MEASURED AND DISCIPLINED

Transcription

1 REAL ESTATE INVESTMENT TRUST FOURTH QUARTER 2010 SUPPLEMENTAL INFORMATION PACKAGE MEASURED AND DISCIPLINED

2 Table of Contents Year End 2010 Supplemental Information Package Real Estate Portfolio Fact Sheet...2 FINANCIAL INFORMATION Operational and Financial Highlights...3 Consolidated Balance Sheets...4 Consolidated Statements of Earnings...5 Consolidated Statements of Cash Flows...6 Funds From Operations and Net Operating Income...7 Summary of Consolidated Debt...8 INVESTMENT ACTIVITY Acquisitions...9 Greenfield Development Projects Expansion and Redevelopment Projects...19 REAL ESTATE INFORMATION Leasing Activity...21 Contractual Rent Steps...25 Property Ownership by Geographic Area...26 Portfolio Geographic Diversification...27 Occupancy...27 Economic versus Committed Occupancy...28 Top 50 Tenants...29 Top Ten Tenants Canada...30 Top Ten Tenants US...30 Lease Expiries by Geographical Area...31 GENERAL General Information...32 Senior Management and Unitholder Information...33

3 REAL ESTATE PORTFOLIO FACT SHEET Fact Sheet as at Dec 31, 2010 Canadian Properties US Properties Grand Total Net Leaseable Area ( NLA ) (sq. ft.): Retail Office Total Retail Office Total Total Income Producing Properties 35,265,128 1,583,434 36,848,562 3,946,016 51,758 3,997,774 40,846,336 Properties Under Development 2,214,117 2,214,117 2,214,117 Total 37,479,245 1,583,434 39,062,679 3,946,016 51,758 3,997,774 43,060,453 Number of Tenancies 6,740 Occupancy Canadian Properties US Properties Total Retail 97.6% 98.3% 97.6% Office 91.5% 87.5% 91.4% Total: 97.3% 98.2% 97.4% Geographic Diversification Number of properties Percentage of annualized rental revenue Income producing properties Properties under development Ontario 54.7% Quebec 16.1% Alberta 11.7% British Columbia 5.7% New Brunswick 1.8% Saskatchewan 0.4% 1 1 Manitoba 0.6% 2 2 Prince Edward Island 0.4% 1 1 Newfoundland 0.3% 2 2 Nova Scotia 0.1% 1 1 USA 8.2% % Anchor and National Tenants (including US) Percentage of annualized rental revenue Percentage of total NLA Anchor and National Tenants 85.9% 84.3% Top Ten Sources of Revenue by Tenant (including US) Ranking Tenant Percentage of annualized rental revenue Total Weighted average remaining lease term (yrs) 1. Walmart 4.6% Famous Players/Cineplex/Galaxy Cinemas 4.5% Metro/Super C/Loeb/Food Basics 4.4% Canadian Tire/PartSource/Mark s Work Wearhouse 3.6% Zellers/The Bay/Home Outfitters 3.3% Winners/HomeSense 2.7% Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.6% Staples/Business Depot 2.2% Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.8% Harvey s/swiss Chalet/Kelsey s/montana s/milestone s (Cara) 1.7% 8.8 Total 31.4% Lease Expiries Canada Lease expiries (NLA) Retail Class Total NLA New Format Retail 17,963,043 1,034,519 1,239,812 1,447,213 1,499,210 2,010, % 6.9% 8.1% 8.3% 11.2% Grocery Anchored Centre 7,591, ,814 1,022, ,051 1,266,562 1,061, % 13.5% 7.8% 16.7% 14.0% Enclosed Shopping Centre 6,489, , , , , , % 10.1% 10.3% 11.4% 13.2% Non-Grocery Anchored Centre 1,901,381 93, , , , , % 6.3% 10.6% 7.5% 16.3% Urban Retail 1,319,833 52, , , ,119 26, % 10.7% 11.8% 21.8% 2.0% Office 1,583, , , , ,004 99, % 6.9% 10.9% 10.4% 6.3% Total 36,848,562 3,018,980 3,284,615 3,236,852 4,100,562 4,366, % 8.9% 8.8% 11.1% 11.9% Average net rent per square foot $ $ $ $ $ $ Lease Expiries US Lease expiries (NLA) Retail Class Total NLA New Format Retail 2,356,011 30,656 70, , , , % 3.0% 5.5% 8.0% 7.5% Grocery Anchored Centre 1,406,979 90,217 95,244 51, ,511 25, % 6.8% 3.7% 12.6% 1.8% Enclosed Shopping Centre % 0.0% 0.0% 0.0% 0.0% Non-Grocery Anchored Centre 183,025 9,061 7,774 19,120 32,000 10, % 4.2% 10.4% 17.5% 5.6% Urban Retail % 0.0% 0.0% 0.0% 0.0% Office 51,758 15,804 4,329 9,932 3, % 8.4% 19.2% 7.1% 0.0% Total 3,997, , , , , , % 4.4% 5.3% 10.1% 5.3% Average net rent per square foot $ $ $ $ $ $ Year End 2010 Supplemental Information Package

