2003%20ANNUAL%20UNITHOLDERS%20MEETING

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2003 ANNUAL UNITHOLDERS MEETING
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EDWARD SONSHINE, Q.C.President CEO
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ACHIEVEMENTS OF THE LAST 10 YEARS

• In 1995, we became the first REIT in Canada to
  internalize our management structure
• Early in 1998, our assets at book crossed over
  the 1 billion threshold
• In 1999, we completed the takeover of RealFund
• Our assets increased to almost 2 billion

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ACHIEVEMENTS OF THE LAST 10 YEARS

1. In 2000, we internalized property level
   accounting and management
2. In 2001, we started a joint venture with Kimco
   and provided all property management, leasing and
   construction management services and was
   appropriately compensated for so doing
3. In 2003, the creation and organization of the
   RioCan Retail Value Limited Partnership
   (partnership with TIAA-CREF and OMERS)

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Over our first decade of existence, we delivered
for our unitholders a total return of 19.95
annually to December 31, 2003
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SHOPPING CENTRE PORTFOLIO

• 179 shopping centres
• Over 36 million square feet
• Occupied by almost 5,000 tenants
• 40 of the total space is new format retail
  constructed within the last 5 or 6 years

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RioCans TOP 10 RETAILERS
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RioCans TOP 10 RETAILERS

• 80 of gross revenue comes from national tenants

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RioCans TOP 10 RETAILERS
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RioCans TOP 10 RETAILERS

• Tenant renewal rate has averaged 95
• Vacancy rate has rarely exceeded 4

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RioCan

• A full service real estate entity with about 650
  employees in offices across Canada

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DEBT RATIO

• Current debt ratio is approximately 53
• Our total debt against the fair market value of
  our assets is probably less than 45
• Standard Poors and Dominion Bond Rating
  Service rate our unsecured debt as investment
  grade
• The highest stability rating of any REIT in Canada

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GREENFIELD DEVELOPMENT EXPANSION PROGRAM

• These programs will add approximately 1 million
  square feet of new retail space annually for at
  least the next 4 or 5 years

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RECURRING INCOME STREAMS

• Source of growth - the creation of recurring
  income streams
• Enable RioCan to meet its RDI growth targets

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The total return would have been
RioCan THIS PAST YEAR

• 22.02

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2003 ANNUAL UNITHOLDERS MEETING