Mr. Jonathan Gitlin of RioCan reports

RIOCAN AND ALLIED ANNOUNCE RETAIL TENANT ROSTER AT THE WELL

RioCan Real Estate Investment Trust and Allied Properties Real Estate Investment Trust have provided the initial retail tenant roster for the Well. New tenants slated to open include a curated mix of beloved local brands, innovative concepts, multinationals and new entries into the Toronto market.

"RioCan and Allied are very excited to welcome retail tenants to the Well, our flagship mixed-use development in Toronto. RioCan has carefully curated a mix of dynamic and diverse tenants that define the Well as an extension of the vibrant and thriving King West district," said Jonathan Gitlin, president and chief executive officer of RioCan. "The ideal combination of location, thoughtful pedestrian-focused design, and community building establishes the Well as a quintessential urban hub hosting office workers and residents and attracting many more as a popular destination for shopping, dining and special events."

Incoming retail tenants represent exciting new opportunities to eat, shop, experience and connect at the Well and include necessity-based, experiential and service-oriented retailers. A complete listing of retail tenants can be found on the Well's website, including those showcased herein.

• Food: Each new restaurant and bar at the Well are an intentionally designed integration of culinary experiences that celebrate Toronto's diverse food scene. The 38th floor of the Well's office tower features the highly anticipated Aera restaurant with an expansive rooftop patio that provides dramatic views of Toronto and Lake Ontario. With more than 55 food purveyors, The Wellington Market will offer everything from core essentials to the adventurous, complemented by National, a beer market inspired by North American tastes, with food, games, events and select craft beers. The Wellington Restaurants present a full suite of inspired restaurants and bars and include new concepts such as La Plume, The Dorset and Bridgette Bar; Montreal favourites Mandy's Gourmet Salads and L'Avenue; as well as the debut of LuLu Bar.
• Health and wellness: Catering to the well-being of guests, the Well offers a host of health-focused amenities, including previously announced Sweat and Tonic, a fitness and wellness boutique, and Shoppers Drug Mart, Canada's largest pharmacy. HealthOne Medical & Wellness is a full-service medical clinic offering medical, dental, rehab, wellness, mental health, optometry and skin clinic; an all-in-one centre will also be at the Well.
• Everyday conveniences: In keeping with the open street and pedestrian-centred environment of the Well is a host of retailers offering everyday conveniences, including barista-style cafes such as De Mello Coffee, Fix Coffee + Bikes and Quantum Coffee. For 24-hour-a-day/seven-day-a-week convenience, Aisle 24, a fully automated, cashier-less grocery store, will open its newest store serving residents and visitors at the Well. Other convenient amenities include personal banking with Bank of Montreal, Royal Bank and Scotiabank branches as well as beauty and grooming from Etiket, Room1six, and Vie Nail & Beauty Salon.
• Elevated retail: Reinforcing the Well's seemingly endless amenities, retailers from multinationals to independent boutiques are setting up shop. Recognizable brands include consumer favourites such as Adidas, Indigo, Structube, The Bone & Biscuit, Bailey Nelson, and Le Creuset. Most recently, Sephora and Frank & Oak will join the Well's roster of tenants. Leaning into the Well's King West character is a slate of chic boutiques, including Black Rooster Decor, Design Republic, Giotelli, Gotstyle, Groovy Shoes and Suetables.

Retail tenants are expected to physically open in phases through the remainder of 2023 and into 2024. As RioCan and Allied finalize additional lease deals, more announcements of exciting retailers opening at the Well are forthcoming. To celebrate the openings, a ribbon-cutting event is scheduled for Nov. 17, 2023, at the Well.

Office and residential update:

• Office: The 38-storey, 1.2-million-square-foot office space at the Well is stabilized at 98 per cent leased. The office component of the Well is registered under the LEED green building rating system and is targeting a LEED Platinum certification.
• Residential: Residences at the Well comprise six buildings offering approximately 1,700 condominium and purpose-built rental suites. FourFifty The Well, the residential rental tower at the Well, is owned by RioCan in partnership with Woodbourne Canada Partners. This 46-storey, 592-unit luxury residential rental tower offers modern amenities, superior services and direct access to the Well's commercial conveniences through its retail podium. This building commenced preleasing in March, 2023, and is currently 30 per cent leased. With tenant move-ins starting on Aug. 1, 2023, FourFifty The Well is now 21 per cent occupied. Woodbourne owns the other two residential rental buildings, totalling 330 units, which have achieved 65 per cent leased in aggregate. For the three condominium buildings, developed by Tridel Builders Inc., occupancy has commenced for two of the buildings. Occupancy activity for residences at the Well further underscore the desirability and demand for this mixed-use community.

About the Well

The Well is a joint venture between RioCan and Allied. Situated at Front, Spadina and Wellington, spanning more than three million square feet, the Well comprises seven mixed-use towers and mid-rise buildings. This interconnected mixed-used development introduces new residential housing, a relevant urban streetscape of retail experiences and concepts in approximately 320,000 square feet of indoor and outdoor space and workspace solutions for thousands of users across 1.2 million square feet of office. Once complete, the Well will draw people from down the street and across the globe to eat, shop, work, live and play in Toronto.

About RioCan Real Estate Investment Trust

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, 2023, the REIT's portfolio comprises 193 properties with an aggregate net leasable area of approximately 33.5 million square feet (at RioCan's interest) including office, residential rental and 11 development properties.

About Allied Properties Real Estate Investment Trust

Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

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