/Trinity East Hills, Calgary, AB 37.5% 113,458 56, , , ,555 Jacksonport, Calgary, AB 25% 33,388 33,386 66,774 66, ,547 St. Clair Avenue and Weston Road, 25% 39,516 39,515 79,031 79, ,062 Toronto, ON 186, , , , ,164 Other Westney Road & Taunton Road, 20% 6,672 6,672 26,684 33,356 Ajax, ON Windfield Farms, Oshawa, ON (i) 33.3% 55,385 55, , ,154 62,057 62, , ,510 $ 105,410 $ 27,594 $ 77,816 $ 414,934 $ 220,693 $ 635,627 $ 444,833 $1,080,460 Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Included (or a portion thereof) in properties held for resale. (ii) This development is subject to a forward sale to CPPIB. As a result, only RioCan s interests are reported. (iii) Remaining advances are shown at 100%. Amounts advanced are applied to reduce $51.9 million of development activity funded by RioCan. 9 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

11 Expansion and Redevelopment Projects As at December 31, 2008 (thousands, except percentage amounts) Development Development activity at Estimated project cost including land expenditures RioCan s interest to date at RioCan s % Project NLA RioCan s Partners RioCan s ownership Tenant(s) (square feet) interest interest Total interest RioCan owned: Coliseum Theatre, Ottawa, ON 100% Urban Clothing, Access Medical Centre, 19 $ 4,591 $ $ 4,591 $ 2,007 $ 2,584 $ CLM Medical Lab, Shoeless Joes Les Galeries Lachine, Lachine, QC 100% Banque Nationale 4 1,654 1, RioCan Merivale Place, Nepean, ON 100% HomeSense 28 6,007 6,007 1,357 4,650 RioCan Signal Hill Centre, Calgary, AB 100% RBC, The Brick, Melanie Lyne, Smart Set 19 3,832 3, ,105 Shoppers World Brampton, 100% Bad Boy, Imperial Buffet, Beer Store 82 23,116 23,116 10,956 9,300 2,860 Brampton, ON RioCan Warden, Toronto, ON 100% Lowe s ,720 14,720 14, ,920 53,920 30,644 20,416 2,860 Co-ownerships 404 Town Centre, Newmarket, ON 50% Shoppers Drug Mart 20 1,701 1,701 3, ,511 Tillicum Centre, Victoria, BC 50% Dollar Giant 9 1,051 1,051 2, ,752 2,752 5, , $ 56,672 $ 2,752 $ 59,424 $ 31,067 $ 22,745 $ 2, Fourth Quarter Ended December 31, 2008 Supplemental Information Package

12 At December 31, 2008 Avenue Road Toronto, Ontario This property is located at the northeast corner of Avenue Road and Fairlawn Avenue in one of the busiest nodes in the City of Toronto. Comprising over 1.5 acres, the existing retail facility is being demolished and redeveloped to accommodate a mixed-use building featuring a 5.5 storey residential component, along with 21,000 square feet of retail street-front space. The project will be co-developed by RioCan and Tribute Communities and is expected to be substantially completed by the end of the fourth quarter of Barrie Essa Road 11 Bryne Drive, Barrie, Ontario The centre currently consists of a 72,000 square foot single-storey freestanding Zehrs (Loblaws) store. The centre is located in one of the busiest areas in Barrie and benefits from excellent visibility from Highway 400. Upon completion, this new format retail centre will feature an additional 216,000 square feet including a 142,000 square foot Lowe s that will anchor the newly developed portion of the site. Clappison s Crossing Flamborough, Ontario This site is currently being developed into a 325,000 square foot new format retail centre as a joint venture with Trinity. The site is currently anchored by Rona, which commenced operations in the fourth quarter of A 151,000 square foot Wal-Mart will be constructed in RioCan s ownership interest in the property is 50%. Corbett Centre Fredericton, New Brunswick This 26 acre site, acquired by way of a 66-year long-term lease, is currently being developed into a 477,000 square foot new format retail centre. The site is anchored by Home Depot, which owns its own store and operates as part of the overall site. A Costco, which also owns its own store, will be developed in RioCan s ownership interest in the property is 62.5%. The site is being developed with our partner, Trinity