ANNUAL REPORT 2012
TRAnSFORMIng . . .
REAL
ESTATE
INVESTMENT
TRUST
Transforming ...
2012–
An outstAnding yeAr
rioCan is moving forward
on a number of fronts,
both in Canada and in the
united states. indeed, we
have an exciting portfolio
of development projects in
the works, coming on stream
in Canada’s major cities
over the next few years. in
sum, rioCan is continually
enhancing our portfolio
to a “best-in-class”
retail platform.
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edwArd sonshine, o.ont.,Q.C. | Chief Executive Officer
rioCan’s remarkable growth has been supported by our disciplined
approach and sound financial structure. Over the last three years, in
challenging capital markets, rioCan’s business model has been validated
with almost $2.6 billion of new capital from debt and equity markets.
our more than $14 billion total market capitalization as at december 31,
2012 is a testament to our strength, leadership and conservative approach.
CEO’s LEttEr tO UnithOLdErs
RioCan’s financial strength is based on prudent
management of a large and diverse portfolio of retail
properties generating a quality cash flow stream that
is conservatively leveraged. RioCan also borrows in
the unsecured markets through debenture offerings,
which are supported by RioCan’s balance sheet that
includes in excess of $1.3 billion of unencumbered
assets. Of note, RioCan is not dependent on any
one source of financing or on any one entity. After
20 years, we’ve charted our course. RioCan is an
established brand, smartly poised to move on new
opportunities, while keeping a careful eye on our
existing portfolio of properties.
ThE ANATOMy Of A dEAL
RioCan’s expertise, financial strength and reputation
result in countless deals being proposed to us. while
most deals fail RioCan’s stringent benchmarks, for
those few deals that are considered, RioCan assembles
our experts: real estate, financial and operational. In
some cases, our team develops projections of what
a transformed property can become. for instance, in
crowded urban centres, innovative solutions blend
usage in a single property: retail, office and residential.
RioCan is proud that such ventures have proven
successful for tenants and shoppers alike.
A dEAL-by-dEAL APPROACh
In some of our new ventures, RioCan’s task is to
conceive something dramatic and innovative. After all,
in today’s complex environments, “one size does not fit
all.” with social media, for instance, retail strategies
that worked a decade ago look very different today.
with constantly evolving consumer behaviours, habits
and tastes, retail is not only different today, but will be
very different tomorrow. because of the complexity of
customer and environment, RioCan focuses on one deal
at a time, with each deal being overlaid by RioCan’s
larger strategic plans.
SOUNd APPROAChES TO fINANCIAL MANAgEMENT
RioCan’s financial acumen, leadership and experience
allow us to consider, and actualize a deal-by-deal
approach, in “real-time.” for instance, RioCan’s debt
ladder assures that not all of RioCan’s debt comes
due in any one year, minimizing risk to capital from
fluctuations in interest rates. with prudent management
of cash flow, RioCan ensures a manageable amount of
debt maturing in a specific year.
ThE UNITEd STATES—A wINNINg STRATEgy
RioCan used a disciplined, strategic approach when
it entered the US market in 2009. your REIT’s priority
was to purchase well established retail properties
generally anchored by the best supermarket chain
in the region. Many of these properties are in close
proximity to an abundance of customers with
significant disposable incomes.
To mitigate risk, we partnered with key players who
understood through extensive experience the dynamics
of the regional market. Over the past three years,
RioCan has developed substantial knowledge about,
and operational expertise in these markets. RioCan
has assumed the property and asset management
responsibilities for the properties that make up
our northeastern US portfolio. In late 2012, RioCan
concluded a friendly arrangement with Cedar Realty
Trust, Inc. wherein we sold them our interest in one
centre, while assuming full ownership of the remainder
of the properties in the joint venture. I am also pleased
to announce that RioCan has opened its first regional
office outside of Canada, in Mount Laurel, New Jersey.
ThE fUTURE IS bRIghT
with an organic growth philosophy, RioCan’s in-demand
properties generate strong returns, for tenants and your
REIT alike. Our leadership in commercial retail space
has been enhanced with our “deal-by-deal” approach.
with proven expertise in our business model, RioCan
unitholders can be assured that their investment will
be safeguarded, and grow. Indeed, our confidence in
the growth of RioCan’s cash flow led to an increase in
RioCan’s annualized distribution for 2013 to $1.41 per
unit per year. Management’s intention is to provide
continued growth in our distributions as our cash flow
grows, while continuing to improve RioCan’s payout
ratio. This strategy will enable us to provide stable
growth in our returns to unitholders.
