DEVELOPMENT PROPERTY TOURFOR ANALYSTS
June 17, 2019
RioCan’s consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan’s management framework, management uses certain financial
measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS.
The following measures, Funds From Operations (“FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization
(“Adjusted EBITDA”), Debt to Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge Coverage, and Enterprise Value as well
as other measures discussed in this presentation, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures
presented by other reporting issuers.
Non-GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan’s
performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the “Non-GAAP Measures” in RioCan’s Management’s Discussion and
Analysis for the quarter ended March 31, 2019. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that
investors may do the same.
NON-GAAP MEASURES
RioCan data and statistics are based on the quarter ended March 31, 2019 information. Certain slides contain a peer comparison that is based on the respective issuer’s reported
information as at March 31, 2019. Peer group includes: First Capital Realty Corp. (FCR), SmartCentres REIT (SRU), Choice Properties REIT (CHP), CT REIT (CRT), and
Crombie REIT (CRR). All information presented is at RioCan’s interest unless otherwise noted. CAGR refers to compound annual growth rate of a specific metric over a
period of time.
PEER DATA PRESENTATION
Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements
concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or
assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such
conclusions, forecasts or projections.
The forward looking information contained in this presentation is made as of the date hereof.
Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the
material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be
found in our most recent annual information form and annual report that are available on our website and at www.sedar.com.
Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
FORWARD LOOKING INFORMATION
3
BC
AT AGLANCE
• One of Canada’s first and largest REITs,
focused on the ownership, management and
development of high-quality, mixed-use
properties in Canada’s six major markets
• 25-year proven track record
• Diversified and predominantly necessity-based,
service-focused tenant mix
• Robust 26.3 M sf development pipeline,
11.2 M sf or 43% already with zoning approvals.
2,300 residential rental units under construction with
additional 2,000 units underway by 20211
• Rated BBB with stable outlook by S&P
and BBB (high) with stable trend by DBRS
QUICK FACTS – Q1 2019
Enterprise Value $14.1 B
Number of Properties 230
Net Leasable Area (NLA) (M sf) 38.3
Major Market Same Property NOI (SPNOI) 2.4%2
Total Portfolio SPNOI 2.0%2
Major Market Committed Occupancy - Commercial 97.5%
Committed Occupancy - Commercial 96.9%
Blended New and Renewal Leasing Spread 10.7%
Renewal Retention Rate 86.3%
Greater Toronto Area (GTA) Focus
% of Annualized Revenue
- Peer Average3
47.6%
24.5%
Growth driven by strategic insight
1. At 100% of project
2. Excludes the impact of the Bombay/Bowring disclaimed leases. If completed properties under development are included and the disclaimed Bombay/Bowring leases
are excluded, SPNOI increased by 2.9% and 2.5% for its major market portfolio and total portfolio, respectively, when compared to the same period in 2018
3. Source: Company reports. Peer group includes: FCR, CHP, and CRT (CRR and SRU do not disclose this info)
Calgary
Edmonton
Vancouver
Toronto
Montreal
Ottawa13.0%
10.4%
5.6%
5.4%
47.6%
ANNUALIZED REVENUE FROM SIX MAJOR MARKETS: 87.5%
5.5%
4
KEY DIFFERENTIATORS STRATEGIC PRIORITIES
Strengthen Canada’s leading major market portfolio by focusing on properties
within fast-growing, high-population and high-income areas in order to achieve
higher occupancy and rent growth.
CONCENTRATE WITHIN MAJOR MARKETS
Strategically evolve our tenant mix to stay ahead of changing consumer trends
and drive strong results from operating efficiency and ancillary revenue.
DRIVE ORGANIC GROWTH
25 YEARS OF
REIT LEADERSHIP
STRONG
BALANCE SHEET
LEADING MAJOR
MARKET PORTFOLIO
UNPARALLELED
DEVELOPMENT
PIPELINE Bring our major market assets to their highest and best use by capitalizing on opportunities
to intensify transit-oriented properties with mixed-use and residential developments,
generating new sources of cash flow and NAV growth from completions.
UNLOCK INTRINSIC VALUE
Utilize our diversified and strong tenant base, disciplined and staggered development approach,
sophisticated management team and fortress balance sheet to control development risks, embed
sustainability and diversify our portfolio.
MANAGE RISK EFFECTIVELY
OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER
5
TOTAL UNITHOLDER RETURNS OVER RIOCAN’S 25-YEAR HISTORY
Source: Bloomberg
$3,559
$608
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
1994 1998 2002 2006 2010 2014 2018 2019
Total Return to Unitholders Assuming an Initial Investment of $100 and Distributions are Re-Invested
RioCan REIT S&P/TSX Composite Index
Q1
YE 1994 to Q1 2019 CAGR
RioCan: 15.9%
S&P/TSX Composite Index: 7.7%
TOTAL UNITHOLDER RETURNS OVER RIOCAN’S 25-YEAR HISTORY
6
OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER
Metric 2013 1 Q1 2019Total
Improvement
Major Market Presence (% of Revenue) 71.7% 87.5% +15.8%
GTA Presence (% of Revenue) 41.6% 47.6% +6.0%
Total NLA from Development Pipeline (in SF) 4.9M 26.3M +21.4M
Same Property NOI growth 1.3% 2.0% 2 +0.7%
Average Net Rent PSF (Canada Only) $16.63 $19.16 +$2.53
Committed Occupancy (Canada Only) 96.9% 96.9% --
% Revenue from Department Stores & Apparel 13.0% 8.5% -4.5%
Largest Revenue Exposure from One Tenant 3.7% 4.6% +0.9%
Development Costs on the Balance Sheet $583M $1,208M 3 +$625M
Debt to Adjusted EBITDA 7.56x 7.94x +0.38x
Interest Coverage 2.83x 3.55x +0.72x
Debt Service Coverage 2.10x 3.01x +0.91x
Fixed Charge Coverage 1.06x 1.15x +0.09x
Unencumbered Assets $2,068M $8,000M +$5,932M
Unencumbered Assets / Unencumbered Debt 142% 229% +87%
NOI % from Unencumbered Assets 19.2% 59.6% +40.4%
Unsecured Debt as % of Total Debt 24.3% 57.7% +33.4%
FFO Payout Ratio 90.4% 77.9% -12.5%
Leverage 44.0% 42.2% -1.8%
Net Book Value Per Unit $23.01 $25.34 +$2.33
1. Includes US operations unless otherwise noted
2. Excludes the impact of the Bombay/Bowring disclaimed leases. If completed properties under development are included and the disclaimed Bombay/Bowring leases are
excluded, SPNOI increased by 2.5% when compared to the same period in 2018
3. Includes $181M of Residential Inventory
OUR QUALITY OF INCOME HAS NEVER BEEN STRONGEROperating metrics and balance sheet are producing the highest quality income in RioCan’s history
7
LEADERSHIP TEAM
Edward Sonshine O.Ont, Q.C
Chief Executive Officer
Jonathan Gitlin
President &
Chief Operating Officer
Qi Tang
Senior Vice President
& Chief Financial Officer
John Ballantyne
Senior Vice President,
Asset Management
Jeff Ross
Senior Vice President,
Leasing & Tenant Coordination
Andrew Duncan
Senior Vice President,
Development
Jennifer Suess
Senior Vice President,
General Counsel &
Corporate Secretary
25 YEARS OF REIT LEADERSHIPDeep industry knowledge and unparalleled experience
Deep executive bench operating
one of the largest and longest-
running REITs in Canada.
Long track record of driving
success and value, resulting in
respect, trust and deep
relationships.
Uniquely integrated to drive the
highest returns and best use of
every property for continued
optimization.
Proven balance of calculated
risk-taking
and prudent financial
management.
