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RioCan Real Estate Investment Trust Announces 2% Growth in Operating Funds From Operations in First Three Months of 2014

TORONTO, ONTARIO -- (Marketwired) -- 05/13/14 -- RioCan's (TSX: REI.UN) HIGHLIGHTS for the three months ended March 31, 2014 were:


--  RioCan's Operating FFO increased by 2% to $127 million for the three
    months ending March 31, 2014 ("first quarter") compared to $124 million
    in the first quarter of 2013. On a per unit basis, Operating FFO
    increased 2% to $0.42 per unit from $0.41 per unit in the same period of
    2013;
--  RioCan's concentration in Canada's six major markets has increased to
    72.2% from 71.7% at December 31, 2013;
--  On January 29, 2014, RioCan and its partners, Allied Properties REIT and
    Diamond Corporation, announced The Well. This mixed use development
    project is located at the corner of Front Street and Spadina Avenue in
    close proximity to downtown Toronto on a 7.7 acre site, and the partners
    have filed a rezoning application for up to 3.7 million square feet of
    retail, office and residential properties;
--  Overall occupancy was in line at 96.8% as of March 31, 2014, compared to
    96.9% at December 31, 2013;
--  RioCan renewed 1,282,000 square feet in the Canadian portfolio during
    the first quarter at an average rent increase of $1.02 per square foot,
    representing an increase of 7.0%;
--  During the first quarter, RioCan's same store growth was 3.1% in Canada
    and 3.0% in the US;
--  As at March 31, 2014, RioCan had ownership interests in 16 properties
    under development that will, upon completion, comprise approximately
    10.8 million square feet at RioCan's interest, all located in major
    markets in Canada`;
--  During the first quarter, RioCan acquired interests in two income
    properties in Canada and the US at an aggregate purchase price of
    approximately $21 million at RioCan's interest at a weighted average
    capitalization rate of 6.7%;
--  During the first quarter, RioCan sold three properties located in
    secondary markets aggregating 472,000 square feet at a total sale price
    of $51 million; and
--  During the quarter, RioCan completed the offering of $150 million Series
    U debentures, which carry a coupon of 3.62% and maturity date of June 1,
    2020.

RioCan Real Estate Investment Trust ("RioCan") today announced its financial results for the three months ended March 31, 2014.

"We are quite satisfied with RioCan's first quarter results. RioCan's portfolio continued to generate positive Operating FFO per unit growth in the first quarter in spite of a smaller portfolio on a comparative basis, and notwithstanding significant investment in our development program and management information technology, both of which are part of our focus on the future," said Edward Sonshine, Chief Executive Officer of RioCan. "The portfolio of development, redevelopment and intensification assets that RioCan has assembled will be an impressive engine for RioCan's continued growth. This portfolio that will generate long term returns that will be completed in a staggered manner. When considering the potential opportunities within this portfolio, we expect to be able to add new projects as others are completed to maintain this growth profile and to reposition certain assets in our core markets, while at all times managing risk and exposure in a responsible manner."

Financial Highlights

All figures in Canadian dollars unless otherwise noted. RioCan's results are prepared in accordance with International Financial Reporting Standards ("IFRS"). Consistent with RioCan's management framework, management uses certain financial measures to assess RioCan's financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. For a full definition of these measures, please refer to the "Use of Non-GAAP Measures" in RioCan's first quarter 2014 Management Discussion and Analysis.



----------------------------------------------------------------------------
In millions except percentages and per
 unit values                                Three months ended March 31,
----------------------------------------------------------------------------
                                             2014     2013          % change
----------------------------------------------------------------------------
Operating FFO                                $127     $124                2%
----------------------------------------------------------------------------
Operating FFO per Unit                      $0.42    $0.41                2%
----------------------------------------------------------------------------


----------------------------------------------------------------------------
                                                    Three months ended March
In $millions                                                             31,
----------------------------------------------------------------------------
                                                            2014        2013
----------------------------------------------------------------------------
Net earnings attributable to common and preferred
 unitholders                                                $171        $163
----------------------------------------------------------------------------
Net earnings before taxes and fair value adjustment         $105        $114
----------------------------------------------------------------------------


