RioCan's Retail-Focused Strategy Delivers Strong First Quarter Results - Record 25.8% Blended Leasing Spreads, 4.7% Commercial Same Property NOI Growth and Continued Monetization of RioCan Living

TORONTO--(BUSINESS WIRE)--RioCan Real Estate Investment Trust (“RioCan" or the "Trust”) (TSX: REI.UN) announced today its financial and operating results for the three months ended March 31, 2026, demonstrating continued momentum across leasing, Commercial Same Property NOI growth¹ and its capital recycling initiatives, consistent with the strategy and financial framework outlined at its Investor Day.

• Blended leasing spreads were a record 25.8% in the First Quarter, driven by new leasing spreads of 58.5%, providing clear visibility into future organic growth and highlighting the impact of the Trust's strategic independence
• Commercial Same Property NOI growth accelerated to 4.7%, reinforcing the strength of RioCan’s core retail portfolio
• Total Capital Repatriation from RioCan Living - proforma¹ of $1.04 billion reflects continued progress toward the $1.3 billion target outlined at Investor Day

“Our first quarter results underscore the strength and resilience of our retail-focused platform," said Jonathan Gitlin, President and CEO of RioCan. “We are successfully unlocking embedded growth by leveraging our high-quality assets to capitalize on this leasing supercycle. This has enabled us to capture mark-to-market opportunities that have driven record leasing spreads and amplified SPNOI growth. Continued portfolio simplification and disciplined execution of our capital recycling strategy are enhancing balance sheet flexibility, enabling capital allocation aligned with the long-term growth framework we outlined at our Investor Day. Together, this execution underpins our confidence in RioCan’s ability to deliver durable, long-term value for our Unitholders."

Financial Highlights
Three months ended March 31		2026		2025
Core FFO per unit - diluted ^1	$	0.39	$	0.39
Net income (loss) per unit - diluted	$	0.32	$	(0.28	)
As at	March 31, 2026		December 31, 2025
Net book value per unit	$	24.42	$	24.37

• Core FFO per unit - diluted in the First Quarter benefitted primarily from Commercial Same Property NOI growth¹ of 4.7% and the accretive impact of unit buybacks. The impact of asset dispositions, net of acquisitions, higher interest expense and lower interest income offset these benefits. The Trust reaffirms the Financial Outlook for 2026.
• Net income per unit for the First Quarter of $0.32 was $0.60 per unit higher than the same period last year, mainly as a result of $210.2 million or $0.71 per unit of lower Net Valuation Losses¹ relating to RC-HBC LP and the fair value of investment properties, partially offset by $0.06 per unit of lower residential inventory gains.
• Adjusted Spot Debt to Adjusted EBITDA¹ was 8.94x, within RioCan's targeted range. The ratio of unsecured to secured debt was 66% to 34% and the Core FFO Payout Ratio¹ was 74.8%. RioCan ended the quarter with $1.3 billion of Liquidity¹ and $9.4 billion in Unencumbered Assets¹, supporting financial flexibility and disciplined capital allocation opportunities.

1. A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release.

Financial Outlook

	Financial Outlook 2026
Core FFO per unit - diluted (i)	$1.60 to $1.62
Commercial Same Property NOI growth (i)	3.5% to 4.0%
Portfolio Investments Spending (ii) ^1	~ $95 million - $115 million
Development Spending (ii) ^1	~ $45 million - $55 million

(i)	Refer to the Financial Outlook section of the Management Discussion and Analysis for the three months ended March 31, 2026 for further details. Readers are cautioned to review the discussion of forward-looking information and related risks under the Forward-Looking Information and Financial Outlook and Financial Outlook section of the MD&A.
(ii)	Portfolio Investments Spending includes an estimated amount of spending for retail infill projects and asset enhancements. Development Spending includes an estimated amount of spending for pipeline advancement, residential inventory and mixed-use projects.

1. A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release.

Selected Financial and Operational Highlights

(in millions, except where otherwise noted, and percentages)
As at					March 31, 2026			March 31, 2025
Occupancy - committed (i)						97.9	%		98.0	%
Retail occupancy - committed (i)						98.6	%		98.7	%
	Three months ended March 31				Twelve months ended March 31
	2026		2025			2026			2025
Blended leasing spread	25.8	%	17.5	%		23.1	%		19.8	%
New leasing spread	58.5	%	18.3	%		47.0	%		39.4	%
Renewal leasing spread	20.1	%	17.3	%		18.5	%		14.5	%
As at					March 31, 2026			December 31, 2025
Liquidity (ii)^1					$	1,323		$	1,462
Adjusted Spot Debt to Adjusted EBITDA (ii)^1					8.94x			8.64x
Unencumbered Assets (ii)^1					$	9,388		$	9,173

(i)	Includes commercial portfolio only. Excludes income producing properties that are owned through joint ventures and reported under equity-accounted investments.
(ii)	At RioCan's Proportionate Share.