4 OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational Information (thousands of square feet, except other data) As at December 31, ** US Canada Total US Canada Total 2008 ** Number of properties: Income properties Under development (i) Portfolio occupancy 98.2% 97.3% 97.4% 95.8% 97.4% 97.4% 96.9% Net leasable area ( NLA ) at 100%* 7,468 56,251 63, ,104 54,301 Net leasable area ( NLA ) at : Total portfolio 3,997 36,849 40, ,945 35,103 32,807 Average in place rent $ $ $ $ $ $ $ Completed greenfield development and land use intensification activities during the year ended Acquired during the year ended 3,840 1,819 5, ,622 1, Greenfield development pipeline upon completion: Total project NLA 8,090 8,090 8,480 8,480 9,622 of project NLA 3,046 3,046 2,956 2,956 3,421 Percentage of portfolio rental revenue derived from: Six Canadian high growth markets (annualized) (ii) n/a 65.2% 65.2% n/a 66.3% 66.3% 66.0% US market (annualized) 8.2% n/a 8.2% n/a n/a n/a n/a National and anchor tenants (annualized) 85.9% 84.5% 83.4% Largest tenant (annualized) 21.3% 4.9% 4.6% 33.3% 5.0% 5.0% 5.4% Number of employees (excluding seasonal) (i) The number of properties under development excludes those properties with phased development where tenancies have already commenced operations. These properties are included in the number of income properties. (ii) See discussion in About RioCan. * Includes retailer owned anchors ** US portfolio information is only applicable beginning in the fourth quarter of Financial Information (in Millions) As at and for the year ended December 31, Total revenue $ 887 $ 758 $ 764 Net earnings $ 303 $ 114 $ 145 Net earnings per Unit basic $ 1.23 $ 0.49 $ 0.67 Net earnings per Unit diluted $ 1.22 $ 0.49 $ 0.67 EBITDA (i) $ 576 $ 470 $ 493 FFO (ii) $ 357 $ 276 $ 324 FFO per Unit $ 1.45 $ 1.20 $ 1.48 Distributions to unitholders $ 340 $ 318 $ 297 Distributions to unitholders per Unit $ 1.38 $ 1.38 $ 1.36 Distributions to unitholders net of distribution reinvestment plan $ 281 $ 261 $ 228 Distributions to unitholders net of distribution reinvestment plan per Unit $ 1.14 $ 1.13 $ 1.04 Unit issue proceeds under distribution reinvestment plan $ 59 $ 57 $ 69 Distribution reinvestment plan ("DRIP") participation rate 17.2% 17.9% 23.4% (i) (ii) A non-gaap measurement EBITDA is defined as GAAP net earnings for a rolling twelve month period, before net expense, income taxes and income property amortization (including provisions for impairment). A non generally accepted accounting principle ("GAAP") measurement for which a reconciliation to net earnings can be found in RioCan's discussion under "FFO". 3 Year End 2010 Supplemental Information Package

5 CONSOLIDATED BALANCE SHEETS (in Millions) As at December 31, ASSETS Real estate investments Income properties $ 6,006 $ 5,042 Properties under development Investments Mortgages and loans receivable ,632 5,600 Receivables and other assets Cash and equivalents LIABILITIES $ 6,859 $ 5,862 Mortgages payable and lines of credit $ 3,316 $ 2,669 Debentures payable 1, Accounts payable and other liabilities Future income taxes 140 4,663 3,996 NON-CONTROLLING INTEREST 46 9 UNITHOLDERS EQUITY Unitholders equity 2,151 1,857 $ 6,859 $ 5,862 Debt Ratio Analysis At December 31, 2010 (unaudited in thousands of dollars, except percentage amounts) December 31, 2010 Leverage ratio (Note 1) 57.1% % of debt at fixed rates 98.3% % of debt at floating rates 1.7% Note 1 Leverage Ratio Calculation Contractual debt Mortgages payable per balance sheet $3,316,368 Debentures payable per balance sheet 1,094,136 Add: Unamortized debt financing costs 19,370 Less: Unamortized differential between contractual and market rates on liabilities assumed at the acquisition of properties (6,339) $4,423,535 Aggregate assets Total assets per balance sheet $6,858,828 Add: Accumulated amortization of income properties 885,036 $7,743,864 Leverage Ratio (Defined by Declaration of Trust) $4,423,535 / $7,743, % The accompanying notes are an integral part of the consolidated financial statements 4 Year End 2010 Supplemental Information Package

6 CONSOLIDATED STATEMENTS OF EARNINGS (in Millions, except for per unit amounts) For the year ended December 31, For the year ended December 31, Revenue Rentals $ 834 $ 726 Fees and other income Interest Gain (loss) on properties held for resale 21 (1) Total revenue Expenses Property operating costs Interest General and administrative Transition costs 5 3 Amortization Impairment of real estate investments 8 Total expenses Earnings before income taxes, non-controlling and gain on long-lived assets Gain on disposition of long-lived assets 3 Future income tax recovery Non-controlling (1) Net earnings $ 303 $ 114 Net earnings per unit basic $ 1.23 $ 0.49 Net earnings per unit diluted $ 1.22 $ 0.49 Weighted average number of units outstanding basic 246, ,367 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the year ended December 31, Net earnings $ 303 $ 114 Other comprehensive income (loss), net of tax Unrealized (loss) gain on rate swap agreements (3) Unrealized loss on translation of self-sustaining foreign operations (14) (2) Unrealized gain (loss) on available-for-sale securities (5) 5 Net gain on debt designated as net investment hedge 5 Other comprehensive (loss) income (17) 3 Comprehensive income $ 286 $ 117 The accompanying notes are an integral part of the consolidated financial statements 5 Year End 2010 Supplemental Information Package

7 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions, except per unit amounts) For the year ended December 31, CASH FLOWS PROVIDED BY (USED IN): Operating activities Net earnings $ 303 $ 114 Items not affecting cash Amortization Impairment of real estate investments 8 Recognition of rents on a straight-line basis (8) (6) Unit based compensation expense 2 2 Amortization of the differential between contractual and market rents on in-place leases (4) (3) Future income tax recovery (140) (3) Gain on properties held for sale (3) Properties held for resale 3 6 Acquisition and development of properties held for resale (3) (13) Changes in non-cash operating items and other 17 9 Non-controlling 1 Cash flows provided by operating activities Investing activities Acquisition of income properties and properties under development (835) (318) Capital expenditures on income properties (4) (2) Capital expenditures on properties under development (90) (91) Maintenance capital expenditures recoverable from tenants (10) (5) Maintenance capital expenditures not recoverable from tenants (7) (3) Tenant installation costs (31) (25) Proceeds on disposition of long-lived assets 13 Mortgages and loans receivables Advances (61) (67) Repayments Investment in available-for-sale securities (20) (43) Cash flows used in investing activities (953) (503) Financing activities Mortgages payable Borrowings Repayments (376) (308) Repayment of line of credit (78) Issue of debentures payable Repayment of debentures payable (179) Distributions paid (339) (316) Mortgage borrowings paid to non controlling (20) Units issued under distribution reinvestment plan Units repurchased under normal course issuer bid (3) Issue of units Cash flows provided by (used in) financing activities Increase (decrease) in cash and equivalents during the period (55) 136 Cash and equivalents, beginning of period Cash and equivalents, end of period $ 92 $ 147 Supplemental cash flow information Acquisition of real estate investments through assumption of liabilities and mortgages given by vendors $ 221 $ 26 Acquisition of real estate in settlement of mortgage receivable 27 Mortgages taken back on property dispositions (4) (4) Interest paid Cash equivalents, end of period Distributions to unitholders per unit The accompanying notes are an integral part of the consolidated financial statements 6 Year End 2010 Supplemental Information Package