----------------------------------------------------------------------------
In $millions. As at                                    March 31,   March 31,
                                                            2014        2013
----------------------------------------------------------------------------
Total enterprise value (1)                                14,549      14,411
----------------------------------------------------------------------------
Total assets - at RioCan's interest(1)                    13,820      12,993
----------------------------------------------------------------------------
Debt(1) (mortgages and debentures payable - at             6,124       5,748
 RioCan's interest)
----------------------------------------------------------------------------

(1) Based on RioCan's proportionate share including joint ventures accounted
for under the equity method of accounting

Operating FFO for the first quarter was $127 million ($0.42 per unit) compared to $124 million ($0.41 per unit) in the first quarter of 2013. The primary reasons for this increase were an increase in NOI from rental properties of $6 million, which includes the impact of the following items: higher rental income as a result of acquisitions, net of dispositions, same store growth of 3.1% for Canada and 3.0% for the US portfolio and the benefit of $3.2 million in favourable foreign currency gains from US operations offset by lower lease cancellation fees and straight line rent of $2.4 million, and a decrease in interest expense of $3 million (including $1 million unfavourable impact of foreign exchange). These increases to Operating FFO were partially offset by a decrease in other revenue of $5 million due to lower development fees generated on joint venture projects. Operating FFO was also impacted by an increase in general and administrative costs of $2 million due primarily to increased information technology costs associated with the Trust's implementation of a new ERP and financial reporting system during the quarter as well as certain related one-time costs.



Same Store and Same Property NOI

-------------------------------------------------------------
                                           Three months ended
                                               March 31, 2014
Canada                                         year over year
-------------------------------------------------------------
 Same Store Growth                                       3.1%
-------------------------------------------------------------
 Same Property Growth                                    2.6%
-------------------------------------------------------------
United States
-------------------------------------------------------------
 Same Store & Property Growth                            3.0%
-------------------------------------------------------------

Leasing and Operational Highlights:

----------------------------------------------------------------------------
                2014              2013                        2012
----------------------------------------------------------------------------
(thousands
 of square
 feet,
 millions of   First  Fourth   Third  Second   First  Fourth   Third  Second
 dollars)    quarter quarter quarter quarter quarter quarter quarter quarter

----------------------------------------------------------------------------
Committed
 occupancy     96.8%   96.9%   97.0%   96.7%   97.0%   97.4%   97.3%   97.4%
Economic
 occupancy     95.7%   95.8%   95.5%   95.4%   95.8%   95.9%   95.5%   95.5%
NLA leased
 but not
 paying rent     519     542     716     642     615     711     855     871
Annualized
 rental
 impact        $13.0   $14.0   $17.0   $15.0   $15.0   $15.0   $18.0  $ 18.0
Retention
 rate -
 Canada (i)    91.2%   97.0%   91.1%   95.9%   68.3%   94.3%   84.8%   89.9%
% increase
 in average
 net rent
 per sq ft -
 Canada         7.0%    8.8%   11.2%   12.0%   13.4%   18.4%   12.9%   13.4%
Retention
 rate - US     86.4%   98.2%   98.4%   92.0%   98.8%   87.6%   96.3%   84.2%
% increase
 in average
 net rent
 per sq ft -
 US             8.3%    4.8%    3.8%    4.3%    2.3%    5.1%      6%    7.3%
Average in
 place rent   $16.01  $16.08  $16.07  $15.77  $15.77  $15.70  $15.85  $15.33
Same store
 growth (ii)
 - Canada       3.1%    2.7%    2.2%    0.6%    0.1%    0.2%    0.0%    1.5%
Same store
 growth (ii)
 - US           3.0%    1.7%    0.9%    1.4%    1.4%    1.9%  (0.3)%    1.3%
----------------------------------------------------------------------------

(i) - Includes impact of the vacancy of Zellers totalling 188,000 sq ft at
100% (100,500 sq ft at RioCan's interest) during the quarter. Retention
excluding Zellers is 81.1%.

