RioCan Real Estate Investment Trust to increase its monthly distribution starting with January 2018

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.”

About RioCan
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.

Information, contact:
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer
416-866-3033

Source: RioCan Real Estate Investment Trust/globenewswire

RioCan Real Estate Investment Trust enters into an agreement with CT Real Estate Investment Trust for the sale of seven retail properties

TORONTO, Canada, 2017-Nov-30 — /EPR Retail News/ — RioCan Real Estate Investment Trust(“RioCan” or the “Trust”) (TSX:REI.UN) today announced that it has entered into an agreement with CT Real Estate Investment Trust (“CT REIT”) for the sale of seven retail properties, all of which are anchored by a Canadian Tire banner, for a total sale price of $200 million. The annualized income based on the first nine months of 2017 for the portfolio is approximately $12 million.

The sale is the first transaction to be completed as part of RioCan’s previously announced plan to accelerate its portfolio focus in Canada’s six major markets through the sale of approximately 100 properties located largely in secondary markets across Canada.

Edward Sonshine Chief Executive Officer of RioCan, said, “We are very pleased to report good progress on the execution of our accelerated strategy in such a short time. This transaction reinforces the quality and anticipated value of the properties allocated for sale, which are largely highly stable assets that appeal to a wide range of buyers. We have been very pleased with the initial response to the announcement, and we are in various stages of negotiations on several transactions representing properties that we expect to be able to provide more details on in the first quarter of 2018. Overall, we are very confident in our ability to complete our disposition program and execute our strategic vision within our initial timelines provided.”

The sales are subject to normal closing conditions with the majority expected to close in December 2017, and the remainder to close in the first quarter of 2018. The net proceeds will be used to pay down debt, fund unit repurchases through RioCan’s Normal Course Issuer Bid program and fund the Trust’s development activities. Since the renewal of the program on October 20, 2017, RioCan has purchased 2,526,687 units at an average purchase price of $25.54.

The properties included in the agreement are:

Property Name Location Net Leasable Area (sf.)
Collingwood Centre Collingwood, ON 210,000
Goodlife Centre St. Catharines, ON 144,000
Orillia Square Mall Orillia, ON 318,000
Parkland Mall Yorkton, SK 264,000
Southwinds Crossing Oliver, BC 73,000
Sudbury Place Sudbury, ON 148,000
Upper James Plaza Hamilton, ON 126,000

As previously disclosed, RioCan’s accelerated strategy is intended to further enhance the quality, growth profile and resilience of the Trust’s portfolio of retail focused, increasingly mixed-use properties located in prime, high density, transit oriented areas where Canadians want to shop, live and work.

About RioCan
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 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.

CONTACT INFORMATION

Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018 | sonshine@riocan.com

Source: RioCan Real Estate Investment Trust/ GLOBE NEWSWIRE

RioCan REIT and Allied Properties REIT: residential condominium units at King Portland Centre are substantially sold out

TORONTO, Canada, 2017-Oct-23 — /EPR Retail News/ — RioCan REIT (TSX:REI.UN) and Allied Properties REIT (TSX:AP.UN) today announced that the residential condominium units at King Portland Centre are substantially sold out, subject to customary closing conditions and rights of rescission. RioCan and Allied expect the profitability of these units to exceed initial expectations.

King Portland Centre is located at the northwest corner of King Street West and Portland Avenue in the heart of Toronto’s King West neighbourhood. In addition to the strength of its location, the development is unique, in that it will incorporate a restored heritage structure, 602-604 King West, with a substantial new mixed-use structure. The combined structures (at 100%) will be comprised of the following:

i. approximately 59,000 square feet of office and retail GLA in the heritage structure, which is fully occupied;

ii. approximately 256,000 square feet of additional office GLA in the new structure, which is 93% pre-leased to Shopify and Indigo and under construction;

iii. approximately 13,000 square feet of incremental retail GLA in the new structure with frontage on King West; and

iv. approximately 133 residential condominium units in the new structure with frontage on Adelaide West.

Having obtained registration with Tarion Warranty Corporation, RioCan and Allied offered the condominium units for sale on October 14, 2017. They expect purchasers to take possession in early 2019.

“The strong response to the sales launch of Kingly this past weekend affirmed the decision by RioCan and Allied to convert the project from rental to condominium. Our ability to effectively execute on the sale of the 133 condominium units in such a short time frame at favourable pricing illustrates the importance of good strategy, design and location. The higher than expected sales proceeds from Kingly have added to the economic success of King Portland Centre, and have proven the capabilities of the joint venture between RioCan and Allied,” said Edward Sonshine, CEO of RioCan.

Each of Allied and RioCan owns an undivided 50% interest in King Portland Centre, and on completion Allied will manage the commercial component. Completion of the development is scheduled for early 2019.

Cautionary Statements – Allied Properties REIT

This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.

Cautionary Statements – RioCan REIT

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements made with respect to the development at King Portland Centre, RioCan’s development program 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 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, as described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended June 30, 2017 (“MD&A”) and the Trust’s most recent Annual Information Form, and including that the transactions contemplated herein are completed, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. 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.

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.

About Allied
Allied is a leading owner, manager and developer of distinctive urban workspace in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $13.9 billion as at June 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 299 properties, including 15 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer

Michael R. Emory
President & Chief Executive Officer

SOURCE: RIOCAN

RioCan REIT updates on the development of its midtown Toronto project, ePlace

TORONTO, Canada, 2017-Sep-08 — /EPR Retail News/ — RioCan Real Estate Investment Trust(“RioCan”) (TSX:REI.UN) is pleased to provide an update on the development of its landmark, mixed-use, transit oriented project at the northeast corner of Yonge Street and Eglinton Avenue, also known as ePlace. The development is located in the heart of midtown Toronto at the intersection of Yonge Street and Eglinton Avenue, directly above the existing Yonge subway line and the new Eglinton Crosstown LRT.