• Leasing Spreads: Delivered a record high blended leasing spread of 25.8% in the First Quarter, reflecting new and renewal leasing spreads of 58.5% and 20.1%, respectively. Excluding fixed renewals, the average blended leasing spread of 29.5% on new leases and market renewals (comprising 69% of the total square footage of renewed leases) highlights the depth of mark-to-market opportunity across the portfolio.
• Average Net Rent Per Square Foot for new leasing: Mark-to-market gains drove new leasing to $31.25 per square foot, a 33% premium to the $23.49 average net rent per occupied square foot at quarter end.
• Leasing Progress: 1.1 million square feet of leasing activity in the First Quarter, including 0.8 million square feet of renewals. 1.7 million square feet of lease maturities remaining in 2026 provide continued mark-to-market opportunities.
• Occupancy: Committed retail occupancy of 98.6% reflects structurally constrained retail supply across RioCan's markets and resilient tenant demand.
• Retention Ratio: A high retention ratio of 92.4% highlights best-in-class tenant relationships and enables efficient organic growth with minimal capital outlay.
• Same Property NOI: Commercial Same Property NOI¹ grew 4.7% in the First Quarter, the third consecutive quarter at or above 4.5%, continuing to highlight the strength of our core assets and success of RioCan's leasing strategy.
• Adjusted G&A Expense as a percentage of rental revenue¹: Improved to 3.3% in the First Quarter, down from 3.5% in the comparable period and is expected to remain under 4% on a full year basis.
• Total Capital Repatriation from RioCan Living¹ - proforma: $1.04 billion or 80% of the $1.3 billion target, including closed, firm and conditional sales of residential rental properties as of May 4, 2026, and proceeds from residential inventory sales.
• In 2026, RioCan advanced its capital recycling and simplification strategy by closing the previously disclosed sale of The Underwood Apartments, executing two firm agreements to sell FourFifty The Well and Bellevue Phase One and Two, and executing a conditional agreement to sell another residential rental property for total gross sale proceeds of $379.0 million. In conjunction with the sale of Bellevue Phase One and Two, the Trust also terminated its forward purchase agreement to buy Bellevue Phase Three, which was scheduled to close in the first half of 2026. The Trust continues to repatriate capital from the sale of residential inventory. In 2026, the Trust received $30.0 million of proceeds from the closing of residential inventory.
• The Trust continues to see strong interest in the remaining four RioCan Living assets, reflecting the quality of the portfolio and the effectiveness of its strategic execution. The Trust's residual inventory balance related to condominium projects under construction is approximately 1% of NAV or $100 million², 14% of which is subject to binding purchase agreements. The Trust remains actively focused on monetizing the remaining inventory in a disciplined manner.
• In addition to the RioCan Living dispositions, as of May 4, 2026, the Trust also entered into $57.1 million² firm and conditional deals.
• Proceeds from these capital repatriation activities have been reinvested into accretive uses including Portfolio Investments and the repurchase of Trust Units.
• Portfolio Investments Spending¹: Reinvested approximately $22.3 million into portfolio investments including $7.3 million of retail infill projects and $14.9 million of asset enhancement, advancing our strategy of maximizing existing density within high-quality centres to capitalize on strong retailer demand in supply-constrained markets.
• Normal Course Issuer Bid (NCIB): For the three months ended March 31, 2026, the Trust purchased and cancelled 2.6 million Units at a weighted average price of $19.51 per unit for a total cost of $51.4 million under its NCIBs and related automatic securities purchase plan. The Trust views the NCIB as an accretive and disciplined use of capital, as management believes the current unit price does not accurately reflect the intrinsic value of RioCan’s business.
• Portfolio Additions: During the First Quarter, the Trust completed acquisitions for the remaining 50% of Oakville Place and Georgian Mall totalling approximately $145.4 million, further strengthening its growth platform.
• Balance Sheet and Liquidity: As of March 31, 2026, the Adjusted Spot Debt to Adjusted EBITDA ratio increased to 8.94x from 8.64x at the end of 2025, reflecting acquisition timing as associated debt is recognized upfront while earnings build over time. Normalized for a full year of earnings, these acquisitions are expected to contribute positively to this ratio and the Trust expects leverage to remain within the target range of 8.0x - 9.0x.
• The Trust has $1.3 billion of Liquidity to meet its financial obligations, including $1.2 billion from its revolving unsecured operating line of credit. The Trust's unencumbered asset pool increased to $9.4 billion at the end of the First Quarter from $9.2 billion at the end of 2025.
• As of March 31, 2026, the Ratio of Unsecured Debt to Total Contractual Debt on a proportionate share basis increased to 66% from 63% at year end 2025.
• During the First Quarter, the Trust issued $200.0 million Series AQ senior unsecured debentures with a coupon rate of 4.308%, maturing March 11, 2033 and repaid, in full, its $100.0 million 5.953% Series I senior unsecured debentures upon maturity. The net proceeds were used to repay existing indebtedness at or prior to maturity.
• Morningstar DBRS confirmed BBB credit rating and changed the trend to Positive from Stable during the quarter.
  