(ii) - Refers to the growth in same store on a year over year basis

Highlights:


--  During the quarter, RioCan renewed 1.3 million square feet (2013 -
    808,000 square feet) in the Canadian portfolio at an average rent
    increase of $1.02 per square foot (2013 - $1.93 per square foot),
    representing an increase of 7.0% and a renewal retention rate of 91.2%.
    The proportion of tenant expiries at fixed versus market rental rate
    options increased substantially from the first quarter of 2013. This has
    resulted in a lower increase in average net rent per square foot in
    Canada this quarter, as has been experienced in prior quarters;

--  RioCan's Canadian portfolio is concentrated in Canada's six high growth
    markets (consisting of Calgary, Edmonton, Montreal, Ottawa, Toronto and
    Vancouver). Assets in these markets contribute about 72.2% of RioCan's
    Canadian annualized rental revenue (71.7% at December 31, 2013). The
    increase in the past quarter was accomplished through the sale of
    certain assets in secondary markets;

--  National and anchor tenants represented about 86.4% of RioCan's total
    annualized rental revenue at March 31, 2014, a slight increase compared
    to 86.0% at March 31, 2013; and

--  No individual tenant comprised more than 4.4% of annualized rental
    revenue. At March 31, 2014, Loblaws/No
    Frills/Fortinos/Zehrs/Maxi/Shoppers Drug Mart was RioCan's largest
    revenue source.

Portfolio Activity and Acquisition Pipeline

During the first quarter, RioCan completed two acquisitions of interests in income producing properties for a total purchase price of $21 million in Canada and the US with a weighted average capitalization rate of 6.7%.

Acquisitions Completed in the First Quarter

Canada


--  RioCan acquired the remaining 40% interest in Whiteshield Plaza,
    bringing RioCan's interest in the property to 100%. White Shield Plaza
    is a 156,000 square foot grocery anchored shopping centre located in
    Toronto, Ontario. The additional 40% interest was acquired at a purchase
    price of $11 million, representing a capitalization rate of 5.5%. In
    connection with the acquisition, RioCan assumed outstanding mortgage
    financing of $8 million, which was subsequently repaid.

United States


--  The acquisition of a 100% interest in a 64,329 square foot single-tenant
    building at Riverpark Shopping Center in SugarLand (Houston), Texas. The
    purchase price for the building, which is tenanted by Gander Mountain,
    was $10 million, which equates to a capitalization rate of 8.0%. The
    building was acquired free and clear of financing. RioCan owns a 100%
    interest in the Riverpark Shopping Center a 375,599 square foot new
    format retail centre.

Acquisitions Under Contract (Firm)

RioCan has one income property under firm contract in Canada that would represent an acquisition of $22 million, at a capitalization rate of 6.8%.

Canada


--  RioCan has the acquisition of University Plaza under firm contract at a
    purchase price of $22 million at a capitalization rate of 6.8%.
    University Plaza is an open format retail centre anchored by Shoppers
    Drug Mart located in Hamilton, Ontario with NLA of 113,000 square feet.
    The property will be acquired free and clear of financing and the
    acquisition is expected to close in the second quarter of 2014. This
    purchase will integrate well with RioCan's existing shopping centre,
    Miracle Plaza, a 84,000 square foot centre anchored by a Metro grocery
    store, and will enable RioCan to create management and operating
    efficiencies on both of these assets.

Acquisitions Under Contract (Conditional)

RioCan has income property acquisitions under contract in Canada where conditions have not yet been waived that, if completed, will represent acquisitions of $31 million, at RioCan's interest. These transactions are undergoing due diligence procedures and while efforts will be made to complete the transactions, no assurance can be given.

Acquisition Pipeline

RioCan is currently in negotiations regarding property acquisitions in Canada that, if completed, represent approximately $100 million of additional acquisitions at RioCan's interest. These transactions are in various stages of negotiations and while efforts will be made to complete these negotiations, no assurance can be given.

Disposition Pipeline

During the first quarter, RioCan had dispositions of $51 million during the three months ended March 31, 2014, as follows:


--  On January 28, 2014, RioCan sold its 100% interest in Madawaska Centre,
    located in Edmundston, New Brunswick for $1 million.
--  On January 31, 2014, RioCan sold its 100% interest in Mega Centre
    Beauport located in Quebec City for $47 million, which equates to a
    capitalization rate of 6.0%. Mega Centre Beauport is a 183,000 square
    foot new format retail centre and tenanted by Cineplex, Sports Experts
    and Future Shop.

--  On February 27, 2014, RioCan sold its 26,000 square foot interest
    (52,000 square feet at 100%) in the Canadian Tire unit at Millcroft
    Shopping Centre in Millcroft, Ontario for $3 million at RioCan's
    interest. The sale of this unit took place as another tenant at the
    centre exercised an option on its lease to acquire the unit.

Development Portfolio

As at March 31, 2014, RioCan had ownership interests in 16 greenfield development projects that will, upon completion, comprise about 11 million square feet (6 million square feet at RioCan's interest). In addition to its development projects, RioCan continued its urban intensification activities, primarily in the Toronto, Ontario market.

Development acquisitions completed during the First Quarter

During the three months ended March 31, 2014, RioCan acquired interests in six development properties at an aggregate purchase price of $138 million, at RioCan's interest.

Details of the current quarter development site acquisitions are as follows.


--  The January 10, 2014 acquisition by the joint venture between RioCan and
    Kimco of a portion of the retail portion of the condo development at
    Brentwood Village. The retail development was acquired at a purchase
    price of $7 million ($3.5 million at RioCan's equity) and was acquired
    free and clear of financing. The acquisition price was based on a pre-
    existing agreement with the developer, rather than based on a fair value
    determined via capitalized NOI. The joint venture acquired the portion
    of the property where development has been completed (approximately
    24,000 square feet out of an total of 38,000 square feet of retail space
    to be provided by the developer). Tenants will begin operating in the
    new retail area in August 2014. Brentwood Village is an unenclosed
    community shopping centre with anchor tenants including Sears Whole
    Home, Safeway, and London Drugs, and national tenants including Pier 1
    Imports, Sleep Country, Penningtons, TD Canada Trust, Bank of Montreal
    and Harvey's.
--  The January 24, 2014 acquisition of a 100% interest in 1860 Bayview
    Avenue in Toronto, Ontario. 1860 Bayview Avenue is a development site
    located at the northwest corner of Bayview Avenue and Broadway Avenue in
    the Leaside area of Toronto. KingSett and Trinity Development Group are
    currently developing a grocery-anchored centre on the site, and RioCan
    has acquired the site on a forward purchase basis at an expected
    purchase price on completion of $58 million, at a capitalization rate of
    5.4%. Equity acquired in the quarter was $26 million. Once completed,
    the centre will consist of approximately 83,084 square feet of retail
    space and will be anchored by a 52,420 square foot Whole Foods grocery
    store.
--  The March 5, 2014 acquisition of a 50% interest in 31 Roehampton Avenue,
    a 30-unit apartment building located at the corner of Yonge Street and
    Roehampton Avenue in Toronto, Ontario, at a purchase price of $8 million
    ($4 million at RioCan's interest). The acquisition forms part of the
    existing Northeast Yonge Eglinton land assembly, acquired initially in
    2011 with Metropia and Bazis for the purpose of redeveloping into a
    mixed-use retail and residential property. RioCan and its partners have
    obtained zoning approval and the redevelopment commenced in April 2014.
--  The March 31, 2014 acquisitions of Trinity's interests in three
    development projects: RioCan acquired Trinity's 25% interest in each of
    The Stockyards, Toronto, Ontario and McCall Landing, Calgary, Alberta
    and 10% interest in East Hills, Calgary, Alberta at an aggregate
    purchase price of $105 million. In connection with the acquisition of
    the additional interest in The Stockyards, RioCan assumed mortgage
    financing of $24 million. RioCan will take over as development manager
    for each of the development sites. RioCan will also assume
    responsibility for all leasing activities with respect to the
    properties. Upon completion, RioCan will provide asset and property
    management functions on behalf of its partners as previously agreed
    upon.

Development Property Acquisitions Subsequent to Quarter End


--  Subsequent to March 31, 2014, RioCan acquired the remaining 40% interest
    in the Kromer parcel of the College & Bathurst land assembly from
    Trinity at a purchase price of $11 million. The consideration received
    by Trinity was used to repay, in full, the outstanding mezzanine
    financing principal and accrued interest in the amount of $7 million on
    the project, in conjunction with the transaction closing.
--  On May 9, 2014, RioCan acquired its partner's interests in another
    development property (100% of the industrial component and 50% of the
    retail component) at a purchase price of $11 million. As a result of
    this transaction, RioCan now has a 100% ownership interest in the
    industrial component and an 81% ownership interest in the retail
    component. The consideration received by the partner was used to repay,
    in full, the outstanding mezzanine financing principal and accrued
    interest in the amount of $11 million on the project, in conjunction
    with the transaction closing.

