RioCan's Retail-Focused Strategy Delivers Strong First Quarter Results - Record 25.8% Blended Leasing Spreads, 4.7% Commercial Same Property NOI Growth and Continued Monetization of RioCan Living

Company Website: https://www.riocan.com/English/home/default.aspx TORONTO -- (Business Wire) RioCan Real Estate Investment Trust (“RioCan" or the "Trust”) (TSX: REI.UN) announced today its financial and operating results for the three months ended March 31, 2026, demonstrating continued momentum across leasing, Commercial Same Property NOI growth1 and its capital recycling initiatives, consistent with the strategy and financial framework outlined at its Investor Day. Blended leasing spreads were a record 25.8% in the First Quarter, driven by new leasing spreads of 58.5%, providing clear visibility into future organic growth and highlighting the impact of the Trust's strategic independence Commercial Same Property NOI growth accelerated to 4.7%, reinforcing the strength of RioCan’s core retail portfolio Total Capital Repatriation from RioCan Living - proforma1 of $1.04 billion reflects continued progress toward the $1.3 billion target outlined at Investor Day “Our first quarter results underscore the strength and resilience of our retail-focused platform," said Jonathan Gitlin, President and CEO of RioCan. “We are successfully unlocking embedded growth by leveraging our high-quality assets to capitalize on this leasing supercycle. This has enabled us to capture mark-to-market opportunities that have driven record leasing spreads and amplified SPNOI growth. Continued portfolio simplification and disciplined execution of our capital recycling strategy are enhancing balance sheet flexibility, enabling capital allocation aligned with the long-term growth framework we outlined at our Investor Day. Together, this execution underpins our confidence in RioCan’s ability to deliver durable, long-term value for our Unitholders." Financial Highlights                           Three months ended March 31       2026       2025                 Core FFO per unit - diluted 1     $ 0.39     $ 0.39   Net income (loss) per unit - diluted     $ 0.32     $ (0.28 )                             As at     March 31, 2026     December 31, 2025               Net book value per unit     $ 24.42     $ 24.37                 Core FFO per unit - diluted in the First Quarter benefitted primarily from Commercial Same Property NOI growth1 of 4.7% and the accretive impact of unit buybacks. The impact of asset dispositions, net of acquisitions, higher interest expense and lower interest income offset these benefits. The Trust reaffirms the Financial Outlook for 2026. Net income per unit for the First Quarter of $0.32 was $0.60 per unit higher than the same period last year, mainly as a result of $210.2 million or $0.71 per unit of lower Net Valuation Losses1 relating to RC-HBC LP and the fair value of investment properties, partially offset by $0.06 per unit of lower residential inventory gains. Adjusted Spot Debt to Adjusted EBITDA1 was 8.94x, within RioCan's targeted range. The ratio of unsecured to secured debt was 66% to 34% and the Core FFO Payout Ratio1 was 74.8%. RioCan ended the quarter with $1.3 billion of Liquidity1 and $9.4 billion in Unencumbered Assets1, supporting financial flexibility and disciplined capital allocation opportunities. 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   Financial Outlook 2026     Core FFO per unit - diluted (i) $1.60 to $1.62 Commercial Same Property NOI growth (i) 3.5% to 4.0% Portfolio Investments Spending (ii) 1 ~ $95 million - $115 million Development Spending (ii) 1 ~ $45 million - $55 million (i)   Refer to the Financial Outlook section of the Management Discussion and Analysis for the three months ended March 31, 2026 for further details. Readers are cautioned to review the discussion of forward-looking information and related risks under the Forward-Looking Information and Financial Outlook and Financial Outlook section of the MD&A. (ii)   Portfolio Investments Spending includes an estimated amount of spending for retail infill projects and asset enhancements. Development Spending includes an estimated amount of spending for pipeline advancement, residential inventory and mixed-use projects. 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. Selected Financial and Operational Highlights (in millions, except where otherwise noted, and percentages)                   As at               March 31, 2026     March 31, 2025                         Occupancy - committed (i)                 97.9 %       98.0 % Retail occupancy - committed (i)                 98.6 %       98.7 %                             Three months ended March 31     Twelve months ended March 31     2026       2025         2026         2025                           Blended leasing spread   25.8 %     17.5 %       23.1 %       19.8 % New leasing spread   58.5 %     18.3 %       47.0 %       39.4 % Renewal leasing spread   20.1 %     17.3 %       18.5 %       14.5 %                                                 As at               March 31, 2026     December 31, 2025                         Liquidity (ii)1               $ 1,323       $ 1,462   Adjusted Spot Debt to Adjusted EBITDA (ii)1               8.94x     8.64x Unencumbered Assets (ii)1               $ 9,388       $ 9,173                           (i)   Includes commercial portfolio only. Excludes income producing properties that are owned through joint ventures and reported under equity-accounted investments. (ii)   At RioCan's Proportionate Share. Leasing Spreads: Delivered a record high blended leasing spread of 25.8% in the First Quarter, reflecting new and renewal leasing spreads of 58.5% and 20.1%, respectively. Excluding fixed renewals, the average blended leasing spread of 29.5% on new leases and market renewals (comprising 69% of the total square footage of renewed leases) highlights the depth of mark-to-market opportunity across the portfolio. Average Net Rent Per Square Foot for new leasing: Mark-to-market gains drove new leasing to $31.25 per square foot, a 33% premium to the $23.49 average net rent per occupied square foot at quarter end. Leasing Progress: 1.1 million square feet of leasing activity in the First Quarter, including 0.8 million square feet of renewals. 1.7 million square feet of lease maturities remaining in 2026 provide continued mark-to-market opportunities. Occupancy: Committed retail occupancy of 98.6% reflects structurally constrained retail supply across RioCan's markets and resilient tenant demand. Retention Ratio: A high retention ratio of 92.4% highlights best-in-class tenant relationships and enables efficient organic growth with minimal capital outlay. Same Property NOI: Commercial Same Property NOI1 grew 4.7% in the First Quarter, the third consecutive quarter at or above 4.5%, continuing to highlight the strength of our core assets and success of RioCan's leasing strategy. Adjusted G&A Expense as a percentage of rental revenue1: Improved to 3.3% in the First Quarter, down from 3.5% in the comparable period and is expected to remain under 4% on a full year basis. Total Capital Repatriation from RioCan Living1 - proforma: $1.04 billion or 80% of the $1.3 billion target, including closed, firm and conditional sales of residential rental properties as of May 4, 2026, and proceeds from residential inventory sales. In 2026, RioCan advanced its capital recycling and simplification strategy by closing the previously disclosed sale of The Underwood Apartments, executing two firm agreements to sell FourFifty The Well and Bellevue Phase One and Two, and executing a conditional agreement to sell another residential rental property for total gross sale proceeds of $379.0 million. In conjunction with the sale of Bellevue Phase One and Two, the Trust also terminated its forward purchase agreement to buy Bellevue Phase Three, which was scheduled to close in the first half of 2026. The Trust continues to repatriate capital from the sale of residential inventory. In 2026, the Trust received $30.0 million of proceeds from the closing of residential inventory. The Trust continues to see strong interest in the remaining four RioCan Living assets, reflecting the quality of the portfolio and the effectiveness of its strategic execution. The Trust's residual inventory balance related to condominium projects under construction is approximately 1% of NAV or $100 million2, 14% of which is subject to binding purchase agreements. The Trust remains actively focused on monetizing the remaining inventory in a disciplined manner. In addition to the RioCan Living dispositions, as of May 4, 2026, the Trust also entered into $57.1 million2 firm and conditional deals. Proceeds from these capital repatriation activities have been reinvested into accretive uses including Portfolio Investments and the repurchase of Trust Units. Portfolio Investments Spending1: Reinvested approximately $22.3 million into portfolio investments including $7.3 million of retail infill projects and $14.9 million of asset enhancement, advancing our strategy of maximizing existing density within high-quality centres to capitalize on strong retailer demand in supply-constrained markets. Normal Course Issuer Bid (NCIB): For the three months ended March 31, 2026, the Trust purchased and cancelled 2.6 million Units at a weighted average price of $19.51 per unit for a total cost of $51.4 million under its NCIBs and related automatic securities purchase plan. The Trust views the NCIB as an accretive and disciplined use of capital, as management believes the current unit price does not accurately reflect the intrinsic value of RioCan’s business. Portfolio Additions: During the First Quarter, the Trust completed acquisitions for the remaining 50% of Oakville Place and Georgian Mall totalling approximately $145.4 million, further strengthening its growth platform. Balance Sheet and Liquidity: As of March 31, 2026, the Adjusted Spot Debt to Adjusted EBITDA ratio increased to 8.94x from 8.64x at the end of 2025, reflecting acquisition timing as associated debt is recognized upfront while earnings build over time. Normalized for a full year of earnings, these acquisitions are expected to contribute positively to this ratio and the Trust expects leverage to remain within the target range of 8.0x - 9.0x. The Trust has $1.3 billion of Liquidity to meet its financial obligations, including $1.2 billion from its revolving unsecured operating line of credit. The Trust's unencumbered asset pool increased to $9.4 billion at the end of the First Quarter from $9.2 billion at the end of 2025. As of March 31, 2026, the Ratio of Unsecured Debt to Total Contractual Debt on a proportionate share basis increased to 66% from 63% at year end 2025. During the First Quarter, the Trust issued $200.0 million Series AQ senior unsecured debentures with a coupon rate of 4.308%, maturing March 11, 2033 and repaid, in full, its $100.0 million 5.953% Series I senior unsecured debentures upon maturity. The net proceeds were used to repay existing indebtedness at or prior to maturity. Morningstar DBRS confirmed BBB credit rating and changed the trend to Positive from Stable during the quarter. 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. On a proportionate share basis in equity-accounted joint ventures (EAI JV). Conference Call and Webcast Interested parties are invited to participate in a conference call with management on Tuesday, May 5, 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 365-657-4084 (Canada) or 1-833-461-5787 (US Toll Free) and entering the access code: 736995173. 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 March 31, 2026, our portfolio is comprised of 167 properties with an aggregate net leasable area of approximately 32 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 months ended March 31, 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, Same PropertyNet Operating Income ("SPNOI"), Commercial Same Property NOI, Core FFO Payout Ratio,Net Valuation Losses, Adjusted G&A Expense as a percentage of rental revenue, Total Capital Repatriation from RioCan Living - Proforma, Portfolio Investments Spending, Development Spending, Ratio of Unsecured Debt to Total Contractual Debt, Liquidity, Adjusted Spot Debt to Adjusted EBITDA, 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. For full definitions of these measures, please refer to the "Non-GAAP Measures”section in RioCan’s MD&A for the three months ended March 31, 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 IFRS to RioCan's proportionate share basis as at March 31, 2026 and December 31, 2025: As at March 31, 2026 December 31, 2025 (thousands of dollars) IFRS basis Equity-accounted investments (ii) RioCan's proportionate share IFRS basis Equity-accounted investments RioCan's proportionate share Assets             Investment properties (i) $ 13,598,006 $ 36,978   $ 13,634,984 $ 13,628,959 $ 195,820   $ 13,824,779 Equity-accounted investments   161,403   (161,403 )   —   159,596   (159,596 )   — Residential inventory   235,633   252,403     488,036   236,745   263,569     500,314 Mortgages and loans receivable   256,883   2,051     258,934   338,331   (17,152 )   321,179 Assets held for sale   240,300   —     240,300   46,500   —     46,500 Receivables and other assets   372,040   47,371     419,411   339,221   57,909     397,130 Cash and cash equivalents   70,215   