RioCan Reports Third Quarter Results, Driven by Favourable Retail Fundamentals and the Strength of its Independent Platform

RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today its financial and operating results for the three and nine months ended September 30, 2026.

• Net income per unit – diluted increased to $0.42; Core FFO per unit – diluted⁽¹⁾ increased by 5.1%

• RioCan’s record high 98.9% retail committed occupancy reflects strong demand for its major market portfolio

• Average net rent per square foot for new leasing was $31.45, 32% above the $23.81 average net rent per occupied square foot at quarter end

“Our third quarter results reflect continued execution of our simple, retail-focused strategy and the strength of our business,” said Jonathan Gitlin, President and CEO of RioCan. “Strong tenant demand, record retail occupancy and limited new supply continue to support healthy leasing economics and earnings growth. Combined with the capabilities of our independent platform, these fundamentals position RioCan well to continue executing our strategy and creating long-term value for unitholders.”

Financial Highlights

• Core FFO per unit – diluted in the Third Quarter was $0.41, an increase of $0.02 per unit or 5.1% compared to the same period last year, reflecting strong underlying operating performance. Growth was primarily driven by an increase in Commercial Same Property NOI growth⁽¹⁾ of 4.2%, the impact of commercial property acquisitions net of dispositions and the accretion from unit repurchases completed over the past four quarters. These gains were partially offset by lower interest income and higher net interest costs.

• Net income per unit for the Third Quarter was $0.42, compared to a loss of $0.41 in the same period last year. This increase was primarily due to fair value gains on investment properties in the current year compared to fair value losses in the prior year and losses related to equity-accounted investments in the prior year. Net income per unit also benefitted from the accretive impact of unit repurchases as noted above.

• Net book value per unit of $24.81 increased by $0.44 per unit from year end 2025 primarily driven by investment property fair value gains and other retained earnings as the Trust continues to compound value.

Financial Outlook 2026⁽²⁾

• The Trust expects 2026 Core FFO per unit – diluted to be toward the high end of its 2026 Financial Outlook range of $1.60 to $1.62 as set out in RioCan’s Q4 2025 MD&A, reflecting strong Commercial Same Property NOI growth and lease cancellation fees anticipated to be higher in 2026 than the prior year. The Trust reaffirms its Commercial SPNOI growth of 4.0% to 4.5%, which was updated in RioCan’s Q2 2026 MD&A⁽³⁾. The Trust now expects 2026 Development Spending⁽¹⁾ of $35 million to $45 million, a decrease from the original outlook of $45 million to $55 million⁽⁴⁾, reflecting lower expected spending on residential inventory. All other 2026 financial outlook metrics remain unchanged from the Trust’s Q4 2025 MD&A.
  

Selected Operational Highlights

• Leasing Spreads: Blended leasing spread of 17.0% in the Third Quarter was supported by a new leasing spread of 19.1% and a renewal leasing spread of 16.4%. Excluding fixed renewals, which accounted for approximately 46% of the total square footage of renewed leases, the average blended leasing spread was 20.6%. The Third Quarter renewal leasing spread reflects a higher proportion of fixed renewals relative to recent quarters.

• New Leasing Rents: Average net rent per square foot for new leasing was $31.45 per square foot, 32% above the $23.81 average net rent per occupied square foot at quarter end demonstrating the significant mark to market opportunities within RioCan’s portfolio.

• Leasing Activity: Completed 1.1 million square feet of leasing in the Third Quarter, including 0.9 million square feet of renewals. Notable leasing activity included two significant grocery leases totaling 63,000 square feet: a 35,000 square foot renewal at a Montreal property, achieving a 64% increase in rent and a new 28,000 square foot lease at an Ottawa property.

• Occupancy: Achieved a RioCan record high retail committed occupancy of 98.9%, while retail in-place occupancy was 98.2%.

• Retention Ratio: Retention ratio of 89.9%, together with record retail committed occupancy, demonstrates strong demand for RioCan’s major market portfolio.

• Operating Income: Higher rental revenue, net of rental operating costs for the Third Quarter was offset by lower residential inventory gains and lower fee income, resulting in a $0.2 million decrease in the Third Quarter when compared to the same period last year.