1. A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release.
2. On a proportionate share basis in equity-accounted joint ventures (EAI JV).

Conference Call and Webcast

Interested parties are invited to participate in a conference call with management on Tuesday, May 5, 2026 at 10:00 a.m. (ET). Participants will be required to identify themselves and the organization on whose behalf they are participating.

To access the conference call, click on the following link to register at least 10 minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register at any time prior to the call will receive an email with dial-in credentials including a login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 365-657-4084 (Canada) or 1-833-461-5787 (US Toll Free) and entering the access code: 736995173.

To access the simultaneous webcast, visit RioCan’s website at Events and Presentations and click on the link for the webcast.

About RioCan

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities. As at March 31, 2026, our portfolio is comprised of 167 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com.

Basis of Presentation and Non-GAAP Measures

All figures included in this News Release are expressed in Canadian dollars unless otherwise noted. RioCan’s unaudited interim condensed consolidated financial statements ("Condensed Consolidated Financial Statements") are prepared in accordance with International Financial Reporting Standards (IFRS). Financial information included within this News Release does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust's Condensed Consolidated Financial Statements and MD&A for the three months ended March 31, 2026, which are available on RioCan's website at www.riocan.com and on SEDAR+ at www.sedarplus.com.

Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not in accordance with generally accepted accounting principles (GAAP) under IFRS. Core FFO, Core FFO per unit - diluted, Same Property Net Operating Income ("SPNOI"), Commercial Same Property NOI, Core FFO Payout Ratio, Net Valuation Losses, Adjusted G&A Expense as a percentage of rental revenue, Total Capital Repatriation from RioCan Living - Proforma, Portfolio Investments Spending, Development Spending, Ratio of Unsecured Debt to Total Contractual Debt, Liquidity, Adjusted Spot Debt to Adjusted EBITDA, RioCan's Proportionate Share, Unencumbered Assets as well as other measures that may be discussed elsewhere in this News Release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. RioCan supplements its IFRS measures with these Non-GAAP measures to aid in assessing the Trust’s underlying performance and reports these additional measures so that investors may do the same. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. For full definitions of these measures, please refer to the "Non-GAAP Measures” section in RioCan’s MD&A for the three months ended March 31, 2026.

The reconciliations for non-GAAP measures included in this News Release are outlined as follows:

RioCan's Proportionate Share

The following table reconciles the consolidated balance sheets from IFRS to RioCan's proportionate share basis as at March 31, 2026 and December 31, 2025:

As at	March 31, 2026							December 31, 2025
(thousands of dollars)	IFRS basis		Equity-accounted investments (ii)			RioCan's proportionate share		IFRS basis		Equity-accounted investments			RioCan's proportionate share
Assets
Investment properties (i)	$	13,598,006	$	36,978		$	13,634,984	$	13,628,959	$	195,820		$	13,824,779
Equity-accounted investments		161,403		(161,403	)		—		159,596		(159,596	)		—
Residential inventory		235,633		252,403			488,036		236,745		263,569			500,314
Mortgages and loans receivable		256,883		2,051			258,934		338,331		(17,152	)		321,179
Assets held for sale		240,300		—			240,300		46,500		—			46,500
Receivables and other assets		372,040		47,371			419,411		339,221		57,909			397,130
Cash and cash equivalents		70,215		12,064			82,279		145,040		13,994			159,034
Total assets	$	14,934,480	$	189,464		$	15,123,944	$	14,894,392	$	354,544		$	15,248,936
Liabilities
Debentures payable	$	4,438,732	$	—		$	4,438,732	$	4,338,865	$	—		$	4,338,865
Mortgages payable		2,047,117		26,869			2,073,986		2,184,306		141,182			2,325,488
Mortgages payable associated with assets held for sale		178,824		—			178,824		28,343		—			28,343
Lines of credit and other bank loans		622,409		125,526			747,935		601,194		169,044			770,238
Accounts payable and other liabilities		538,670		37,069			575,739		584,421		44,318			628,739
Total liabilities	$	7,825,752	$	189,464		$	8,015,216	$	7,737,129	$	354,544		$	8,091,673
Equity
Unitholders’ equity		7,108,728		—			7,108,728		7,157,263		—			7,157,263
Total liabilities and equity	$	14,934,480	$	189,464		$	15,123,944	$	14,894,392	$	354,544		$	15,248,936

(i)	Net of $81.7 million of cumulative unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value as at March 31, 2026 (December 31, 2025 - $50.2 million).
(ii)	On March 31, 2026, RioCan ceased to account for the RC-HBC LP as an equity-accounted investment, and the investment was reclassified to an investment measured at FVTPL. Consequently, RC-HBC LP assets and debt are no longer included on a proportionate share basis.