8 RESULTS OF OPERATIONS The components of consolidated net earnings for each respective period are as follows: (thousands of dollars, except per Unit amounts) Year ended December 31, Increase Rental revenue $ 833,780 $ 726,031 15% Property operating costs 276, ,429 6% Net operating income 557, ,602 20% Fees and other income 16,301 15,265 7% Interest income 15,423 17,892 (14%) Gains on properties held for resale 21,243 (1,157) nm 610, ,602 Interest expense 214, ,465 12% General and administrative expense 30,425 26,104 17% IFRS and SIFT implementation costs 5,496 1,601 nm Restructuring costs 1,652 nm Non-controlling 2, nm FFO (i) 356, ,749 29% Amortization expense (190,726) (165,357) 15% Impairment of real estate investments (7,863) nm Future income tax recovery 139,825 3,475 nm Gain on disposition of long-lived assets 3,269 nm Non-controlling amortization expense 1,686 nm Net earnings $ 302,967 $ 113, % Net earnings per Unit basic $ 1.23 $ % Net earnings per Unit diluted $ 1.22 $ % FFO per Unit (i) $ 1.45 $ % nm not meaningful (i) Refer to the discussion under FFO. NET OPERATING INCOME Consolidated NOI for the years ended December 31, 2010 and 2009 is as follows: (thousands of dollars) Year ended December 31, Increase (decrease) Base rent $ 545,865 $ 473,209 15% Percentage rent 3,253 3,082 6% Rents subject to tenants sales thresholds 5,317 4,074 31% Property taxes and operating cost recoveries 265, ,582 9% 819, ,947 13% Lease cancellation fees 13,941 1,085 nm Rental revenue 833, ,032 15% Recoverable property taxes and operating costs 269, ,068 9% Non-recoverable property operating and site administration costs 6,745 13,362 (50%) Property operating costs 276, ,430 6% NOI $ 557,405 $ 465,602 20% NOI as a percentage of rental revenue (excluding the impact of lease cancellation fees) 66% 64% 2% nm not meaningful. 7 Year End 2010 Supplemental Information Package

9 SUMMARY OF CONSOLIDATED DEBT As at December 31, 2010 and December 31, 2009, capital structure was as follows: December 31, (millions of dollars, except percentage amounts) 2010 December 31, 2009 Increase (decrease) Capital: Mortgages payable $ 3,316 $ 2,669 $ 647 Debentures payable 1, Unitholders equity 2,151 1, Total capital $ 6,561 $ 5,520 $ 1,042 Debt to Aggregate Assets ratio 57.1% 55.6% 1.5% CONTRACTUAL DEBT REPAYMENT Contractual Principal maturities (millions of dollars, except percentage amounts) As at December 31, 2010 Scheduled principal amortization Mortgages payable Weighted average rate Debentures payable Weighted average rate Total Weighted average rate Year ending December 31: 2011 $ 78 $ % $ % $ % % % % % % % % % % % % % % 0.00% % Thereafter % % % $ 457 $ 2,867 $ 1,099 $ 4,423 Interest coverage and debt service coverage ratios are as follows: Interest Coverage and Debt Service Coverage Ratios As adjusted* December 31, 2010 December 31, 2010 September 30, 2010 December 31, 2009 Interest coverage ratio (i) Debt service coverage ratio (ii) Fixed charge coverage (iii) Net debt to EBITDA ratio (iv) (i) Interest coverage defined as: GAAP net earnings for a rolling twelve month period, before net expense, income taxes and income property amortization (including provisions for impairment) divided by total expense (including that has been capitalized). (ii) Debt service coverage defined as: GAAP net earnings for a rolling twelve month period, before net expense, income taxes and income property amortization (including provisions for impairment) divided by total expense and scheduled mortgage principal amortization (including that has been capitalized). (iii) Fixed charge coverage is defined as: GAAP net earnings for a rolling twelve month period, before net expense, income taxes and income property amortization (including provisions for impairment) divided by total expense (including that has been capitalized), and distributions to unitholders. (iv) Net debt to EBITDA is defined as: the weighted average debt outstanding (net of cash) for the period divided by GAAP net earnings before net expense, income taxes and income property amortization (including provisions for impairment). * As adjusted for one-time charges such as the IFRS and SIFT restructuring costs. As part of its capital management strategy, it is objective to further improve its leverage and coverage ratios. It is the Trust s objective to achieve the following targeted ratios over a period of time: Ratio Targeted Ratios As Adjusted* December 31, 2010 Interest coverage ratio > 2.5 x 2.49 Debt service coverage ratio > 2.0 x 1.93 Fixed charge coverage ratio > 1.1 x 1.01 Net debt (average) to adjusted EBITDA ratio < 6.5 x Year End 2010 Supplemental Information Package

