GROWING IN THE MAJOR MARKETS. RioCan Real Estate Investment Trust. Second Quarter 2007 Supplemental Information Package

Transcription

1 GROWING IN THE MAJOR MARKETS RioCan Real Estate Investment Trust Second Quarter 2007 Supplemental Information Package

2 Real Estate Portfolio Fact Sheet Total Area (sq. ft.): Retail Office Total Income Producing Properties 29,322,103 1,586,241 30,908,344 Properties Under Development 2,407,291 2,407,291 Total 33,315,635 Number of Tenancies 5,225 Retail Occupancy 97.7% Office Occupancy 96.8% Total Occupancy 97.7% Geographic Diversification Number of properties Percentage of annualized Income producing Properties under rental revenue properties development Total Ontario 63.6% Quebec 15.8% Alberta 9.9% British Columbia 6.3% New Brunswick 2.3% Saskatchewan 0.7% 2 2 Manitoba 0.6% 1 1 Prince Edward Island 0.5% 1 1 Newfoundland 0.3% % Anchor and National Tenants Percentage of annualized rental revenue Percentage of area 82.6% 83.1% Top Ten Sources of Revenue by Tenant Percentage of annualized Weighted average Tenant rental revenue remaining lease term (yrs) 1. Metro/A&P/Dominion/Super C/Loeb/Food Basics 5.7% Famous Players/Cineplex/Galaxy Cinemas 5.7% Zellers/The Bay/Home Outfitters 3.9% Wal-Mart 3.8% Loblaws/No Frills/Fortinos/Zehrs/Maxi 3.8% Canadian Tire/PartSource/Mark s Work Wearhouse 3.3% Winners/HomeSense 3.3% Staples/Business Depot 2.5% Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% Shoppers Drug Mart 1.6% 9.2 Total 35.5% Lease Expiries (sq.ft.) Retail Class GLA New Format Retail 13,360, , , , ,248 1,420, % 4.7% 7.2% 7.4% 10.6% Grocery Anchored Centre 6,756, , , , ,271 1,001, % 10.3% 14.2% 12.2% 14.8% Enclosed Shopping Centre 6,492, , , , , , % 11.0% 10.2% 12.8% 11.8% Non-Grocery Anchored Strip 1,461,282 45, , , ,127 78, % 7.4% 11.2% 8.1% 5.4% Urban Retail 1,251,902 13, , ,426 57,775 52, % 12.4% 14.3% 4.6% 4.2% Office 1,586,241 87, , , , , % 6.6% 12.8% 22.7% 19.8% Total 30,908, ,669 2,408,290 3,128,002 3,182,834 3,637, % 7.8% 10.1% 10.3% 11.8% 1 Second Quarter Ended June 30, 2007 Supplemental Information Package

3 Property Ownership by Geographic Area (square feet) Provincial RioCan s Partners Retailer owned Total interests NLA interests anchors site NLA Ontario Central 12,034,368 2,842,549 2,965,016 17,841,933 Ontario East 4,065,301 1,118,680 1,015,045 6,199,026 Ontario West 2,515,933 1, ,187 3,167,772 Total Ontario 18,615,602 3,962,881 4,630,248 27,208,731 Quebec 5,638, ,342 1,492,781 7,761,482 Alberta 2,777,515 1,230,051 1,727,805 5,735,371 British Columbia 1,782,168 1,204, ,074 3,327,445 New Brunswick 1,248, , ,615 1,762,575 Saskatchewan 316, , ,500 Newfoundland 182, ,592 Manitoba 178, ,875 Prince Edward Island 167, , ,892 Income Producing Properties 30,908,344 7,612,596 8,567,523 47,088,463 Properties Under Development 2,407,291 2,037,709 1,784,000 6,229,000 Total 33,315,635 9,650,305 10,351,523 53,317,463 Six High Growth Markets RioCan s Partners Retailer owned Total interests NLA interests anchors site NLA Calgary, Alberta 1,710, ,902 1,021,735 3,345,851 Edmonton, Alberta 718, , ,070 1,909,369 Montreal, Quebec 3,124, , ,700 3,941,019 Ottawa, Ontario 1 2,382, ,571 1,155,000 4,204,030 Toronto, Ontario 2 8,732,201 2,104,720 1,926,941 12,763,862 Vancouver, British Columbia 3 1,070, , ,074 2,145,725 Income Producing Properties 17,738,745 5,387,591 5,183,520 28,309,856 Properties Under Development 2,019,450 1,756,550 1,307,000 5,083,000 Total 19,758,195 7,144,141 6,490,520 33,392,856 Notes: 1. Area extends from Nepean and Vanier, to Gatineau, Quebec. 2. Area extends north to Newmarket, west to Burlington and east to Ajax. 3. Area extends east to Abbotsford. 2 Second Quarter Ended June 30, 2007 Supplemental Information Package