The following tables reconcile the consolidated statements of income (loss) from IFRS to RioCan's proportionate share basis for the three months ended March 31, 2026 and 2025:

Three months ended March 31	2026									2025
(thousands of dollars)	IFRS basis			Equity-accounted investments			RioCan's proportionate share			IFRS basis			Equity-accounted investments			RioCan's proportionate share
Revenue
Rental revenue	$	308,261		$	1,070		$	309,331		$	296,741		$	(15,349	)	$	281,392
Residential inventory sales		10,968			20,066			31,034			54,942			23,194			78,136
Property management and other service fees		3,077			—			3,077			4,148			(389	)		3,759
		322,306			21,136			343,442			355,831			7,456			363,287
Operating costs
Rental operating costs
Recoverable under tenant leases		118,489			712			119,201			109,995			965			110,960
Non-recoverable costs		9,476			(104	)		9,372			10,400			1,765			12,165
Residential inventory cost of sales		8,288			19,181			27,469			33,357			21,354			54,711
		136,253			19,789			156,042			153,752			24,084			177,836
Operating income (loss)		186,053			1,347			187,400			202,079			(16,628	)		185,451
Other income (loss)
Interest income		8,024			482			8,506			11,402			500			11,902
Income (loss) from equity-accounted investments		1,817			(1,817	)		—			(204,066	)		204,066			—
Fair value gain (loss) on investment properties, net (i)		23,521			37			23,558			(14,778	)		(152,489	)		(167,267	)
Investment and other income (loss), net		(36,026	)		668			(35,358	)		2,424			(33,033	)		(30,609	)
		(2,664	)		(630	)		(3,294	)		(205,018	)		19,044			(185,974	)
Other expenses
Interest costs, net		71,909			695			72,604			66,680			2,574			69,254
General and administrative		12,293			6			12,299			10,393			18			10,411
Internal leasing costs		3,445			—			3,445			3,256			—			3,256
Transaction and other costs		2,580			16			2,596			888			(176	)		712
		90,227			717			90,944			81,217			2,416			83,633
Income (loss) before income taxes	$	93,162		$	—		$	93,162		$	(84,156	)	$	—		$	(84,156	)
Net income (loss)	$	93,162		$	—		$	93,162		$	(84,156	)	$	—		$	(84,156	)

(i)	Net of $31.5 million of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil).

NOI and Same Property NOI

The following table reconciles operating income to NOI and Same Property NOI to NOI for the three months ended March 31, 2026 and 2025:

(thousands of dollars)
Three months ended March 31		2026			2025
Operating Income	$	186,053		$	202,079
Adjusted for the following:
Property management and other service fees		(3,077	)		(4,148	)
Residential inventory gains		(2,680	)		(21,585	)
Operational lease revenue from ROU assets, net (i)		2,384			2,339
NOI	$	182,680		$	178,685

(i)	Includes $0.1 million of straight-line rent from operational lease revenue from ROU assets for the three months ended March 31, 2026 (three months ended March 31, 2025 - $0.6 million).

Three months ended March 31		2026		2025
Commercial
Commercial Same Property NOI	$	156,085	$	149,022
NOI from income producing properties:
Acquired (i)		2,656		—
Disposed (i)		767		2,557
		3,423		2,557
NOI from completed commercial developments		10,178		10,957
NOI from properties under de-leasing and other (ii)		4,845		3,621
Lease cancellation fees		1,704		2,207
Straight-line rent adjustment (iii)		1,933		2,836
NOI from commercial properties		178,168		171,200
Residential
Residential Same Property NOI		2,499		2,624
NOI from income producing properties:
Acquired (i)		—		—
Disposed (i)		362		3,301
		362		3,301
NOI from completed residential developments		1,651		1,560
NOI from residential rental		4,512		7,485
NOI	$	182,680	$	178,685

(i)	Includes properties acquired or disposed of during the periods being compared.
(ii)	NOI from limited number of properties undergoing significant de-leasing in preparation for redevelopment or intensification.
(iii)	Includes $0.1 million of straight-line rent from operational lease revenue from ROU assets for the three months ended March 31, 2026 (three months ended March 31, 2025 - $0.6 million).