As always, I thank you, our unitholders for your
continued support and confidence in RioCan.
Edward sonshine, O.Ont., Q.C.
Chief Executive Officer,
RioCan Real Estate Investment Trust
georgian mall
BARRIE, CAnADA
This is the region’s dominant enclosed mall
containing more than 1 million square feet
and more than 150 stores. Located in the
fast-growing Barrie, Ontario region, which
is approaching 500,000 people with easy
highway access.
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Deptford landing
DEPTFORD, nEW JERSEY
Deptford Landing is a 517,057 square foot
new format retail anchored by Walmart
and Sam’s Club.
Transforming by Acquisitions | In today’s fluid economy,
rioCan has a keen eye for properties that meet its criteria of a conservative risk
investment, with strong growth potential. historic low interest rates and rioCan’s strong
financial position allow it to take advantage of valuable properties at advantageous prices.
including development property acquisitions, rioCan invested more than $1 billion
in development and investment property acquisitions again in 2012 for the third year
in a row, providing a solid foundation for continued growth.
Georgian Mall
Barrie, Canada
With over 150 stores, a dynamic
complex featuring fashion, sporting
goods, pharmacy, food and
entertainment.
Louetta Central
Houston, Texas
A 179,995 square foot retail centre.
Currently 100% occupied, it
has a weighted average
remaining lease term of
6.4 years and is anchored by
Kohl’s, Ross Dress for Less
and Michaels.
RioCan. Innovative thinking in action.
In highly populated neighbourhoods in urban Canada, and in select markets in the United States, RioCan
has a portfolio of 346 properties. with its flexible approach, RioCan is actualizing opportunities in a variety of
environments, suburban, urban, and in some cases, bustling towns. These opportunities all differ: a sprawling
mall in the suburbs is tenanted differently than in the concentrated urban core. with larger land sizes in the
suburbs, unenclosed malls are ideal. In concentrated urban cores, however, innovative solutions facilitate a
mixed use format: retail, office and sometimes residential.
with a deal-by-deal approach, RioCan ensures that the optimal solution is conceived for the appropriate
property. with its financial acumen, conservative approach, strong balance sheet, and leadership in retail real
estate, RioCan leads the new wave of shopping experiences.
Transforming Through Our Debt Structure | with a well-managed
balance sheet, RioCan can refinance debt at lower rates, thereby increasing cash flows. An
established debt ladder increases flexibility, by spreading maturing debt out over various years,
so that these obligations are not due in any one specific year. All financial measures are based
on a conservative, reduced-risk approach. rioCan’s ability to realize new opportunities is
facilitated by its financial leadership and strength.
the stockyards
Toronto, Canada
At the bustling intersection
of Weston Road and St. Clair Ave.,
The Stockyards project will
include 550,000 square feet of
leasable retail. The site will feature
stores in every category and
welcomes Canada’s first newly
constructed Target.
King street
Toronto, Canada
Urban innovation in action.
RioCan is transforming the urban
landscape with exciting, mixed
use properties.
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RioCan. At the forefront of retail real estate.
from projects such as RioCan’s joint venture development with Allied Properties on King Street in Toronto,
to The Stockyards, a 19-acre retail site that will contain Target’s first Canadian new construction store, and
others such as Sage hill in Alberta, RioCan’s deal-by-deal approach matches solution to need. with a proven
approach that factors demographics, zoning laws and retail trends, RioCan’s customized approach is ideal. Using
in-depth research, trend forecasting, high-level planning and top-notch project management, RioCan delivers.
RioCan’s consistently high occupancy rate of 97.4% at december 31, 2012 is supported by strong national retail
brands across all sectors. A proven approach to retail is why Target’s first purpose built store in Canada is at
The Stockyards. with its almost two decades experience in the Canadian marketplace, a conservative financial
approach, and a disciplined strategy across geographically diverse areas, RioCan is at the forefront of retail
real estate.