4 Portfolio Geographic Diversification Percentage of area Percentage of annualized Percentage occupied by rental revenue of annualized Occupancy anchor and national from anchor and Area rental revenue percentage tenants national tenants Ontario Central 39.0% 42.6% 99.1% 86.2% 83.4% Ontario East 13.2% 13.6% 96.8% 83.5% 83.3% Ontario West 8.1% 7.4% 97.3% 80.1% 84.4% Total Ontario 60.3% 63.6% 98.3% 84.7% 83.5% Quebec 18.2% 15.8% 97.7% 79.4% 82.1% Alberta 9.0% 9.9% 99.7% 84.0% 78.3% British Columbia 5.8% 6.3% 99.0% 85.4% 81.8% New Brunswick 4.0% 2.3% 83.0% 72.0% 84.6% Saskatchewan 1.0% 0.7% 96.9% 88.3% 82.1% Newfoundland 0.6% 0.3% 91.4% 80.5% 80.2% Manitoba 0.6% 0.6% 92.6% 72.5% 70.2% Prince Edward Island 0.5% 0.5% 98.6% 82.7% 84.8% Total Portfolio 100.0% 100.0% 97.7% 83.1% 82.6% 3 Second Quarter Ended June 30, 2007 Supplemental Information Package

5 Top 25 Sources of Revenue by Tenant Percentage Number Total area of annualized of occupied (sq. ft., Tenant rental revenue locations RioCan s interest) 1. Metro/A&P/Dominion/Super C/Loeb/Food Basics 5.7% 49 1,932, Famous Players/Cineplex/Galaxy Cinemas 5.7% 28 1,245, Zellers/The Bay/Home Outfitters 3.9% 35 2,470, Wal-Mart 3.8% 20 1,905, Loblaws/No Frills/Fortinos/Zehrs/Maxi 3.8% 27 1,171, Canadian Tire/PartSource/Mark s Work Wearhouse 3.3% 51 1,139, Winners/HomeSense 3.3% 50 1,018, Staples/Business Depot 2.5% , Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% , Shoppers Drug Mart 1.6% , Chapters/Indigo 1.6% , Future Shop/Best Buy 1.5% , Harvey s/swiss Chalet/Kelsey s/montana s/milestone s/second Cup 1.5% , Sport Mart/Sport Chek/Sports Experts/National Sports/Coast Mountain Sports 1.5% , Safeway 1.1% , Sears 1.0% , Dollarama 0.9% , Petsmart 0.8% , Premier Fitness 0.7% 7 218, London Drugs 0.6% , Rona/Revy/Reno 0.6% 3 253, TD Canada Trust 0.6% , LCBO 0.6% , East Side Mario s/casey s 0.6% 21 95, Michaels 0.6% ,425 Total 49.7% ,256,645 4 Second Quarter Ended June 30, 2007 Supplemental Information Package

6 Lease Expiries by Geographical Area Property ownership (sq. ft.) Year Total Ontario Central Square feet 12,034, , ,849 1,235,360 1,173,645 1,480,695 5,131,537 Percentage 2.0% 8.3% 10.3% 9.8% 12.3% 42.7% Ontario East Square feet 4,065, , , , , ,044 1,689,783 Percentage 2.5% 5.9% 9.7% 13.0% 10.5% 41.6% Ontario West Square feet 2,515,933 54, , , , ,749 1,037,278 Percentage 2.2% 10.0% 11.0% 13.4% 4.7% 41.3% Total Ontario Square feet 18,615, ,887 1,487,621 1,906,502 2,040,100 2,024,488 7,858,598 Percentage 2.1% 8.0% 10.2% 11.0% 10.9% 42.2% Quebec Square feet 5,638, , , , , ,584 1,918,779 Percentage 2.3% 5.7% 6.5% 6.6% 13.0% 34.1% Alberta Square feet 2,777,515 81, , , , ,192 1,407,793 Percentage 2.9% 8.9% 12.8% 13.3% 12.7% 50.6% British Columbia Square feet 1,782,168 58, , , , , ,776 Percentage 3.3% 7.2% 12.1% 8.7% 11.7% 43.0% New Brunswick Square feet 1,248,795 29, , , , , ,736 Percentage 2.3% 9.9% 9.1% 10.4% 12.4% 44.1% Saskatchewan Square feet 316,992 12,151 66,561 38,780 14, , ,000 Percentage 3.8% 21.0% 12.2% 4.6% 38.4% 80.0% Newfoundland Square feet 182, ,515 16,760 37,889 36,474 98,158 Percentage 0.3% 3.6% 9.2% 20.8% 20.0% 53.9% Manitoba Square feet 178, ,933 88,670 26,775 5, ,756 Percentage 0.5% 7.2% 49.6% 15.0% 3.1% 75.4% Prince Edward Island Square feet 167,446 2,744 13,865 27,347 34,613 1,632 80,201 Percentage 1.6% 8.3% 16.3% 20.7% 1.0% 47.9% Total Square feet 30,908, ,669 2,408,290 3,128,002 3,182,834 3,637,002 13,068,797 Percentage 2.3% 7.8% 10.1% 10.3% 11.8% 42.3% Expiries 5 Second Quarter Ended June 30, 2007 Supplemental Information Package

