RioCan Real Estate Investment Trust (REI-UN) investor relations material

Executive summary

• Core FFO per unit rose 5.1% YoY to $0.41, supported by 4.2% commercial same-property NOI growth and record 98.9% retail committed occupancy.

• Retail-focused strategy emphasizes necessity-based assets, value creation, portfolio simplification and balance-sheet strength.

• Pro forma residential capital repatriation reached $1.27 billion, or 97% of the $1.3 billion 2025–2026 target, including conditional proceeds.

Financial highlights

• Q3 Core FFO was $118.7 million versus $115.9 million YoY; nine-month Core FFO was $346.9 million versus $343.3 million.

• Q3 net income was $122.6 million versus a $120.3 million loss; nine-month net income was $367.0 million versus a $58.9 million loss.

• Q3 commercial same-property NOI was $162.2 million versus $155.7 million YoY; growth contributed about $0.02 per unit.

• Lease termination income was $4 million above last year's level; the 1860 Bayview Whole Foods buyout is amortized across Q3 and Q4.

• Net book value per unit was $24.81 at September 30, 2026, up $0.44 from year-end 2025.

Outlook and guidance

• 2026 Core FFO per-unit guidance remains $1.60–$1.62, expected toward the high end; 2026–2028 target growth is at least 3.5% CAGR.

• Commercial same-property NOI growth guidance was raised from 3.5%–4.0% to 4.0%–4.5%, reflecting stronger leasing spreads and higher lease cancellation fees.

• 2026 Core FFO payout guidance is 71%–72%, with a ~70% long-term target; 2027 guidance will be issued in Q1.

• 2026 development spending outlook was reduced to $35–$45 million from $45–$55 million, reflecting lower expected residential inventory spending.