Development Property Acquisitions under Contract

RioCan currently has two development sites in Canada under firm contract where conditions have been waived that, if completed, represent acquisitions of $20 million at RioCan's interest.


--  The acquisition of lands adjacent to Calaway Park, a 35 acre parcel of
    land located approximately 25 kilometres west of Calgary, Alberta. The
    site is to be acquired on a 50/50 joint venture basis between RioCan and
    Tanger at a purchase price of $28 million ($14 million at RioCan's
    interest). The site would be acquired free and clear of financing and
    RioCan would acquire a managing interest in the development property.
    The site represents an opportunity for the RioCan/Tanger joint venture
    to enter the Calgary market with the intention to develop the land into
    an outlet centre of approximately 350,000 square feet. The acquisition
    is expected to close in the second quarter of 2014.
--  The acquisition of a 50% interest in the site where TD Bank is currently
    located at the North East corner of Yonge and Eglinton in Toronto,
    Ontario, at a purchase price of $12 million ($6 million at RioCan's
    interest). The acquisition is expected to close in the third quarter of
    2014 and will form part of the existing northeast Yonge Eglinton land
    assembly, acquired in 2011 with Metropia and Bazis for the purpose of
    redeveloping into a mixed-use retail and residential property. RioCan
    and its partners obtained zoning approval and the redevelopment is
    slated to commence in 2014.

Additionally, RioCan has $4 million of development sites in Canada (at RioCan's interest) under contract where conditions have not yet been waived. These transactions are in various stages of due diligence and while efforts will be made to complete these transactions, no assurance can be given.

Liquidity and Capital


----------------------------------------------------------------------------
                                       Quarter          Rolling 12
                                     Ended (i)       months ended (ii)
----------------------------------------------------------------------------
                                     March 31,      March 31,   December 31,
                                          2014           2014           2013
----------------------------------------------------------------------------
Interest coverage ratio -
 RioCan's interest                       3.20x          2.85x          2.83x
----------------------------------------------------------------------------
Debt service coverage ratio -
 RioCan's interest                       2.34x          2.12x          2.10x
----------------------------------------------------------------------------
Fixed charge coverage ratio -
 RioCan's interest                       1.12x          1.06x          1.06x
----------------------------------------------------------------------------
Net debt to Adjusted EBITDA
 ratio - RioCan's interest               7.91x          7.86x          7.56x
----------------------------------------------------------------------------
Net Operating debt to Operating
 EBITDA - RioCan's interest              7.53x          7.49x          7.24x
----------------------------------------------------------------------------
Unencumbered assets (millions)          $2,278                        $2,068
----------------------------------------------------------------------------
Unencumbered assets to
 unsecured debt                           141%                          142%
----------------------------------------------------------------------------

(i) Excludes capitalized interest
(ii) Includes capitalized interest

Financing Highlights for the First Quarter

Unencumbered Assets

As at March 31, 2014, RioCan's unencumbered asset pool was comprised of 108 assets with an aggregate fair value of $2.3 billion.

Credit Facilities

At March 31, 2014, RioCan has four revolving lines of credit in place with three Canadian chartered banks, having an aggregate capacity of $640 million.

Subsequent to the quarter, RioCan added a fifth operating line by converting an existing non-revolving term loan (that matured in 2014) into a revolving facility. The new facility has a capacity of $67.5 million with pricing similar to RioCan's other operating lines and a maturity date of December 2015. This facility brings RioCan's aggregate limit to $707.5 million.

Term Financing

Canada


--  RioCan obtained approximately $10 million of fixed-rate mortgage
    financing at a weighted average interest rate of 3.42% with a weighted
    average term to maturity of 4.9 years.
--  During the first quarter RioCan issued $150 million Series U ten year
    senior unsecured debentures at an interest rate of 3.62% maturing June
    1, 2020.

US


--  RioCan obtained approximately $6 million of fixed-rate mortgage
    financing at a weighted average interest rate of 4.42% with a weighted
    average term to maturity of 9.7 years.

