REI.UN RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) is pleased to provide an update on its environmental sustainability initiatives. The Trust is also proud to announce its 2022 GRESB Assessments results and BOMA awards, highlighting the strength of its ESG program.

“Responsible stewardship is essential to protecting and maximizing long-term value. Whether they relate to existing assets or developments, our environmental sustainability initiatives are critical in transitioning to a low carbon economy,” said Jonathan Gitlin, President and Chief Executive Officer of RioCan. “RioCan is proud to lead the way in integrating ESG best practices in everything we do. We continue to make progress and it’s an honour to be recognized for our ESG achievements as exemplified by our 2022 GRESB Assessments and recent BOMA awards.”

ESG Recognition

• 2022 GRESB Assessments – RioCan’s 2022 GRESB Assessments saw above average scores and received Regional Sector Leader status, placing the Trust first amongst its Canadian peers for the Standing Investments Benchmark. For the third successive year, RioCan received the top ‘A’ rating and top ranking amongst its Canadian peers for Public Disclosure. For its sophomore GRESB Assessments submission for Developments, RioCan improved its score by 6% over last year.
• BOMA Race2Reduce – RioCan was recently presented two BOMA Toronto’s race2reduce Commercial Real Estate Trailblazers (CREST) Awards. These BOMA awards recognize participants that have demonstrated continual commitment to improve building performance and reduce emissions. RioCan’s Clarkson Crossing open-air shopping centre, in Mississauga, was awarded for Performance Leadership under the GHG category and RioCan’s Yonge Sheppard Centre, in Toronto, was awarded for Innovative Excellence.

Environmental Sustainability Initiatives

• Strategic Partnership with Enwave for District Energy and GeoThermal – To accelerate RioCan’s capacity in designing and developing new sites that are climate resilient and low carbon, RioCan and Enwave Energy Corporation (“Enwave”) have established a strategic partnership. The partners will explore sustainable energy solutions and utilities to accelerate geothermal or district energy projects at certain of RioCan’s development projects. One of the first projects under this partnership is the approximately 1.3 million square foot mixed-use development project at RioCan Leaside Centre in Toronto. For this project, the partners will incorporate geothermal energy systems, an energy-efficient technology that uses far less energy and produces significantly less greenhouse gases than traditional HVAC systems.Enwave is the leading district energy provider in North America, best known for operating the world-renowned deep lake water cooling system in Toronto, as well as a number of other district energy and geothermal systems. Enwave and RioCan have previously partnered in the development of the innovative district energy and energy storage system at The Well™. In addition to the Enwave projects, RioCan has also deployed geothermal technology at the two rental residential buildings in its Frontier community in Ottawa.

• Electric Vehicle (“EV”) Charging stations – RioCan has partnered with a global EV Charging provider to install Level 3 EV charging stations at RioCan shopping centres across Canada. With 56 RioCan centres identified, 770 Level 3 EV chargers are anticipated to be installed and operational by 2026.In addition, RioCan has engaged LeadingAhead Energy to deploy Level 2 EV chargers nationwide for 304 more chargers at 56 select RioCan properties by the end of 2025.

• Solar Technology – RioCan has launched its solar panel program with a pilot installation at the Trust’s Lawrence Allen Centre (“LAC”) now in design and planning. The energy generated by this roof top solar system will be used directly by the property and any excess energy generated will provide additional savings through credits. Targeted for completion in 2023, this initial install is expected to generate almost 454,000 KWh of renewable electricity annually, providing electricity consumption savings of approximately 16%. Following this pilot, RioCan anticipates scaling solar panel installations across its portfolio at suitable sites.
• SmartCool ECO3 Technology – To reduce the run time and energy consumption of compressors in air conditioning and refrigeration systems, RioCan has successfully installed the SmartCool ECO3 technology at LAC. The ECO3 unit interfaces with existing controls and HVAC equipment to intercept signals between the thermostat and compressor to determine the optimal operating cycle. Upon installation on LAC’s rooftop, HVAC performance data demonstrated an average reduction in electricity consumption of approximately 24% for cooling. Following this successful pilot, RioCan plans to expand this initiative to eight additional properties over the next two years.

• Battery Storage – RioCan is currently in the final planning stages to install battery storage at Yonge Eglinton Centre (“YEC”), the 1.1 million square feet mixed-use complex in mid-town Toronto, where RioCan is head-quartered. This project is expected to be complete by the end of 2023. Storing energy in batteries is an efficient and sustainable way to use electricity captured during off-peak hours, when the energy grid is the cheapest and greenest, for use during peak hours. Battery storage helps to stabilize the flow of electricity for a more flexible and reliable grid and provides cost savings by avoiding peak hour pricing. Upon completion, battery stored energy at YEC is expected to generate approximately $2.5 million in savings based on the current electricity pricing curve.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2022, our portfolio is comprised of 202 properties with an aggregate net leasable area of approximately 35.9 million square feet (at RioCan's interest) including office, residential rental and 12 development properties. To learn more about us, please visit www.riocan.com.

Forward-Looking Information

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, its 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 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 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.

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.

For further information contact:

RioCan Real Estate Investment Trust
Kim Lee
Vice President, Investor Relations
416-646-8326