10 ACQUISITIONS DURING 2010 During the three months ended December 31, 2010, RioCan completed total acquisitions of $320 million, representing proportionate share of the purchase price, ($213 million, representing 100% of the purchase price and including closing costs) comprised of approximately 2.0 million additional square feet. During the year ended December 31, 2010, RioCan completed total acquisitions of $983 million, representing proportionate share of the purchase price, ($559 million, representing 100% of the purchase price and including closing costs) comprised of approximately 5.7 million additional square feet. Property name and location Capitalization rate purchase price (i) (millions) NLA (in sqft) at Asset Year class (ii) Built % Leased Weighted Average Remaining Lease Largest Term tenant(s) (years) (iii) and NLA ownership CANADA Brant Power Centre, Burlington, ON 7.7% $ 15 57,538 NFR % 7 Home Outfitters (32,000), Best Buy (31,000) 50% Keswick Walmart, Keswick, ON 7.0% ,062 NFR % 20 Walmart (151,000) 75% March Road, Ottawa, ON (iv) Millwoods Town Centre, Edmonton, AB n/a 10 7,817 NFR 2010/ % n/a Sobeys (50,836), Pharma Plus (11,953) 7.6% ,690 ESC % 4 Zellers (123,000), Canadian Tire (88,000), Safeway (49,000) 50% 40.3% Queensway, Toronto, ON 6.0% 16 11,611 NFR % 10 Cineplex (87,510) (v) 50% 740 Dupont, Toronto, ON Total Canada 7.2% $ , % 11 25,000 UR % 5 Grand Touring Automobiles (25,000) 100% UNITED STATES Inland Western Portfolio Acquisitions: Coppell Town Center, Dallas-Fort Worth, TX Great Southwest Crossing, Dallas-Fort Worth, TX Suntree Square Dallas-Fort Worth, TX Riverpark Shopping Center I Houston, TX 7.7% 10 73,086 GA % 11.5 Tom Thumb (63,150), Starbucks (2,050), UPS Store (1,500) 7.7% 12 73,816 NFR 1997/ % 5 Office Depot (20,515), PetSmart (18,875), Kroger*, Dollar Tree (6,850), Sprint (2,361) 7.7% 10 77,112 GA 1993/ % 7.3 Tom Thumb (63,556), Starbucks (1,960), Subway (1,200), T-mobile (2,000) 7.7% ,125 GA % 10 HEB Supermarket (80,460), Walgreen s (14,490), Bank of America (5,170) Riverpark Shopping Center II Houston, TX 7.7% 9 99,891 NGA % 9 Dollar Tree (15,000) Southpark Meadows I Austin, TX 7.7% ,472 NFR % 12 Walmart Supercenter (205,736), PetSmart (22,303), Subway (1,500), Starbucks (1,700) 7.7% ,502 9 Year End 2010 Supplemental Information Package

11 Property name and location Capitalization rate purchase price (i) (millions) NLA (in sqft) at Asset class (ii) Year Built % Leased Weighted Average Remaining Lease Largest Term tenant(s) (years) (iii) and NLA ownership Cedar Cross Keys Place, Turnersville, NJ Gettysburg Marketplace, Gettysburg, PA Marlboro Crossing, Upper Marlboro, MD Northland Center, State College, PA Towne Crossing, Richmond, VA York Marketplace, York, PA 8.3% ,538 NFR % 8 Home Depot*, Sports Authority (42,000), Bed Bath & Beyond (35,005), AC Moore (21,305), Old Navy (19,234) 7.8% 16 66,227 GA % 7 Giant Food (66,674), Blockbuster (5,010), Hallmark (4,500) 7.8% 10 54,380 GA % 11 Giant Food (60,951) 7.8% 8 86,608 GA % 4 Giant Food (65,075), CVS (10,920) 7.8% 16 83,134 NGA % 3 Bed Bath & Beyond (40,000), Michael s (20,000) 7.8% ,568 GA 1955/ % 5 Lowe s Home (125,353), Giant Food (74,600), Office Max (23,500), Super Shoes (20,000) 7.9% ,455 Kimco Las Palmas Marketplace, El Paso, TX Total US 7.8% 215 1,542, % ,236 NFR % 7 Lowe s (179,421), Kohl s (86,800), Ross Dress for Less (33,419), Babies R Us (30,570), Bed Bath & Beyond (30,172), Office Depot (29,491), Michael s (23,694) 31.7% Fourth Quarter 2010 Acquisitions 7.6% $320 1,982,911 CANADA Gatineau Walmart Centre, Gatineau, QC Hamilton Walmart Centre, Hamilton, ON Niagara Square, Niagara Falls, ON (Additional 15% ) RioCan Centre Gravenhurst, Gravenhurst, ON (Additional 66.67% ) Vaudreuil Shopping Centre, Vaudreuil-Dorion, QC 6.7% $ ,765 NFR % 12 Walmart (158,801), Golf Town (18,761) 6.7% ,486 NFR 2008/ % 11 Walmart (133,555), Dollar Giant (10,118) 8.4% 7 57,343 ESC 1977/1987/ % 13 Cineplex (45,853), Winners (31,967), Sport Chek (20,160), Future Shop (20,027) 7.5% 20 99,395 NFR 2008/ % 18 Canadian Tire (76,403), Sobeys (41,360) 7.6% ,330 NFR 2006/ % 9 Super C*, Canadian Tire*, Bureau en Gros (20,000), Golf Town (15,000) 100% 100% 30% 100% 100% 10 Year End 2010 Supplemental Information Package

12 Property name and location Capitalization rate purchase price (i) (millions) NLA (in sqft) at Asset Year class (ii) Built % Leased Weighted Average Remaining Lease Largest Term tenant(s) (years) (iii) and NLA ownership Wharncliffe Centre, 7.0% 13 60,711 GA % 7 No Frills (40,140) 100% London, ON Total Canada 7.0% ,030 UNITED STATES Inland Western Portfolio Acquisitions: Bear Creek Shopping Center, Houston, TX Cypress Mill Plaza, Houston, TX New Forest Crossing, Houston, TX Cedar Creekview Center, Warrington, PA Monroe Marketplace, Sellinsgrove, PA New River Valley Centre, Christiansburg, VA Pitney Road Plaza, Lancaster, PA Sunrise Plaza, Forked River, NJ Montville Commons Shopping Center, Montville, CT Exeter Commons, Reading, PA 7.7% 13 70,330 GA % 5 HEB Supermarket (61,805), GNC (1,300), Papa John s (1,500) 7.7% 12 93,125 NFR % 7 Walmart*, Home Depot*, Hobby Lobby (59,898), Palais Royale (24,000), Dollar Tree (9,998) 7.7% ,452 NFR % 4 Lowe s*, Walmart*, Big Lots (34,076), Ross Dress for Less (30,047), Petsmart (18,975) 7.7% , % ,869 NFR % 7 Target*, Lowe s*, Genuardi s Supermarket (Safeway) (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000) 7.6% ,814 NFR % 12 Target*, Giant Foods Supermarket (127,000), Kohl s (68,430), Dick s Sporting Goods (51,119), Best Buy (22,504), Michael s (20,649), PetSmart (18,156), Staples (14,730) 7.6% ,730 NFR % 7 Best Buy (30,041), Ross Dress for Less (30,037), Bed Bath & Beyond (24,152), Staples (20,443), PetSmart (17,878), Old Navy (15,413) 7.6% 9 36,732 NFR % 9 Costco*, Lowe s*, Best Buy (45,915) 7.6% ,168 NFR % 22 Home Depot (130,601), Kohl s (96,171), Staples (20,388) 7.7% 16 94,333 GA % 10 Home Depot*, Stop & Shop (63,000) 7.8% ,257 NFR % 15 Target*, Lowe s (171,069), Giant Foods Supermarket (81,715), Staples (18,008) 7.7% 170 1,134,904 Total US 7.7% 209 1,416, Year End 2010 Supplemental Information Package

13 Property name and location Capitalization rate purchase price (i) (millions) NLA (in sqft) at Asset Year class (ii) Built Weighted Average Remaining % Lease Term Largest tenant(s) Leased (years) (iii) and NLA ownership Third Quarter 2010 Acquisitions 7.4% $374 2,254,841 CANADA Halton Hills Georgetown, ON Clappison Crossing Flamborough, ON (Additional 50% ) 7.2% 10 75,366 GA % 9 Food Basics (36,002), Dollarama (10,970), TD Bank (10,000), Bulk Barn (5,000) 7.3% ,628 NFR % 18 Walmart (151,448), Rona (98,546), LCBO (11,882), Bank of Nova Scotia (5,380) 100% 100% Corbett Centre Fredericton, NB (Additional 37.5% ) Total Canada 7.2% , % 9 36,515 NFR % 9 Home Depot*, Costco*, Michael s (17,438), Winners (29,948), Dollarama (10,301), PetSmart (9,589) 100% UNITED STATES Cedar Initial Portfolio Acquisitions: Loyal Plaza Williamsport, PA 8.5% ,060 GA 1969/ % 22 Giant Food Supermarkets (66,935), K-Mart (102,558), Staples (20,555), Eckerd Drugs (10,908) Stop & Shop Plaza Bridgeport, CT 8.5% 7 43,609 GA % 20 Stop & Shop (54,510) Shaw s Plaza Raynham, MA Total US 8.5% , % ,288 GA % 22 Shaw s Supermarkets (60,748), Marshalls (25,752), CVS (10,125) Second Quarter 2010 Acquisitions 7.9% $ ,466 CANADA Portfolio Acquisition: Market at Citadel Village St. Albert, AB Summerwood Centre Sherwood Park, AB Timberlea Landing Fort McMurray, AB 7.5% 17 51,029 NGA 2007/ % 10 Shoppers Drug Mart (17,020) 7.5% 30 83,911 GA 2008/ % 16 Save-On-Foods (41,265), Shoppers Drug Mart (16,911) 8.2% ,467 MIX % 13 ATB, Regional Municipality of Wood Buffalo 7.9% , % 100% 100% Chapman Mills Marketplace Ottawa, ON (Additional 12.5% ) Total Canada 7.8% , % 12 53,979 NFR 100% 8 Walmart (130,000), Galaxy Cinemas (26,905), Winners (26,240), Staples (25,890), Loblaws* (115,000) 75% 12 Year End 2010 Supplemental Information Package

14 Property name and location Capitalization rate purchase price (i) (millions) NLA (in sqft) at Asset class (ii) Year Built Weighted Average Remaining % Lease Term Largest tenant(s) Leased (years) (iii) and NLA ownership UNITED STATES Cedar Initial Portfolio Acquisitions: Franklin Village Plaza Franklin, MA Columbus Crossing Philadelphia, PA 8.5% ,974 GA/Office 1987/ % 14 Stop & Shop (75,000), Marshalls (26,890), Bath & Body Works (2,500), Bank of America (2,550) 8.5% ,734 GA % 14 Super Fresh (61,506), Old Navy (25,000), AC Moore (22,000) 8.5% ,708 Town Square Plaza Reading, PA Total US 8.5% , % ,109 NFR % 16 Giant Food Supermarkets (73,727), AC Moore (21,600) First Quarter 2010 Acquisitions 8.1% $ ,203 YTD 2010 Acquisitions: Canada 7.3% $432 1,818,643 US Inland Western 7.7% ,409 Cedar 8.0% 396 2,669,133 Kimco 7.5% , % 554 3,839,778 YTD 2010 Acquisitions 7.6% $986 5,658,421 (i) Excludes closing costs and other acquisition related costs. (ii) ESC Enclosed Shopping Centre; GA Grocery Anchored Centre; MIX Mixed Use; NGA Non Grocery Anchored Centre; NFR New Format Retail (iii) Weighted average based on gross rental revenue (iv) March Road is a development property that will be substantially complete in 2011; the NLA shown above is for share of the completed portion of the site only. For the projected NLA upon completion of the site and other pertinent data, please refer to the Development Properties Summary section of this MD&A. (v) Cineplex holds a ground lease at this site. * Shadow Anchor 13 Year End 2010 Supplemental Information Package