7 Greenfield Development Projects Leasable area (sq. ft.) 1 Current Leased Anticipated date Total Total Ownership Total income Under under Retailer owned of substantial projected projected Cap Property interest development producing development development anchors Anchors completion income cost 2 rate Projects Currently Under Development Eglinton Avenue & Warden Avenue, Toronto, ON 100% 163, , ,000 Zellers Q $ 2,634,000 $ 37,146, % Fredericton, Fredericton, NB 62.5% 462, ,000 59, ,000 Home Depot *, Costco * Q ,345,000 38,549, % Gravenhurst, Gravenhurst, ON 33% 263, ,000 40, ,000 Canadian Tire *, Rona * Q ,590,000 28,357, % Highway 401 & Thickson Road Phase I, Whitby, ON 25% 204, ,000 99,000 Rona Q ,047,000 40,866, % Highway 401 & Thickson Road Phase II, Whitby, ON % (405,000) 0.0% Highway 5 & Highway 6, Hamilton, ON 50% 264, , , ,000 Loblaws *, Rona Q ,574,000 31,235, % Queen Street & Portland Street, Toronto, ON 100% 99,000 99,000 Q ,932,000 38,796, % Richmond Green Marketplace, Richmond Hill, ON 50% 444, , , ,000 Home Depot *, Costco, Q ,007,000 54,360, % Staples, Michaels RioCan Centre Burloak, Oakville, ON 50% 552, , ,000 98,000 Home Depot *, Cineplex, Q ,593, ,584, % Longo s, Home Outfitters RioCan Durham Centre Ditch Lands, Ajax, ON 100% 33,000 33,000 33,000 The Keg, Bank of Montreal Q ,000 8,342, % Strathallen, Vaughan, ON 31.25% 484, ,000 Q ,761,000 55,022, % Taunton Road & Garrard Road, Whitby, ON 100% 148, ,000 Q ,055,000 12,389, % Barrie Essa Road, Barrie, ON 100% 131,000 72,000 59,000 Loblaws * Q ,212,000 23,165, % RioCan Beacon Hill, Calgary, AB 40% 781, , , , ,000 Costco *, Home Depot *, Q ,162, ,431, % Canadian Tire, Winners/HomeSense, Sport Chek, Michaels, Linens N Things RioCan Centre Kingston Phase II, Kingston, ON 100% 236, ,000 24,000 24,000 The Brick, Home Outfitters, Best Buy Q ,047,000 43,923, % RioCan Centre Milton, Milton, ON 100% 291, ,000 59,000 44, ,000 Home Depot *, Sobeys *, Cineplex Q ,382,000 40,831, % RioCan Meadows, Edmonton, AB 50% 502, , ,000 96, ,000 Loblaws *, Home Depot, Q ,426,000 64,140, % Staples, Winners RioCan Renfrew Centre, Renfrew, ON 100% 194,000 30,000 90,000 15,000 74,000 Loblaws *, Staples Q ,824,000 23,573, % Silver City Hull, Hull, QC 100% 184,000 85,000 99,000 6,000 Cineplex Q ,681,000 41,453, % Summerside Shopping Centre, London, ON 20% 176,000 2, , ,000 40,000 Loblaws *, Rona Q ,187,000 25,363, % Subtotal 5,611, ,000 3,356,000 1,801,000 1,355,000 $ 72,363,000 $ 835,120, % Other Quartier DIX30, Montreal, QC 4 50% 1,983, ,000 1,089, , ,000 Wal Mart *, Loblaws *, Rona *, Cineplex, Q ,619, ,383, % Canadian Tire, Winners, Staples Total Projects Currently Under Development 7,594,000 1,365,000 4,445,000 2,222,000 1,784,000 $ 104,982,000 $1,260,503, % RioCan s Interest 912,500 2,407,291 Lands Under Conditional Contract Alberta 724,000 Ontario 1,919,000 Total Lands Under Conditional Contract 2,643,000 Total Development Projects 10,237,000 Notes: 1. All amounts are shown at 100% ownership. 2. Proceeds from sales to shadow anchors reduce projected costs. 3. Land to be sold to two retailers, a hotel and an industrial user. Proceeds from transactions reflected in schedule. 4. As of June 30, 2007, approximately 45% of the site has yet to be acquired. * Retailer owned. 6 Second Quarter Ended June 30, 2007 Supplemental Information Package

8 Contractual Debt Repayment Schedule (unaudited in thousands of dollars, except percentage amounts) Scheduled Percentage Principal maturities: principal Principal Total of total debt weighted average Future repayments by year of maturity amortization maturities debt outstanding interest rate 2007 $ 29,151 $ 86,157 $ 115, % 6.0% , , , % 5.2% , , , % 6.1% , , , % 6.6% , , , % 5.4% , , , % 6.1% , , , % 5.9% ,462 90, , % 6.3% , , , % 4.9% , , , % 5.3% , , , % 5.4% ,149 10, % 7.5% ,302 6, % 7.0% ,132 2, % 7.7% ,400 5, % 7.2% ,950 6, % 5.0% , , % 6.0% ,933 6, % 6.8% $ 391,330 $ 2,528,274 $ 2,919, % 5.8% 5.5 years weighted average term to maturity 7 Second Quarter Ended June 30, 2007 Supplemental Information Package

9 Debt Ratio Analysis (unaudited in thousands of dollars, except percentage amounts) Leverage ratio (Note 1) 54.6% % of debt at fixed rates 97.5% % of debt at floating rates 2.5% Note 1 Leverage Ratio Calculation Contractual debt Mortgages payable per balance sheet $2,061,860 Debentures payable per balance sheet 863,910 Add: Unamortized debt financing costs 11,579 Less: Unamortized differential between contractual and market interest rates on liabilities assumed at the acquisition of properties (17,745) $2,919,604 Aggregate assets Total assets per balance sheet $4,942,570 Add back: accumulated amortization of income properties 406,308 $5,348,878 Leverage ratio (Defined by RioCan s Declaration of Trust) $2,919,604 / $5,348, % Additional debt permitted to be at 60% leverage (($5,348,878 x 60%) $2,919,604) / (1 60%) $ 724,307 8 Second Quarter Ended June 30, 2007 Supplemental Information Package

10 General Information Distributions per Unit: Distributions are paid monthly Year 2007 (through June 2007) $ $ $ $ $ $ $ $ $ $ $ $ $ $ Unitholder Distribution Reinvestment Plan: RioCan has a unitholder distribution reinvestment plan which allows distributions to be automatically reinvested without commissions and provides participants with a number of bonus units equal to 3.1% of the number of units acquired upon the reinvestment. Average Daily Volume of Units Traded: th quarter 552, , , ,567 3rd quarter 351, , , ,488 2nd quarter 500, , , , ,333 1st quarter 560, , , , ,824 Annual 448, , , ,303 Unit Prices ($): Q Q Q Q Q Q High $26.95 $27.34 $26.78 $24.60 $23.10 $23.96 Low Close Non-resident Ownership: Q Q Q Q Q Q Canadian 69.7% 70.6% 71.5% 69.8% 71.0% 73.3% Non-resident 30.3% 29.4% 28.5% 30.2% 29.0% 26.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 9 Second Quarter Ended June 30, 2007 Supplemental Information Package

11 Senior Management and Unitholder Information Head Office: RioCan Real Estate Investment Trust The Exchange Tower, Suite 700, P.O. Box King Street West, Toronto, Ontario M5X IE2 Tel: (416) or 1 (800) Fax: (416) Website: inquiries@riocan.com Senior Management: Edward Sonshine, Q.C. Frederic A. Waks Robert Wolf John Ballantyne Michael Connolly Therese Cornelissen Danny Kissoon Donald MacKinnon Suzanne Marineau Katy Ritcey Jordan Robins Jeff Ross President & Chief Executive Officer Senior Vice President & Chief Operating Officer Vice President & Chief Financial Officer Vice President, Asset Management Vice President, Construction Vice President, Financial Reporting Vice President, Operations Vice President, Real Estate Finance Vice President, Human Resources Vice President, Investments Vice President, Development Vice President, Leasing Investor Relations Contacts: Correna Craig Director of Public & Investor Relations Tel: (416) or 1 (800) Fax: (416) ccraig@riocan.com Nancy Medlock Investor Relations Administrator Tel: (416) or 1 (800) Fax: (416) nmedlock@riocan.com Stock Exchange Listing: The Toronto Stock Exchange Trading Symbol: REI.UN Transfer Agent & Registrar: CIBC Mellon Trust Company P.O. Box 7010 Adelaide Street Postal Station, Toronto, ON M5C 2W9 Answerline: (416) /Toll free North America: 1 (800) Website: inquiries@cibcmellon.com 10 Second Quarter Ended June 30, 2007 Supplemental Information Package