RioCan Real Estate Investment Trust

• For the full year, we expect to complete 630,200 square feet of GFA of development.
• We expect these development completions to contribute $25.5 million of stabilized NOI that will ramp up over the course of 2023 and 2024.
• Subsequent to quarter end, RioCan sold an additional 2.1% interest reducing its interest to 37.5% in the underlying 11YV project.
• The proportion of floating rate debt increased when compared to last quarter mainly due to the timing of refinancing and hedging activities.

• RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it is scheduled to release its financial and operational results for the three and nine months ended September 30, 2023 after the market closes on Thursday, November 2, 2023.
• Interested parties are invited to participate in a conference call with management on Friday, November 3, 2023 at 10:00 a.m. Eastern time.
• To access the conference call, click on the following link to register at least ten minutes prior to the scheduled start of the call: Pre-registration link.
• To access the simultaneous webcast, go to the following link on RioCan’s website: Events and Presentations and click on the link for the webcast.

RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 9 cents per unit for the month of September. The distribution will be payable on October 6, 2023, to unitholders of record as at September 29, 2023.

• In the quarter, 110,000 square feet of NLA was completed, comprised mainly of commercial space at The WellTM.
• The retail component is 87% leased, as compared with 82% as at our prior quarterly release, with another 7% in late stage negotiations.
• The retail at The Well has been physically opening in phases and the majority of tenants are expected to be open by November 2023.
• On April 18, 2023, RioCan redeemed, in full, its $200.0 million, 3.725% Series T unsecured debentures upon maturity.