and is expected to be substantially complete by the end of the third quarter of East Hills Calgary, Alberta This 145 acre site is currently being developed into a 1.6 million square foot regional new format retail centre. In October 2008, RioCan, Trinity and the original vendor reduced their ownership interests to 37.5%, 12.5% and 12.5% respectively, with CPPIB acquiring a 37.5% non-managing ownership interest. The site is being developed with our partner, Trinity and is expected to be substantially complete in Eglinton Avenue and Warden Avenue Toronto, Ontario Located at the northeast corner of Eglinton Avenue East and Warden Avenue, the site is currently being developed into a 163,000 square foot new format retail centre anchored by a 116,000 square foot Zellers. The site is expected to be complete in the second quarter of Gravenhurst Talisman Drive and Edward Street, Gravenhurst, Ontario This 29 acre site is currently being developed into a 311,000 square foot new format retail centre. The site will be anchored by Canadian Tire and Sobeys. The site will be developed with our partners, Trinity and The Otis Group of Companies and is expected to be substantially complete by the end of the third quarter of RioCan s ownership interest in the property is 33.3%. Hazeldean Road Ottawa, Ontario This 33 acre site is currently being developed into a 389,000 square foot new format retail centre as a joint venture with Trinity and Shenkman Corporation. RioCan s ownership interest in the property is 33.3%. The centre is expected to be substantially complete in the fourth quarter of Highway 401 and Thickson Road Whitby, Ontario This site is currently being developed into a 205,000 square foot new format retail centre as a joint venture with Trinity and The Wynn Group. RioCan s ownership interest in the property is 25%. The property is well located with easy access off Highway 401. The site is anchored by a 99,000 square foot Rona store, who commenced operations in the fourth quarter of The centre is expected to be substantially complete by the end of the fourth quarter of Innes Road and Belcourt Boulevard Ottawa, Ontario This 39 acre site is currently being developed into a 426,000 square foot new format retail centre as a joint venture with Trinity and Shenkman Corporation. RioCan s ownership interest in the property is 33.3%. The centre is expected to be substantially complete in Jacksonport Calgary, Alberta Jacksonport, located at 36th Street NE and Country Hills Bouelvard NE in Calgary, is a 105 acre development that will consist predominately of new format retail. Upon completion, the development is expected to feature approximately 1.1 million square feet of retail space. A 50% interest in this property was sold to the CPPIB in June 2008 and a 25% interest has been retained by each of Trinity and RioCan. Okotoks, Alberta This 27 acre site is currently being developed into a 402,000 square foot new format retail centre as a joint venture with Trinity and Tristar. The site is anchored by a 90,000 square foot Home Depot which owns its own store and operates as part of the overall site. The centre is expected to be substantially complete in RioCan s ownership interest in the property is 50%. Queen Street and Portland Street Toronto, Ontario The property is situated on a one acre site in downtown Toronto, located in an area bound by Richmond Street to the south, Portland Street to the east, and Queen Street to the north. This site will be developed into a mixed-use building featuring a fourstorey residential component as well as approximately 91,000 square feet of retail space on three storeys. The site will be developed with Tribute Communities, which owns the residential component, and the retail component is expected to be substantially complete in RioCan Centre Vaughan Vaughan, Ontario This 51 acre site is currently being developed into a 517,000 square foot new format retail centre that will