TORONTO--(BUSINESS WIRE)--February 17, 2026--
RioCan Real Estate Investment Trust ("RioCan" or the "Trust") (TSX: REI.UN) announced today its financial results for the three months and year ended December 31, 2025.
-- New leasing spreads of 37.3% for the year drove blended leasing spreads
to 21.1%, reflecting strong supply/demand fundamentals
-- Commercial Same Property NOI growth of 4.5% for the Fourth Quarter
supported full year growth of 3.6%
-- $741.7 million of Total Capital Repatriation drove Adjusted Spot Debt
to Adjusted EBITDA down to 8.6x
-- $178.6 million in Unit repurchases completed in 2025 and year-to-date
2026
"RioCan delivered another strong year, highlighted by exceptional operating results and disciplined execution of our capital recycling strategy. Our results underscore the strength of our core retail platform, which serves as the foundation for the strategic plan we announced at our Investor Day," said Jonathan Gitlin, President and CEO of RioCan. "We enter 2026 with momentum fueled by intensifying demand from leading retailers amid a broader market shortage of well-located retail space. This dynamic positions RioCan to generate sustainable, long-term value for our Unitholders."
Financial Highlights
--------------------------------------------------------
Three months
ended December Years ended
31 December 31
---------------- ------------------------
2025 2024 2025 2024
------------ ---- ---- ------ ------
FFO per
unit -
diluted
(1) $ 0.45 $0.45 $ 1.87 $ 1.78
Core FFO
per unit
-
diluted
(1) $ 0.39 $0.41 $ 1.55 $ 1.56
Net
income
per unit
-
diluted $ 0.43 $0.42 $ 0.23 $ 1.58
December December
As at 31, 2025 31, 2024
------------ ---- ---- ---------- ----------
Net book
value
per
unit $ 24.37 $ 25.16
-- Full year FFO per unit (diluted) increased by 5.1%, driven by strong
operating performance and the accretive impact of unit buybacks completed
during the year. Results were further supported by higher
Inventory-Related Gains1. These positive contributors were partially
offset by higher interest expenses and lower interest income. In addition,
G&A savings related to RioCan's 2024 organizational restructuring largely
offset lower FFO from former HBC operations, consistent with the
expectations provided in the full-year guidance for these assets.
-- Full year Core FFO per unit (diluted) benefitted primarily from
Commercial Same Property NOI growth1 of 3.6% and the accretive impact of
unit buybacks. The impact of asset dispositions, net of acquisitions,
higher interest expense and lower interest income offset these benefits.
We continue to adhere to our Investor Day guidance of >= 3.5% cumulative
average growth rate Core FFO per unit (diluted) for 2026-2028.
-- Net income per unit for the year of $0.23 was $1.35 per unit lower than
the same period last year, reflecting Net Valuation Losses1 totalling
$443.1 million or $1.50 per unit relating to fair value of investment
properties and the RC-HBC LP.
-- Adjusted Spot Debt to Adjusted EBITDA1 improved to 8.64x, the ratio of
unsecured to secured debt was 63% to 37% and the FFO Payout Ratio1 was
61.6%. RioCan's strong balance sheet, reinforced by $1.5 billion of
Liquidity1 and $9.2 billion in Unencumbered Assets1, enables flexibility
and optimization of capital allocation.
1. A non-GAAP measurement. For reconciliations and the basis of
presentation of RioCan's non-GAAP measures, refer to the Basis of
Presentation and Non-GAAP Measures section in this News Release.
Financial Outlook
Financial Outlook 2026
--------------------------------------- ----------------------------
Core FFO per unit - diluted (i) $1.60 to $1.62
Commercial Same Property NOI growth (i) 3.5% to 4.0%
--------------------------------------- ----------------------------
Development Spending (ii)(1) $45 million - $55 million
Portfolio Investments Spending (ii)(1) $95 million - $115 million
--------------------------------------- ----------------------------
(i) Refer to the Financial Outlook section of the Management Discussion
and Analysis for the three months and year ended December 31, 2025 for
further details. Readers are cautioned to review the discussion of
forward-looking information and related risks under the
Forward-Looking Information and Financial Outlook and Financial
Outlook section of the MD&A.
(ii) Development Spending includes an estimated amount of spending for
pipeline advancement, residential inventory and mixed-use projects.
Portfolio Investments Spending includes an estimated amount of
spending for retail infill projects and asset enhancements.
1. A non-GAAP measurement. For reconciliations and the basis of
presentation of RioCan's non-GAAP measures, refer to the Basis of
Presentation and Non-GAAP Measures section in this News Release.
Selected Financial and Operational Highlights
(in millions, except where
otherwise noted, and
percentages)
------------------------------- ----------- --------- ---------
December December
As at 31, 2025 31, 2024
----------------- ----------- ----------- --------- ---------
Occupancy -
committed
(i) 97.8% 98.0%
Retail
occupancy -
committed
(i) 98.5% 98.7%
Three months ended Years ended December
December 31 31
----------------- ------------------------ --------------------
2025 2024 2025 2024
----------------- ---- ----- ---- ----- -------- --------
Blended
leasing
spread 24.9% 25.5% 21.1% 18.7%
New leasing
spread 40.6% 52.5% 37.3% 36.7%
Renewal
leasing
spread 20.5% 17.6% 17.8% 13.1%
December December
As at 31, 2025 31, 2024
----------------- ----------- ----------- --------- ---------
Liquidity
(ii)(1) $ 1,462 $ 1,694
Adjusted Spot
Debt to
Adjusted
EBITDA
(ii)(1) 8.64x 9.12x
Unencumbered
Assets
(ii)(1) $ 9,173 $ 8,201
(i) Includes commercial portfolio only. Excludes income producing
properties that are owned through joint ventures and reported under
equity-accounted investments.
(ii) At RioCan's Proportionate Share.
-- Occupancy: Committed retail and portfolio occupancy of 98.5% and 97.8%,
respectively.
-- Leasing Progress: 5.0 million square feet of leasing activity in 2025,
including 4.0 million square feet of renewals.
-- Leasing Spreads: Full year blended leasing spread increased to 21.1%.
This record performance was driven by new and renewal leasing spreads of
37.3% and 17.8%, respectively. The average blended leasing spread of
24.7% on new leases and market renewals (comprising 65% of expiring
leases) highlights RioCan's ability to extract the mark-to-market
opportunity embedded within its portfolio.
-- Retention Ratio: A high retention ratio of 93.1%. Best-in-class tenants
retained with minimal capital outlay; high renewal leasing spreads
validate sustained demand.
-- Average Net Rent Per Square Foot for new leasing: $29.65 for the year
captured mark-to-market gains, and generated a 28% premium compared to
average net rent per occupied square foot of $23.18 at year end.
-- Same Property NOI: Commercial Same Property NOI1 grew 4.5% in the
Fourth Quarter, the second consecutive quarter at or above that level,
contributing to 3.6% growth for the year and highlighting the strength of
our core assets and success of our leasing strategy.
-- Adjusted G&A Expense as a percentage of rental revenue1: Improved to
3.8% on a year-to-date basis, down from 4.1% in the comparable prior year
period and is expected to be 4% on a go-forward basis.
-- Capital Recycling: For the year ended December 31, 2025, Total Capital
Repatriation1 was $741.7 million including Total Capital Repatriation
from RioCan Living1 of $628.3 million and $113.4 million from the sale of
lower-growth assets.
-- Total Capital Repatriation from RioCan Living was generated through the
sale of the Trust's interests in seven RioCan Living properties and final
condominium closings. Successful condominium closings reduced the Trust's
residual inventory balance related to condominium projects under
construction to $130 million on a proportionate basis or 2% of NAV.
-- Subsequent to year end, the Trust entered into a firm agreement to sell
The Underwood Apartments in Calgary, Alberta for proceeds of $46.5
million, with closing expected in the first half of 2026. This
transaction brings the cumulative number of sold and firm RioCan Living
properties to nine and marks the halfway point to the $1.3 billion to
$1.4 billion capital repatriation target.
-- The additional $113.4 million of lower-growth assets sold during 2025
included two cinema-anchored properties and two office buildings in
secondary markets.
-- Proceeds from these capital repatriation activities have been
reinvested into accretive uses including the repurchase of Trust Units.
-- Normal Course Issuer Bid (NCIB): During the year ended December 31,
2025, the Trust purchased and cancelled 6.9 million Units at a weighted
average price of $18.11 per unit for a total cost of $127.2 million.
Subsequent to year end, an additional 2.6 million units were purchased
and cancelled at a weighted average price of $19.51 per unit for a total
cost of $51.4 million. These purchases were made pursuant to the Trust's
NCIBs and the automatic securities purchase plan (ASPP) adopted in
connection with these NCIBs. We believe the current unit price does not
reflect the intrinsic value of our business and view the NCIB as an
accretive, disciplined use of capital.
-- Development Completions: During the year ended December 31, 2025,
development projects totaling approximately 366,000 square feet were
completed and transitioned into income producing properties. This
includes 264,000 square feet of mixed-use projects comprised of
residential rental and retail units and 102,000 square feet of commercial
retail projects. No large-scale construction projects were initiated in
2025, and none are planned for 2026.
-- Balance Sheet and Liquidity: As of December 31, 2025, the Adjusted Spot
Debt to Adjusted EBITDA ratio improved to 8.64x from 9.12x at the end of
2024, within RioCan's target range of 8.0x - 9.0x. The Trust has $1.5
billion of Liquidity to meet its financial obligations, including $1.3
billion from its revolving unsecured operating line of credit.
-- The Trust's unencumbered asset pool increased to $9.2 billion at the
end of the Fourth Quarter from $8.2 billion at the end of 2024.
-- As of December 31, 2025, the Ratio of Unsecured Debt to Total
Contractual Debt on a proportionate share basis increased to 63% from 56%
at year end 2024.
-- During the Fourth Quarter, the Trust issued $200.0 million Series AP
Senior Unsecured Debentures with an all-in coupon rate of 4.417%,
maturing October 1, 2032. The net proceeds were applied against the drawn
balances on the operating line of credit, improving the Trust's Liquidity
and reducing the amount of floating rate debt outstanding.
1. A non-GAAP measurement. For reconciliations and the basis of
presentation of RioCan's non-GAAP measures, refer to the Basis of
Presentation and Non-GAAP Measures section in this News Release.
Conference Call and Webcast
Interested parties are invited to participate in a conference call with management on Wednesday, February 18, 2026 at 10:00 a.m. $(ET)$. Participants will be required to identify themselves and the organization on whose behalf they are participating.
To access the conference call, click on the following link to register at least 10 minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register at any time prior to the call will receive an email with dial-in credentials including a login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code: 255852.
For those unable to participate in the live mode, a replay will be available at 1-866-813-9403 with access code: 959096.
To access the simultaneous webcast, visit RioCan's website at Events and Presentations and click on the link for the webcast.
About RioCan
RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities. As at December 31, 2025, our portfolio is comprised of 168 properties with an aggregate net leasable area of approximately 31 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com.
Basis of Presentation and Non-GAAP Measures
All figures included in this News Release are expressed in Canadian dollars unless otherwise noted. RioCan's annual audited consolidated financial statements ("2025 Annual Consolidated Financial Statements") are prepared in accordance with International Financial Reporting Standards (IFRS). Financial information included within this News Release does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust's 2025 Annual Consolidated Financial Statements and MD&A for the three months and year ended December 31, 2025, which are available on RioCan's website at www.riocan.com and on SEDAR+ at www.sedarplus.com.
Consistent with RioCan's management framework, management uses certain financial measures to assess RioCan's financial performance, which are not in accordance with generally accepted accounting principles (GAAP) under IFRS. Funds From Operations ("FFO"), FFO per unit - diluted, Core FFO, Core FFO per unit - diluted, Net Operating Income ("NOI"), Same Property NOI, Commercial Same Property NOI ("Commercial SPNOI"), Residential Inventory Gains at RioCan's Proportionate Share, FFO Payout Ratio, Core FFO Payout Ratio, Inventory-Related Gains, Net Valuation Losses, Total RC-HBC LP Valuation Losses, Adjusted G&A Expense as a percentage of rental revenue, Total Capital Repatriation, Total Capital Repatriation from RioCan Living, Ratio of Unsecured Debt to Total Contractual Debt, Liquidity, Adjusted Spot Debt to Adjusted EBITDA, RioCan's Proportionate Share, Unencumbered Assets as well as other measures that may be discussed elsewhere in this News Release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. RioCan supplements its IFRS measures with these Non-GAAP measures to aid in assessing the Trust's underlying performance and reports these additional measures so that investors may do the same. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of RioCan's performance, liquidity, cash flow, and profitability. For full definitions of these measures, please refer to the "Non-GAAP Measures" section in RioCan's MD&A for the three months and year ended December 31, 2025.
The reconciliations for non-GAAP measures included in this News Release are outlined as follows:
RioCan's Proportionate Share
The following table reconciles the consolidated balance sheets from IFRS to RioCan's proportionate share basis as at December 31, 2025 and December 31, 2024:
As at December 31, 2025 December 31, 2024
----------------- -------------------------------------------- ----------------------------------------------
Equity- RioCan's Equity- RioCan's
(thousands of accounted proportionate accounted proportionate
dollars) IFRS basis investments share IFRS basis investments share
----------------- ----------- ------------- ---------------- ----------- ------------- ------------------
Assets
Investment
properties (i) $13,628,959 $ 195,820 $ 13,824,779 $13,839,154 $ 425,690 $ 14,264,844
Equity-accounted
investments 159,596 (159,596) -- 408,588 (408,588) --
Residential
inventory 236,745 263,569 500,314 284,050 337,920 621,970
Mortgages and
loans receivable 338,331 (17,152) 321,179 470,729 (5,321) 465,408
Assets held for
sale 46,500 -- 46,500 16,707 -- 16,707
Receivables and
other assets 339,221 57,909 397,130 262,573 77,571 340,144
Cash and cash
equivalents 145,040 13,994 159,034 190,243 9,890 200,133
------------------ ---------- -------- ------------ ---------- -------- ------------
Total assets $14,894,392 $ 354,544 $ 15,248,936 $15,472,044 $ 437,162 $ 15,909,206
------------------ ---------- -------- ------------ ---------- -------- ------------
Liabilities
Debentures payable $ 4,338,865 $ -- $ 4,338,865 $ 4,088,654 $ -- $ 4,088,654
Mortgages payable 2,184,306 141,182 2,325,488 2,851,602 160,701 3,012,303
Mortgages payable
associated with
assets held for
sale 28,343 -- 28,343 -- -- --
Lines of credit
and other bank
loans 601,194 169,044 770,238 383,658 198,682 582,340
Accounts payable
and other
liabilities 584,421 44,318 628,739 589,792 77,779 667,571
------------------ ---------- -------- ------------ ---------- -------- ------------
Total liabilities $ 7,737,129 $ 354,544 $ 8,091,673 $ 7,913,706 $ 437,162 $ 8,350,868
------------------ ---------- -------- ------------ ---------- -------- ------------
Equity
Unitholders'
equity 7,157,263 -- 7,157,263 7,558,338 -- 7,558,338
------------------ ---------- -------- ------------ ---------- -------- ------------
Total liabilities
and equity $14,894,392 $ 354,544 $ 15,248,936 $15,472,044 $ 437,162 $ 15,909,206
------------------ ---------- -------- ------------ ---------- -------- ------------
(i) Net of $50.2 million of cumulative unrecognized share of losses from
RC-HBC LP in excess of RioCan's carrying value at December 31, 2025.
The following tables reconcile the consolidated statements of income from IFRS to RioCan's proportionate share basis for the three months and years ended December 31, 2025 and 2024:
Three months ended
December 31 2025 2024
-------------------- ------------------------------------------- ---------------------------------------------
Equity- RioCan's Equity- RioCan's
(thousands of IFRS accounted proportionate IFRS accounted proportionate
dollars) basis investments share basis investments share
-------------------- -------- --------------- ---------------- -------- --------------- ------------------
Revenue
Rental revenue $295,071 $ 2,696 $ 297,767 $293,327 $ 8,231 $ 301,558
Residential inventory
sales 48,048 47,112 95,160 59,670 18,902 78,572
Property management
and other service
fees 4,796 -- 4,796 4,606 (375) 4,231
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
347,915 49,808 397,723 357,603 26,758 384,361
-------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Operating costs
Rental operating
costs
Recoverable under
tenant leases 103,156 1,134 104,290 101,997 923 102,920
Non-recoverable
costs 9,185 387 9,572 10,989 693 11,682
Residential inventory
cost of sales 36,587 45,850 82,437 48,644 16,764 65,408
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
148,928 47,371 196,299 161,630 18,380 180,010
-------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Operating income 198,987 2,437 201,424 195,973 8,378 204,351
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Other income (loss)
Interest income 8,460 161 8,621 12,301 568 12,869
Income from
equity-accounted
investments 1,401 (1,401) -- 3,977 (3,977) --
Fair value gain
(loss) on investment
properties, net (i) 9,706 (2,403) 7,303 2,004 (1,855) 149
Investment and other
income (loss), net 2,308 1,730 4,038 3,782 (282) 3,500
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
21,875 (1,913) 19,962 22,064 (5,546) 16,518
-------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Other expenses
Interest costs, net 72,092 492 72,584 66,040 2,723 68,763
General and
administrative 12,282 7 12,289 19,070 37 19,107
Internal leasing
costs 3,907 -- 3,907 3,262 -- 3,262
Transaction and other
costs 4,407 25 4,432 4,017 72 4,089
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
92,688 524 93,212 92,389 2,832 95,221
-------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Income before income
taxes $128,174 $ -- $ 128,174 $125,648 $ -- $ 125,648
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
Net income $128,174 $ -- $ 128,174 $125,648 $ -- $ 125,648
--------------------- ------- ------- ---- ---------- ------- ------- ---- ----------
(i) Net of $26.1 million of unrecognized share of losses from RC-HBC LP in
excess of RioCan's carrying value for the three months ended December
31, 2025.
Years ended December
31 2025 2024
-------------------- ---------------------------------------------- ----------------------------------------------
Equity- RioCan's Equity- RioCan's
accounted proportionate accounted proportionate
(in thousands) IFRS basis investments share IFRS basis investments share
-------------------- ----------- ------------- ------------------ ----------- ------------- ------------------
Revenue
Rental revenue $1,176,428 $ (2,853) $ 1,173,575 $1,137,127 $ 32,672 $ 1,169,799
Residential inventory
sales 244,189 121,101 365,290 84,483 166,952 251,435
Property management
and other service
fees 15,954 (779) 15,175 17,916 (1,320) 16,596
--------------------- --------- -------- ---------- --------- -------- ----------
1,436,571 117,469 1,554,040 1,239,526 198,304 1,437,830
-------------------- --------- -------- ---------- --------- -------- ----------
Operating costs
Rental operating
costs
Recoverable under
tenant leases 414,386 3,983 418,369 397,042 3,453 400,495
Non-recoverable
costs 41,638 5,939 47,577 37,147 2,723 39,870
Residential inventory
cost of sales 181,831 109,806 291,637 64,389 137,710 202,099
--------------------- --------- -------- ---------- --------- -------- ----------
637,855 119,728 757,583 498,578 143,886 642,464
-------------------- --------- -------- ---------- --------- -------- ----------
Operating income
(loss) 798,716 (2,259) 796,457 740,948 54,418 795,366
--------------------- --------- -------- ---------- --------- -------- ----------
Other income (loss)
Interest income 38,237 555 38,792 42,469 2,163 44,632
Income (loss) from
equity-accounted
investments (236,934) 236,934 -- 38,507 (38,507) --
Fair value loss on
investment
properties, net (i) (137,359) (197,367) (334,726) (29,353) (3,582) (32,935)
Investment and other
income (loss), net (9,094) (32,801) (41,895) 17,531 (2,769) 14,762
--------------------- --------- -------- ---------- --------- -------- ----------
(345,150) 7,321 (337,829) 69,154 (42,695) 26,459
-------------------- --------- -------- ---------- --------- -------- ----------
Other expenses
Interest costs, net 277,885 5,035 282,920 257,544 11,544 269,088
General and
administrative 44,751 52 44,803 59,847 86 59,933
Internal leasing
costs 13,715 -- 13,715 13,293 -- 13,293
Transaction and other
costs 47,920 (25) 47,895 6,747 93 6,840
--------------------- --------- -------- ---------- --------- -------- ----------
384,271 5,062 389,333 337,431 11,723 349,154
-------------------- --------- -------- ---------- --------- -------- ----------
Income before income
taxes $ 69,295 $ -- $ 69,295 $ 472,671 $ -- $ 472,671
Current income tax
recovery -- -- -- (794) -- (794)
--------------------- --------- -------- ---------- --------- -------- ----------
Net income $ 69,295 $ -- $ 69,295 $ 473,465 $ -- $ 473,465
--------------------- --------- -------- ---------- --------- -------- ----------
(i) Net of $50.2 million of unrecognized share of losses from RC-HBC LP in
excess of RioCan's carrying value for the year ended December 31,
2025.
NOI and Same Property NOI
The following table reconciles operating income to NOI and Same Property NOI to NOI for the three months and years ended December 31, 2025 and 2024:
Three months ended Years ended
December 31 December 31
-------------------- ----------------------
(thousands of
dollars) 2025 2024 2025 2024
---------------- ------- ------- ------- -------
Operating Income $198,987 $195,973 $798,716 $740,948
Adjusted for the
following:
Property
management
and other
service
fees (4,796) (4,606) (15,954) (17,916)
Residential
inventory
gains (11,461) (11,026) (62,358) (20,094)
Operational
lease
revenue from
ROU assets,
net (i) 2,461 3,889 9,505 9,218
----------------- ------- ------- ------- -------
NOI $185,191 $184,230 $729,909 $712,156
----------------- ------- ------- ------- -------
(i) Includes $0.7 million and $2.5 million of straight-line rent from
operational lease revenue from ROU assets for the three months and year
ended December 31, 2025 (three months and year ended December 31, 2024
- $2.1 million).
Three months ended Years ended
December 31 December 31
------------------ --------------------
(thousands of
dollars) 2025 2024 2025 2024
-------------- ------- ------- ------- -------
Commercial
Commercial Same
Property NOI $157,514 $150,764 $607,474 $586,426
NOI from
income
producing
properties:
Acquired
(i) 56 -- 3,719 3,342
Disposed
(i) 1,584 3,533 8,372 15,538
--------------- ------- ------- ------- -------
1,640 3,533 12,091 18,880
NOI from
completed
commercial
developments 11,802 10,891 44,895 42,650
NOI from
properties
under
de-leasing
(ii) 4,149 4,516 16,813 16,800
Lease
cancellation
fees 1,156 1,591 7,200 4,817
Straight-line
rent
adjustment
(iii) 3,280 5,226 11,719 13,359
--------------- ------- ------- ------- -------
NOI from
commercial
properties 179,541 176,521 700,192 682,932
Residential
Residential
Same Property
NOI 2,648 2,885 9,291 9,846
NOI from
income
producing
properties:
Acquired
(i) -- -- 1,895 1,878
Disposed
(i) 1,161 3,050 10,529 12,120
--------------- ------- ------- ------- -------
1,161 3,050 12,424 13,998
NOI from
completed
residential
developments 1,841 1,774 8,002 5,380
--------------- ------- ------- ------- -------
NOI from
residential
rental 5,650 7,709 29,717 29,224
--------------- ------- ------- ------- -------
NOI $185,191 $184,230 $729,909 $712,156
--------------- ------- ------- ------- -------
(i) Includes properties acquired or disposed of during the periods being
compared.
(ii) NOI from limited number of properties undergoing significant
de-leasing in preparation for redevelopment or intensification.
(iii) Includes $0.7 million and $2.5 million of straight-line rent from
operational lease revenue from ROU assets for the three months and
year ended December 31, 2025 (three months and year ended December
31, 2024 - $2.1 million).
Three months ended Years ended
December 31 December 31
------------------ --------------------
(thousands of
dollars) 2025 2024 2025 2024
-------------- ------- ------- ------- -------
Commercial Same
Property NOI $157,514 $150,764 $607,474 $586,426
Residential
Same Property
NOI 2,648 2,885 9,291 9,846
--------------- ------- ------- ------- -------
Same Property
NOI $160,162 $153,649 $616,765 $596,272
--------------- ------- ------- ------- -------
Residential Inventory Gains (RioCan's Proportionate Share)
The following table reconciles residential inventory gains from IFRS basis to RioCan's proportionate share basis for the three months and years ended December 31, 2025 and 2024:
Three months ended Three months ended
December 31, 2025 December 31, 2024
--------------------------------------------- ---------------------------------------------
Residential Residential
Residential inventory Residential Residential inventory Residential
(thousands of inventory cost of inventory inventory cost of inventory
dollars) sales sales gains sales sales gains
----------------- ------------- ------------- --------------- ------------- ------------- ---------------
Total - IFRS basis $ 48,048 $ 36,587 $ 11,461 $ 59,670 $ 48,644 $ 11,026
Equity-accounted
joint ventures 46,109 44,486 1,623 13,669 12,726 943
------------------ --------- --------- ------- --------- --------- --- --------
Total - IFRS and
equity-accounted
joint ventures 94,157 81,073 13,084 73,339 61,370 11,969
Other
equity-accounted
investments 1,003 1,364 (361) 5,233 4,038 1,195
------------------ --------- --------- ------- --------- --------- --- --------
Total - RioCan's
proportionate
share $ 95,160 $ 82,437 $ 12,723 $ 78,572 $ 65,408 $ 13,164
------------------ --------- --------- ------- --------- --------- --- --------
Year ended Year ended
December 31, 2025 December 31, 2024
--------------------------------------------- ---------------------------------------------
Residential Residential
Residential inventory Residential Residential inventory Residential
(thousands of inventory cost of inventory inventory cost of inventory
dollars) sales sales gains sales sales gains
----------------- ------------- ------------- --------------- ------------- ------------- ---------------
Total - IFRS basis $ 244,189 $ 181,831 $ 62,358 $ 84,483 $ 64,389 $ 20,094
Equity-accounted
joint ventures 105,622 95,336 10,286 142,614 117,666 24,948
------------------ --------- --------- ------- --------- --------- --- --------
Total - IFRS and
equity-accounted
joint ventures 349,811 277,167 72,644 227,097 182,055 45,042
Other
equity-accounted
investments 15,479 14,470 1,009 24,338 20,044 4,294
------------------ --------- --------- ------- --------- --------- --- --------
Total - RioCan's
proportionate
share $ 365,290 $ 291,637 $ 73,653 $ 251,435 $ 202,099 $ 49,336
------------------ --------- --------- ------- --------- --------- --- --------
FFO
The following table reconciles net income attributable to Unitholders to FFO for the three months and years ended December 31, 2025 and 2024:
Three months ended Years ended
December 31 December 31
-------------------- --------------------------
(thousands of dollars,
except where otherwise
noted) 2025 2024 2025 2024
---------------------- ------- ------- ------- -------
Net income attributable
to Unitholders $128,174 $125,648 $ 69,295 $473,465
Add back (deduct):
Fair value (gains)
losses, net (9,706) (2,004) 137,359 29,353
Fair value losses
(gains) included
in
equity-accounted
investments (i) 2,403 1,855 197,367 3,584
Other RC-HBC LP
Valuation Losses -- -- 110,196 --
Internal leasing
costs 3,907 3,262 13,715 13,293
Transaction losses
(gains) on
investment
properties, net
(ii) 845 (1,345) 6,186 534
Transaction gains
on
equity-accounted
investments -- -- -- (52)
Transaction costs
on sale of
investment
properties 4,132 2,435 8,098 3,666
Transaction costs
on sale of
investment
properties in
equity-accounted
investments -- -- 73 --
ERP implementation
costs / IT
transformation
costs 846 -- 846 5,368
ERP amortization (434) (484) (1,736) (1,302)
Change in
unrealized fair
value on
marketable
securities -- -- -- (4,648)
Current income tax
recovery -- -- -- (794)
Operational lease
revenue from ROU
assets 2,032 3,534 7,851 7,814
Operational lease
expenses from ROU
assets in
equity-accounted
investments (5) (18) (55) (69)
Capitalized
interest related
to
equity-accounted
investments
(iii):
Capitalized
interest
related to
properties
under
development 91 110 378 426
Capitalized
interest
related to
residential
inventory 152 1,386 3,588 5,333
----------------------- ------- ------- ------- -------
FFO $132,437 $134,379 $553,161 $535,971
Add back (deduct):
Inventory-Related
Gains (iv) (14,812) (11,957) (81,136) (51,161)
Realized gain on
sale of marketable
securities -- -- -- (1,997)
Restructuring costs -- 7,202 255 7,852
Debt prepayment
costs, net -- 912 -- 455
HBC-Related Income
(iv) (1,913) (6,335) (13,232) (23,503)
----------------------- ------- ------- ------- -------
Core FFO $115,712 $124,201 $459,048 $467,617
----------------------- ------- ------- ------- -------
FFO per unit - diluted $ 0.45 $ 0.45 $ 1.87 $ 1.78
Core FFO per unit -
diluted $ 0.39 $ 0.41 $ 1.55 $ 1.56
Weighted average number
of Units - basic (in
thousands) 294,920 300,469 295,894 300,464
Weighted average number
of Units - diluted (in
thousands) 294,958 300,524 295,896 300,473
----------------------- ------- ------- ------- -------
FFO for last four
quarters $553,161 $535,971
Distributions paid for
last four quarters $340,586 $332,011
FFO Payout Ratio 61.6% 61.9%
Core FFO Payout Ratio 74.2% 71.0%
----------------------- --------- --------- ------- -------
(i) Net of $26.1 million and $50.2 million unrecognized share of losses
from RC-HBC LP in excess of RioCan's carrying value for the three
months and year ended December 31, 2025.
(ii) Represents net transaction gains or losses connected to certain
investment properties during the period.
(iii) This amount represents the interest capitalized to RioCan's
equity-accounted investment in WhiteCastle New Urban Fund 2, LP,
WhiteCastle New Urban Fund 3, LP, WhiteCastle New Urban Fund 4, LP,
WhiteCastle New Urban Fund 5, LP, RioCan-Fieldgate JV, RC (Queensway)
LP, PR Bloor Street LP and RC Yorkville LP. This amount is not
capitalized to development projects under IFRS but is allowed as an
adjustment under REALPAC's definition of FFO.
(iv) Inventory-Related Gains and HBC-Related Income for the three months
and years ended December 31, 2025 and 2024 are as follows:
Three months ended Years ended
December 31 December 31
------------------ --------------------
(thousands of
dollars) 2025 2024 2025 2024
------------------ ------ ------ ------ ------
Residential
inventory gains -
proportionate
share (i) $12,723 $13,166 $73,653 $49,336
Residential
inventory
marketing costs -
IFRS (86) (166) (642) (969)
Residential
inventory
marketing costs
from
equity-accounted
investments (24) 324 98 (449)
Capitalized
interest relief
from sale of
residential
inventory in
equity-accounted
investments (1,225) (190) (2,039) (1,187)
NOI from other
equity-accounted
investments 388 229 388 229
Fee income related
to residential
inventory - IFRS
(ii) 1,795 1,178 3,657 3,428
Investment and
other income
related to
residential
inventory - IFRS 1,450 185 1,596 3,239
Investment and
other income
(loss) related to
residential
inventory from
equity-accounted
investments (209) (2,769) (209) (2,466)
Residential
inventory gain
related to change
in use included in
investment and
other income
(loss) - IFRS -- -- 4,634 --
------------------ ------ ------ ------ ------
Inventory-Related
Gains $14,812 $11,957 $81,136 $51,161
------------------- ------ ------ ------ ------
Share of income
from RC-HBC LP
operations $ 537 $ 3,485 $ 3,891 $13,690
Operational lease
expenses from ROU
assets in
equity-accounted
investments (5) (18) (55) (69)
Interest income
from RC-HBC LP 1,015 1,164 4,748 3,330
Fee income from
RC-HBC LP 366 1,704 4,648 6,552
------------------- ------ ------ ------ ------
HBC-Related Income $ 1,913 $ 6,335 $13,232 $23,503
------------------- ------ ------ ------ ------
(i) Refer to the Residential Inventory Gains (RioCan's Proportionate
Share) table in this News Release for reconciliation.
(ii) Related to fee income earned from residential inventory in accordance
with IFRS.
Net Valuation Losses
Net Valuation Losses is the sum total of fair value loss on investment properties, net and Total RC-HBC LP Valuation Losses.
The following table reconciles Net Valuation Losses during the years ended December 31, 2025 and 2024:
Years ended December 31 2025 2024 ---------------------------------------------- ------- ------ Fair value losses on investment properties, net $137,359 $29,353 Add: Total RC-HBC LP Valuation Losses (see below for reconciliation) 305,781 -- ---------------------------------------------- ------- ------ Net Valuation Losses $443,140 $29,353 ----------------------------------------------- ------- ------
Total RC-HBC LP Valuation Losses
The following table reconciles Total RC-HBC LP Valuation Losses and Other RC-HBC LP Valuation Losses during the three months and years ended December 31, 2025 and 2024:
Three months ended Years ended
December 31 December 31
------------------ -----------------------
(thousands of
dollars) 2025 2024 2025 2024
----------------- ------ ------ -------- -------
Share of net loss
(income) from
equity-accounted
investments $(1,401) $(3,977) $ 236,934 $(38,507)
Add back
(deduct):
Share of income
from RC-HBC LP
operations 537 3,485 3,891 13,689
Share of fair
value losses on
investment
properties from
RC-HBC LP
pre-CCAA
Proceedings -- (1,608) -- (2,105)
Share of income
from other
equity-accounted
investments 1,298 2,100 10,660 26,923
Provision for
credit losses on
RC-HBC LP loans
receivable -- -- 16,477 --
Provision for
guarantee losses
on RC-HBC LP
mortgages
payable -- -- 37,819 --
----------------- ------ ------ -------- -------
Total RC-HBC LP
Valuation Losses $ 434 $ -- $ 305,781 $ --
Deduct: Share of fair value losses on investment properties from RC-HBC LP post-CCAA Proceedings (434) -- (195,585) -- ------------------ ------ ------ -------- ------- Other RC-HBC LP Valuation Losses $ -- $ -- $ 110,196 $ -- ------------------ ------ ------ -------- -------
Total RC-HBC LP Valuation Losses comprise of the following during the three months and years ended December 31, 2025 and 2024:
Three months ended Years ended
December 31 December 31
--------------------- ------------------
(thousands of
dollars) 2025 2024 2025 2024
-------------- ------- ------- ------- ----
Provision for
expected
credit losses
on finance
lease
receivables in
RC-HBC LP $ -- $ -- $ 24,671 $ --
Write-off of
straight-line
rent
receivable in
RC-HBC LP -- -- 23,300 --
Transaction
gains in
RC-HBC LP -- -- (550) --
Impairment
losses on
RC-HBC LP -- -- 8,479 --
Provision for
credit losses
on RC-HBC LP
loans
receivable -- -- 16,477 --
Provision for
guarantee
losses on
RC-HBC LP
mortgages
payable -- -- 37,819 $ --
--------------- ------- ------- ------- ----
Other RC-HBC LP
Valuation
Losses $ -- $ -- $110,196 $ --
Fair value
losses on
investment
properties
from RC-HBC LP
(i) 434 -- 195,585 --
--------------- ------- ------- ------- ----
Total RC-HBC LP
Valuation
Losses $ 434 $ -- $305,781 $ --
--------------- ------- ------- ------- ----
(i) Net of $26.1 million and $50.2 million unrecognized share of losses
from RC-HBC LP for the three months and year ended December 31, 2025
(three months and year ended December 31, 2024 - $nil).
Adjusted G&A Expense
Adjusted G&A Expense for the three months and years ended December 31, 2025 and 2024 are as follows:
Three months ended December 31 Years ended December 31
----------------- --------------------------------------- --------------------------------------------
(thousands of
dollars, except
where otherwise
noted) 2025 2024 Change 2025 2024 Change
----------------- ------- ------- ----------- --------- --------- ------------
Total G&A expense
- IFRS $ 12,282 $ 19,070 $(6,788) $ 44,751 $ 59,847 $(15,096)
Add back
(deduct):
ERP implementation
costs / IT
transformation
costs (846) -- (846) (846) (5,368) 4,522
ERP amortization 434 484 (50) 1,736 1,302 434
Restructuring
costs -- (7,202) 7,202 (255) (7,852) 7,597
------------------ ------- ------- ------ --------- --------- -------
Adjusted G&A
Expense - IFRS 11,870 12,352 (482) 45,386 47,929 (2,543)
Add:
G&A expense from
equity-accounted
investments 7 37 (30) 52 86 (34)
------------------ ------- ------- ------ --------- --------- -------
Adjusted G&A
Expense -
RioCan's
proportionate
share $ 11,877 $ 12,389 $ (512) $ 45,438 $ 48,015 $ (2,577)
Rental revenue -
IFRS 295,071 293,327 1,744 1,176,428 1,137,127 39,301
Add back
(deduct):
Rental revenue
from
equity-accounted
investments 2,696 8,221 (5,525) (2,853) 32,626 (35,479)
Write-off of
straight-line
rent receivable
in RC-HBC LP -- -- -- 23,300 -- 23,300
------------------ ------- ------- ------ --------- --------- -------
Rental revenue -
RioCan's
proportionate
share $297,767 $301,548 $(3,781) $1,196,875 $1,169,753 $ 27,122
Adjusted G&A
Expense as a
percentage of
rental revenue 4.0% 4.1% (0.1)% 3.8% 4.1% (0.3)%
------------------ ------- ------- ------ --------- --------- -------
Total Capital Repatriation
The following table reconciles Total Capital Repatriation for the year ended December 31, 2025:
Year ended Anticipated
(thousands of dollars) December 31, 2025 2025 & 2026
------------------------------ -------------------- --------------
Residential inventory sales
revenue $ 349,811 $ 434,000
Less:
Outstanding accounts receivable
related to above sales - IFRS (94,762) --
Outstanding accounts receivable
related to above sales - EAI
JV (33,326) --
------------------------------- --- --------------- ----------
Proceeds from residential
inventory sales (i) 221,723 434,000
Proceeds from RioCan Living
dispositions 406,620 984,816
------------------------------- --- --------------- ----------
Total Capital Repatriation from
RioCan Living $ 628,343 $ 1,418,816
Proceeds from other asset
dispositions 109,849 --
Proceeds from asset
dispositions within EAI JV 3,500 --
------------------------------ --- --------------- ----------
Total Capital Repatriation $ 741,692 $ 1,418,816
------------------------------- --- --------------- ----------
(i) Based on RioCan's Proportionate Share in EAI JV.
Total Contractual Debt
The following table reconciles total debt to Total Contractual Debt as at December 31, 2025 and December 31, 2024:
As at December 31, 2025 December 31, 2024
------------------ ----------------------------------------------------- ----------------------------------------------
RioCan's Equity- RioCan's
(thousands of Equity-accounted proportionate accounted proportionate
dollars) IFRS basis investments share IFRS basis investments share
------------------ ----------- -------------------- ------------------ ----------- ------------- ------------------
Debentures payable $4,338,865 $ -- $ 4,338,865 $4,088,654 $ -- $ 4,088,654
Mortgages payable 2,184,306 141,182 2,325,488 2,851,602 160,701 3,012,303
Lines of credit and
other bank loans 601,194 169,044 770,238 383,658 198,682 582,340
Mortgages payable
associated with
assets held for
sale 28,343 -- 28,343 -- -- --
------------------- --------- --- --------- ---- ---------- --------- -------- ----------
Total debt $7,152,708 $ 310,226 $ 7,462,934 $7,323,914 $ 359,383 $ 7,683,297
------------------- --------- --- --------- ---- ---------- --------- -------- ----------
Less:
Unamortized
debt financing
costs,
premiums and
discounts on
origination
and debt
assumed, and
modifications (28,821) (179) (29,000) (35,490) (526) (36,016)
------------------- --------- --- --------- --- ---------- --------- -------- ----------
Total Contractual
Debt $7,181,529 $ 310,405 $ 7,491,934 $7,359,404 $ 359,909 $ 7,719,313
------------------- --------- --- --------- ---- ---------- --------- -------- ----------
Unsecured and Secured Debt
The following table reconciles Total Unsecured and Secured Debt to Total Contractual Debt as at December 31, 2025 and December 31, 2024:
As at December 31, 2025 December 31, 2024 -------------- ----------------------------------------------- ----------------------------------------------- (thousands of dollars, except where Equity- RioCan's Equity- RioCan's otherwise accounted proportionate accounted proportionate noted) IFRS basis investments share IFRS basis investments share -------------- -------------- ----------- ------------------ -------------- ----------- ------------------ Total Unsecured Debt $4,750,000 $ -- $ 4,750,000 $4,300,000 $ -- $ 4,300,000 Total Secured Debt 2,431,529 310,405 2,741,934 3,059,404 359,909 3,419,313 --------------- --------- ---------- ---------- --------- ---------- ---------- Total Contractual
Debt $7,181,529 $ 310,405 $ 7,491,934 $7,359,404 $ 359,909 $ 7,719,313 --------------- --------- ---------- ---------- --------- ---------- ---------- Percentage of Total Contractual Debt: Unsecured Debt 66.1% 63.4% 58.4% 55.7% Secured Debt 33.9% 36.6% 41.6% 44.3% --------------- --------- ----------- ---------- --------- ----------- ----------
Liquidity
As at December 31, 2025, RioCan had approximately $1.5 billion of Liquidity as summarized in the following table:
As at December 31, 2025 December 31, 2024
-------------- ----------------------------------------- -----------------------------------------
Equity- RioCan's Equity- RioCan's
(thousands of accounted proportionate accounted proportionate
dollars) IFRS basis investments share IFRS basis investments share
-------------- ---------- ----------- ---------------- ---------- ----------- ----------------
Undrawn
revolving
unsecured
operating line
of credit $1,250,000 $ -- $ 1,250,000 $1,250,000 $ -- $ 1,250,000
Undrawn
construction
lines and
other bank
loans 20,770 32,009 52,779 146,024 97,892 243,916
Cash and cash
equivalents 145,040 13,994 159,034 190,243 9,890 200,133
--------------- --------- ---------- --- ----------- --------- ---------- --- -----------
Liquidity $1,415,810 $ 46,003 $ 1,461,813 $1,586,267 $ 107,782 $ 1,694,049
--------------- --------- ---------- --- ----------- --------- ---------- --- -----------
Adjusted EBITDA
The following table reconciles consolidated net income attributable to Unitholders to Adjusted EBITDA:
Years ended December 31, 2025 December 31, 2024
--------------- ----------------------------------------- ----------------------------------------------
Equity- RioCan's Equity- RioCan's
(thousands of IFRS accounted proportionate IFRS accounted proportionate
dollars) basis investments share basis investments share
--------------- -------- ------------- ---------------- --------- --------------- ------------------
Net income
attributable to
Unitholders $ 69,295 $ -- $ 69,295 $473,465 $ -- $ 473,465
Add (deduct)
the following
items:
Income tax
recovery:
Current -- -- -- (794) -- (794)
Fair value
losses on
investment
properties,
net 137,359 197,367 334,726 29,353 3,582 32,935
Total RC-HBC LP
Valuation
Losses 305,781 (195,585) 110,196 -- -- --
Change in
unrealized fair
value on
marketable
securities (i) -- -- -- (4,648) -- (4,648)
Internal leasing
costs 13,715 -- 13,715 13,293 -- 13,293
Non-cash
unit-based
compensation
expense 10,197 -- 10,197 10,385 -- 10,385
Interest costs,
net 277,885 5,035 282,920 257,544 11,544 269,088
Debt prepayment
gain -- -- -- 455 -- 455
Restructuring
costs 255 -- 255 7,852 -- 7,852
ERP
implementation
costs / IT
transformation
costs 846 -- 846 5,368 -- 5,368
Depreciation and
amortization 1,510 -- 1,510 1,450 -- 1,450
Transaction
(gains) losses
on the sale of
investment
properties, net
(ii) 5,539 -- 5,539 2 (52) (50)
Transaction
costs on
investment
properties 8,098 73 8,171 3,672 1 3,673
Operational
lease revenue
(expenses) from
ROU assets 7,851 (55) 7,796 7,814 (69) 7,745
---------------- ------- -------- --- ----------- ------- ------- -------- ----
Adjusted EBITDA $838,331 $ 6,835 $ 845,166 $805,211 $ 15,006 $ 820,217
---------------- ------- -------- --- ----------- ------- ------- -------- ----
(i) By adding back the change in unrealized fair value on marketable
securities, RioCan effectively includes realized gains and losses on
the sale of marketable securities in Adjusted EBITDA and excludes
unrealized fair value gains and losses on marketable securities in
Adjusted EBITDA.
(ii) Includes transaction gains and losses realized on the disposition of
investment properties.
Adjusted Spot Debt to Adjusted EBITDA Ratio
Adjusted Spot Debt to Adjusted EBITDA ratio is calculated as follows:
As at December 31, 2025 December 31, 2024
---------------- ---------------------------------------------- ----------------------------------------------
(thousands of
dollars, except Equity- RioCan's Equity- RioCan's
where otherwise accounted proportionate accounted proportionate
noted) IFRS basis investments share IFRS basis investments share
---------------- ----------- ------------- ------------------ ----------- ------------- ------------------
Adjusted Spot
Debt to Adjusted
EBITDA
Total debt
outstanding $7,152,708 $ 310,226 $ 7,462,934 $7,323,914 $ 359,383 $ 7,683,297
Less: cash
and cash
equivalents (145,040) (13,994) (159,034) (190,243) (9,890) (200,133)
----------------- --------- -------- ---------- --------- -------- ----------
Adjusted Spot
Debt $7,007,668 $ 296,232 $ 7,303,900 $7,133,671 $ 349,493 $ 7,483,164
Adjusted EBITDA
(i) $ 838,331 $ 6,835 $ 845,166 $ 805,211 $ 15,006 $ 820,217
----------------- --------- -------- ---------- --------- -------- ----------
Adjusted Spot
Debt to Adjusted
EBITDA 8.36 8.64 8.86 9.12
----------------- --------- ------------- ---------- --------- ------------- ----------
(i) Adjusted EBITDA is on a rolling twelve-month basis
Unencumbered Assets
The tables below summarize RioCan's Unencumbered Assets as at December 31, 2025 and December 31, 2024:
As at December 31, 2025 December 31, 2024
-------------- --------------------------------------------- -----------------------------------------------
Equity- RioCan's Equity- RioCan's
(thousands of accounted proportionate accounted proportionate
dollars) IFRS basis investments share IFRS basis investments share
-------------- ------------ ------------- ---------------- ------------ ------------- ------------------
Investment
properties $13,628,959 $ 195,820 $ 13,824,779 $13,839,154 $ 425,690 $ 14,264,844
Less:
Encumbered
investment
properties (4,474,260) (177,561) (4,651,821) (5,704,034) (359,465) (6,063,499)
--------------- ---------- -------- ----------- ---------- -------- -----------
Unencumbered
Assets $ 9,154,699 $ 18,259 $ 9,172,958 $ 8,135,120 $ 66,225 $ 8,201,345
--------------- ---------- -------- ----------- ---------- -------- -----------
Forward-Looking Information
This News Release contains forward-looking information, including financial outlook, within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally 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. Our financial outlook is prepared as of the date hereof and is disclosed to assist current and future unitholders and analysts in evaluating the effectiveness of RioCan's strategic plan and readers are cautioned that it may not be suitable for any other purpose. All forward-looking information reflects management's current beliefs and is based on
information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, includes those assumptions set out under the heading "Forward-Looking Information and Financial Outlook and Financial Outlook" in RioCan's MD&A which estimated and assumptions are subject to numerous risks and uncertainties, including those described in the "Risks and Uncertainties" section in RioCan's MD&A and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.
The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217631996/en/
CONTACT: RioCan Real Estate Investment Trust
Investor Relations Inquiries
Email: ir@riocan.com
(END) Dow Jones Newswires
February 17, 2026 16:51 ET (21:51 GMT)