12,064     82,279   145,040   13,994     159,034 Total assets $ 14,934,480 $ 189,464   $ 15,123,944 $ 14,894,392 $ 354,544   $ 15,248,936               Liabilities             Debentures payable $ 4,438,732 $ —   $ 4,438,732 $ 4,338,865 $ —   $ 4,338,865 Mortgages payable   2,047,117   26,869     2,073,986   2,184,306   141,182     2,325,488 Mortgages payable associated with assets held for sale   178,824   —     178,824   28,343   —     28,343 Lines of credit and other bank loans   622,409   125,526     747,935   601,194   169,044     770,238 Accounts payable and other liabilities   538,670   37,069     575,739   584,421   44,318     628,739 Total liabilities $ 7,825,752 $ 189,464   $ 8,015,216 $ 7,737,129 $ 354,544   $ 8,091,673               Equity             Unitholders’ equity   7,108,728   —     7,108,728   7,157,263   —     7,157,263 Total liabilities and equity $ 14,934,480 $ 189,464   $ 15,123,944 $ 14,894,392 $ 354,544   $ 15,248,936 (i)   Net of $81.7 million of cumulative unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value as at March 31, 2026 (December 31, 2025 - $50.2 million). (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 FVTPL. Consequently, RC-HBC LP assets and debt are no longer included on a proportionate share basis. The following tables reconcile the consolidated statements of income (loss) from IFRS to RioCan's proportionate share basis for the three months ended March 31, 2026 and 2025: Three months ended March 31 2026 2025 (thousands of dollars) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Revenue             Rental revenue $ 308,261   $ 1,070   $ 309,331   $ 296,741   $ (15,349 ) $ 281,392   Residential inventory sales   10,968     20,066     31,034     54,942     23,194     78,136   Property management and other service fees   3,077     —     3,077     4,148     (389 )   3,759       322,306     21,136     343,442     355,831     7,456     363,287   Operating costs             Rental operating costs             Recoverable under tenant leases   118,489     712     119,201     109,995     965     110,960   Non-recoverable costs   9,476     (104 )   9,372     10,400     1,765     12,165   Residential inventory cost of sales   8,288     19,181     27,469     33,357     21,354     54,711       136,253     19,789     156,042     153,752     24,084     177,836   Operating income (loss)   186,053     1,347     187,400     202,079     (16,628 )   185,451   Other income (loss)             Interest income   8,024     482     8,506     11,402     500     11,902   Income (loss) from equity-accounted investments   1,817     (1,817 )   —     (204,066 )   204,066     —   Fair value gain (loss) on investment properties, net (i)   23,521     37     23,558     (14,778 )   (152,489 )   (167,267 ) Investment and other income (loss), net   (36,026 )   668     (35,358 )   2,424     (33,033 )   (30,609 )     (2,664 )   (630 )   (3,294 )   (205,018 )   19,044     (185,974 ) Other expenses             Interest costs, net   71,909     695     72,604     66,680     2,574     69,254   General and administrative   12,293     6     12,299     10,393     18     10,411   Internal leasing costs   3,445     —     3,445     3,256     —     3,256   Transaction and other costs   2,580     16     2,596     888     (176 )   712       90,227     717     90,944     81,217     2,416     83,633   Income (loss) before income taxes $ 93,162   $ —   $ 93,162   $ (84,156 ) $ —   $ (84,156 ) Net income (loss) $ 93,162   $ —   $ 93,162   $ (84,156 ) $ —   $ (84,156 ) (i)   Net of $31.5 million of unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil). NOIand Same Property NOI The following table reconciles operating income to NOI and Same Property NOI to NOI for the three months ended March 31, 2026 and 2025: (thousands of dollars)     Three months ended March 31   2026     2025   Operating Income $ 186,053   $ 202,079   Adjusted for the following:     Property management and other service fees   (3,077 )   (4,148 ) Residential inventory gains   (2,680 )   (21,585 ) Operational lease revenue from ROU assets, net (i)   2,384     2,339   NOI $ 182,680   $ 178,685   (i)   Includes $0.1 million of straight-line rent from operational lease revenue from ROU assets for the three months ended March 31, 2026 (three months ended March 31, 2025 - $0.6 million). Three months ended March 31   2026   2025 Commercial     Commercial Same Property NOI $ 156,085 $ 149,022 NOI from income producing properties:     Acquired (i)   2,656   — Disposed (i)   767   2,557     3,423   2,557       NOI from completed commercial developments   10,178   10,957 NOI from properties under de-leasing and other (ii)   4,845   3,621 Lease cancellation fees   1,704   2,207 Straight-line rent adjustment (iii)   1,933   2,836 NOI from commercial properties   178,168   171,200 Residential     Residential Same Property NOI   2,499   2,624 NOI from income producing properties:     Acquired (i)   —   — Disposed (i)   362   3,301     362   3,301 NOI from completed residential developments   1,651   1,560 NOI from residential rental   4,512   7,485 NOI $ 182,680 $ 178,685 (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 $0.1 million of straight-line rent from operational lease revenue from ROU assets for the three months ended March 31, 2026 (three months ended March 31, 2025 - $0.6 million). (thousands of dollars)     Three months ended March 31   2026   2025 Commercial Same Property NOI $ 156,085 $ 149,022 Residential Same Property NOI   2,499   2,624 Same Property NOI $ 158,584 $ 151,646 Residential Inventory Gains (RioCan's Proportionate Share) The following table reconciles residential inventory gains from IFRS basis to RioCan's proportionate share basis for the three months ended March 31, 2026 and 2025: Three months ended March 31 2026   2025 (thousands of dollars) Residential inventory sales Residential inventory cost of sales Residential inventory gains Residential inventory sales Residential inventory cost of sales Residential inventory gains Total - IFRS basis $ 10,968 $ 8,288 $ 2,680 $ 54,942 $ 33,357 $ 21,585 Equity-accounted joint ventures   17,255   16,370   885   11,166   10,521   645 Total - IFRS and equity-accounted joint ventures   28,223   24,658   3,565   66,108   43,878   22,230 Other equity-accounted investments   2,811   2,811   —   12,028   10,833   1,195 Total - RioCan's proportionate share $ 31,034 $ 27,469 $ 3,565 $ 78,136 $ 54,711 $ 23,425 FFO The following table reconciles net income (loss) attributable to Unitholders to FFO for the three months ended March 31, 2026 and 2025: (thousands of dollars, except where otherwise noted)     Three months ended March 31   2026     2025   Net income (loss) attributable to Unitholders $ 93,162   $ (84,156 ) Add back (deduct):     Fair value (gains) losses, net   (23,521 )   14,778   Fair value (gains) losses included in equity-accounted investments (i)   (37 )   152,489   Other RC-HBC LP Valuation Losses   36,934     56,296   Internal leasing costs   3,445     3,256   Transaction losses (gains) on investment properties, net (ii)   3,288     (433 ) Transaction costs on sale of investment properties   1,696     431   Transaction costs on sale of investment properties in equity-accounted investments   2     —   ERP implementation costs / IT transformation costs   355     —   ERP amortization   (434 )   (434 ) Operational lease revenue from ROU assets   2,048     1,907   Operational lease expenses from ROU assets in equity-accounted investments   (6 )   (18 ) Capitalized interest related to equity-accounted investments (iii):     Capitalized interest related to properties under development   80     39   Capitalized interest related to residential inventory   768     1,409   FFO $ 117,780   $ 145,564   Add back (deduct):     Inventory-Related Gains (iv)   (6,156 )   (24,301 ) Restructuring costs   2,190     255   HBC-Related Income (iv)   (864 )   (5,417 ) Core FFO $ 112,950   $ 116,101   FFO per unit - diluted $ 0.40 $ 0.49   Core FFO per unit - diluted $ 0.39   $ 0.39   Weighted average number of Units - basic (in thousands) 291,511 297,663   Weighted average number of Units - diluted (in thousands)   291,590     297,688   FFO for last four quarters $ 525,377 $ 545,580   Core FFO for last four quarters $ 455,897   $ 471,709   Distributions paid for last four quarters $ 341,143   $ 334,106   FFO Payout Ratio 64.9 % 61.2 % Core FFO Payout Ratio   74.8 %   70.8 % (i)   Net of $31.5 million unrecognized share of losses from RC-HBC LP in excess of RioCan's carrying value for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil). (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, RC Yorkville 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)   Inventory-Related Gains and HBC-Related Income for the three months ended March 31, 2026 and 2025 are as follows: (thousands of dollars)     Three months ended March 31   2026     2025   Residential inventory gains - proportionate share (i) $ 3,565   $ 23,425   Residential inventory marketing costs - IFRS   (71 )   (28 ) Residential inventory marketing costs from equity-accounted investments   (15 )   175   Capitalized interest relief from sale of residential inventory in equity-accounted investments   (440 )   (162 ) NOI from other equity-accounted investments   153     —   Fee income related to residential inventory - IFRS (ii)   542     745   Investment and other income related to residential inventory - IFRS   1,755     146   Investment and other income (loss) related to residential inventory from equity-accounted investments   667     —   Inventory-Related Gains $ 6,156   $ 24,301         Share of income from RC-HBC LP operations $ 72   $ 2,488   Operational lease expenses from ROU assets in equity-accounted investments   (6 )   (18 ) Interest income from RC-HBC LP   300     1,177   Fee income from RC-HBC LP   498     1,770   HBC-Related Income $ 864   $ 5,417     (i) Refer to the Residential Inventory Gains (RioCan's Proportionate Share) table in this News Release for reconciliation. (ii) Related to fee income earned from residential inventory in accordance with IFRS. Net Valuation Losses Net Valuation Losses is the sum total of fair value loss on investment properties, net and Total RC-HBC LP Valuation Losses. The following table reconciles Net Valuation Losses during the three months ended March 31, 2026 and 2025: Three months ended March 31   2026     2025 Fair value losses (gains) on investment properties, net $ (23,521 ) $ 14,778 Add:     Total RC-HBC LP Valuation Losses (see below for reconciliation) (i)   36,906     208,843 Net Valuation Losses $ 13,385   $ 223,621 (i)   These were offset by fair value gains on investment properties from the acquisition of a 50% interest in Georgian Mall and Oakville Place from the RC-HBC LP of $39.3 million. Total RC-HBC LP Valuation Losses The following table reconciles Total RC-HBC LP Valuation Losses and Other RC-HBC LP Valuation Losses during the three months ended March 31, 2026 and 2025: (thousands of dollars)     Three months ended March 31   2026     2025   Share of net loss (income) from equity-accounted investments $ (1,817 ) $ 204,066   Add back (deduct):     Share of income from RC-HBC LP operations   72     2,488   Share of income from other equity-accounted investments   1,717     2,289   Provision for credit losses on RC-HBC LP loans receivable   3,390     —   Provision for guarantee losses on RC-HBC LP mortgages payable   632     —   Fair value changes in mortgage receivable from RC-HBC LP   32,912     —   Total RC-HBC LP Valuation Losses $ 36,906   $ 208,843   Add back (deduct):     Share of fair value gains (losses) on investment properties from RC-HBC LP post-CCAA Proceedings   28     (152,547 ) Other RC-HBC LP Valuation Losses $ 36,934   $ 56,296   Total RC-HBC LP Valuation Losses comprise of the following during the three months ended March 31, 2026 and 2025: (thousands of dollars)     Three months ended March 31   2026     2025 Provision for expected credit losses on finance lease receivables in RC-HBC LP $ —   $ 24,517 Write-off of straight-line rent receivable in RC-HBC LP   —     23,300 Impairment losses on RC-HBC LP   —     8,479 Provision for credit losses on RC-HBC LP loans receivable   3,390     — Provision for guarantee losses on RC-HBC LP mortgages payable   632     — Fair value changes in mortgage receivable from RC-HBC LP   32,912   — Other RC-HBC LP Valuation Losses (ii) $ 36,934   $ 56,296 Fair value losses(gains) on investment properties from RC-HBC LP (i)   (28 )   152,547 Total RC-HBC LP Valuation Losses (ii) $ 36,906   $ 208,843 (i)   Net of $31.5 million unrecognized share of losses from RC-HBC LP for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil). (ii)   These were offset by fair value gains on investment properties from the acquisition of a 50% interest in Georgian Mall and Oakville Place from the RC-HBC LP of $39.3 million. Adjusted G&A Expense Adjusted G&A Expense for the three months ended March 31, 2026 and 2025 are as follows: (thousands of dollars, except otherwise noted)       Three months ended March 31   2026     2025   Change Total G&A expense - IFRS $ 12,293   $ 10,393   $ 1,900   Add back (deduct):       ERP implementation costs / IT transformation costs   (355 )   —     (355 ) ERP amortization   434     434     —   Restructuring costs   (2,190 )   (255 )   (1,935 ) Adjusted G&A Expense - IFRS   10,182     10,572     (390 ) Add:       G&A expense from equity-accounted investments   6     18     (12 ) Adjusted G&A Expense - RioCan's proportionate share $ 10,188   $ 10,590   $ (402 )         Rental revenue - IFRS   308,261     296,741     11,520   Add back (deduct):       Rental revenue from equity-accounted investments   1,070     (15,349 )   16,419   Write-off of straight-line rent receivable in RC-HBC LP   —     23,300     (23,300 ) Rental revenue - RioCan's proportionate share $ 309,331   $ 304,692   $ 4,639           Adjusted G&A Expense as a percentage of rental revenue   3.3 %   3.5 %   (0.2 )% Total Capital Repatriation from RioCan Living The following table reconciles Total Capital Repatriation from RioCan Living for the three months ended March 31, 2026:   (thousands of dollars) Three months ended March 31, 2026   Cumulative as of March 31, 2026   Anticipated Residential inventory sales revenue $ 28,223   $ 378,034   $ 371,000 Add (Deduct):       Outstanding accounts receivable related to above sales - IFRS   (7,863 )   (102,625 )   — Outstanding accounts receivable related to above sales - EAI JV   (8,414 )   (41,740 )   — Change in accounts receivable related to 2025 sales   18,009     18,009     — Proceeds from residential inventory sales (i)   29,955     251,678     371,000 Proceeds from RioCan Living dispositions   46,500     453,120     940,000 Total Capital Repatriation from RioCan Living $ 76,455   $ 704,798   $ 1,311,000 Subsequent to quarter end:       Anticipated proceeds from RioCan Living dispositions - firm and conditional deals   332,500     332,500     Total Capital Repatriation from RioCan Living - proforma $ 408,955   $ 1,037,298   $ 1,311,000 (i) Based on RioCan's Proportionate Share in EAI JV. Portfolio Investments Spending and Development Spending Below is Portfolio Investments Spending and Development Spending for the three months ended March 31, 2026 and 2025: (in thousands of dollars)     Three months ended March 31   2026     2025   Total capital expenditures related to IPP on cash basis (i) $ 12,167   $ 31,527   Add (deduct):     (Increase) Decrease in Accounts payable   (6,478 )   8,623   Total capital expenditures related to IPP on accrual basis (ii) $ 18,645   $ 22,904   Add (deduct):     Maintenance capital expenditures   (7,358 )   (17,765 ) Development expenditures related to:     Retail infill   7,340     11,510   Asset enhancement   3,630     2,094   Total Portfolio Investments Spending $ 22,257   $ 18,743         Total development expenditures related to PUD on cash basis (i) $ 24,096   $ 37,864   Add (deduct):     (Increase) Decrease in Accounts payable   5,111     (3,577 ) Total development expenditures related to PUD on accrual basis (ii) $ 18,985   $ 41,441   Add (deduct):     Development expenditures related to residential inventory - IFRS   (90 )   44,223   Development expenditures related to residential inventory - EAI JV   3,238     7,466   Development expenditures related to:     Retail infill   (7,340 )   (11,510 ) Asset enhancement   (3,630 )   (2,094 ) Total Development Spending $ 11,163   $ 79,526   (i)   Refer to the unaudited interim condensed consolidated statements of cash flows for the three months ended March 31, 2026. (ii)   Refer to Note 3 in the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026. Total Contractual Debt The following table reconciles total debt to Total Contractual Debt as at March 31, 2026 and December 31, 2025: As at March 31, 2026 December 31, 2025     (thousands of dollars) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Debentures payable $ 4,438,732   $ —   $ 4,438,732   $ 4,338,865   $ —   $ 4,338,865   Mortgages payable   2,047,117     26,869     2,073,986     2,184,306     141,182     2,325,488   Lines of credit and other bank loans   622,409     125,526     747,935     601,194     169,044     770,238   Mortgages payable associated with assets held for sale   178,824     —     178,824     28,343     —     28,343   Total debt (i) $ 7,287,082   $ 152,395   $ 7,439,477   $ 7,152,708   $ 310,226   $ 7,462,934   Less:             Unamortized debt financing costs, premiums and discounts on origination and debt assumed, and modifications   (26,544 )   (62 )   (26,606 )   (28,821 )   (179 )   (29,000 ) Total Contractual Debt $ 7,313,626   $ 152,457   $ 7,466,083   $ 7,181,529   $ 310,405   $ 7,491,934   (i)   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 FVTPL. Consequently, RC-HBC LP debt are no longer included on a on a proportionate share basis. Unsecured and Secured Debt The following table reconciles Total Unsecured and Secured Debt to Total Contractual Debt as at March 31, 2026 and December 31, 2025: As at March 31, 2026 December 31, 2025 (thousands of dollars, except where otherwise noted) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Total Unsecured Debt $ 4,910,000   $ — $ 4,910,000   $ 4,750,000   $ — $ 4,750,000   Total Secured Debt   2,403,626     152,457   2,556,083     2,431,529     310,405   2,741,934   Total Contractual Debt $ 7,313,626   $ 152,457 $ 7,466,083   $ 7,181,529   $ 310,405 $ 7,491,934                 Percentage of Total Contractual Debt:           Unsecured Debt   67.1 %     65.8 %   66.1 %     63.4 % Secured Debt   32.9 %     34.2 %   33.9 %     36.6 % Liquidity As at March 31, 2026, RioCan had approximately $1.3 billion of Liquidity as summarized in the following table: As at March 31, 2026 December 31, 2025   (thousands of dollars) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Undrawn revolving unsecured operating line of credit $ 1,190,000 $ — $ 1,190,000 $ 1,250,000 $ — $ 1,250,000 Undrawn construction lines and other bank loans   15,835   34,545   50,380   20,770   32,009   52,779 Cash and cash equivalents   70,215   12,064   82,279   145,040   13,994   159,034 Liquidity $ 1,276,050 $ 46,609 $ 1,322,659 $ 1,415,810 $ 46,003 $ 1,461,813 Adjusted EBITDA The following table reconciles consolidated net income attributable to Unitholders to Adjusted EBITDA: Twelve months ended March 31, 2026 December 31, 2025 (thousands of dollars) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Net income attributable to Unitholders $ 246,613 $ —   $ 246,613 $ 69,295 $ —   $ 69,295 Add (deduct) the following items:             Fair value losses on investment properties, net   99,060   44,841     143,901   137,359   197,367     334,726 Total RC-HBC LP Valuation Losses   133,844   (43,010 )   90,834   305,781   (195,585 )   110,196 Internal leasing costs   13,904   —     13,904   13,715   —     13,715 Non-cash unit-based compensation expense   9,587   —     9,587   10,197   —     10,197 Interest costs, net   283,114   3,156     286,270   277,885   5,035     282,920 Restructuring costs   2,190   —     2,190   255   —     255 ERP implementation costs / IT transformation costs   1,201   —     1,201   846   —     846 Depreciation and amortization   1,588   —     1,588   1,510   —     1,510 Transaction (gains) losses on the sale of investment properties, net (i)   9,257   —     9,257   5,539   —     5,539 Transaction costs on investment properties   9,363   75     9,438   8,098   73     8,171 Operational lease revenue (expenses) from ROU assets   7,992   (43 )   7,949   7,851   (55 )   7,796 Adjusted EBITDA $ 817,713 $ 5,019   $ 822,732 $ 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 March 31, 2026 December 31, 2025 (thousands of dollars, except where otherwise noted) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share               Adjusted Spot Debt to Adjusted EBITDA             Total debt outstanding $ 7,287,082   $ 152,395   $ 7,439,477   $ 7,152,708   $ 310,226   $ 7,462,934   Less: cash and cash equivalents   (70,215 )   (12,064 )   (82,279 )   (145,040 )   (13,994 )   (159,034 ) Adjusted Spot Debt $ 7,216,867   $ 140,331   $ 7,357,198   $ 7,007,668   $ 296,232   $ 7,303,900   Adjusted EBITDA (i) $ 817,713   $ 5,019   $ 822,732   $ 838,331   $ 6,835   $ 845,166   Adjusted Spot Debt to Adjusted EBITDA   8.83       8.94     8.36       8.64   (i)   Adjusted EBITDA is on a rolling twelve-month basis. Unencumbered Assets The table below summarizes RioCan's Unencumbered Assets as at March 31, 2026 and December 31, 2025: As at March 31, 2026 December 31, 2025 (thousands of dollars) IFRS basis   Equity-accounted investments   RioCan's proportionate share   IFRS basis   Equity-accounted investments   RioCan's proportionate share Investment properties $ 13,598,006   $ 36,978   $ 13,634,984   $ 13,628,959   $ 195,820   $ 13,824,779   Less: Encumbered investment properties   (4,226,911 )   (19,783 )   (4,246,694 )   (4,474,260 )   (177,561 )   (4,651,821 ) Unencumbered Assets $ 9,371,095   $ 17,195   $ 9,388,290   $ 9,154,699   $ 18,259   $ 9,172,958   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”, “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 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504064914/en/ Contacts: RioCan Real Estate Investment Trust Investor Relations Inquiries Email: [email protected] Source: RioCan Real Estate Investment Trust