Oliver Harrison
Senior Vice President,
Operations
8
TOTAL GTA Presence
15.6M sf1 in the GTA
INDUSTRY LEADING PRESENCE IN THE GTA & TORONTO CORE
Legend
RioCan Property
85 assets1
47.6% of annualized revenue
3.4% SPNOI growth 2
97.8% Committed Occupancy
Primary Highways
TORONTO CORE Presence
4.7M sf in the Toronto Core
1. Excludes 10 active properties under development
2. Excludes the impact of the Bombay/Bowring disclaimed leases. If completed properties under development are included and the disclaimed Bombay/Bowring
leases are excluded, SPNOI increased by 4.2% when compared to the same period in 2018
Billy Bishop
Toronto City Airport
TorontoEtobicoke
YorkEast YorkToronto Pearson
International Airport
407
400
401
401
427
QEW
GARDINER EXP
DVP
Union
Station
CN Tower
9
Zoned, 11.2M sf, 42.6%
Application submitted,7.5M sf, 28.5%
Future est. density,7.6M sf,28.9%
Total Pipeline by Zoning Status*(26.3M sf)
* Includes 22.6M sf of incremental NLA and 3.7M sf of NLA which is currently income producing. All data at RioCan’s interest
22.6M incremental
NLA or ~62% of
existing NLA. The
pipeline is expected
to grow over time
36.3M existing
IPP NLA
RioCan NLA RioCan NLA includingincremental NLA from
Development*
ROBUST PIPELINE TO DRIVE CASH FLOW & NAV GROWTHHigh percentage of development pipeline zoned, enabling strong incremental NLA increase
43% or 11.2M sf with
zoning approved, 100%
located in the six major
markets
97% of projects are
mixed-use residential
totaling 25.5M sf
10 year head start in the zoning
approval process is key competitive
advantage in today’s more
challenging regulatory environment
2,300 residential units under
construction with additional
2,000 units underway by 2021
10
DEVELOPMENT PIPELINERIOCAN LIVING
40 potential
residential
projects
20,000
potential
units 1
2,000 additional
units underway by
2021 1
2,300 units
currently under
construction 1
100% located
in Canada’s
major markets
Delivering best-in-class purpose-built rental units and condos along Canada’s most prominent
transit corridors. RioCan Living shapes the communities where Canadians shop, live and work.
Brio, Calgary, AB
Litho., Toronto, ON
Strada, Toronto, ON
Kingly, Toronto, ONeCentral, Toronto, ON Frontier, Ottawa, ON
1. At 100% of project
DRIVING LONG-TERM GROWTH
11
• Dedicated development
team; planning, design,
construction and mixed-use
residential experience
• Well laddered development
starts
• Pre-leasing requirement for
commercial development
and sound market studies for
residential development
• Well-established internal
control process for
development approvals and
construction management
• Strategic alliances to
reduce capital requirements
and mitigate risks
• Already own the assets,
which are income producing,
thus allowing for strategic
development starts in
response to construction cost
fluctuation
• Balanced approach to rental
residential, condominium
and townhouse
development
As at
Mar 31, 2019Target
Properties Under Development (“PUD”) & Residential
Inventory $1.2B N/A
PUD and Residential Inventory as % of Gross Assets – Per
Line of Credit and Credit Facilities Agreements 8.4% ~ 10%1
Investment in Greenfield Development and Residential
Inventory as % of Unitholder Equity - Per Declaration of
Trust4.8% N/A
Current PUD andInventory Balance
Annual DevelopmentSpend
Annual DevelopmentCompletions
Target PUD andInventory Balance *
$1.2B
$400M-$500M< $1.5B
$300M-$600M
RioCan self funds development and manages its development
exposure to <10% of gross assets
1. Maximum permitted is 15%. RioCan targets this metric to be no more than 10% (except for short-term fluctuations as large projects are completed)
WELL-POSITIONED FOR VALUE CREATIONPrudent approach to development
12
Source: Company reports. Peer group includes: FCR, SRU, CHP, CRT, and CRR. FCR’s credit metrics do not reflect their higher leverage and lower coverage ratios subsequent to their substantial unit
repurchases which closed in Q2 2019
• Solid balance sheet with strong debt-to-Adjusted
EBITDA, leverage and coverage ratios relative to
peers
• Laddered debt maturity profile with mostly fixed-rate
debt to manage interest rate risk
• Access to multiple sources of capital
• Liquidity and financial flexibility with ample
availability on credit facilities and an $8B
unencumbered assets pool, generating 59.6% of
annualized NOI
• Self-fund development program through a variety
of accessible sources
• Net proceeds from dispositions
• Sales proceeds from air rights sales and
condominium / townhouse developments
• Strategic alliances
• Excess operating cash flows
• Sale of marketable securities
RioCan Peer Average
7.9x
8.3x
Debt-to-Adjusted EBITDA
42.2%
45.3%
Leverage
3.0x
2.4x
Debt Service
3.6x
3.1x
Interest Coverage
DISCIPLINED CAPITAL ALLOCATION STRATEGYConservative capital structure provides financial strength and flexibility
13
PROPERTY TOUR PROPERTIESINDUSTRY LEADING PRESENCE IN THE TORONTO CORE
Property Name
1Yonge Eglinton Northeast
Corner (ePlace)
2 Yonge Sheppard Centre & Pivot
3Shops of Summerhill
(Scrivener Square)