Trust Units

On July 25, 2013, RioCan announced the TSX approval of its notice of intention to make a normal course issuer bid ("NCIB") for a portion of its Units as appropriate opportunities arise from time to time. During the first quarter RioCan did not make any purchases of Trust Units.

RioCan's Consolidated Financial Statements, Management's Discussion and Analysis for the three months ended March 31, 2014 is available on RioCan's website at www.riocan.com.

Conference Call and Webcast

Interested parties are invited to participate in a conference call with management on Tuesday, May 13, 2014 at 11:00 a.m. eastern time. You will be required to identify yourself and the organization on whose behalf you are participating.

In order to participate, please dial 416-340-2218 or 1-866-226-1793. If you cannot participate in the live mode, a replay will be available until June 10, 2014. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 4629601#.

Scheduled speakers include Edward Sonshine, O.Ont. Q.C., Chief Executive Officer, Fred Waks, President and Chief Operating Officer and Rags Davloor, Executive Vice President and Chief Financial Officer. Management's presentation will be followed by a question and answer period. To ask a question, press "star 1" on a touch-tone phone. The conference call operator will be notified of all requests in the order in which they are made, and will introduce each questioner.

Alternatively, to access the simultaneous webcast, go to the following link on RioCan's website http://investor.riocan.com/Investor-Relations/Events-Webcasts/default.aspx and click on the link for the webcast. The webcast will be archived 24 hours after the end of the conference call and can be accessed for 120 days.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.5 billion as at March 31, 2014. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 340 retail properties containing approximately 82 million square feet, including 47 grocery anchored and new format retail centres containing 13 million square feet in the United States as at March 31, 2014. RioCan's portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.

Non-GAAP measures

RioCan's consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan's management framework, management uses certain financial measures to assess RioCan's financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. The following measures, Funds From Operations ("FFO"), Operating Funds From Operations ("Operating FFO"), Adjusted Net Operating Income, and Adjusted Earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as well as other measures discussed elsewhere in this 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 uses these measures to better assess the Trust's underlying performance and provides these additional measures so that investors may do the same. Non GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan's performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the "Use of Non-GAAP Measures" in RioCan's first quarter 2014 Management Discussion and Analysis.

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this News Release (including the sections entitled "Highlights for the three ended March 31, 2014", "Financial Highlights", "Leasing and Operational Highlights", "Portfolio Activity and Acquisition Pipeline", "Liquidity and Capital", and "Development Portfolio"), and other statements concerning RioCan's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements 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 statements reflect management's current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on RioCan's current estimates and assumptions, which are subject to risks and uncertainties, including those described under "Risks and Uncertainties" in RioCan's Management's Discussion and Analysis for the period ended March 31, 2014, which could cause actual events or results to differ materially from the forward-looking statements contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity in the global marketplace associated with economic conditions, tenant concentrations, occupancy levels, access to debt and equity capital, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, legal matters, reliance on key personnel, unitholder liability, income taxes, the investment in the United States of America ("US"), fluctuations in the currency exchange rate between the Canadian and US dollar and RioCan's qualification as a real estate investment trust for tax purposes. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification in high growth markets; access to equity and debt capital markets to fund, at acceptable costs, the future growth program to enable the Trust to refinance debts as they mature; and the availability of purchase opportunities for growth in Canada and the US. 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 these forward-looking statements. Certain statements included in this News Release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this News Release.

The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the "SIFT Provisions"). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a real estate investment trust ("REIT"). RioCan currently qualifies as a REIT and intends to continue to qualify for future years. Should this not occur, certain statements contained in this News Release may need to be modified.

Except as required by applicable law, RioCan under takes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts:
RioCan Real Estate Investment Trust
Rags Davloor
Executive Vice President & CFO
(416) 642-3554

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ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
IndependenceIT has been selected by nGenx to power Windows-based DaaS and application delivery on Google Compute Engine to support the delivery of GoldMine Cloud software. For independent software vendors (ISVs) like GoldMine, this expands the theater of operations to increase revenue opportunities while reducing software management and maintenance liabilities. IndependenceIT was selected by application and desktop pioneer, nGenx, to deliver its “Bring Your Own Cloud” strategy to GoldMine and o...
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, con...