(thousands of dollars)
Three months ended March 31		2026		2025
Commercial Same Property NOI	$	156,085	$	149,022
Residential Same Property NOI		2,499		2,624
Same Property NOI	$	158,584	$	151,646

Residential Inventory Gains (RioCan's Proportionate Share)

The following table reconciles residential inventory gains from IFRS basis to RioCan's proportionate share basis for the three months ended March 31, 2026 and 2025:

Three months ended March 31	2026						2025
(thousands of dollars)	Residential inventory sales		Residential inventory cost of sales		Residential inventory gains		Residential inventory sales		Residential inventory cost of sales		Residential inventory gains
Total - IFRS basis	$	10,968	$	8,288	$	2,680	$	54,942	$	33,357	$	21,585
Equity-accounted joint ventures		17,255		16,370		885		11,166		10,521		645
Total - IFRS and equity-accounted joint ventures		28,223		24,658		3,565		66,108		43,878		22,230
Other equity-accounted investments		2,811		2,811		—		12,028		10,833		1,195
Total - RioCan's proportionate share	$	31,034	$	27,469	$	3,565	$	78,136	$	54,711	$	23,425

FFO

The following table reconciles net income (loss) attributable to Unitholders to FFO for the three months ended March 31, 2026 and 2025:

(thousands of dollars, except where otherwise noted)
Three months ended March 31		2026			2025
Net income (loss) attributable to Unitholders	$	93,162		$	(84,156	)
Add back (deduct):
Fair value (gains) losses, net		(23,521	)		14,778
Fair value (gains) losses included in equity-accounted investments (i)		(37	)		152,489
Other RC-HBC LP Valuation Losses		36,934			56,296
Internal leasing costs		3,445			3,256
Transaction losses (gains) on investment properties, net (ii)		3,288			(433	)
Transaction costs on sale of investment properties		1,696			431
Transaction costs on sale of investment properties in equity-accounted investments		2			—
ERP implementation costs / IT transformation costs		355			—
ERP amortization		(434	)		(434	)
Operational lease revenue from ROU assets		2,048			1,907
Operational lease expenses from ROU assets in equity-accounted investments		(6	)		(18	)
Capitalized interest related to equity-accounted investments (iii):
Capitalized interest related to properties under development		80			39
Capitalized interest related to residential inventory		768			1,409
FFO	$	117,780		$	145,564
Add back (deduct):
Inventory-Related Gains (iv)		(6,156	)		(24,301	)
Restructuring costs		2,190			255
HBC-Related Income (iv)		(864	)		(5,417	)
Core FFO	$	112,950		$	116,101
FFO per unit - diluted	$	0.40		$	0.49
Core FFO per unit - diluted	$	0.39		$	0.39
Weighted average number of Units - basic (in thousands)		291,511			297,663
Weighted average number of Units - diluted (in thousands)		291,590			297,688
FFO for last four quarters	$	525,377		$	545,580
Core FFO for last four quarters	$	455,897		$	471,709
Distributions paid for last four quarters	$	341,143		$	334,106
FFO Payout Ratio		64.9	%		61.2	%
Core FFO Payout Ratio		74.8	%		70.8	%

(i)	Net of $31.5 million unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil).
(ii)	Represents net transaction gains or losses connected to certain investment properties during the period.
(iii)	This amount represents the interest capitalized to RioCan's equity-accounted investment in WhiteCastle New Urban Fund 2, LP, WhiteCastle New Urban Fund 3, LP, WhiteCastle New Urban Fund 4, LP, WhiteCastle New Urban Fund 5, LP, RioCan-Fieldgate JV, RC (Queensway) LP, PR Bloor Street LP, RC Yorkville LP and RCLC King and Sherbourne LP. This amount is not capitalized to development projects under IFRS but is allowed as an adjustment under REALPAC’s definition of FFO.
(iv)	Inventory-Related Gains and HBC-Related Income for the three months ended March 31, 2026 and 2025 are as follows:

(thousands of dollars)
Three months ended March 31		2026			2025
Residential inventory gains - proportionate share (i)	$	3,565		$	23,425
Residential inventory marketing costs - IFRS		(71	)		(28	)
Residential inventory marketing costs from equity-accounted investments		(15	)		175
Capitalized interest relief from sale of residential inventory in equity-accounted investments		(440	)		(162	)
NOI from other equity-accounted investments		153			—
Fee income related to residential inventory - IFRS (ii)		542			745
Investment and other income related to residential inventory - IFRS		1,755			146
Investment and other income (loss) related to residential inventory from equity-accounted investments		667			—
Inventory-Related Gains	$	6,156		$	24,301
Share of income from RC-HBC LP operations	$	72		$	2,488
Operational lease expenses from ROU assets in equity-accounted investments		(6	)		(18	)
Interest income from RC-HBC LP		300			1,177
Fee income from RC-HBC LP		498			1,770
HBC-Related Income	$	864		$	5,417
(i) Refer to the Residential Inventory Gains (RioCan's Proportionate Share) table in this News Release for reconciliation.
(ii) Related to fee income earned from residential inventory in accordance with IFRS.