4 Yorkville (11YV)
5 Dupont Street (Litho.)
6 College & Manning (Strada)
7 491 College Street
8 Bathurst College Centre
7
5
4
3
1
2
68
PROPERTY TOURIndustry Leading Presence in the Toronto Core
Tour
StopProperty Name RioCan Interest
NLA SF ‘000s
on Completion
(at 100%)
# of Residential
Units
(at 100%)
Anticipated
Development
Completion
Page
1Yonge Eglinton Northeast
Corner (ePlace)100% * 712
466 rental and
623 condo2019 15
2 Yonge Sheppard Centre & Pivot
50%
(Acquiring remaining 50%
interest in August 2019)
957361
rental
2019 (commercial)
2020 (residential)17
3Shops of Summerhill
(Scrivener Square)75% 254
141
rentalTBD 19
4 Yorkville (11YV) 50% 50882 rental and
595 condoTBD 20
5 Dupont Street (Litho.) 50% 180210
rental2021 22
6 College & Manning (Strada) 50% 10865
rental2020 23
7 491 College Street 50% 24 N/A 2018 24
8 Bathurst College Centre 100% 141 N/A 2019 25
No
tin
clu
ded
in t
he t
ou
r ** The Well
50% - Commercial
50% - Residential Building 6
40% - Residential Air Rights
2,9711,700 rental and
condo
2021 (commercial)
2022+ (residential)26
RioCan Hall 100% 703 TBD TBD 29
King Portland Centre & Kingly 50% 421132
condo2018/2019 30
14
*Assumes the acquisition of the remaining 50% interest in the residential rental tower eCentral at costs plus $10.0M and the remaining 50% interest in the retail component
based on stabilized retail NOI at a 7.0% capitalization rate pursuant to the existing agreements with our project partners. Both transactions are expected to close in Q3 2019
**Due to a major celebration and parade in downtown Toronto on the property tour date
GREATER TORONTO AREA (GTA) FOCUS Tour Agenda
15
*Total estimated net project costs include estimated net project costs for the Trust's current 50% interest plus the cost of acquiring the remaining 50% interest in the
residential rental tower eCentral at costs plus $10.0M and the remaining 50% interest in the retail component based on stabilized retail NOI at a 7.0% capitalization
rate pursuant to the existing agreements with our project partners. Both transactions are expected to close in Q3 2019.
• eCentral is a 36 storey, 466-unit rental residential building
• 203 units leased with 78 units occupied as of March 31, 2019
• Rents averaging $3.85 per square foot (for market rent units)
• Unparalleled access to the Yonge subway and the new Eglinton Crosstown LRT
• Part of ePlace; a 50% JV with Metropia and Bazis, mixed-use development
which also includes (at 100%):
• 22k sf of retail (flagship TD Bank and foodservice)
• 20k sf commercial condo
• 58 storey, 623 unit eCondos condominium tower (fully sold out,
possession expected in 2019)
Pro Forma Ownership 100%
Construction Start 2015
Construction Completion 2019
Total Cost $221.5M*
Stabilized Value $327.3M
Value Creation ($M) $105.8M
Value Creation (%) 47.8%
Condo Sale Gains $14.0M
Total Project - Value
Creation$119.8M
Stabilized NOI $11.8M
Estimated $119.8M of value creation
Yonge Eglinton Northeast Corner (ePlace consisting of eCentral and eCondos)
UNPARALLELED GTA ASSETS
Demographics within 3km radius:
Population: 190,988
Average income: $207,709
16
eCentral Rental Residential
UNPARALLELED GTA ASSETS
17
Pivot Rental Residential
UNPARALLELED GTA ASSETS
18
Yonge Sheppard Centre & Pivot
UNPARALLELED GTA ASSETS
Pro Forma
Ownership100%*
NLA on Completion
(at 100%)~1.0M sf
Leasing Status82% (retail)
100% (office)
Major TenantsLA Fitness, Longo’s (Q3 2019),
and Cactus Club Cafe (Q1 2020)
Demographics within 3km radius:
Population: 156,152
Average income: $121,463
• Located at one of Toronto’s busiest intersections, with
access to the Yonge and Sheppard subway lines
• This mixed-use development will feature 401k sf of office
space, 299k sf of retail space, and 257k sf of residential
space (361 units) upon completion (at 100%)
• Two phased redevelopment underway:
- Phase I: A transformative overhaul of the retail and
office space to modernize the overall look and feel of
the property is near completion (2019)
- Phase II: Residential tower under construction (2020)
*As announced on June 6, 2019, RioCan has agreed to acquire from KingSett its non-managing, 50% interest in Yonge Sheppard Centre for an estimated $331M, net
of certain working capital adjustments. As part of the transaction, KingSett will take a material equity position in RioCan through an investment of $100M in RioCan units
with a one-year lock-up agreement.
