Strength in Retail. Durable Growth. INVESTOR PRESENTATION ❘ MARCH 2026 ❘ TSX: REI.UN Cover Option 1 N O N - G A A P M E A S U R E S 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"), Adjusted Funds From Operations ("AFFO" ...

Core Insights - Acadia Realty Trust reported a record year of leasing in 2025, driven by strong retailer confidence and high-end consumer demand, with significant tenant additions in key markets [1][4][3] Leasing Performance - The company achieved street leasing spreads exceeding 50% in 2025, with tenant sales increasing by 10% to 40% year-over-year in various markets [7][8] - In the fourth quarter, Acadia signed $3.5 million in annual base rent, with notable spreads of 58% and 60% on Newbury Street and Melrose Place respectively [8] Financial Guidance - Management guided for 2026 FFO, as adjusted, to be between $1.21 and $1.25, with same-property NOI growth projected at 5% to 9% [5][16] - Pro-rata NOI is expected to rise about 15% to approximately $230 million, compared to around $200 million reported for 2025 [17] Acquisition Strategy - Acadia has been active in acquisitions, closing over $1.3 billion in deals over the past 24 months, including more than $500 million in street retail [6][10] - The company has over $150 million in street retail deals under agreement, targeting premium corridors for expansion [12] Balance Sheet and Financial Health - The pro-rata debt to EBITDA ratio is approximately 5x, with significant liquidity and a weighted average borrowing cost near 4.5% [18] - Economic occupancy increased to 93.9%, with street and urban occupancy rising significantly, indicating embedded growth potential [14] Future Outlook - The company aims to achieve roughly 95% street occupancy within 18 months and plans to reduce exposure in the Chicago market [20][21] - Potential contributions from redevelopment projects in San Francisco and Henderson Avenue are expected to enhance future NOI and FFO [19]

Company Overview - Tanger is a leading owner and operator of outlet and open-air retail shopping destinations with over 40 retail centers and 16 million square feet of space[7,8] - The company has a market capitalization of $3.6 billion and an enterprise value of $5.3 billion[7] - Tanger's net debt to adjusted EBITDAre is 5.0x, and interest coverage ratio is 4.6x[7] - The portfolio is 95% open air and 93% of outlet square footage is in leading tourist destinations or top 50 MSAs[7] Financial Performance and Growth - The company anticipates 2025 Same Center NOI growth between 2.5% and 4.0%[17] - Tenant sales per square foot were $465 in 2Q25 TTM[17] - Rent spreads were up 12.0% in 2Q25 TTM[17] - Core FFO per share 3-year average growth is 7.5%[17] - The company expects net income per diluted share to be between $0.93 and $1.00, and Core FFO per diluted share to be between $2.24 and $2.31 for 2025[41] Balance Sheet and Capital Structure - The company's capital structure includes $3.6 billion in equity and $1.7 billion in net debt[31] - The company has $528 million in line availability and $70 million in undrawn forward equity[31] - 87% of the company's financing is unsecured[33] - 95% of the company's debt is fixed rate[33] Portfolio and Operating Metrics - The company's occupancy rate is 96.6%[56] - Blended cash rent spreads for executed comparable leases increased by 12.0%[56] - Same Center NOI increased by 3.8% in 2Q25 compared to 2Q24[56]

Financial Data and Key Metrics Changes - Real estate FFO was $3.05 per share in Q2 2025, a 4.1% increase from $2.93 in the prior year [10] - Domestic property NOI increased by 4.2% year over year for the quarter and 3.8% for the first half of the year [10] - Second quarter funds from operation were $1,190 million or $3.15 per share, compared to $1,090 million or $2.90 per share last year, reflecting an 8.6% growth [12] - The company raised its full year 2025 real estate FFO guidance range to $12.45 to $12.65 per share, up from $12.24 last year [15] Business Line Data and Key Metrics Changes - Approximately 1,000 leases were signed for over 3.6 million square feet in the quarter, with nearly 90% of leases expiring through 2025 completed [11] - Malls and premium outlets ended Q2 at 96% occupancy, up 10 basis points sequentially and 40 basis points year over year [11] - The mills achieved a record occupancy of 99.3%, an increase of 90 basis points sequentially and 110 basis points from the prior year [11] Market Data and Key Metrics Changes - Average base minimum rent for malls and outlets increased by 1.3% year over year, while mills increased by 0.6% [12] - Sales for malls and premium outlets per square foot were $736 for the quarter [12] - Traffic increased by 1.5%, although some centers near borders experienced sales and traffic weakness [70] Company Strategy and Development Direction - The company focuses on creating long-term value through disciplined investments and operational excellence [6] - The acquisition of Brickell City Center was highlighted as a strategic move to enhance operations and drive NOI growth [13] - The company is actively seeking additional acquisition opportunities while maintaining a selective approach based on product and price sensitivity [40][52] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, acknowledging the impact of tariffs and geopolitical uncertainties [62] - Despite challenges, management noted that retail demand remains strong and traffic is increasing [24][66] - The company is optimistic about the growth profile of the U.S. economy, driven by significant planned capital investments [64] Other Important Information - The company announced a dividend of $2.15 per share for Q3, a year-over-year increase of $0.10 or 4.9% [15] - The company completed 21 secured loan transactions totaling approximately $3.8 billion, with a weighted average interest rate of 5.84% [14] Q&A Session Summary Question: Leasing velocity and demand insights - Management noted that retail demand is unabated despite geopolitical uncertainties, with strong traffic and sales performance [19][24] Question: Demand from smaller tenants - Management indicated that smaller tenants are performing well and beating their plans for the year, showing strong demand [30] Question: Acquisition opportunities and Brickell asset potential - Management expressed excitement about the Brickell acquisition, highlighting its strategic location and growth potential [36][39] Question: Economic outlook and guidance updates - Management remains cautious about the economic environment but is optimistic about the growth profile for 2026 [62][66] Question: Traffic growth quantification - Management reported a 1.5% increase in traffic, with some centers near borders experiencing challenges [70] Question: Supply and occupancy pipeline - Management indicated a focus on optimizing occupancy and tenant mix across all asset classes [76] Question: Interest in acquiring anchor boxes - Management clarified that while they are interested in acquiring anchor boxes, pricing and complexity of transactions are key considerations [88][90]

Financial Data and Key Metrics Changes - Real estate FFO was $3.05 per share in Q2 2025, a 4.1% increase from $2.93 in the prior year [6] - Second quarter funds from operation totaled $1,190 million or $3.15 per share, compared to $1,090 million or $2.90 per share last year, reflecting an 8.6% growth [9] - Domestic property NOI increased by 4.2% year over year for the quarter and 3.8% for the first half of the year [6] Business Line Data and Key Metrics Changes - Approximately 1,000 leases were signed for over 3.6 million square feet in the quarter, with nearly 90% of leases expiring through 2025 completed ahead of last year [7] - Malls and premium outlets ended Q2 at 96% occupancy, up 10 basis points sequentially and 40 basis points year over year [7] - The mills achieved a record occupancy of 99.3%, an increase of 90 basis points sequentially and 110 basis points from the prior year [7] Market Data and Key Metrics Changes - Average base minimum rent for malls and outlets increased by 1.3% year over year, while mills increased by 0.6% [8] - Sales for malls and premium outlets per square foot were $736 for the quarter [8] - Traffic increased by 1.5%, although some centers near borders experienced flat sales and traffic due to restrictions [67] Company Strategy and Development Direction - The company focuses on long-term value creation through disciplined investments and operational excellence, driving growth in cash flow, funds from operation, and dividends per share [5] - The acquisition of Brickell City Center was highlighted as a strategic move to enhance operations and drive NOI growth [10] - The company is optimistic about future acquisitions, emphasizing a selective approach based on product quality and pricing [36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, acknowledging the impact of tariffs and geopolitical uncertainties [58][60] - Despite challenges, management noted strong retail demand and traffic, indicating a positive outlook for the remainder of the year [20][64] - The company raised its full-year 2025 real estate FFO guidance range to $12.45 to $12.65 per share, compared to $12.24 last year [12] Other Important Information - The company announced a dividend of $2.15 per share for Q3, a year-over-year increase of $0.10 or 4.9% [12] - The company completed 21 secured loan transactions totaling approximately $3.8 billion, with a weighted average interest rate of 5.84% [11] Q&A Session Summary Question: Leasing velocity and demand insights - Management noted that despite geopolitical and domestic uncertainties, retail demand remains strong, with increased shopper traffic and sales holding steady [15][20] Question: Demand from smaller tenants - Management indicated that smaller tenants are performing well, with demand remaining strong despite concerns about tariffs affecting their cost of goods [25][26] Question: Acquisition opportunities and Brickell asset potential - Management expressed excitement about the Brickell acquisition, highlighting its unique market position and potential for growth [32][34] Question: Future acquisition strategy and market dynamics - Management clarified that they remain focused on both internal reinvestment and external acquisitions, emphasizing the importance of price sensitivity [44][50] Question: Impact of tariffs and economic outlook - Management acknowledged the cautious approach due to tariffs but expressed optimism about the US economic landscape and potential growth in 2026 [60][62] Question: Traffic growth quantification - Management reported a 1.5% increase in traffic, noting some centers near borders are experiencing flat performance due to restrictions [67][68] Question: Supply and occupancy trends - Management confirmed that the S and O pipeline is at 340 basis points, with a focus on optimizing tenant mix to enhance property performance [74][76] Question: Interest in acquiring anchor boxes - Management discussed the complexities of acquiring anchor boxes, emphasizing the importance of price and the relationship with Catalyst Brands [84][90]

Financial Data and Key Metrics Changes - The company invested over $725 million across its three external growth platforms in the first half of the year, representing more than a twofold increase compared to the same period last year [5] - Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, while AFFO per share was $1.06, reflecting a 1.7% year-over-year increase [19] - The full year AFFO per share guidance was raised to a range of $4.29 to $4.32, indicating over 4% growth at the midpoint [8][19] Business Line Data and Key Metrics Changes - In Q2, the company invested over $350 million in 110 properties, including $328 million in acquisition volume across 91 high-quality retail net lease assets [10] - The weighted average cap rate of acquired properties was 7.1%, with a weighted average lease term of 12.2 years [11] - The company executed new leases, extensions, or options on approximately 950,000 square feet of gross leasable area during the quarter, with a recapture rate of approximately 104% [13] Market Data and Key Metrics Changes - The company noted the highest level of retailer demand for new brick-and-mortar locations since the Great Financial Crisis, with nearly every retailer focused on adding net new stores [10] - The investment grade exposure stood at 68%, and occupancy rebounded to 99.6% post re-tenanting of former Big Lots [14] Company Strategy and Development Direction - The company is focused on maintaining a dominant market position through a best-in-class team and a robust asset management platform [6] - The company anticipates a significant ramp-up in development spending, expecting at least a 50% year-over-year increase [12] - The strategic focus remains on core durable goods and necessity-based retailers, avoiding discretionary and experiential sectors [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to provide consistent earnings growth without deviating from the investment strategy, despite a deteriorating consumer sentiment [30] - The company is well-positioned with over $2.3 billion in total liquidity and no material debt maturities until 2028, supporting growth into the next year [7][18] Other Important Information - The company raised over $1 billion in capital year-to-date, with total capital markets activity exceeding $1.3 billion [17] - The monthly cash dividend declared for Q2 was $0.0256 per common share, representing a 2.4% year-over-year increase [22] Q&A Session Summary Question: Can you give us some color about your ATM activity in 2Q and overall timing given your overnight equity offering in late April? - The ATM activity during the quarter all predated the overnight offering in April, and the company promised to remain inactive in the capital markets post-offering [26][27] Question: What’s the magnitude of acquisition cap rates going forward? - The company anticipates acquisition cap rates to expand but will remain focused within their established tenant base [28] Question: How are you thinking about retailer and consumer health right now? - Consumer health has deteriorated, but the focus remains on core durable goods and necessity-based retailers, which are expected to gain market share [30][32] Question: Can you talk about some of the opportunities in the DFT business for developments? - The company plans to break ground on a minimum of $100 million in projects before year-end, with a significant shadow pipeline [39][40] Question: Is there an upper limit on investment in the development platform? - The company has set a three-year goal of investing $250 million annually in development, with no speculative development planned [60][62] Question: What is the status of your watch list? - The watch list is minimal, primarily focused on At Home and a few movie theaters, with no significant credit issues anticipated [86][89]