Net Valuation Losses

Net Valuation Losses is the sum total of fair value loss on investment properties, net and Total RC-HBC LP Valuation Losses.

The following table reconciles Net Valuation Losses during the three months ended March 31, 2026 and 2025:

Three months ended March 31		2026			2025
Fair value losses (gains) on investment properties, net	$	(23,521	)	$	14,778
Add:
Total RC-HBC LP Valuation Losses (see below for reconciliation) (i)		36,906			208,843
Net Valuation Losses	$	13,385		$	223,621

(i)	These were offset by fair value gains on investment properties from the acquisition of a 50% interest in Georgian Mall and Oakville Place from the RC-HBC LP of $39.3 million.

Total RC-HBC LP Valuation Losses

The following table reconciles Total RC-HBC LP Valuation Losses and Other RC-HBC LP Valuation Losses during the three months ended March 31, 2026 and 2025:

(thousands of dollars)
Three months ended March 31		2026			2025
Share of net loss (income) from equity-accounted investments	$	(1,817	)	$	204,066
Add back (deduct):
Share of income from RC-HBC LP operations		72			2,488
Share of income from other equity-accounted investments		1,717			2,289
Provision for credit losses on RC-HBC LP loans receivable		3,390			—
Provision for guarantee losses on RC-HBC LP mortgages payable		632			—
Fair value changes in mortgage receivable from RC-HBC LP		32,912			—
Total RC-HBC LP Valuation Losses	$	36,906		$	208,843
Add back (deduct):
Share of fair value gains (losses) on investment properties from RC-HBC LP post-CCAA Proceedings		28			(152,547	)
Other RC-HBC LP Valuation Losses	$	36,934		$	56,296

Total RC-HBC LP Valuation Losses comprise of the following during the three months ended March 31, 2026 and 2025:

(thousands of dollars)
Three months ended March 31		2026			2025
Provision for expected credit losses on finance lease receivables in RC-HBC LP	$	—		$	24,517
Write-off of straight-line rent receivable in RC-HBC LP		—			23,300
Impairment losses on RC-HBC LP		—			8,479
Provision for credit losses on RC-HBC LP loans receivable		3,390			—
Provision for guarantee losses on RC-HBC LP mortgages payable		632			—
Fair value changes in mortgage receivable from RC-HBC LP		32,912			—
Other RC-HBC LP Valuation Losses (ii)	$	36,934		$	56,296
Fair value losses(gains) on investment properties from RC-HBC LP (i)		(28	)		152,547
Total RC-HBC LP Valuation Losses (ii)	$	36,906		$	208,843

(i)	Net of $31.5 million unrecognized share of losses from RC-HBC LP for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil).
(ii)	These were offset by fair value gains on investment properties from the acquisition of a 50% interest in Georgian Mall and Oakville Place from the RC-HBC LP of $39.3 million.

Adjusted G&A Expense

Adjusted G&A Expense for the three months ended March 31, 2026 and 2025 are as follows:

(thousands of dollars, except otherwise noted)
Three months ended March 31		2026			2025		Change
Total G&A expense - IFRS	$	12,293		$	10,393		$	1,900
Add back (deduct):
ERP implementation costs / IT transformation costs		(355	)		—			(355	)
ERP amortization		434			434			—
Restructuring costs		(2,190	)		(255	)		(1,935	)
Adjusted G&A Expense - IFRS		10,182			10,572			(390	)
Add:
G&A expense from equity-accounted investments		6			18			(12	)
Adjusted G&A Expense - RioCan's proportionate share	$	10,188		$	10,590		$	(402	)
Rental revenue - IFRS		308,261			296,741			11,520
Add back (deduct):
Rental revenue from equity-accounted investments		1,070			(15,349	)		16,419
Write-off of straight-line rent receivable in RC-HBC LP		—			23,300			(23,300	)
Rental revenue - RioCan's proportionate share	$	309,331		$	304,692		$	4,639
Adjusted G&A Expense as a percentage of rental revenue		3.3	%		3.5	%		(0.2	)%

Total Capital Repatriation from RioCan Living

The following table reconciles Total Capital Repatriation from RioCan Living for the three months ended March 31, 2026:

(thousands of dollars)	Three months ended March 31, 2026			Cumulative as of March 31, 2026			Anticipated
Residential inventory sales revenue	$	28,223		$	378,034		$	371,000
Add (Deduct):
Outstanding accounts receivable related to above sales - IFRS		(7,863	)		(102,625	)		—
Outstanding accounts receivable related to above sales - EAI JV		(8,414	)		(41,740	)		—
Change in accounts receivable related to 2025 sales		18,009			18,009			—
Proceeds from residential inventory sales (i)		29,955			251,678			371,000
Proceeds from RioCan Living dispositions		46,500			453,120			940,000
Total Capital Repatriation from RioCan Living	$	76,455		$	704,798		$	1,311,000
Subsequent to quarter end:
Anticipated proceeds from RioCan Living dispositions - firm and conditional deals		332,500			332,500
Total Capital Repatriation from RioCan Living - proforma	$	408,955		$	1,037,298		$	1,311,000

(i)	Based on RioCan's Proportionate Share in EAI JV.

Portfolio Investments Spending and Development Spending

Below is Portfolio Investments Spending and Development Spending for the three months ended March 31, 2026 and 2025:

(in thousands of dollars)
Three months ended March 31		2026			2025
Total capital expenditures related to IPP on cash basis (i)	$	12,167		$	31,527
Add (deduct):
(Increase) Decrease in Accounts payable		(6,478	)		8,623
Total capital expenditures related to IPP on accrual basis (ii)	$	18,645		$	22,904
Add (deduct):
Maintenance capital expenditures		(7,358	)		(17,765	)
Development expenditures related to:
Retail infill		7,340			11,510
Asset enhancement		3,630			2,094
Total Portfolio Investments Spending	$	22,257		$	18,743
Total development expenditures related to PUD on cash basis (i)	$	24,096		$	37,864
Add (deduct):
(Increase) Decrease in Accounts payable		5,111			(3,577	)
Total development expenditures related to PUD on accrual basis (ii)	$	18,985		$	41,441
Add (deduct):
Development expenditures related to residential inventory - IFRS		(90	)		44,223
Development expenditures related to residential inventory - EAI JV		3,238			7,466
Development expenditures related to:
Retail infill		(7,340	)		(11,510	)
Asset enhancement		(3,630	)		(2,094	)
Total Development Spending	$	11,163		$	79,526

(i)	Refer to the unaudited interim condensed consolidated statements of cash flows for the three months ended March 31, 2026.
(ii)	Refer to Note 3 in the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026.

Total Contractual Debt

The following table reconciles total debt to Total Contractual Debt as at March 31, 2026 and December 31, 2025:

As at	March 31, 2026									December 31, 2025
(thousands of dollars)	IFRS basis			Equity-accounted investments			RioCan's proportionate share			IFRS basis			Equity-accounted investments			RioCan's proportionate share
Debentures payable	$	4,438,732		$	—		$	4,438,732		$	4,338,865		$	—		$	4,338,865
Mortgages payable		2,047,117			26,869			2,073,986			2,184,306			141,182			2,325,488
Lines of credit and other bank loans		622,409			125,526			747,935			601,194			169,044			770,238
Mortgages payable associated with assets held for sale		178,824			—			178,824			28,343			—			28,343
Total debt (i)	$	7,287,082		$	152,395		$	7,439,477		$	7,152,708		$	310,226		$	7,462,934
Less:
Unamortized debt financing costs, premiums and discounts on origination and debt assumed, and modifications		(26,544	)		(62	)		(26,606	)		(28,821	)		(179	)		(29,000	)
Total Contractual Debt	$	7,313,626		$	152,457		$	7,466,083		$	7,181,529		$	310,405		$	7,491,934

(i)	On March 31, 2026, RioCan ceased to account for the RC-HBC LP as an equity-accounted investment, and the investment was reclassified to an investment measured at FVTPL. Consequently, RC-HBC LP debt are no longer included on a on a proportionate share basis.

Unsecured and Secured Debt

The following table reconciles Total Unsecured and Secured Debt to Total Contractual Debt as at March 31, 2026 and December 31, 2025:

As at	March 31, 2026								December 31, 2025
(thousands of dollars, except where otherwise noted)	IFRS basis			Equity-accounted investments		RioCan's proportionate share			IFRS basis			Equity-accounted investments		RioCan's proportionate share
Total Unsecured Debt	$	4,910,000		$	—	$	4,910,000		$	4,750,000		$	—	$	4,750,000
Total Secured Debt		2,403,626			152,457		2,556,083			2,431,529			310,405		2,741,934
Total Contractual Debt	$	7,313,626		$	152,457	$	7,466,083		$	7,181,529		$	310,405	$	7,491,934
Percentage of Total Contractual Debt:
Unsecured Debt		67.1	%				65.8	%		66.1	%				63.4	%
Secured Debt		32.9	%				34.2	%		33.9	%				36.6	%

Liquidity

As at March 31, 2026, RioCan had approximately $1.3 billion of Liquidity as summarized in the following table:

As at	March 31, 2026						December 31, 2025
(thousands of dollars)	IFRS basis		Equity-accounted investments		RioCan's proportionate share		IFRS basis		Equity-accounted investments		RioCan's proportionate share
Undrawn revolving unsecured operating line of credit	$	1,190,000	$	—	$	1,190,000	$	1,250,000	$	—	$	1,250,000
Undrawn construction lines and other bank loans		15,835		34,545		50,380		20,770		32,009		52,779
Cash and cash equivalents		70,215		12,064		82,279		145,040		13,994		159,034
Liquidity	$	1,276,050	$	46,609	$	1,322,659	$	1,415,810	$	46,003	$	1,461,813

Adjusted EBITDA

The following table reconciles consolidated net income attributable to Unitholders to Adjusted EBITDA:

Twelve months ended	March 31, 2026							December 31, 2025
(thousands of dollars)	IFRS basis		Equity-accounted investments			RioCan's proportionate share		IFRS basis		Equity-accounted investments			RioCan's proportionate share
Net income attributable to Unitholders	$	246,613	$	—		$	246,613	$	69,295	$	—		$	69,295
Add (deduct) the following items:
Fair value losses on investment properties, net		99,060		44,841			143,901		137,359		197,367			334,726
Total RC-HBC LP Valuation Losses		133,844		(43,010	)		90,834		305,781		(195,585	)		110,196
Internal leasing costs		13,904		—			13,904		13,715		—			13,715
Non-cash unit-based compensation expense		9,587		—			9,587		10,197		—			10,197
Interest costs, net		283,114		3,156			286,270		277,885		5,035			282,920
Restructuring costs		2,190		—			2,190		255		—			255
ERP implementation costs / IT transformation costs		1,201		—			1,201		846		—			846
Depreciation and amortization		1,588		—			1,588		1,510		—			1,510
Transaction (gains) losses on the sale of investment properties, net (i)		9,257		—			9,257		5,539		—			5,539
Transaction costs on investment properties		9,363		75			9,438		8,098		73			8,171
Operational lease revenue (expenses) from ROU assets		7,992		(43	)		7,949		7,851		(55	)		7,796
Adjusted EBITDA	$	817,713	$	5,019		$	822,732	$	838,331	$	6,835		$	845,166

(i)	Includes transaction gains and losses realized on the disposition of investment properties.

Adjusted Spot Debt to Adjusted EBITDA Ratio

Adjusted Spot Debt to Adjusted EBITDA ratio is calculated as follows:

As at	March 31, 2026									December 31, 2025
(thousands of dollars, except where otherwise noted)	IFRS basis			Equity-accounted investments			RioCan's proportionate share			IFRS basis			Equity-accounted investments			RioCan's proportionate share
Adjusted Spot Debt to Adjusted EBITDA
Total debt outstanding	$	7,287,082		$	152,395		$	7,439,477		$	7,152,708		$	310,226		$	7,462,934
Less: cash and cash equivalents		(70,215	)		(12,064	)		(82,279	)		(145,040	)		(13,994	)		(159,034	)
Adjusted Spot Debt	$	7,216,867		$	140,331		$	7,357,198		$	7,007,668		$	296,232		$	7,303,900
Adjusted EBITDA (i)	$	817,713		$	5,019		$	822,732		$	838,331		$	6,835		$	845,166
Adjusted Spot Debt to Adjusted EBITDA		8.83						8.94			8.36						8.64

(i)	Adjusted EBITDA is on a rolling twelve-month basis.

Unencumbered Assets

The table below summarizes RioCan's Unencumbered Assets as at March 31, 2026 and December 31, 2025:

As at	March 31, 2026									December 31, 2025
(thousands of dollars)	IFRS basis			Equity-accounted investments			RioCan's proportionate share			IFRS basis			Equity-accounted investments			RioCan's proportionate share
Investment properties	$	13,598,006		$	36,978		$	13,634,984		$	13,628,959		$	195,820		$	13,824,779
Less: Encumbered investment properties		(4,226,911	)		(19,783	)		(4,246,694	)		(4,474,260	)		(177,561	)		(4,651,821	)
Unencumbered Assets	$	9,371,095		$	17,195		$	9,388,290		$	9,154,699		$	18,259		$	9,172,958

Forward-Looking Information

This News Release contains forward-looking information, including financial outlook, within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Our financial outlook is prepared as of the date hereof and is disclosed to assist current and future unitholders and analysts in evaluating the effectiveness of RioCan's strategic plan and readers are cautioned that it may not be suitable for any other purpose. All forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, includes those assumptions set out under the heading "Forward-Looking Information and Financial Outlook" in RioCan's MD&A which estimates and assumptions are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan's MD&A and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.

The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.