19
Proposed
The Shops of Summerhill (Scrivener Square)
UNPARALLELED GTA ASSETS
Ownership 75% (of existing retail site)
Forward Purchase
Agreement
The Shops of Summerhill is
adjacent to a mixed-use
development for which RioCan
has a forward purchase
agreement to acquire, subject to
certain conditions being met, a
50% interest in the residential
rental component and up to a 75%
interest in the retail component at
a 4.00% and 4.25% capitalization
rate, respectively, based on
stabilized NOI
• Located in the heart of the affluent neighbourhood of
Summerhill in a heritage site near the Summerhill Subway
station, the Shops of Summerhill currently features 31k sf of
NLA (at 100%)
• The proposed mixed-use development of the adjacent site will
feature 34k sf of retail space and 220k sf of residential space
(141 units) upon completion (at 100%)
Demographics within 1km radius:
Population: 25,969
Average income: $285,925
20
Yorkville (11YV)
UNPARALLELED GTA ASSETS
Ownership50/25/25 joint venture among
RioCan, Metropia and Capital
Developments
Zoning Status Application submitted
NLA on Completion
(at 100%)
508k sf of luxury
condominium and retail uses
and up to 82 rental
replacement units
• Located in prestigious Yorkville, one of Toronto’s most high-
end shopping and residential areas, RioCan, with its partners,
plans to redevelop this transit-oriented site into a mixed-use
retail and residential property
Demographics within Yorkville:
Population: 12,068
Average income: $239,421
21
Yorkville (11YV)
UNPARALLELED GTA ASSETS
22
Dupont Street (Litho.).
UNPARALLELED GTA ASSETS
Ownership 50% (JV with Woodbourne)
Construction Start 2018
Construction Completion 2021
Estimated Total Cost $78.4M
NLA on Completion
(at 100%)180k sf
Leasing Status 74% leased (commercial)
• Located at the intersection of Dupont St. and Christie
St., which is a short walk to the Bloor-Danforth
subway line, this mixed-use development features one
level of retail totaling 30k sf at street level and Litho.,
which is an 8-storey rental residence (210 units)
Demographics within 3km radius:
Population: 254,320
Average income: $131,912
23
College & Manning (Strada)
UNPARALLELED GTA ASSETS
Ownership50% (JV with Allied
Properties REIT)
Construction Start 2018
Construction Completion 2020
Estimated Total Cost $36.4M
NLA on Completion
(at 100%)108k sf
Leasing Status 91% leased (commercial)
• Located at the intersection of College St. and Manning
Ave., this 8-storey mixed-use development features a
7-storey rental residential building totaling 65 units
with one level of retail totaling 6k sf at street level
Demographics within 3km radius:
Population: 349,921
Average income: $116,133
24
491 College Street
UNPARALLELED GTA ASSETS
Ownership 50%
Construction Start 2016
Construction Completion 2018
Total Cost $12.2M
NLA on Completion
(at 100%)24k sf
Leasing Status 100% leased
• A prime site located in Toronto’s “Little Italy”
neighbourhood, 491 College Street is a 3-storey
designated heritage building with a façade that has
been meticulously restored. It features 24k sf of NLA
(at 100%)
• Fully leased to LCBO, Arrivals & Departures, and
Genuine Health
Demographics within 3km radius:
Population: 355,971
Average income: $117,577
25
Bathurst College Centre
UNPARALLELED GTA ASSETS
• Bathurst College Centre is a mixed-used (retail and
office) development that features 141k sf of NLA (at
100%)
• Situated at Bathurst St. and College St., the property
is across the street from the Toronto Western
Hospital
• Fully leased to major tenants such as: Winners,
Sobeys, Scotiabank, UHN and Uber
Ownership 100%
Construction Start 2017
Construction Completion 2019
Total Cost $110.5M
Stabilized Value $125.0M
Value Creation ($M) $14.5M
Value Creation (%) 13.1%
Stabilized NOI $5.3M
Demographics within 3km radius:
Population: 363,327
Average income: $118,287
Estimated $14.5M of value creation
26
UNPARALLELED GTA ASSETSUNPARALLELED GTA ASSETSThe Well (including Residential Building 6)
27
UNPARALLELED GTA ASSETSUNPARALLELED GTA ASSETSThe Well
28
Innovative, amenity rich design
including a European inspired
food hall.
Sustainable design: Targeted LEED
platinum and partnered with Enwave to
install a 12M litre thermal energy tank
UNPARALLELED GTA ASSETSUNPARALLELED GTA ASSETSThe Well
OwnershipCommercial: 50%
Residential Building 6: 50%
Residential Air Rights: 40%
Construction Start 2018
Construction Completion2021 (commercial)
2022+ (residential)
Estimated Total Cost
$772.0M*
(commercial)
$136.2M
(residential building 6)
Leasing Status 71% leased (commercial)
Major TenantsShopify, Index
Exchange, Spaces
• Located in downtown Toronto’s west side, The Well is
a 3.0M sf of NLA (at 100%), first-of-its kind take on
urban mixed-use in Canada.
- 1.1M sf of office, 420k sf of retail, food and service,
90k sf evolved food market
- 1,700 condominium and purpose built rental units
- 11,000 people to live and work on-site once
completed
Demographics within 3km radius:
Population: 278,152
Average income: $111,977
*Refer to page 41 of the Q1 2019 MD&A for further details
Demographics within 3km radius:
Population: 333,422
Average income: $122,47729
UNPARALLELED GTA ASSETSUNPARALLELED GTA ASSETSRioCan Hall
Ownership 100%
Construction StartZoning application
submitted
NLA on Completion
(at 100%)
280k sf (commercial)
423k sf (residential)
Estimated Total Cost TBD
• Prime location in the heart of the entertainment district
in Toronto’s Downtown corridor (intersection of
Richmond St. and John St.), RioCan Hall is an iconic
property, currently with 227k sf of NLA (at 100%)
• Fully leased to major tenants such as Cineplex,
Michaels, Marshalls, GoodLife Fitness
• Zoning application submitted to redevelop the
property into a 703k sf commercial and residential
mixed-use property
Estimated $54.5M of value creation
Newly constructed office space is fully
leased to Shopify (183k sf) and Indigo
(79k sf). Targeted LEED platinum
Existing 55k sf of previously existing
adjacent office space is fully leased
with significant rent upside potential
~18k sf of retail space fully leased to restaurant
and food service curated to suit a dense,
growing and desirable demographic
Demographics within 3km radius:
Population: 300,453
Average income: $110,493
Kingly Condos: 132
condominium units sold out,
exceeding price expectations.
Possession is expected Q3 2019
• Urban Toronto, transit-oriented location with
frontage on King St
• One of the first projects in the RioCan/Allied
urban intensification joint venture
• 421k sf mixed-use development (at 100%),
including office and retail, and Kingly, a 132-
unit condominium building
Ownership50% JV with Allied
Properties REIT
Construction Start 2016
Construction Completion 2018/2019
Total Cost1 $87.9M
Stabilized Value $129.9M
Value Creation ($M) 2 $42.0M
Value Creation (%) 2 47.8%
Condo Sale Gains $12.5M
Total Project - Value Creation $54.5M
Stabilized NOI $5.5M
1. Total cost includes the total project costs of the commercial component of the project net of applicable interim and fee income during the development period
2. Since acquisition date 30
King Portland Centre & Kingly
UNPARALLELED GTA ASSETS
31
Proposed
King Portland Centre & Kingly
UNPARALLELED GTA ASSETS
2300 Yonge Street. P.O. Box 2386. Toronto, ON. M4P 1E4 | Email: [email protected] | (T) 1-800-465-2733 or (416) 866-3033