15 GREENFIELD DEVELOPMENT PROJECTS Highlights of development pipeline as at December 31, 2010, are as follows: As at December 31, 2010 (thousands of square feet, except percentage amounts) % ownership Total estimated development Estimated square feet upon completion of the development project Retailer owned anchors (ii) and partners s Income producing ( IPP ) Under development ( PUD ) Potential Future Developments (iii) Total RioCan Total partner RioCan owned: Avenue Road, Toronto, ON 100% Flamborough Walmart Centre, Hamilton, ON 100% Corbett Centre, Fredericton, NB 100% Eglinton Avenue & Warden Avenue, Toronto, ON 100% Riocan Gravenhurst, ON 100% Queen Street & Portland Street, Toronto, ON 100% RioCan Renfrew Centre, Renfrew, ON 100% , , ,268 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% Highway 401 & Thickson Road Phase I, Whitby, ON 25% Lowes Centre Orleans, Ottawa, ON 33.3% Cimarron Shopping Centre, Okotoks, AB 50% RioCan Centre Vaughan, Vaughan, ON Ph 2 & % March Road, Kanata, ON 50% Stouffville, ON 41.75% , , CPPIB/Trinity East Hills, Calgary, AB 37.5% 1,586 1, Jacksonport, Calgary, AB 25% 1, (iv) St. Clair Avenue & Weston Road, Toronto, ON 25% , , ,889 Other Westney Road & Taunton Road, Ajax, ON 20% Windfield Farms, Oshawa, ON 33.3% 1, , , , Total Development NLA 8,090 1,413 6, ,914 3,046 3,632 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. 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) RioCan purchased Trinity and Strathallen s s in Phase 1 of this property in September (ii) Retailer owned anchors include both completed and sale transactions under contract. (iii) Future development projects will be deferred until economic conditions warrant. RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. (iv) Retailer owned anchor contemplated in the site plan (for projection purposes only). 14 Year End 2010 Supplemental Information Package

16 As at December 31, 2010 Anticipated date of development completion (thousands of square feet, except percentage amounts) % ownership Leasing activity (i) % Leasing activity Current development Potential future developments Anticipated anchors (ii) RioCan owned: Avenue Road, Toronto, ON 100% 19 90% Q Flamborough Walmart Centre, Hamilton, ON 100% % Q Rona, Walmart, Staples Corbett Centre, Fredericton, NB 100% % Q Home Depot*, Costco*, Winners Eglinton Avenue & Warden Avenue, 100% % 2012 Zellers Toronto, ON Riocan Gravenhurst, ON 100% % Canadian Tire, Sobeys Queen Street & Portland Street, Toronto, ON 100% % Q Loblaws, Winners RioCan Renfrew Centre, Renfrew, ON 100% 53 39% Loblaws *, Staples % Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% % Q Lowe s*, Winners Highway 401 & Thickson Road Phase I, 25% 99 48% Rona Whitby, ON Lowes Centre Orleans, Ottawa, ON 33.3% % Q Lowe s*, Food Basics Cimarron Shopping Centre, Okotoks, AB 50% 66 35% Q Home Depot *, Costco *, Winners RioCan Centre Vaughan, Vaughan, ON Ph 2 & % 0% 0% March Road, Kanata, ON 50% 98 90% Q Sobeys Stouffville, ON 41.75% 0% 0% % CPPIB/Trinity East Hills, Calgary, AB 37.5% 2013 (iii) Jacksonport, Calgary, AB 25% 2013 (iii) St. Clair Avenue & Weston Road, Toronto, ON 25% (iii) Other Westney Road & Taunton Road, Ajax, ON 20% 66 38% Q Sobeys Windfield Farms, Oshawa, ON 33.3% 0% 2014 (iii) 66 38% 1,531 23% RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. 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) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (ii) Anchors that are retailer owned are designated with an asterisk (*). (iii) The first phases are expected to be substantially complete by the dates indicated. 15 Year End 2010 Supplemental Information Package

17 As at December 31, 2010 Acquisition and development expenditures incurred to date Estimated remaining construction expenditures to complete (thousands of dollars) % ownership Estimated project cost (100%) (i) Amount included in IPP Amount included in PUD Total Partners Total Partners Total RioCan owned: Avenue Road, Toronto, ON 100% $ 25,492 $ $ 23,339 $ 23,339 $ $ 23,339 $ 2,153 $ $ 2,153 Flamborough Walmart Centre, Hamilton, ON 100% 53,804 33,315 9,566 42,881 42,881 10,923 10,923 Corbett Centre, Fredericton, NB 100% 45,050 19,320 4,051 23,371 23,371 21,679 21,679 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 44,690 32,615 6,750 39,365 39,365 5,326 5,326 Riocan Gravenhurst, ON 100% 61,273 30,417 9,052 39,469 39,469 21,804 21,804 Queen Street & Portland Street, Toronto, ON 100% 38,583 (ii) 29,893 29,893 29,893 8,690 8,690 RioCan Renfrew Centre, Renfrew, ON 100% 29,286 11,421 3,236 14,657 14,657 14,629 14, , ,088 85, , ,975 85,204 85,204 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 68,732 6,314 6,888 13,202 26,404 39,606 9,708 19,417 29,125 Highway 401 & Thickson Road Phase I, Whitby, ON 25% 40,465 4, ,437 16,313 21,750 4,679 14,036 18,715 Lowes Centre Orleans, Ottawa, ON 33.3% 58,915 6,477 6,023 12,500 25,002 37,502 7,138 14,275 21,413 Cimarron Shopping Centre, Okotoks, AB 50% 46,297 11,416 11,416 11,418 22,834 11,731 11,732 23,463 RioCan Centre Vaughan, Vaughan, ON Ph 2 & % 60,575 7,053 7,053 21,311 28,364 10,067 22,144 32,211 March Road, Kanata, ON 50% 32,992 2,583 8,247 10,830 10,831 21,661 5,665 5,666 11,331 Stouffville, ON 41.75% 25,006 6,873 6,873 9,590 16,463 3,567 4,976 8, ,982 20,142 47,169 67, , ,180 52,554 92, ,800 CPPIB/Trinity East Hills, Calgary, AB 37.5% 339,601 22,076 22,076 36,793 58, , , ,733 Jacksonport, Calgary, AB 25% 182,994 13,082 13,082 39,247 52,329 32,667 97, ,665 St. Clair Avenue & Weston Road, Toronto, ON 25% 132,141 8,216 8,216 24,648 32,864 24,821 74,456 99, ,736 43,374 43, , , , , ,675 Other Westney Road & Taunton Road, Ajax, ON 20% 50,066 2,450 2,861 5,311 21,241 26,552 4,703 18,811 23,514 Windfield Farms, Oshawa, ON 33.3% 192,244 10,800 10,800 21,599 32,399 53, , , ,310 2,450 13,661 16,111 42,840 58,951 57, , ,359 $ 1,528,206 $ 149,680 $ 190,091 $ 339,771 $ 264,397 $ 604,168 $ 358,507 $ 565,531 $ 924,038 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. 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) Proceeds from sale to shadow anchors reduce projected cost. (ii) Estimated project cost has been reduced by a $11.5 million lease termination payment in January Year End 2010 Supplemental Information Package

18 As at December 31, 2010 (thousands of dollars) % ownership Estimated remaining development activity to be funded by RioCan & Thereafter Future Development Mezzanine financing Mezzanine financing Mezzanine financing Mezzanine financing RioCan owned: Avenue Road, Toronto, ON 100% $ 2,152 $ $ $ $ $ $ $ Flamborough Walmart Centre, Hamilton, ON 100% 1,723 5,635 3,564 Corbett Centre, Fredericton, NB 100% ,485 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 405 4,920 Riocan Gravenhurst, ON 100% ,906 Queen Street & Portland Street, Toronto, ON 100% 8,689 RioCan Renfrew Centre, Renfrew, ON 100% ,240 13,935 6,148 65,115 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 1,796 3, ,450 14,899 Highway 401 & Thickson Road Phase I, Whitby, ON 25% ,676 4,676 Lowes Centre Orleans, Ottawa, ON 33.3% 3,266 6, ,074 3,335 6,669 Cimarron Shopping Centre, Okotoks, AB 50% 1, ,980 4,990 RioCan Centre Vaughan, Vaughan, ON Ph 2 & % ,046 6,701 March Road, Kanata, ON 50% Stouffville, ON 41.75% ,708 3,778 7,071 11,556 1,709 2, ,195 41,713 CPPIB/Trinity East Hills, Calgary, AB 37.5% ,689 51,844 Jacksonport, Calgary, AB 25% ,453 31,453 St. Clair Avenue & Weston Road, Toronto, ON 25% ,243 24,243 1, , , , ,540 Other Westney Road & Taunton Road, Ajax, ON 20% ,088 Windfield Farms, Oshawa, ON 33.3% , ,558 $ 22,990 $12,457 $9,291 $ 3,687 $1,560 $ 719 $ 312,253 $ 149,253 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. 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. 17 Year End 2010 Supplemental Information Package

19 As at December 31, 2010 Development financing RioCan and partners Third party RioCan (thousands of dollars) % ownership Total in place financing Advanced to date Remaining to be advanced RioCan on behalf of partners Total RioCan funded Partners Total RioCan owned: Avenue Road, Toronto, ON 100% $21,000 (i) $ 7,491 $ 13,509 $ $ $ $ $ Flamborough Walmart Centre, Hamilton, ON 100% 10,923 10,923 10,923 Corbett Centre, Fredericton, NB 100% 21,679 21,679 21,679 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 5,326 5,326 5,326 Riocan Gravenhurst, ON 100% ,801 21,801 21,801 Queen Street & Portland Street, Toronto, ON 100% 28,000 20,458 7,542 1,148 1,148 1,148 RioCan Renfrew Centre, Renfrew, ON 100% (ii) 14,629 14,629 14,629 49,003 27,949 21,054 75,506 75,506 75,506 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 9,709 19,417 29,126 29,126 Highway 401 & Thickson Road Phase I, Whitby, ON 25% 4,679 4,679 9,358 9,357 18,715 Lowes Centre Orleans, Ottawa, ON 33.3% 140 (140) 7,278 14,275 21,553 21,553 Cimarron Shopping Centre, Okotoks, AB 50% 11,730 5,866 17,596 5,866 23,462 RioCan Centre Vaughan, Vaughan, ON Ph 2 & % 10,067 10,067 22,144 32,211 March Road, Kanata, ON 50% 5,665 5,666 11,331 11,331 Stouffville, ON 41.75% 3,567 4,976 8,543 8, (140) 52,695 54, ,574 37, ,941 East Hills, Calgary, AB 37.5% 105,276 52, , , ,733 Jacksonport, Calgary, AB 25% 32,667 32,666 65,333 65, ,665 St. Clair Avenue & Weston Road, Toronto, ON 25% 24,820 24,819 49,639 49,638 99, , , , , ,675 Other Westney Road & Taunton Road, Ajax, ON 20% 4,703 4,703 18,811 23,514 Windfield Farms, Oshawa, ON 33.3% 53,282 53, , ,845 57,985 57, , ,359 $ 49,003 $ 28,089 $ 20,914 $ 348,949 $ 165,001 $ 513,950 $ 400,531 $ 914,481 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. 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) estimated share of the $52M facility. estimated share of the $52M facility. 18 Year End 2010 Supplemental Information Package