be anchored by a 213,000 square foot Wal-Mart that will open in the first quarter of The site is being developed with our partners, Trinity and Strathallen Capital Corp., and is expected to be substantially complete by the end of the first quarter of RioCan s ownership interest in the property is 31.25%. RioCan Meadows Whitemud Drive and 17th Street, Edmonton, Alberta The site is strategically located at the southwest corner of Whitemud and 17th Avenue in southeast Edmonton. Upon substantial completion, the site is expected to contain a total leasable area of 502,000 square feet. A 98,500 square foot Home Depot anchors the site. In addition, Loblaws (who owns its own site) is expected to commence operations of a 165,000 square foot Real Canadian Superstore in fall The site is being developed with our partner, the CPPIB, and is expected to be substantially complete by the end of the first quarter of RioCan s ownership interest in the property is 50%. RioCan Renfrew Centre O Brien Road and Gillan Street, Renfrew, Ontario This 14 acre site is currently being developed into a 210,000 square foot retail strip plaza. The site is anchored by a 74,000 square foot Loblaws (which owns its own lands) and is expected to be accompanied by 136,000 square feet of ancillary retail space. Tenants totalling approximately 45,000 square feet had commenced operations as at December St. Clair Avenue and Weston Road Toronto, Ontario The St. Clair and Weston development benefits from a well-established urban node at the intersection of St. Clair Avenue and Weston Road. The 19 acre site is expected to ultimately feature approximately 570,000 square feet of space. The project concept features a unique urban, two-storey retail prototype that has been successfully utilized in the United States. A 50% interest in this property was sold to the CPPIB in June 2008 and a 25% interest has been retained by each of Trinity and RioCan. Stouffville Stouffville, Ontario This 30 acre site is currently being developed into a 179,000 square foot retail centre. The site will be developed with our partners, Trinity and Rice/Fryberg, and is expected to be substantially complete in Taunton Road and Garrard Road Whitby, Ontario This site is currently being developed into a 147,000 square foot new format retail centre. The site will consist entirely of a 142,000 square foot Lowe s and a 5,000 square foot TD Canada Trust. The centre is expected to be substantially complete by the end of the first quarter of RioCan s ownership interest in the property is 100%. Westney Road and Taunton Road Ajax, Ontario This site is currently being developed into a 170,000 square foot new format retail centre as a joint venture with the Sun Life Assurance Company of Canada. The site is expected to be substantially complete by the end of the first quarter of RioCan s ownership interest in the property is 20%. Windfield Farms Oshawa, Ontario This 157 acre site is currently being developed into a 1.2 million square foot regional new format retail centre. RioCan s ownership interest in the property is 33.3%. The site is being developed with two partners and the first phase is expected to be substantially complete by Fourth Quarter Ended December 31, 2008 Supplemental Information Package

13 Contractual Debt Repayment Schedule At December 31, 2008 (unaudited in thousands of dollars, except percentage amounts) Scheduled Percentage Principal maturities: principal Principal Total of total debt Weighted average interest rates Future repayments by year of maturity amortization maturities debt outstanding Contractual Effective(i) 2009 $ 63,314 $ 314,849 $ 378, % 6.3% 6.2% , , , % 6.7% 6.9% , , , % 5.5% 5.6% , , , % 5.9% 6.1% , , , % 5.7% 5.9% , , , % 6.6% 6.4% , , , % 5.3% 5.5% , , , % 5.6% 5.4% , , , % 5.2% 5.4% ,973 79,180 92, % 6.2% 6.2% ,622 6, % 7.1% 7.2% ,475 2, % 7.9% 7.8% ,400 5, % 7.2% 7.0% ,950 6, % 6.4% 6.5% ,520 11, % 6.8% 7.0% , , % 6.0% 6.1% ,933 6, % 6.8% 6.9% $ 409,421 $ 2,851,572 $ 3,260, % 5.9% 6.0% 5.2 years weighted average term to maturity (i) The effective interest rate is the rate that exactly discounts estimated future cash payments of the financial instrument (mortgage payable or debenture) to the net carrying amount of the financial instrument. 12 Fourth Quarter Ended December 31, 2008 Supplemental Information Package