Canada at a glance
Top 10 Tenants – Canada
As at December 31, 2012, RioCan’s ten largest tenants in Canada
have the following profile:
Annualized
rental
revenue
Number
of
locations
NLA
(in thousands)
Percentage
of total
NLA
Weighted average
remaining lease
term (years)*
1 Canadian Tire Corporation (i)
2 Walmart
3 Famous Players/Cineplex/Galaxy Cinemas
4 Metro/Super C/Loeb/Food Basics
5 Winners/HomeSense/ Marshalls
6 Loblaws/No Frills/Fortinos/Zehrs/Maxi
7 Staples/Business Depot
8 Target
9 Shoppers Drug Mart
10 Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity
4.9%
4.7%
4.3%
4.3%
3.3%
2.9%
2.1%
2.1%
1.9%
1.7%
32.2%
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30
58
67
31
48
24
46
125
564
2,103
3,335
1,355
2,125
1,521
1,266
972
1,972
531
520
5.4%
8.6%
3.5%
5.5%
3.9%
3.3%
2.5%
5.1%
1.4%
1.3%
15,700
40.5%
9.1
12.9
10.6
7.3
6.9
7.2
6.6
9.1
9.4
4.5
8.8
* Weighted average based on gross rental revenue
(i) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark's Work Wearhouse/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere
Annualized rental revenue
of the Canadian portfolio
by geographic area at December 31, 2012
Annualized rental revenue
of the Canadian portfolio
by property type at December 31, 2012
Ontario
62.3%
Eastern Canada
2.9%
Western Canada
18.7%
Quebec
16.1%
Office
4.4%
Urban Retail
7.6%
Non-Grocery
Anchored Centre
5.0%
Enclosed Shopping
Centre
16.1%
Grocery Anchored
Centre
18.6%
New Format Retail
48.3%
sage Hill
CALgARY, CAnADA
This dynamic property that will be anchored by Walmart
and Loblaws includes 33.5 acres of zoned commercial land
within the desirable Sage Hill Crossing housing subdivision
project. Of note, Sage Hill is in a fast-growing area of
northwest Calgary.
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Allied on College street
TOROnTO, CAnADA
This exciting site includes 23,028 square feet of land
and 185 feet of frontage on vibrant College Street.
The site will be intensifi ed in partnership with
Allied Properties REIT and is expected
to feature a mixed-use development.
Transforming Through Development | rioCan’s team
of planners and designers conceive dynamic, site-specific projects. These sites address
particular needs in busy urban centres. Featuring best-of-class retailers,
these developments are ideal for grocery, clothing and other living needs. using
rioCan’s sophisticated design, and mixed use formats, space is optimally utilized
to enhance both neighbourhood and community. these mixed use sites are popular
destinations with shoppers, retailers and tenants alike.
sage hill
Calgary, Canada
Allied on College street
Toronto, Canada
A robust project pipeline.
Over the next five years, RioCan has a development pipeline of approximately 9.9 million square feet,
(4.9 million in RioCan’s interest).
The East hills joint venture development in Calgary started construction in the second quarter of 2012. The
expansion of the yonge Eglinton centre in Toronto is expected in early 2013. At a mixed use urban site at
the northeast corner of yonge Eglinton, with partners Metropia and bazis Inc., construction is anticipated
to begin in 2014.
In 2011, RioCan acquired a land assembly at bathurst and College, which is expected to be developed into a
126,000 square foot three-story urban retail building. development is slated for 2014.
In december 2012, RioCan, with partners Allied and diamond, acquired the current 6.47 acre globe and
Mail site in downtown Toronto which will become a mixed use development. This site, we believe will be a
landmark, office, retail and residential development in the city of Toronto.
Adding value through intensification.
RioCan has identified exciting opportunities to increase density or complement its existing assets. In december
2011, the Trust acquired the Sheppard Centre in North Toronto with partner KingSett Capital. Sheppard
Centre is a 673,000 square foot urban mixed use centre with retail, office and residential components; it has
easy access to two subway lines. The property has potential for additional retail and a larger residential/
condominium component.
The proposed transit line, and rezoning along Toronto’s Eglinton Avenue can initiate new development and
intensification. Currently, RioCan has five properties located along this vital infrastructure corridor. New
transit and rezoning will facilitate RioCan’s timely redevelopment of its Eglinton properties.
Opportunities in the United States | with a new
US office, and a portfolio of select properties in the northeast and Texas, RioCan
is positioned for growth in the world’s largest economy. with a disciplined approach, rioCan
can assess the ideal opportunity for an acquisition, in terms of scale, price and geography.
Meanwhile, RioCan can profitably operate its properties, yet capitalize on select
opportunities at the appropriate time.
riverpark shopping Center i, ii
Houston, Texas
Riverpark Shopping Center located
in the Houston, Texas submarket of
Sugarland. Riverpark Center I, II is
a 317,340 square foot unenclosed
shopping centre anchored by HEB
Grocery, Walgreens, LA Fitness
and Bank of America.
Colleyville Center
Dallas, Texas
Market Street at Colleyville, built in
2003, is a 72,617 square foot Market
Street grocery store that is part of
a larger retail centre in Colleyville,
Texas, a suburb of Dallas.
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A winning strategy in the United States.
RioCan is growing its market share in the United States with research, discipline, and measured thinking.
Strategically, RioCan operates in highly attractive geographical markets in the northeastern United States,
including key cities in Pennsylvania, Massachusetts, Connecticut, Maryland, New Jersey, New york, Rhode
Island, New hampshire and Virginia; and in the southwest, in the major markets of Texas. As high-volume
retail draws, these properties are all primarily grocery anchored.
To mitigate risk, RioCan partnered in these properties with leading US retail management companies. based
on the success of its US ventures, RioCan has dissolved its joint venture with Cedar Realty Trust Inc. RioCan’s
objective is to continue to grow its US portfolio to a total of about 20% of its overall business. with a new
regional office in Mount Laurel, New Jersey, RioCan is confident that its US operations will prove attractive
in these robust markets.
USA at a glance
Top 10 Tenants – U.S.
As at December 31, 2012, RioCan’s ten largest tenants in the U.S.
have the following profile:
Annualized
rental
revenue
Number
of
locations
NLA
(in thousands)
Percentage
of total
NLA
Weighted average
remaining lease
term (years)*
1,025
11.6%
13.1
1 Giant Food Stores/ Stop & Shop (Royal Ahold)
2 Best Buy
3 PetSmart
4 Walmart
5 Michaels
6 Ross Dress for Less
7 Staples
8 Bed Bath & Beyond
9 Lowe’s
10 Market Street
* Weighted average based on gross rental revenue
NLA of the US portfolio
at December 31, 2012
Annualized rental revenue
of the US portfolio by state
at December 31, 2012
9.2%
3.6%
2.9%
2.3%
2.0%
1.8%
1.6%
1.3%
1.3%
1.2%
20
10
15
5
12
10
9
9
3
2
331
286
776
219
235
166
195
353
138
3.7%
3.2%
8.8%
2.5%
2.7%
1.9%
2.2%
4.0%
1.6%
27.2%
95
3,724
42.2%
West Virginia
3.1%
Connecticut
2.0%
Virginia
3.0%
New Jersey
10.4%
Texas
48.7%
West Virginia
2.9%
Connecticut
2.3%
Virginia
2.8%
New Jersey
6.4%
Texas
53.2%
7.7
6.0
15.5
6.0
5.8
5.8
7.4
15.5
11.1
10.1
Maryland
0.8%
Massachusetts
3.8%
New Hampshire
1.9%
New York
1.3%
Pennsylvania
24.3%
Rhode Island
0.7%
Maryland
0.9%
Massachusetts
3.5%
New Hampshire
2.4%
New York
2.2%
Pennsylvania
22.6%
Rhode Island
0.8%
A skilleD mAnA gemenT TeAm
rioCan capitalizes on the skill sets and years of experience of its management team. Management encompasses real estate, legal,
financial, marketing, planning, design and research expertise. In an open culture, RioCan deliberately seeks all perspectives, so as
to make optimal decisions, exempt from bias, blind spots or partial thinking. in a collegial context, management collaborates to build
a disciplined, conservative but forward-moving reit.
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top row (from left to right) : suzAnne MArineAu | renAto vAnin | howArd rosen | nAFtAli sturM
MArk swAlwell | BArBArA rodgers | lyle goodis | JAne Plett
stuArt CrAig | dAnny kissoon | roBerto deBArros
Middle row (from left to right) : kenneth siegel | JeFF ross | MiChAel Connolly | JordAn roBins
JonAthAn gitlin | oliver hArrison | John BAllAntyne
12_13
Bottom row (from left to right) : rAghunAth dAvloor | edwArd sonshine, o.ont., Q.C. | FrederiC A. wAks
BOARD OF TRUsTees
These prominent trustees are leaders in their respective fields. RioCan benefits from their expertise in their various sectors,
all with an eye to broadening input on key strategy. similar to management, rioCan trustees have an exceptionally long tenure.
in this way, a history of achievement is built, paving the way for future success.
Edward Sonshine, O.Ont., Q.C.
Chief Executive Officer,
rioCan real estate investment trust
Dale H. Lastman
Co-Chair and Partner, goodmans llP
Paul Godfrey, C.M., O.Ont. 1,2,3,4
(Chairman of Board of trustees)
President and Chief Executive Officer,
Postmedia network inc.
Ronald W. Osborne 1
Chair of Postmedia network Canada Corp.
and Postmedia network inc.
Sharon Sallows 3,4
director of ontario teachers’
Pension Plan Board
Raymond M. Gelgoot
Partner, Fogler, rubinoff llP
Charles M. Winograd 3,4
President, winograd Capital inc.
Frank W. King, O.C. 1,2
President and Chief Executive Officer,
Metropolitan investment Corporation
Clare R. Copeland 1,2,4
Chair and director of
toronto hydro Corporation
1 member of the Audit Committee
2 member of the human Resources & Compensation Committee
3 member of the Nominating & governance Committee
4 member of the Investment Committee
Corporate Responsibility | At rioCan, three facets
comprise corporate responsibility: environmental responsibility, corporate philanthropy
and responsibility to employees. your reit strives for a high standard in all three areas.
RIOCAN IS A PROUD SPONSOR
OF THE BRAZILIAN BALL
FOR THEIR EFFORTS TO IMPROVE
“QUALITY OF LIFE”
FOR CANCER VICTIMS.
RioCan Yonge Eglinton Centre
2300 Yonge Street, Suite 500, P.O. Box 2386
Toronto, Ontario M4P 1E4
T 416 866 3033 TF 1 800 465 2733
F 416 866 3020 W www.riocan.com
Corporate
Philanthropy
Corporate Philanthropy is a
key facet of RioCan’s profile as
a good corporate citizen and
one that RioCan has always
viewed as a priority. RioCan
regularly sponsors a number
of charitable organizations with
a focus towards children’s and
medical charities. RioCan was a
proud supporter of several non-
profit organizations including
the United way, the heart &
Stroke foundation, the baycrest
foundation, the University
health Network, the hospital
for Sick Children, and Mount
Sinai hospital.
Responsibility
to Employees
RioCan strives to provide
its employees with a safe
work environment, free from
discrimination and harassment.
RioCan has a number of
employee-focused initiatives
that are designed to improve
workplace satisfaction. These
initiatives include development
and education programs. RioCan
also has a comprehensive Code
of Conduct for all employees,
which includes protections
against harassment and
discrimination and provides
guidelines for employee
conduct including anti-bribery
and fair dealing with RioCan’s
stakeholders. furthermore
RioCan provides a whistleblower
hotline to provide employees with
the ability to anonymously report
violations of RioCan’s Code
of Conduct.
Environmental
Responsibility
RioCan continuously makes
efficiency improvements in its
property portfolio and works
with its tenants to facilitate their
energy conservation needs,
which contribute to lowered
emissions and reduced energy
use. RioCan has worked with
tenants as they customize their
space to include geothermal
heating and cooling, waste water
collection and lower carbon
footprint initiatives. RioCan has
also taken specific initiatives at
its properties to reduce waste,
such as the installation of
recycling receptacles to reduce
the amount of waste generated
at RioCan properties across
Canada. Recent initiatives to
reduce water consumption have
reduced water usage by more
than a half million litres of water,
and aggressive recycling and
waste management programs
have resulted in a waste
diversion rate of approximately
94% at RioCan yonge Eglinton
Centre, 64% at RioCan Sheppard
Centre and 57% at georgian Mall
in 2012.
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UniTHOlDeR inFORmATiOn
Unitholder Information
head Office
RioCan Real Estate
Investment Trust
rioCan yonge eglinton Centre,
2300 yonge street, suite 500
P.o. Box 2386, toronto, ontario M4P 1e4
tel: 416-866-3033 or 1-800-465-2733
Fax: 416-866-3020
website: www.riocan.com
email: inquiries@riocan.com
Unitholder and Investor Contact
Christian Green
director, investor relations
tel: 416-864-6483
email: cgreen@riocan.com
Auditors
Ernst & young LLP
Transfer Agent and Registrar
Canada Stock Transfer
P.o. Box 7010, Adelaide street Postal
station, toronto, ontario M5C 2w9
Answerline: 1-800-387-0825
or 416-643-5500
Fax: 416-643-5501
website: www.canstockta.com
email: inquiries@canstockta.com
Unit Listing
the units are listed on the toronto stock
exchange under the symbol rei.un,
rei.Pr.A, rei.Pr.C
Annual Meeting
the 2013 Annual Meeting of rioCan reit
will be held on wednesday, June 5, 2013 at
10:00 a.m. at silverCity theatres located at
rioCan yonge eglinton Centre, 2300 yonge
street, toronto, ontario. All unitholders
are invited and encouraged to attend in
person or via webcast at www.riocan.com.
on peut obtenir une version française
du présent rapport annuel sur le site
web de rioCan: www.riocan.com.
A French language version of this annual
report is available on rioCan’s website:
www.riocan.com.
Forward-Looking Statement Advisory
The terms “RioCan” and the “Trust” in this document refer to RioCan Real Estate Investment Trust and should
be read in conjunction with RioCan’s audited consolidated financial statements and Management’s Discussion
and Analysis for the two years ended December 31, 2012 and 2011. Certain information included in this
document contains forward-looking statements within the meaning of applicable securities laws. These statements
include, but are not limited to, statements made in “CEO’s Letter to Unitholders”, “Transforming by Acquisitions”,
“Transforming Through Our Debt Structure”, “Transforming Through Development”, “Opportunities in the United
States”, “RioCan Board of Directors and Management Team”, and “Corporate Social Responsibility”, and other
statements concerning RioCan’s objectives, its 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. Forward-looking statements
generally can 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. Such forward-looking statements reflect management’s current beliefs and are
based on information currently available to management. All forward-looking statements in this Annual Report are
qualified by these cautionary statements.
These forward-looking statements are not guarantees of future events or performance and, by their nature, are
based on RioCan’s current estimates and assumptions, which are subject to risks and uncertainties, including those
described under “Risks and Uncertainties” in RioCan’s MD&A dated as at February 13, 2013, which could cause
actual events or results to differ materially from the forward-looking statements contained in this Annual Report.
Those risks and uncertainties include, but are not limited to, those related to: liquidity in the global marketplace
associated with economic conditions, tenant concentrations, occupancy levels, access to debt and equity capital,
interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities
related to acquisitions, construction, environmental matters, legal matters, reliance on key personnel, unitholder
liability, income taxes, the investment and conducting of operations in the United States of America (“USA”),
fluctuations in the currency exchange rate between the Canadian and US dollar, and RioCan’s qualification as
a real estate investment trust for tax purposes. Material factors or assumptions that were applied in drawing a
conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a
stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification
in high growth markets; access to equity and debt capital markets to fund, at acceptable costs, the future growth
program and to enable the Trust to refinance debts as they mature; the availability of purchase opportunities for
growth in Canada and the US. Although the forward-looking information contained in this Annual Report is based
upon what management believes are reasonable assumptions, there can be no assurance that actual results will
be consistent with these forward-looking statements. Certain statements included in this Annual Report may be
considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be
appropriate for purposes other than this Annual Report.
The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the
“SIFT Provisions”). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as
a REIT. RioCan currently qualifies as a REIT and intends to continue to qualify for future years. Should this not
occur, certain statements contained in this Annual Report may need to be modified.
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.
RIOCAn YOngE EgLInTOn CEnTRE
2300 Yonge street
suite 500
P.O. Box 2386
Toronto, Ontario
m4P ie4
T 416 866 3033
TF 1 800 465 2733
F 416 866 3020
W www.riocan.com