20 EXPANSION AND REDEVELOPMENT ACTIVITIES Highlights of expansion and redevelopment projects are as follows: As at December 31, 2010 (thousands of square feet, millions of dollars) RioCan owned: Shoppers World Brampton, Brampton, ON 100% Estimated project cost including land Development expenditures to date at Estimated remaining development activity at % Project Partners ownership Tenant(s) NLA Total Bad Boy, Imperial Buffet, Designer Depot, Bulk Barn 77 $ 28 $ $ 28 $ 14 $ 13 $ Co-ownerships: 404 Town Centre, Newmarket, ON 50% Shoppers Drug Mart $ 30 $ 2 $ 32 $ 14 $ 15 $ DEVELOPMENT PROJECTS Avenue Road Toronto, Ontario Construction is nearing completion on development located at the northeast corner of Avenue Road and Fairlawn Avenue in one of the busiest nodes in the City of Toronto. The former retail facility has been demolished and is being redeveloped to accommodate a mixed-use building featuring a 5.5 storey residential component, along with 21,000 square feet of single storey retail street-front space. The project is being co-developed by RioCan and Tribute Communities. Cimarron Shopping Centre Okotoks, Alberta This site is currently being developed into a 433,000 square foot new format retail centre as a joint venture with Trinity and Tristar. The site is anchored by a 93,000 square foot Home Depot which owns its own store and operates as part of the overall site. A 151,000 square foot Costco, which also owns its own store, commenced operations in the third quarter of ownership in the property is 50%. Clappison s Crossing Flamborough, Ontario This 31-acre site is currently being developed into a 317,000 square foot new format retail centre. The site is anchored by a 99,000 square foot Rona, which commenced operations in the fourth quarter of 2007 and a 151,000 square foot Wal-Mart which commenced operations in the third quarter of An additional 50,000 square feet of retail space will be developed at the property. RioCan purchased Trinity s in the property in the second quarter of 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 474,000 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 commence operations in RioCan purchased Trinity s in the property in the second quarter of East Hills Calgary, Alberta This 148 acre site is currently being developed into a 1.6 million square foot regional new format retail centre. The East Hills development is planned in three phases. Phases I and III comprise approximately 111 acres and the ownership structure is CPP 37.5%, RioCan 37.5%, Trinity 12.5% and Lansdowne 12.5%. Phase II, comprises approximately 37 acres, and the ownership structure is CPP 37.5%, Tristar 25%, RioCan 16.7%, Trinity 8.3% and Lansdowne 12.5%. Phases I, II and III will ultimately form an integrated site. 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 170,000 square foot new format retail centre anchored by a 116,000 square foot Zellers which commenced operations in the third quarter of A 23,000 square foot Petsmart and a 5,000 square foot TD Bank commenced operations in the fourth quarter of An additional 26,000 square feet of retail space will be developed at the property. Grant Crossing Ottawa, Ontario This 33 acre site is currently being developed into a 401,000 square foot new format retail centre as a joint venture with Trinity and Shenkman Corporation. The site will be anchored by Lowe s, which will own its own store and operate as part of the overall site. Lowe s will commence operations in early A 31,000 square foot Winners, a 26,000 square foot Homesense and a 22,000 square foot Michael s commenced operations in the fourth quarter of ownership in the property is 33.3% as at December 31, 2010 however, RioCan will purchase an additional 13.3% in the property from each of Trinity and Shenkman Corporation in the first 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. The property is well located with easy access off Highway 401. The site is anchored by a 99,000 square foot Rona store, which commenced operations in the fourth quarter of A portion of the site totalling 27 acres was sold to Metrolinx in the fourth quarter of ownership in the property is 25% as at December 31, Year End 2010 Supplemental Information Package

21 DEVELOPMENT PROJECTS (CONT D) 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% in this property was sold to the CPPIB in June 2008 and a 25% has been retained by each of Trinity and RioCan. March Road Ottawa, Ontario This 11 acre site is currently being developed into a 109,000 square foot new format retail centre as a joint venture with the Trinity. The property currently consists entirely of a 15,000 square foot Pharma Plus. The property will be anchored by a 51,000 square foot Sobeys that will be developed in ownership in the property is 50%. Queen Street and Portland Street Toronto, Ontario Construction is well underway 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 is being developed into a mixed-use building featuring a four-storey residential component as well as approximately 91,000 square feet of retail space on three storeys. Loblaws and Winners will anchor the site. The site is being developed with Tribute Communities, which owns the residential component. RioCan Centre Belcourt This 39 acre site is currently being developed into a 397,000 square foot new format retail centre as a joint venture with Trinity and Shenkman Corporation. The site is anchored by a 142,000 square foot Lowe s that commenced operations in the fourth quarter of Lowe s own its own store which operates as part of the overall site. In addition, a 41,000 square foot Empire Theatres commenced operations in December ownership in the property is 33.3% as at December 31, 2010 however, RioCan will purchase an additional 13.3% in the property from each of Trinity and Shenkman Corporation in the first quarter of RioCan Centre Vaughan Vaughan, Ontario This 54 acre site is currently being developed into a 561,000 square foot new format retail centre that is anchored by a 213,000 square foot Wal-Mart Supercentre that opened in the first quarter of The site is being developed with our partners, Trinity and Strathallen Capital Corporation. RioCan purchased Trinity and Strathallen Capital Corporation s s in phase one of the property in September Phase one of the project features approximately 261,000 square feet and is substantially complete. ownership in phase two of the property is 31.25%. RioCan Gravenhurst Talisman Drive and Edward Street, Gravenhurst, Ontario This 29 acre site is currently being developed into a 301,000 square foot new format retail centre. The site is anchored by a 76,000 square foot Canadian Tire and a 41,000 square foot Sobeys. RioCan purchased Trinity s and The Otis Group of Companies s in the third quarter of RioCan Renfrew 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 53,000 square feet 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 20 acre site is expected to ultimately feature approximately 484,000 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% in this property was sold to the CPPIB in June 2008 and a 25% has been retained by each of Trinity and RioCan. Stouffville Stouffville, Ontario This 24 acre site was originally a joint venture between RioCan, Trinity and Rice/Fryberg. RioCan purchased Rice/ Fryberg s in the site in the first quarter of 2010 which increased ownership in the property to 83.5%. In the fourth quarter of 2010, a 50% in the site was sold to Minto Communities, with a 41.75% being retained by RioCan and an 8.25% being retained by Trinity. Five acres of the site will be developed into a 60,000 square foot retail centre. Westney Road and Taunton Road Ajax, Ontario This site is currently being developed into a 173,000 square foot new format retail centre as a joint venture with the Sun Life Assurance Company of Canada. A 46,000 square foot Sobeys will anchor the property. ownership in the property is 20%. Windfield Farms Oshawa, Ontario This 160 acre site is currently being developed into a 1.2 million square foot regional new format retail centre. ownership in the property is 33.3%. The site is being developed with two partners. 20 Year End 2010 Supplemental Information Package