Q2 2009 Report to Unitholders - English version (PDF 1.78 ... - RioCan

MANAGEMENT’S DISCUSSION AND ANALYSIS
As at June 30, 2009
Acquisition and development expenditures incurred to date
RioCan’s interest
Estimated remaining construction
expenditures to complete
Estimated remaining development activity
to be funded by RioCan
Current development
(thousands of dollars)
Estimated Amount Amount
RioCan’s % project cost included in included in Partners’ RioCan’s Partners’ 2011 & Future
ownership –100% (iii) IPP PUD Total interest Total interest interest Total 2009 2010 thereafter development
RioCan owned:
Avenue Road, 100% $ 26,614 $ – $ 15,214 $ 15,214 $ – $ 15,214 $ 11,400 $ – $ 11,400 $ 8,620 $ 2,160 $ 620 $ 0
Toronto, ON
Barrie Essa Road, 100% 44,324 26,486 5,668 32,154 – 32,154 12,170 – 12,170 152 213 252 11,553
Barrie, ON (i)
Eglinton Avenue & 100% 46,309 – 22,782 22,782 – 22,782 23,527 – 23,527 15,991 2,505 382 4,649
Warden Avenue,
Toronto, ON
Queen Street & 100% 36,486 – 3,819 3,819 – 3,819 32,667 – 32,667 6,384 25,357 926 –
Portland Street,
(iv)
Toronto, ON
RioCan 100% 29,498 11,325 2,538 13,863 – 13,863 15,635 – 15,635 251 182 182 15,020
Renfrew Centre,
Renfrew, ON
183,231 37,811 50,021 87,832 – 87,832 95,399 – 95,399 31,398 30,417 2,362 31,222
Co-ownerships:
Trinity
Clappison’s 50% 52,197 9,840 10,382 20,222 20,222 40,444 5,876 5,877 11,753 1,067 1,172 313 9,201
Crossing,
Hamilton, ON
Corbett Centre, 62.5% 46,252 9,549 4,830 14,379 8,628 23,007 14,528 8,717 23,245 1,641 344 359 20,901
Fredericton, NB
Gravenhurst, ON 33.3% 59,501 8,219 3,138 11,357 22,714 34,071 8,476 16,954 25,430 411 169 95 7,801
Hazeldean Road, 33.3% 62,118 – 6,094 6,094 12,186 18,280 14,612 29,226 43,838 (59) 10,739 1,065 32,093
Ottawa, ON
Highway 401 & 25% 40,465 4,768 658 5,426 16,277 21,703 4,690 14,072 18,762 74 – – 9,307
Thickson Road –
Phase I, Whitby, ON
Innes Road & 33.3% 62,050 – 6,304 6,304 12,610 18,914 14,379 28,757 43,136 7,851 4,189 1,235 29,861
Belcourt Boulevard,
Ottawa, ON
Okotoks, AB 50% 37,830 – 3,038 3,038 3,036 6,074 15,878 15,878 31,756 4,590 899 177 18,151
RioCan Centre 31.25% 86,214 5,244 10,734 15,978 40,240 56,218 9,374 20,622 29,996 973 154 160 8,087
Vaughan,
Vaughan, ON
Stouffville, ON 34% 43,492 – 6,418 6,418 12,458 18,876 8,369 16,247 24,616 114 – – 24,502
490,119 37,620 51,596 89,216 148,371 237,587 96,182 156,350 252,532 16,662 17,666 3,404 159,904
CPPIB
RioCan Meadows, 50% 36,541 28,690 3,840 32,530 709 33,239 1,827 1,475 3,302 115 237 – 1,475
Edmonton, AB (ii)
36
CPPIB/Trinity
East Hills, 37.5% 346,892 – 17,658 17,658 29,430 47,088 112,426 187,378 299,804 7,047(v) 726 747 160,119
Calgary, AB
Jacksonport, 25% 184,058 – 12,932 12,932 38,796 51,728 33,084 99,246 132,330 3,238 1,061 1,007 60,860
Calgary, AB
St. Clair Avenue & 25% 135,846 – 7,350 7,350 22,049 29,399 26,611 79,836 106,447 595 687 728 51,213
Weston Road,
Toronto, ON
666,796 – 37,940 37,940 90,275 128,215 172,121 366,460 538,581 10,880 2,474 2,482 272,192
Other
Westney Road 20% 48,109 – 2,969 2,969 10,831 13,800 6,862 27,447 34,309 901 1,291 174 4,496
& Taunton Road,
Ajax, ON
Windfield Farms, 33.3% 195,723 – 10,077 10,077 20,154 30,231 55,164 110,328 165,492 225 427 – 54,512
Oshawa, ON (i)
243,832 – 13,046 13,046 30,985 44,031 62,026 137,775 199,801 1,126 1,718 174 59,008
$1,620,519 $ 104,121 $ 156,443 $ 260,564 $ 270,340 $ 530,904 $ 427,555 $ 662,060 $1,089,615 $ 60,181 $ 52,512 $ 8,422 $ 523,801
(i) Included (or a portion thereof) in properties held for resale.
(ii) As discussed under “Co-ownership Activities Included in Income Properties”, 50% of this development is subject to a forward sale to CPPIB.
As a result, only RioCan's interest is reported.
(iii) Proceeds from sale to shadow anchors reduce projected cost at cost.
(iv) Estimated project cost has been reduced by the $11.5 million lease termination payment received in January 2009.
(v) Includes Phase II land purchase.