• Commercial Same Property NOI Growth: 4.2% in the Third Quarter, continues to highlight the strength of RioCan’s core retail portfolio and continued successful execution of RioCan’s retail-focused strategy.

• Acquisition: During the quarter, the Trust has agreed to purchase a partner’s 37.5% interest in East Hills, a necessity-based Costco-anchored property in Calgary, for total consideration of $54.8 million. The transaction is expected to close in Q1 2027, subject to customary closing conditions. The transaction will increase RioCan’s interest in the property to 77.5%.

• Dispositions: During the quarter, the Trust completed the sale of Pivot for total gross proceeds of $95.7 million. For the nine months ended September 30, 2026, the Trust completed the sale of its interests in five RioCan Living properties, including Pivot, for aggregate gross proceeds of $376.2 million. The Trust also has a conditional agreement to sell its interest in another RioCan Living income producing property for estimated gross proceeds of $110.0 million. This sale is expected to close in Q4 2026.

• Total Capital Repatriation from RioCan Living – proforma ⁽¹⁾⁽²⁾ : $1.27 billion of the $1.3 billion (2025 to 2026) target on a cumulative basis for the 21 months ended September 30, 2026. This includes gross proceeds of $782.8 million from the sale of 12 residential rental properties, $373.4 million of gross proceeds from residential inventory sales including RioCan’s share in equity-accounted joint ventures⁽³⁾ and the $110.0 million of estimated gross proceeds from the conditional RioCan Living sale agreement noted above.

Selected Financial Condition Highlights

• During the Third Quarter, the Trust entered into a new $400.0 million, 7.3-year floating rate non-revolving unsecured credit facility priced favourably to its revolving unsecured operating line of credit. The net proceeds were used to partially repay the amounts drawn on RioCan’s revolving unsecured operating line of credit, strengthening its liquidity position and extending its debt maturity profile at a lower borrowing cost. The Trust continues to maintain ample liquidity to meet its financial obligations. A 71% Ratio of Unsecured Debt to Total Contractual Debt⁽¹⁾ supported by a large unencumbered asset pool provides additional financial flexibility.

Conference Call and Webcast

Interested parties are invited to participate in a conference call with management on Tuesday, November 3, 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 1-833-461-5787 (North America Toll Free) or 1-585-542-9983 (International Toll) and entering the access code: 813192984.

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 September 30, 2026, our portfolio is comprised of 163 properties with an aggregate net leasable area of approximately 31 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 and nine months ended September 30, 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, Net Operating Income (NOI), Commercial Same Property NOI Growth, Total Capital Repatriation from RioCan Living – Proforma, Liquidity, Ratio of Unsecured Debt to Total Contractual Debt, Adjusted Spot Debt to Adjusted EBITDA, RioCan’s Proportionate Share in Equity-Accounted Investments Joint Ventures, 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. References to Consolidated Basis indicate the information is presented using IFRS basis of consolidation. For full definitions of these measures, please refer to the “Non-GAAP Measures” section in RioCan’s MD&A for the three and nine months ended September 30, 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 Consolidated Basis to RioCan’s Proportionate Share as at September 30, 2026 and December 31, 2025:

The following tables reconcile the consolidated statements of income (loss) from Consolidated Basis to RioCan’s Proportionate Share for the three and nine months ended September 30, 2026 and 2025:

NOI and Same Property NOI

The following table reconciles operating income to NOI and Same Property NOI to NOI for the three and nine months ended September 30, 2026 and 2025:

Residential Inventory Gains (Losses) at RioCan’s Proportionate Share in EAI JV and RioCan’s Proportionate Share

The following table reconciles residential inventory gains (losses) from Consolidated Basis to RioCan’s Proportionate Share in EAI JV and to RioCan’s Proportionate Share for the three and nine months ended September 30, 2026 and 2025:

FFO

The following table reconciles net income (loss) attributable to Unitholders to FFO for the three and nine months ended September 30, 2026 and 2025:

Inventory-Related Gains and HBC-Related Income for the three and nine months ended September 30, 2026 and 2025 are as follows: