RioCan Real Estate Investment Trust Stock

RioCan Real Estate Investment Trust operates as a real estate investment trust in Canada. The company owns and manages a portfolio of shopping centers in Canada.

As of December 31, 2009, the company owned interests in a portfolio of 258 retail properties, including 12 under development, containing an aggregate of approximately 60 million square feet. The company also holds an 80% interest in 5 properties in the U.S. through joint ventures with Cedar Shopping Centers, Inc. (Cedar), as well as a 14.3% ownership interest in Cedar.

Retail Assets

The company invests in the following retail assets: new format retail centers; neighborhood convenience unenclosed centers; enclosed shopping centers; and urban retail properties.

New format retail centers: New format retail centers are aggregations of major retailers grouped together at high traffic and accessible locations. These unenclosed campus-style centers are generally anchored by supermarkets and/or junior department stores and may include entertainment (movie theatres, large-format bookstores and restaurants) and fashion components.

Neighborhood convenience unenclosed centers: Neighborhood convenience unenclosed centers are generally supermarket and/or junior department store anchored shopping centers, typically comprising between 60,000 to 250,000 square feet of leasable area. Other convenience-oriented tenants generally include drug stores, restaurants, banks, and other service providers.

Enclosed shopping centers: An enclosed shopping centre is generally a retail complex containing stores, restaurants and other facilities with interior common areas with access to retail units.

Urban retail properties: Urban retail properties are multi-level format retail centers located in major urban markets. The centers are situated in high-density locations and may be part of a multi-use complex, thereby including office space as part of the property.

Joint Ventures

The company has entered into a joint venture relationship with Kimco Realty Corp. (Kimco). Kimco is an owner and operator of neighborhood and community shopping centers in the U.S., owning interests in approximately 1,462 properties (as of December 31, 2009) aggregating approximately 153 million square feet of leasable space in 45 states, Canada, Mexico, Puerto Rico, and South America. It also has a second joint venture relationship with Kimco (RioKim II) for the purpose of acquiring, on a 50/50 basis, a 10 property portfolio located in central and eastern Canada aggregating 1.1 million square feet.

As of December 31, 2009, the aggregate joint investments in RioKim and RioKim II comprise interests in 45 properties aggregating approximately 9.3 million square feet ((9.0 million square feet is owned on a 50/50 basis and 300,000 square feet is owned on a 1/3 basis by each of the company, Kimco, and Trinity Development Group Inc. (Trinity)). The company provides the property management and leasing services for the properties that are owned by these joint ventures. As of December 31, 2009, the company’s joint investments with Trinity included interests in 7 completed income properties aggregating approximately 2.5 million square feet, and 12 greenfield development projects which, upon substantial completion, would comprise 5.1 million square feet.

Tenants

The company’s major tenants, as of December 31, 2009, included Metro/Dominion/Super C/Food Basics; Famous Players/Cineplex/Galaxy Cinemas (Cineplex); Wal-Mart; Canadian Tire/PartSource/Mark’s Work Wearhouse; Zellers/The Bay/Home Outfitters; Winners/HomeSense; Loblaws/No Frills/Fortinos/Zehrs/Maxi; Staples/Business Depot; Reitmans/Penningtons/Smart; Set/Addition-Elle/Thyme Maternity; and Shoppers Drug Mart.