RioCan Reports Third Quarter Results, Driven by Favourable Retail Fundamentals and the Strength of its Independent Platform

Posted on Nov 02, 2026 RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today its financial and operating results for the three and nine months ended September 30, 2026. Net income per unit - diluted increased to $0.42; Core FFO per unit - diluted (1) increased by 5.1% RioCan's record high 98.9% retail committed occupancy reflects strong demand for its major market portfolio Average net rent per square foot for new leasing was $31.45, 32% above the $23.81 average net rent per occupied square foot at quarter end “Our third quarter results reflect continued execution of our simple, retail-focused strategy and the strength of our business,” said Jonathan Gitlin, President and CEO of RioCan. “Strong tenant demand, record retail occupancy and limited new supply continue to support healthy leasing economics and earnings growth. Combined with the capabilities of our independent platform, these fundamentals position RioCan well to continue executing our strategy and creating long-term value for unitholders.” Financial Highlights Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Core FFO per unit - diluted (1) $ 0.41 $ 0.39 $ 1.19 $ 1.16 Core FFO ($000s) (1) $ 118,671 $ 115,945 $ 346,944 $ 343,336 Net income (loss) per unit - diluted $ 0.42 $ (0.41 ) $ 1.26 $ (0.20 ) Net income (loss) ($000s) $ 122,603 $ (120,338 ) $ 367,002 $ (58,879 ) As at September 30, 2026 December 31, 2025 Net book value per unit $ 24.81 $ 24.37 Core FFO per unit - diluted in the Third Quarter was $0.41, an increase of $0.02 per unit or 5.1% compared to the same period last year, reflecting strong underlying operating performance. Growth was primarily driven by an increase in Commercial Same Property NOI growth (1) of 4.2%, the impact of commercial property acquisitions net of dispositions and the accretion from unit repurchases completed over the past four quarters. These gains were partially offset by lower interest income and higher net interest costs. Net income per unit for the Third Quarter was $0.42, compared to a loss of $0.41 in the same period last year. This increase was primarily due to fair value gains on investment properties in the current year compared to fair value losses in the prior year and losses related to equity-accounted investments in the prior year. Net income per unit also benefitted from the accretive impact of unit repurchases as noted above. Net book value per unit of $24.81 increased by $0.44 per unit from year end 2025 primarily driven by investment property fair value gains and other retained earnings as the Trust continues to compound value. (1) A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. Financial Outlook 2026 (2) The Trust expects 2026 Core FFO per unit – diluted to be toward the high end of its 2026 Financial Outlook range of $1.60 to $1.62 as set out in RioCan's Q4 2025 MD&A, reflecting strong Commercial Same Property NOI growth and lease cancellation fees anticipated to be higher in 2026 than the prior year. The Trust reaffirms its Commercial SPNOI growth of 4.0% to 4.5%, which was updated in RioCan’s Q2 2026 MD&A (3) . The Trust now expects 2026 Development Spending (1) of $35 million to $45 million, a decrease from the original outlook of $45 million to $55 million (4) , reflecting lower expected spending on residential inventory. All other 2026 financial outlook metrics remain unchanged from the Trust's Q4 2025 MD&A. (1) A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. (2) The discussion in this section is qualified in its entirety by the cautionary language regarding forward-looking statements found in the Forward-Looking Information section of this News Release. (3) The above current financial outlook for 2026 Commercial SPNOI growth of 4.0% to 4.5% compares to the original 2026 outlook of 3.5% to 4.0% as set out in RioCan’s MD&A for the year ended December 31, 2025 ("Q4 2025 MD&A"). As disclosed in RioCan’s MD&A for the three and six months ended June 30, 2026 ("Q2 2026 MD&A"), the Commercial SPNOI growth target of 4.0% to 4.5% is based on an increased blended leasing spread assumption of approximately 20%, reflecting a favourable leasing environment and the continued demand for RioCan's portfolio. All other assumptions in the original financial outlook for Commercial SPNOI growth for 2026 and the 2026-2028 targets remain unchanged. (4) The original outlook for 2026 Development Spending of $45 million to $55 million is set out in RioCan’s Q4 2025 MD&A. Selected Operational Highlights (in millions, except where otherwise noted, and percentages) As at September 30, 2026 September 30, 2025 Occupancy - committed (i) 98.2 % 97.8 % Retail occupancy - committed (i) 98.9 % 98.4 % Three months ended September 30 12 months ended September 30 2026 2025 2026 2025 Blended leasing spread 17.0 % 20.8 % 22.7 % 21.0 % New leasing spread 19.1 % 44.1 % 37.5 % 40.7 % Renewal leasing spread 16.4 % 15.2 % 19.4 % 17.0 % (i) Includes commercial portfolio only. Excludes income producing properties that are owned through joint ventures and reported under equity-accounted investments. Leasing Spreads: Blended leasing spread of 17.0% in the Third Quarter was supported by a new leasing spread of 19.1% and a renewal leasing spread of 16.4%. Excluding fixed renewals, which accounted for approximately 46% of the total square footage of renewed leases, the average blended leasing spread was 20.6%. The Third Quarter renewal leasing spread reflects a higher proportion of fixed renewals relative to recent quarters. New Leasing Rents: Average net rent per square foot for new leasing was $31.45 per square foot, 32% above the $23.81 average net rent per occupied square foot at quarter end demonstrating the significant mark to market opportunities within RioCan's portfolio. Leasing Activity: Completed 1.1 million square feet of leasing in the Third Quarter, including 0.9 million square feet of renewals. Notable leasing activity included two significant grocery leases totaling 63,000 square feet: a 35,000 square foot renewal at a Montreal property, achieving a 64% increase in rent and a new 28,000 square foot lease at an Ottawa property. Occupancy: Achieved a RioCan record high retail committed occupancy of 98.9%, while retail in-place occupancy was 98.2%. Retention Ratio: Retention ratio of 89.9%, together with record retail committed occupancy, demonstrates strong demand for RioCan’s major market portfolio. Operating Income: Higher rental revenue, net of rental operating costs for the Third Quarter was offset by lower residential inventory gains and lower fee income, resulting in a $0.2 million decrease in the Third Quarter when compared to the same period last year. Commercial Same Property NOI Growth: 4.2% in the Third Quarter, continues to highlight the strength of RioCan’s core retail portfolio and continued successful execution of RioCan's retail-focused strategy. Acquisition: During the quarter, the Trust has agreed to purchase a partner’s 37.5% interest in East Hills, a necessity-based Costco-anchored property in Calgary, for total consideration of $54.8 million. The transaction is expected to close in Q1 2027, subject to customary closing conditions. The transaction will increase RioCan's interest in the property to 77.5%. Dispositions: During the quarter, the Trust completed the sale of Pivot for total gross proceeds of $95.7 million. For the nine months ended September 30, 2026, the Trust completed the sale of its interests in five RioCan Living properties, including Pivot, for aggregate gross proceeds of $376.2 million. The Trust also has a conditional agreement to sell its interest in another RioCan Living income producing property for estimated gross proceeds of $110.0 million. This sale is expected to close in Q4 2026. Total Capital Repatriation from RioCan Living - proforma (1)(2) : $1.27 billion of the $1.3 billion (2025 to 2026) target on a cumulative basis for the 21 months ended September 30, 2026. This includes gross proceeds of $782.8 million from the sale of 12 residential rental properties, $373.4 million of gross proceeds from residential inventory sales including RioCan's share in equity-accounted joint ventures (3) and the $110.0 million of estimated gross proceeds from the conditional RioCan Living sale agreement noted above. (1) A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. (2) Includes a conditional sale agreement. The conditional sale agreement is subject to finalization, due diligence and customary closing conditions and may not be completed as anticipated, within the expected timeframe, or at all. (3) Gross proceeds from residential unit inventory sales including RioCan's share in equity-accounted investment for the nine months ended September 30, 2026 was $151.7 million, primarily from the collection of accounts receivable during 2026 related to 2025 inventory sales. Selected Financial Condition Highlights (in millions, except where otherwise noted) Consolidated Basis RioCan's Proportionate Share (1) As at September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025 Total assets $ 14,612 $ 14,894 $ 14,760 $ 15,249 Investment properties $ 13,797 $ 13,629 $ 13,937 $ 13,825 Cash and cash equivalents $ 49 $ 145 $ 56 $ 159 Total debt $ 6,901 $ 7,153 $ 7,030 $ 7,463 Adjusted Spot Debt to Adjusted EBITDA (1) 8.88x 8.36x 8.81x 8.64x Liquidity (including cash and cash equivalents) (1) $ 1,081 $ 1,416 $ 1,106 $ 1,462 Unencumbered Assets (1) $ 9,691 $ 9,155 $ 9,716 $ 9,173 During the Third Quarter, the Trust entered into a new $400.0 million, 7.3-year floating rate non-revolving unsecured credit facility priced favourably to its revolving unsecured operating line of credit. The net proceeds were used to partially repay the amounts drawn on RioCan’s revolving unsecured operating line of credit, strengthening its liquidity position and extending its debt maturity profile at a lower borrowing cost. The Trust continues to maintain ample liquidity to meet its financial obligations. A 71% Ratio of Unsecured Debt to Total Contractual Debt (1) supported by a large unencumbered asset pool provides additional financial flexibility. (1) A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Basis of Presentation and Non-GAAP Measures section in this News Release. Conference Call and Webcast Interested parties are invited to participate in a conference call with management on Tuesday, November 3, 2026 at 10:00 a.m. (ET). Participants will be required to identify themselves and the organization on whose behalf they are participating. To access the conference call, click on the following link to register at least 10 minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register at any time prior to the call will receive an email with dial-in credentials including a login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-461-5787 (North America Toll Free) or 1-585-542-9983 (International Toll) and entering the access code: 813192984. To access the simultaneous webcast, visit RioCan’s website at Events and Presentations and click on the link for the webcast. About RioCan RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities. As at September 30, 2026, our portfolio is comprised of 163 properties with an aggregate net leasable area of approximately 31 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com. Basis of Presentation and Non-GAAP Measures All figures included in this News Release are expressed in Canadian dollars unless otherwise noted. RioCan’s unaudited interim condensed consolidated financial statements ("Condensed Consolidated Financial Statements") are prepared in accordance with International Financial Reporting Standards (IFRS). Financial information included within this News Release does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust's Condensed Consolidated Financial Statements and MD&A for the three and nine months ended September 30, 2026, which are available on RioCan's website at www.riocan.com and on SEDAR+ at www.sedarplus.com. Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not in accordance with generally accepted accounting principles (GAAP) under IFRS. Core FFO, Core FFO per unit - diluted, Net Operating Income (NOI), Commercial Same Property NOI Growth, Total Capital Repatriation from RioCan Living - Proforma, Liquidity, Ratio of Unsecured Debt to Total Contractual Debt, Adjusted Spot Debt to Adjusted EBITDA, RioCan's Proportionate Share in Equity-Accounted Investments Joint Ventures, RioCan's Proportionate Share, Unencumbered Assets as well as other measures that may be discussed elsewhere in this News Release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. RioCan supplements its IFRS measures with these Non-GAAP measures to aid in assessing the Trust’s underlying performance and reports these additional measures so that investors may do the same. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. References to Consolidated Basis indicate the information is presented using IFRS basis of consolidation. For full definitions of these measures, please refer to the "Non-GAAP Measures” section in RioCan’s MD&A for the three and nine months ended September 30, 2026. The reconciliations for non-GAAP measures included in this News Release are outlined as follows: RioCan's Proportionate Share The following table reconciles the consolidated balance sheets from Consolidated Basis to RioCan's Proportionate Share as at September 30, 2026 and December 31, 2025: As at September 30, 2026 December 31, 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments (ii) RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Assets Investment properties (i) $ 13,797,083 $ 139,495 $ 13,936,578 $ 13,628,959 $ 195,820 $ 13,824,779 Equity-accounted investments 145,008 (145,008 ) — 159,596 (159,596 ) — Residential inventory 116,200 133,614 249,814 236,745 263,569 500,314 Mortgages and loans receivable 241,244 — 241,244 338,331 (17,152 ) 321,179 Assets held for sale 6,300 — 6,300 46,500 — 46,500 Receivables and other assets 256,559 13,435 269,994 339,221 57,909 397,130 Cash and cash equivalents 49,478 7,019 56,497 145,040 13,994 159,034 Total assets $ 14,611,872 $ 148,555 $ 14,760,427 $ 14,894,392 $ 354,544 $ 15,248,936 Liabilities Debentures payable $ 3,940,283 $ — $ 3,940,283 $ 4,338,865 $ — $ 4,338,865 Mortgages payable 1,859,935 26,512 1,886,447 2,184,306 141,182 2,325,488 Mortgages payable associated with assets held for sale — — — 28,343 — 28,343 Lines of credit and other bank loans 1,100,958 102,772 1,203,730 601,194 169,044 770,238 Accounts payable and other liabilities 487,461 19,271 506,732 584,421 44,318 628,739 Total liabilities $ 7,388,637 $ 148,555 $ 7,537,192 $ 7,737,129 $ 354,544 $ 8,091,673 Equity Unitholders’ equity 7,223,235 — 7,223,235 7,157,263 — 7,157,263 Total liabilities and equity $ 14,611,872 $ 148,555 $ 14,760,427 $ 14,894,392 $ 354,544 $ 15,248,936 (i) December 31, 2025 is net of $50.2 million of cumulative unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value. (ii) On March 31, 2026, RioCan ceased to account for the RC-HBC LP as an equity-accounted investment, and the investment was reclassified to an investment measured at fair value through profit and loss. Consequently, RC-HBC LP assets and debt are no longer included in RioCan's Proportionate Share amounts. The following tables reconcile the consolidated statements of income (loss) from Consolidated Basis to RioCan's Proportionate Share for the three and nine months ended September 30, 2026 and 2025: Three months ended September 30 2026 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Revenue Rental revenue $ 300,242 $ 861 $ 301,103 $ 293,362 $ 2,629 $ 295,991 Residential inventory sales 3,072 122 3,194 74,866 16,896 91,762 Property management and other service fees 1,496 — 1,496 2,942 — 2,942 304,810 983 305,793 371,170 19,525 390,695 Operating costs Rental operating costs Recoverable under tenant leases 104,657 372 105,029 99,301 1,076 100,377 Non-recoverable costs 8,173 74 8,247 11,157 483 11,640 Residential inventory cost of sales (recovery) (5,295 ) 165 (5,130 ) 63,262 15,585 78,847 107,535 611 108,146 173,720 17,144 190,864 Operating income 197,275 372 197,647 197,450 2,381 199,831 Other income (loss) Interest income 5,719 14 5,733 8,704 (202 ) 8,502 Loss from equity-accounted investments (15,196 ) 15,196 — (39,078 ) 39,078 — Fair value gain (loss) on investment properties, net (i) 20,698 (15,707 ) 4,991 (148,216 ) (40,905 ) (189,121 ) Investment and other income (loss), net 784 407 1,191 (14,981 ) (150 ) (15,131 ) 12,005 (90 ) 11,915 (193,571 ) (2,179 ) (195,750 ) Other expenses Interest costs, net 69,570 145 69,715 69,124 116 69,240 General and administrative 11,427 10 11,437 10,730 10 10,740 Internal leasing costs 3,334 8 3,342 3,310 — 3,310 Transaction and other costs 2,346 119 2,465 41,053 76 41,129 86,677 282 86,959 124,217 202 124,419 Income (loss) before income taxes $ 122,603 $ — $ 122,603 $ (120,338 ) $ — $ (120,338 ) Net income (loss) $ 122,603 $ — $ 122,603 $ (120,338 ) $ — $ (120,338 ) (i) Net of $nil of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three months ended September 30, 2026 (three months ended September 30, 2025 - $24.1 million). Nine months ended September 30 2026 2025 (in thousands) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Revenue Rental revenue $ 905,305 $ 2,785 $ 908,090 $ 881,357 $ (5,547 ) $ 875,810 Residential inventory sales 19,655 25,625 45,280 196,141 73,989 270,130 Property management and other service fees 6,511 — 6,511 11,157 (779 ) 10,378 931,471 28,410 959,881 1,088,655 67,663 1,156,318 Operating costs Rental operating costs Recoverable under tenant leases 325,402 1,467 326,869 311,230 2,846 314,076 Non-recoverable costs 26,186 68 26,254 32,453 5,552 38,005 Residential inventory cost of sales 7,119 27,579 34,698 145,243 63,956 209,199 358,707 29,114 387,821 488,926 72,354 561,280 Operating income (loss) 572,764 (704 ) 572,060 599,729 (4,691 ) 595,038 Other income (loss) Interest income 20,976 518 21,494 29,777 394 30,171 Loss from equity-accounted investments (16,039 ) 16,039 — (238,335 ) 238,335 — Fair value gain (loss) on investment properties, net (i) 96,200 (15,551 ) 80,649 (147,065 ) (194,964 ) (342,029 ) Investment and other income (loss), net (39,830 ) 1,054 (38,776 ) (11,402 ) (34,531 ) (45,933 ) 61,307 2,060 63,367 (367,025 ) 9,234 (357,791 ) Other expenses Interest costs, net 212,622 1,078 213,700 205,793 4,545 210,338 General and administrative 36,544 22 36,566 32,469 47 32,516 Internal leasing costs 10,005 21 10,026 9,808 — 9,808 Transaction and other costs 7,898 235 8,133 43,513 (49 ) 43,464 267,069 1,356 268,425 291,583 4,543 296,126 Income (loss) before income taxes $ 367,002 $ — $ 367,002 $ (58,879 ) $ — $ (58,879 ) Net income (loss) $ 367,002 $ — $ 367,002 $ (58,879 ) $ — $ (58,879 ) (i) Net of $31.5 million of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the nine months ended September 30, 2026 (nine months ended September 30, 2025 - $24.1 million). NOI and Same Property NOI The following table reconciles operating income to NOI and Same Property NOI to NOI for the three and nine months ended September 30, 2026 and 2025: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2026 2025 2026 2025 Operating Income $ 197,275 $ 197,450 $ 572,764 $ 599,729 Adjusted for the following: Property management and other service fees (1,496 ) (2,942 ) (6,511 ) (11,157 ) Residential inventory gains (8,367 ) (11,604 ) (12,536 ) (50,898 ) Operational lease revenue from ROU assets, net (i) 2,537 2,387 7,478 7,045 NOI $ 189,949 $ 185,291 $ 561,195 $ 544,719 (i) Includes $0.2 million and $0.5 million of straight-line rent from operational lease revenue from right-of-use (ROU) assets for the three and nine months ended September 30, 2026, respectively (three and nine months ended September 30, 2025 - $0.6 million and $1.8 million, respectively). Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2026 2025 2026 2025 Commercial Commercial Same Property NOI $ 162,196 $ 155,688 $ 478,268 $ 457,787 NOI from income producing properties: Acquired (i) 3,189 — 8,814 — Disposed (i) 937 2,045 3,812 7,208 4,126 2,045 12,626 7,208 NOI from completed commercial developments 10,058 10,191 30,646 30,746 NOI from properties under de-leasing and other (ii) 3,483 3,255 11,872 10,428 Lease cancellation fees 4,600 3,720 6,784 6,044 Straight-line rent adjustment (iii) 3,109 2,820 9,619 8,439 NOI from commercial properties 187,572 177,719 549,815 520,652 Residential Residential Same Property NOI 1,210 1,307 3,643 3,877 NOI from income producing properties: Disposed (i) 694 6,265 7,204 20,190 694 6,265 7,204 20,190 NOI from completed residential developments 473 — 533 — NOI from residential rental 2,377 7,572 11,380 24,067 NOI $ 189,949 $ 185,291 $ 561,195 $ 544,719 (i) Includes properties acquired or disposed of during the periods being compared. (ii) NOI from limited number of properties undergoing significant de-leasing in preparation for redevelopment or intensification. (iii) Includes $0.2 million and $0.5 million of straight-line rent from operational lease revenue from ROU assets for the three and nine months ended September 30, 2026, respectively (three and nine months ended September 30, 2025 - $0.6 million and $1.8 million, respectively). Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2026 2025 2026 2025 Commercial Same Property NOI $ 162,196 $ 155,688 $ 478,268 $ 457,787 Residential Same Property NOI 1,210 1,307 3,643 3,877 Same Property NOI $ 163,406 $ 156,995 $ 481,911 $ 461,664 Residential Inventory Gains (Losses) at RioCan's Proportionate Share in EAI JV and RioCan's Proportionate Share The following table reconciles residential inventory gains (losses) from Consolidated Basis to RioCan's Proportionate Share in EAI JV and to RioCan's Proportionate Share for the three and nine months ended September 30, 2026 and 2025: Three months ended September 30 2026 2025 (thousands of dollars) Residential inventory sales Residential inventory cost of sales (recovery) Residential inventory gains (losses) Residential inventory sales Residential inventory cost of sales Residential inventory gains Total - Consolidated Basis $ 3,072 $ (5,295 ) $ 8,367 $ 74,866 $ 63,262 $ 11,604 Equity-accounted joint ventures (44 ) (24 ) (20 ) 16,896 15,585 1,311 Total - RioCan's Proportionate Share in EAI JV 3,028 (5,319 ) 8,347 91,762 78,847 12,915 Other equity-accounted investments 166 189 (23 ) — — — Total - RioCan's Proportionate Share $ 3,194 $ (5,130 ) $ 8,324 $ 91,762 $ 78,847 $ 12,915 Nine months ended September 30 2026 2025 (thousands of dollars) Residential inventory sales Residential inventory cost of sales Residential inventory gains (losses) Residential inventory sales Residential inventory cost of sales Residential inventory gains Total - Consolidated Basis $ 19,655 $ 7,119 $ 12,536 $ 196,141 $ 145,243 $ 50,898 Equity-accounted joint ventures 22,613 24,567 (1,954 ) 59,513 50,850 8,663 Total - RioCan's Proportionate Share in EAI JV 42,268 31,686 10,582 255,654 196,093 59,561 Other equity-accounted investments 3,012 3,012 — 14,476 13,106 1,370 Total - RioCan's Proportionate Share $ 45,280 $ 34,698 $ 10,582 $ 270,130 $ 209,199 $ 60,931 FFO The following table reconciles net income (loss) attributable to Unitholders to FFO for the three and nine months ended September 30, 2026 and 2025: Three months ended September 30 Nine months ended September 30 (thousands of dollars, except where otherwise noted) 2026 2025 2026 2025 Net income (loss) attributable to Unitholders $ 122,603 $ (120,338 ) $ 367,002 $ (58,879 ) Add back (deduct): Fair value (gains) losses, net (v) (20,698 ) 148,216 (96,200 ) 147,065 Fair value losses included in equity-accounted investments (i)(v) 15,707 40,905 15,551 194,964 Other RC-HBC LP Valuation Losses — 53,746 36,934 110,196 Internal leasing costs 3,334 3,310 10,005 9,808 Internal leasing costs in equity-accounted investments 8 — 20 — Transaction losses on investment properties, net (ii) 1,453 5,060 11,631 5,341 Transaction costs on sale of investment properties 1,373 2,921 4,694 3,966 Transaction costs on sale of investment properties in equity-accounted investments 109 73 186 73 ERP implementation costs / IT transformation costs 733 — 2,040 — ERP / IT transformation amortization (451 ) (434 ) (1,319 ) (1,302 ) Operational lease revenue from ROU assets 2,219 1,998 6,472 5,819 Operational lease expenses from ROU assets in equity-accounted investments — (14 ) (6 ) (50 ) Capitalized interest related to equity-accounted investments (iii): Capitalized interest related to properties under development (vi) 26 195 131 287 Capitalized interest related to residential inventory (vi) 1,264 1,016 3,137 3,436 FFO $ 127,680 $ 136,654 $ 360,278 $ 420,724 Add back (deduct): Inventory-Related Gains (iv) (8,883 ) (18,250 ) (13,973 ) (66,324 ) Restructuring costs — — 2,190 255 HBC-Related Income (iv) (126 ) (2,459 ) (1,551 ) (11,319 ) Core FFO $ 118,671 $ 115,945 $ 346,944 $ 343,336 FFO per unit - diluted $ 0.44 $ 0.46 $ 1.24 $ 1.42 Core FFO per unit - diluted $ 0.41 $ 0.39 $ 1.19 $ 1.16 Weighted average number of Units - basic (in thousands) 291,118 294,940 291,247 296,222 Weighted average number of Units - diluted (in thousands) 291,304 294,945 291,401 296,222 FFO for last four quarters $ 492,715 $ 555,103 Core FFO for last four quarters $ 462,656 $ 467,537 Distributions paid for last four quarters $ 338,491 $ 338,556 FFO Payout Ratio 68.7 % 61.0 % Core FFO Payout Ratio 73.2 % 72.4 % (i) Net of $nil and $31.5 million unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three and nine months ended September 30, 2026, respectively (three and nine months ended September 30, 2025 - $24.1 million and $24.1 million, respectively). (ii) Represents net transaction gains or losses connected to certain investment properties during the period. (iii) This amount represents the interest capitalized to RioCan's equity-accounted investment in WhiteCastle New Urban Fund 2, LP, WhiteCastle New Urban Fund 3, LP, WhiteCastle New Urban Fund 4, LP, WhiteCastle New Urban Fund 5, LP, RioCan-Fieldgate JV, RC (Queensway) LP, PR Bloor Street LP, and RCLC King and Sherbourne LP. This amount is not capitalized to development projects under IFRS but is allowed as an adjustment under REALPAC’s definition of FFO. (iv) Refer to Inventory-Related Gains and HBC-Related Income below for the three and nine months ended September 30, 2026 and 2025. (v) During the three and nine months ended September 30, 2026, certain residential inventory lands were transferred to investment property following a change in use. The transfers resulted in net gains of $9.3 million recorded to fair value gains (losses) on investment properties, and net losses of $11.8 million on investment properties included in equity-accounted investments for the three and nine months ended September 30, 2026 (three and nine months ended September 30, 2025 - $nil). The net losses of $11.8 million on investment properties included in equity-accounted investments were net of $3.4 million of downstream eliminations that were also transferred to investment properties. (vi) For the transfers noted in footnote (v) above, indirect cumulative capitalized interest of $11.3 million incurred by equity-accounted investments in respect of their underlying residential inventory was also transferred to capitalized interest to properties under development for the three and nine months ended September 30, 2026. This amount is not reflected in the line items above as it relates to transfers rather than new activity and accordingly has no net impact to FFO or Core FFO. Inventory-Related Gains and HBC-Related Income for the three and nine months ended September 30, 2026 and 2025 are as follows: Three months ended September 30 Nine months ended September 30 (thousands of dollars) 2026 2025 2026 2025 Residential inventory gains $ 8,367 $ 11,604 $ 12,536 $ 50,898 Residential inventory gains (losses) from equity-accounted investments (i) (43 ) 1,311 (1,954 ) 10,033 Residential inventory marketing recoveries (costs) (492 ) 49 (777 ) (556 ) Residential inventory marketing recoveries (costs) from equity-accounted investments (10 ) 427 (50 ) 122 Capitalized interest relief from sale of residential inventory in equity-accounted investments — (264 ) (551 ) (814 ) NOI from other equity-accounted investments 139 — 465 — Fee income (loss) related to residential inventory (ii) (13 ) 489 555 1,861 Investment and other income related to residential inventory 529 — 2,698 146 Investment and other income related to residential inventory from equity-accounted investments 406 — 1,051 — Residential inventory gain related to change in use included in investment and other income — 4,634 — 4,634 Inventory-Related Gains $ 8,883 $ 18,250 $ 13,973 $ 66,324 Share of income from RC-HBC LP operations $ — $ 361 $ 72 $ 3,354 Operational lease expenses from ROU assets in equity-accounted investments — (14 ) (6 ) (50 ) Interest income from RC-HBC LP — 1,370 513 3,733 Fee income from RC-HBC LP 126 742 972 4,282 HBC-Related Income $ 126 $ 2,459 $ 1,551 $ 11,319 (i) Refer to the Residential Inventory Gains (Losses) at RioCan's Proportionate Share in EAI JV and RioCan's Proportionate Share table in this News Release for reconciliation. (ii) Related to fee income earned from residential inventory in accordance with IFRS. Total Capital Repatriation from RioCan Living and Total Capital Repatriation from RioCan Living - proforma The following table reconciles Total Capital Repatriation from RioCan Living and Total Capital Repatriation from RioCan Living- proforma for the nine months ended September 30, 2026 and 21 months ended September 30, 2026: (thousands of dollars) Nine months ended September 30, 2026 21 months ended September 30, 2026 (i) Anticipated 2025 to 2026 Gross sales proceeds from RioCan Living dispositions $ 376,174 $ 782,794 $ 940,000 Proceeds from residential inventory sales: Residential inventory sales revenue 19,655 263,844 Residential inventory sales revenue - EAI JV 22,613 128,235 Add (Deduct): Outstanding accounts receivable related to above sales (ii) (11 ) (2,525 ) Outstanding accounts receivable related to above sales - EAI JV (iii) (444 ) (1,052 ) Accounts receivable extinguished from repossessed units (12,610 ) (12,610 ) Accounts receivable extinguished from repossessed units - EAI JV (2,476 ) (2,476 ) Change in accounts receivable related to 2025 sales 92,248 n/a Change in accounts receivable related to 2025 sales - EAI JV 32,718 n/a Gross proceeds from residential inventory sales 151,693 373,416 371,000 Total Capital Repatriation from RioCan Living $ 527,867 $ 1,156,210 $ 1,311,000 Subsequent to quarter end: Anticipated proceeds from RioCan Living dispositions - conditional deal (iv) 110,000 110,000 Total Capital Repatriation from RioCan Living - proforma (iv) $ 637,867 $ 1,266,210 $ 1,311,000 Percentage of Total Capital Repatriation from RioCan Living - proforma to Anticipated 2025-2026 97 % (i) Represents cumulative amount from January 1, 2025 to September 30, 2026. (ii) Outstanding accounts receivable related to above sales for the 21 months ended September 30, 2026 represents $94.8 million outstanding accounts receivable related to 2025 sales as at December 31, 2025, $0.01 million outstanding accounts receivable related to 2026 sales as at September 30, 2026, net of $92.2 million reduction in accounts receivable related to 2025 sales collected in 2026. (iii) Outstanding accounts receivable related to above sales - EAI JV for the 21 months ended September 30, 2026 represents $33.3 million outstanding accounts receivable related to 2025 sales as at December 31, 2025, $0.4 million outstanding accounts receivable related to 2026 sales as at September 30, 2026, net of $32.7 million reduction in accounts receivable related to 2025 sales collected in 2026. (iv) Includes a conditional sale agreement. The conditional sale agreement is subject to finalization, due diligence and customary closing conditions and may not be completed as anticipated, within the expected timeframe, or at all. Liquidity As at September 30, 2026, RioCan had approximately $1.1 billion of Liquidity as summarized in the following table: As at September 30, 2026 December 31, 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Undrawn revolving unsecured operating line of credit $ 1,032,000 $ — $ 1,032,000 $ 1,250,000 $ — $ 1,250,000 Undrawn construction lines and other bank loans — 17,396 17,396 20,770 32,009 52,779 Cash and cash equivalents 49,478 7,019 56,497 145,040 13,994 159,034 Liquidity $ 1,081,478 $ 24,415 $ 1,105,893 $ 1,415,810 $ 46,003 $ 1,461,813 Adjusted EBITDA The following table reconciles consolidated net income attributable to Unitholders to Adjusted EBITDA: 12 months ended September 30, 2026 December 31, 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Net income attributable to Unitholders $ 495,176 $ — $ 495,176 $ 69,295 $ — $ 69,295 Add (deduct) the following items: Fair value losses (gains) on investment properties, net (105,906 ) 17,954 (87,952 ) 137,359 197,367 334,726 Total RC-HBC LP Valuation Losses 37,340 (406 ) 36,934 305,781 (195,585 ) 110,196 Internal leasing costs 13,912 20 13,932 13,715 — 13,715 Non-cash unit-based compensation expense 10,462 — 10,462 10,197 — 10,197 Interest costs, net 284,714 1,568 286,282 277,885 5,035 282,920 Restructuring costs 2,190 — 2,190 255 — 255 ERP implementation costs / IT transformation costs 2,886 — 2,886 846 — 846 Depreciation and amortization 1,668 — 1,668 1,510 — 1,510 Transaction losses on the sale of investment properties, net (i) 12,145 — 12,145 5,539 — 5,539 Transaction costs on investment properties 8,827 186 9,013 8,098 73 8,171 Operational lease revenue (expenses) from ROU assets 8,504 (11 ) 8,493 7,851 (55 ) 7,796 Adjusted EBITDA $ 771,918 $ 19,311 $ 791,229 $ 838,331 $ 6,835 $ 845,166 (i) Includes transaction gains and losses realized on the disposition of investment properties. Adjusted Spot Debt to Adjusted EBITDA Ratio Adjusted Spot Debt to Adjusted EBITDA ratio is calculated as follows: As at September 30, 2026 December 31, 2025 (thousands of dollars, except where otherwise noted) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Adjusted Spot Debt to Adjusted EBITDA Total debt outstanding $ 6,901,176 $ 129,284 $ 7,030,460 $ 7,152,708 $ 310,226 $ 7,462,934 Less: cash and cash equivalents (49,478 ) (7,019 ) (56,497 ) (145,040 ) (13,994 ) (159,034 ) Adjusted Spot Debt $ 6,851,698 $ 122,265 $ 6,973,963 $ 7,007,668 $ 296,232 $ 7,303,900 Adjusted EBITDA (i) $ 771,918 $ 19,311 $ 791,229 $ 838,331 $ 6,835 $ 845,166 Adjusted Spot Debt to Adjusted EBITDA 8.88 8.81 8.36 8.64 (i) Adjusted EBITDA is on a rolling 12- month basis. Unencumbered Assets The table below summarizes RioCan's Unencumbered Assets as at September 30, 2026 and December 31, 2025: As at September 30, 2026 December 31, 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Investment properties $ 13,797,083 $ 139,495 $ 13,936,578 $ 13,628,959 $ 195,820 $ 13,824,779 Less: Encumbered investment properties (4,105,741 ) (114,539 ) (4,220,280 ) (4,474,260 ) (177,561 ) (4,651,821 ) Unencumbered Assets $ 9,691,342 $ 24,956 $ 9,716,298 $ 9,154,699 $ 18,259 $ 9,172,958 Unsecured Debt and Secured Debt The following table reconciles Total Unsecured and Secured Debt to Total Contractual Debt as at September 30, 2026 and December 31, 2025: As at September 30, 2026 December 31, 2025 (thousands of dollars, except where otherwise noted) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Total Unsecured Debt $ 4,968,000 $ — $ 4,968,000 $ 4,750,000 $ — $ 4,750,000 Total Secured Debt 1,950,256 129,339 2,079,595 2,431,529 310,405 2,741,934 Total Contractual Debt (i) $ 6,918,256 $ 129,339 $ 7,047,595 $ 7,181,529 $ 310,405 $ 7,491,934 Percentage of Total Contractual Debt: Unsecured Debt 71.8 % 70.5 % 66.1 % 63.4 % Secured Debt 28.2 % 29.5 % 33.9 % 36.6 % (i) Refer to below for reconciliation of Total Contractual Debt. As at September 30, 2026 December 31, 2025 (thousands of dollars) Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Consolidated Basis Equity-accounted investments RioCan's Proportionate Share Total debt $ 6,901,176 $ 129,284 $ 7,030,460 $ 7,152,708 $ 310,226 $ 7,462,934 Less: Unamortized debt financing costs, premiums and discounts on origination and debt assumed, and modifications (17,080 ) (55 ) (17,135 ) (28,821 ) (179 ) (29,000 ) Total Contractual Debt $ 6,918,256 $ 129,339 $ 7,047,595 $ 7,181,529 $ 310,405 $ 7,491,934 Forward-Looking Information This News Release contains forward-looking information, including financial outlook, within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “proforma”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Our financial outlook is prepared as of the date hereof and is disclosed to assist current and future unitholders and analysts in evaluating the effectiveness of RioCan's strategic plan and readers are cautioned that it may not be suitable for any other purpose. All forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information, including our Financial Outlook, in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, includes those assumptions set out under the heading “Forward-Looking Information and Financial Outlook” in RioCan's MD&A which estimates and assumptions are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan's MD&A and in our most recent Annual Information Form (which are available on RioCan's website at www.riocan.com and SEDAR+ at www.sedarplus.com), which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. RioCan Real Estate Investment Trust Investor Relations Inquiries Email: ir@riocan.com Source: RioCan Real Estate Investment Trust Multimedia Files: