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The Past Year

The Past Year. The Past Year. Unitholder approval to increase leverage to 60%. Strategic alliance between RioCan and Kimco Realty Corporation. Growth In Total Assets ($millions). 2001 Increase – 12% 5 Year Total Growth – 636%. Growth In Market Capitalization ($millions).

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The Past Year

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  1. The Past Year

  2. The Past Year • Unitholder approval to increase leverage to 60%. • Strategic alliance between RioCan and Kimco Realty Corporation.

  3. Growth In Total Assets($millions) 2001 Increase – 12% 5 Year Total Growth – 636%

  4. Growth In Market Capitalization($millions) 2001 Increase – 34% 5 Year Total Growth – 516%

  5. Growth In Rental Revenue($millions) 2001 Increase – 14% 5 Year Total Growth – 785% 5 Year Compounded Annual Growth – 55%

  6. Growth In Total Distributable Income($millions) 2001 Increase – 19% 5 Year Total Growth – 994% 5 Year Compounded Annual Growth – 61%

  7. Distributable Income Per Unit($) 2001 Increase – 9% 5 Year Total Growth – 99% 5 Year Compounded Annual Growth – 15%

  8. “RioCan’s premium valuation relative to other commercial real estate REITs is warranted for its size, liquidity and proven management. BUY RioCan for its diversification, stability and attractive tax-efficient current yield.” - Sam Damiani, CFA TD Newcrest

  9. “With 22 million square feet of gross leaseable area in 144 shopping centres, RioCan REIT has become Canada’s ‘brand name’ in retail real estate. We rate RioCan’s units Outperform.” Neil Downey, CA, CFA RBC Capital Markets

  10. “In today’s competitive retail marketplace, RioCan’s focus on the value and discount sector, including big-box retailers, has allowed it to outperform the more traditional retail formats. We are maintaining our BUY recommendation.” Harry Rannala Raymond James

  11. “RioCan offers stable income and growth potential with a capable in-house management and a clear shopping centres focus. We rate the units as Buy.” Rossa O’Reilly, CFA CIBC World Markets

  12. “We believe RioCan remains among the best operators, with limited competition and strong partners across our coverage universe. We are maintaining our Outperform rating and target price of $13.” Ron Rimer, CA BMO Nesbitt Burns Research

  13. “We continue to rate REI an Intermediate-term Buy, and Long-term Strong Buy. We anticipate that investors should earn a low to mid-teens total return over twelve months.” Louis Forbes, Director Merrill Lynch

  14. Assets of $2.8 billion. • Almost 150 shopping centres. • $400 million gross revenue. • 3,500 tenants. • 23 million square feet of retail.

  15. Quality Of Revenue

  16. Top Sources Of Revenue By TenantAs Of March 31, 2002

  17. Future Growth • Acquisitions. • New Developments. • Redevelopments. • Generate more income from existing assets.

  18. Future Growth – Acquisitions

  19. Acquisition of close to $1 billion in 2002.

  20. Future Growth – Acquisitions • 2.5 million square feet. • $354 million. • 1.3 million square feet.

  21. Future Growth – DevelopmentTrinity Common

  22. Future Growth – DevelopmentRioCentreNewmarket

  23. Future Growth – DevelopmentRioCentreOakville

  24. Future Growth – Development

  25. Future Growth – DevelopmentMarketplace

  26. Future Growth – Development • 7 new projects. • 1.2 million square feet.

  27. Future Growth – Development Newmarket • 400,000 square feet • Loblaws and Costco Dufferin & Steeles • 250,000 square feet • Loblaws

  28. Shoppers World Brampton

  29. Shoppers World Brampton

  30. Future Growth – RedevelopmentShoppers World Brampton $ 4.72 million $ 8.5 million

  31. Future Growth – RedevelopmentShoppers World Brampton • Purchase price $48 million. • Renovations of $22 million. • Yields 12% against cost.

  32. Future Growth – Joint Venture

  33. Kimco • 40 years of operation. • 525+ shopping centres. • In 41 states and Canada. • 70 million square feet of retail space.

  34. RioCan/Kimco • Equity investment in RioCan of $26+ million. • 50/50 joint venture for acquisition of income properties in Canada. • 16 shopping centres • 3 million square feet • Cost of $443 million Access to American tenants.

  35. Q1 New Leases(Square Feet)

  36. RioCan – Last Year Total Annual Return 30.41%

  37. RioCan – This Year Total Annual Return 36.35%

  38. Total Return on InvestmentSince IPO (8 Year Compounded Annual Return) 20.29%

  39. Total Return on InvestmentSince IPO (8 Year Compounded Annual Return)

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