TORONTO, 2017-Dec-04 — /EPR Retail News/ — RioCan Real Estate Investment Trust(“RioCan”) (TSX:REI.UN) today ( Dec. 01, 2017) is pleased to announce that it will increase its monthly distribution to unit holders to 12 cents per unit commencing with the January 2018 distribution, payable in February 2018. On an annualized basis, this will increase RioCan’s annualized distribution by 3 cents to $1.44 per unit, or approximately 2.1% per unit.
Edward Sonshine, Chief Executive Officer of RioCan, said, “We are very pleased to announce the first increase in RioCan’s distribution since 2013. This increase not only reflects the growth that we have been able to achieve but also the confidence that we have in our ability to continue to grow our funds from operations even while executing our $2 billion disposition program. We are making great progress delivering our strategic vision for RioCan, and we remain committed to managing our payout ratio with the goal to provide continued growth in our distributions with the future growth in our cash flow.”
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $13.9 billion at September 30, 2017. 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. Our portfolio is comprised of 294 properties, including 16 development properties, with an aggregate net leasable area of approximately 45 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements concerning RioCan’s distributions, future cash flows and its disposition strategy, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, 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.
Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended September 30, 2017 (“MD&A”), which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), occupancy levels and defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; lease renewals and rental increases; the ability to re-lease and find new tenants for vacant space; retailer competition; changes in Ontario’s rent control legislation; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property, the timing and the ability of RioCan to sell certain properties; and the valuations to be realized on property sales relative to current IFRS values; unexpected costs or liabilities related to acquisitions and dispositions; development risk associated with construction commitments, project costs and related approvals; environmental matters; litigation; reliance on key personnel; unitholder liability; income, sales and land transfer taxes; and credit ratings.
Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
RioCan Real Estate Investment Trust
Senior Vice President and Chief Financial Officer
Source: RioCan Real Estate Investment Trust/globenewswire