14 Debt Ratio Analysis At December 31, 2008 (unaudited in thousands of dollars, except percentage amounts) Leverage ratio (Note 1) 54.9% % of debt at fixed rates 99.5% % of debt at floating rates 0.5% Note 1 Leverage Ratio Calculation Contractual debt Mortgages payable per balance sheet $2,415,803 Debentures payable per balance sheet 844,492 Add: Unamortized debt financing costs 10,874 Less: Unamortized differential between contractual and market interest rates on liabilities assumed at the acquisition of properties (10,176) $3,260,993 Aggregate assets Total assets per balance sheet $5,336,820 Add: Accumulated amortization of income properties 605,104 $5,941,924 Leverage ratio (Defined by RioCan s Declaration of Trust) $3,260,993 / $5,941, % Additional debt permitted to be at 60% leverage (($5,941,924 x 60%) $3,260,993) / (1 60%) $ 760, Fourth Quarter Ended December 31, 2008 Supplemental Information Package

15 General Information At December 31, 2008 Distributions per Unit: Distributions are paid monthly Year 2008 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Unitholder Distribution Reinvestment Plan: RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested without commissions and provides participants with a number of bonus units equal to 3.1% of the number of units acquired upon the reinvestment. Average Daily Volume of Units Traded: th quarter 568, , , , ,341 3rd quarter 444, , , , ,513 2nd quarter 495, , , , ,481 1st quarter 534, , , , ,642 Annual 510, , , , ,929 Unit Prices ($): Q Q Q Q Q Q Q Q High $20.80 $22.08 $22.25 $22.42 $25.94 $26.06 $26.95 $27.34 Low Close Non-resident Ownership*: Q Q Q Q Q Q Q Q Canadian 68.98% 66.9% 70.2% 69.7% 69.1% 70.5% 69.7% 70.6% Non-resident 31.02% 33.1% 29.8% 30.3% 30.9% 29.5% 30.3% 29.4% Total % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Estimate based on mailing addresses at December 31, Fourth Quarter Ended December 31, 2008 Supplemental Information Package

16 Senior Management and Unitholder Information Head Office: RioCan Real Estate Investment Trust 2300 Yonge Street, Suite 500 PO Box 2386, Toronto, Ontario M4P 1E4 Tel: (416) or 1 (800) Fax: (416) Website: inquiries@riocan.com Senior Management: Edward Sonshine, Q.C. Frederic A. Waks Raghunath Davloor Donald MacKinnon Jordan Robins Jeff Ross John Ballantyne Michael Connolly Therese Cornelissen Jonathan Gitlin John Ho Danny Kissoon Suzanne Marineau Maria Rico Kenneth Siegel President & Chief Executive Officer Executive Vice President & Chief Operating Officer Senior Vice President & Chief Financial Officer Senior Vice President, Real Estate Finance Senior Vice President, Planning & Development Senior Vice President, Leasing Vice President, Asset Management Vice President, Construction Vice President & Chief Accounting Officer Vice President, Investments Vice President, Property Accounting Vice President, Operations Vice President, Human Resources Vice President, Financial Reporting & Risk Management Vice President, Leasing Investor Relations Contacts: Debra Chan Director, Investor Relations Tel: (416) or 1 (800) Fax: (416) dchan@riocan.com Nancy Medlock Investor Relations Administrator Tel: (416) or 1 (800) Fax: (416) nmedlock@riocan.com Stock Exchange Listing: The Toronto Stock Exchange Trading Symbol: REI.UN Transfer Agent & Registrar: CIBC Mellon Trust Company P.O. Box 7010 Adelaide Street Postal Station, Toronto, ON M5C 2W9 Answerline: (416) /Toll free North America: 1 (800) Website: inquiries@cibcmellon.com 15 Fourth Quarter Ended December 31, 2008 Supplemental Information Package