RioCan Real Estate Investment Trust (OTCPK:RIOC.F) 2025 Investor Day November 18, 2025 09:00 AM ET Company ParticipantsDennis Blasutti - CFOMichael Medline - President and CEOJennifer Suess - SVP, General Counsel, Head of ESG and Corporate SecretaryAndrew Duncan - CIOTerri Andrianopoulos - SVP of People and BrandGreg Hicks - President and CEOTodd Barkley - PresidentOliver Harrison - SVP of Leasing and Tenant ExperienceJonathan Gitlin - President and CEOJohn Ballantyne - COOConference Call ParticipantsNone - ...

Financial Data and Key Metrics Changes - The company reported a blended net rental growth of 3.9%, significantly outperforming the national market [3] - Core FFO per share increased to $0.20 for the quarter, up $0.03 from the previous quarter, and guidance for the year was raised to $0.67 to $0.68, reflecting a 12.5% increase over 2024 [5][22] - Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 in the prior year [17] Business Line Data and Key Metrics Changes - Same store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals [12] - Average revenue per home increased to $4,255, representing over a 40% premium compared to peers [12] - Occupancy rate was 95.8% excluding Liberty Towers, and overall occupancy was 94.7% [13] Market Data and Key Metrics Changes - The national multifamily market remains structurally undersupplied, but demand has weakened in select markets due to new supply [5] - New York City led the nation in rental growth at 4.8%, with limited supply driving robust demand [6] - The Jersey City waterfront maintained low vacancy levels and rental growth of almost 3%, reflecting strong demand [8] Company Strategy and Development Direction - The company is focused on monetizing non-strategic assets, raising its sales target from $500 million to $650 million [3][4] - The strategy includes reducing net debt to EBITDA, aiming to reach below 8 times by the end of 2026 [4] - Continued investment in technology to enhance operational efficiency and customer experience [15] Management's Comments on Operating Environment and Future Outlook - Management noted potential headwinds from softening labor markets and declining consumer sentiment [5] - The company anticipates that the New York City demand-supply imbalance will continue to fuel sustained demand for housing [9] - Management expressed confidence in achieving the same store NOI guidance of 2% to 2.8% for the year [23] Other Important Information - The company improved its GRESB score to 90, maintaining a five-star rating and ranking first in its peer group [11] - Year-to-date controllable expenses grew by only 1.9%, well below inflation [15] Q&A Session Summary Question: Follow-up on same store guidance ranges - Management explained that Q3 same store NOI growth was impacted by non-controllable expenses and expressed confidence in staying within guidance for Q4 [28][29] Question: Visibility into rental revenue and expirations - Management confirmed limited exposure in Q4 and strong visibility into renewals, with renewal rates around 4% to 5% [30][32] Question: Leverage target and future focus - Management indicated that the focus will remain on executing the current plan while evaluating operational initiatives [34] Question: Buyer pool for asset sales - Management noted a broader buyer pool for smaller assets, while larger assets have a thinner buyer pool [36] Question: Disposition guidance and asset sales - Management clarified that the increase in sales guidance reflects improved market conditions and ongoing evaluations of asset sales [40][50] Question: Share repurchase framework - Management stated that while share buybacks are seen as valuable, the priority is currently on deleveraging [42][44] Question: Transaction market activity - Management observed early signs of renewed interest from Core Plus Capital, indicating a potential shift in market dynamics [51][52]

Whitestone REIT's Strategy & Performance - Whitestone focuses on acquiring high total return potential centers, anchoring them to the community, and constantly remerchandising to drive results via capital efficiency[4] - The company targets a Core FFO growth of 4-6%, matched by sustained dividend growth, underpinned by 3-5% Same Store NOI growth[11] - Whitestone aims to enhance Core FFO growth to 5-7% by adding accretive acquisitions with short-term lease up opportunities[11] - The company's strategy involves scaling the Whitestone model to reduce fixed costs and broaden the investor base[11] Financial Highlights & Metrics - Whitestone reported Q2 2025 revenue of $37.9 million, compared to $37.6 million in Q2 2024[8] - Core FFO per share was $0.26 in Q2 2025, up from $0.24 in Q2 2024[8] - Straight Line Leasing Spreads were 17.9% in Q2 2025, compared to 17.5% in Q2 2024[8] - The company's occupancy rate was 93.9% in Q2 2025, slightly up from 93.5% in Q2 2024[8] - Whitestone's Debt/EBITDAre ratio has improved to 7.1x, a 2.0x improvement versus 2021[8] Shop Space & Leasing - 77% of Whitestone's Total Annual Base Rent (ABR) is driven by small shop space tenants under 10,000 square feet[8, 32] - Whitestone's leasing spreads have shown strong performance, with Q2 2025 at 17.9%[5, 8] - The company forecasts a sustainable Same Store NOI growth of 3-5%, driven by contractual escalators (2.3%), leasing (0.8-1.8%), and redevelopment (up to 1.0%)[12, 13] Acquisitions & Dispositions - Whitestone has acquired approximately $153 million in property since Q4 2022, including S Hulen in Ft Worth and San Clemente in Austin in Q2 2025[26] - The company has completed approximately $126 million in dispositions since Q4 2022, including Woodlake in Houston in Q2 2025[26]

Financial Performance & Growth - Same Store NOI增长强劲，Q1 2025年增长4.8%，高于Q1 2024年的3.1%[7] - 2024年Same Store NOI增长5.1%，自2021年以来平均增长5.3%[7] - 预计长期Core FFO增长率为4-6%，与过去几年的表现一致[10] - 预计2025年Same Store NOI可持续增长3-5%[11] - 2025年Core FFO/Share目标中点为1.05美元，股息支付率约为51%[8] Portfolio & Leasing - 2024年入住率达94.1%，较2021年上升280个基点[7] - 直线租赁利差为20.3%，而2024年第一季度为17.0%[7] - 77%的总ABR由小于10,000平方英尺的小型商铺空间驱动[32] - 92%的中心配置有高需求的1,500-3,000平方英尺的空间[7] Capital Structure & Acquisitions - 债务/EBITDAre为6.6倍，较2021年改善2.6倍[7] - 处置物业的资本化率为6.5%，而购买物业的资本化率为7.6%[29] - 2022年10月至2024年12月期间，总销售额约为1.22亿美元，而收购额约为1.09亿美元[26] Sustainable Same Store NOI Drivers - Contractual escalators: ≤10k sq ft: 2.8%, >10k sq ft: 1.7%, blended: 2.3%[11]