The project is on track to be substantially completed in late 2018 or early 2019, and all of the residential units in the condominium portion of the development have been sold. Additionally, RioCan has entered into the following agreements with its partners with respect to the residential and retail components of the development:

1) On completion, RioCan, which currently owns a 50% interest in the rental residential tower, will purchase the remaining 50% interest in the rental residential tower; and

2) RioCan will acquire the remaining 50% interest in the retail component based on a 7% capitalization rate on the stabilized NOI on completion.

Additional details for both transactions are included below.

“This site represents the first of our purpose built rental residential assets that will be completed, and it is a prime example of the transit oriented, mixed-use urban developments that RioCan is undertaking in order to create substantial value across our portfolio,” said Edward Sonshine, CEO of RioCan. “As the project approaches completion over the next 12 to 16 months, we will recognize the residential inventory gains from the condominium tower and generate consistent rental income from the commercial and rental residential portions of the property.

“Over the next decade, as we transform many of our other urban, transit-oriented shopping centres, we will become the leading owner of newly constructed, retail focused, urban mixed-use properties in Canada’s major markets,” added Mr. Sonshine.

In the second quarter of 2014, RioCan (50% ownership) and its partners Metropia and Bazis International Inc. (50% ownership) commenced construction at ePlace. The project is comprised of three major components, a condominium tower, a rental residential tower, and the commercial/street retail space along Yonge and Eglinton at the base of the project. Excluding 152 parking stalls that have been sold with the condominium units, there remains 227 parking stalls allocated to the latter two components that will be used as rental parking for the rental residential tower and as fee parking for the retail and commercial space, which will generate additional income at the property.

Rental Tower

The rental tower, currently under construction, will reach 36 storeys and contain 466 apartment units. On completion, RioCan, which currently owns a 50% interest in the tower, will purchase the remaining 50% interest in the rental residential tower from its partners for $10 million plus the partners’ pro rata share of costs related to this portion of the development. The total purchase price for the remaining 50% interest is expected to be in the range of $95 to $105 million and is subject to final cost amounts.

Condominium Tower

The condominium portion of the project will reach 59 storeys containing 623 units, all of which were sold by the second quarter of 2015. The construction of the condominium tower is well advanced and all construction contracts have been awarded, with completion anticipated in late 2018 and residents taking possession in the fourth quarter of 2018 and early 2019.

Retail and Commercial

Included in the overall development project is approximately 43,500 square feet of net leasable area (“NLA”) at the base of the development. There are two floors of retail (one below grade retail) and two floors of office space. The retail component, which is approximately 23,000 square feet of NLA features street level and underground retail, will be anchored by an approximately 18,000 square foot full service TD Bank providing traditional banking as well as investment services.

RioCan has entered into an agreement to acquire the remaining 50% interest in the retail component from its partners based on a 7% capitalization rate on the stabilized NOI on completion, which is expected to be approximately $2 million per annum (at 100%). Considering the location and the quality of the lead tenant, current estimates place the market value of the retail portion to be approximately $40 million (at 100%).

The partners are currently marketing for sale the office space on the third floor and the office space not occupied by TD Bank on the second floor in the commercial component of the site.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $13.9 billion as at June 30, 2017. RioCan owns and manages Canada’s largest portfolio of retail focused and mixed-use transit-oriented properties with ownership interests in a portfolio of 299 Canadian properties, including 15 properties under development, containing an aggregate net leasable area of 45 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have more than 6,350 retail tenants and approximately 660 employees with a presence from coast to coast. We deliver real vision, solid ground. For more information, 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 made with respect to RioCan’s Northeast Corner, Yonge and Eglinton development project, its overall development program together with 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.

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 June 30, 2017(“MD&A”) and the Trust’s most recent Annual Report and Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.

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.

Contact Information:

RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Source: RioCan Real Estate Investment Trust/ GLOBE NEWSWIRE

RioCan Real Estate Investment Trust Q2 2017 results: IFRS Operating income reached $185 million; up by 8.5% from same period last year

RioCan’s HIGHLIGHTS for the three and six months ended June 30, 2017:

  • For the quarter ended June 30, 2017 (“Second Quarter”), IFRS Operating income increased to $185 million from $171 million or 8.5% in the quarter from the prior year;
  • Revenue increased 3.6% for the Second Quarter to $286 million as compared to $276 million for the second quarter of 2016;
  • Funds From Operations (“FFO”) in the Second Quarter increased 10.1% to $147 million as compared to $133 million during the second quarter of 2016, despite the sale of our discontinued U.S. operations in May 2016. On a continuing operations basis, FFO increased 25.5% to $146 million for the Second Quarter, as compared to $116 million in the second quarter of 2016;
  • Same property NOI grew by 1.9%, or $3.0 million in the Second Quarter as compared to the same period in 2016;
  • Committed occupancy continued to improve, up 160 basis points to 96.7% at June 30, 2017 as compared to 95.1% at June 30, 2016;
  • Retention rate further improved to 93.9% in the Second Quarter as compared to a retention rate of 91.6% in the same period in 2016;
  • Renewal rent increases were 4.7% in the Second Quarter as compared to renewal rent increases of 3.3% with in the same period in 2016;
  • As part of RioCan’s ongoing capital recycling program, RioCan completed the sale of its Cambie Street property in Vancouver, B.C. for $94.2 million at a 3.29% capitalization rate. RioCan also sold a portion of its marketable securities and recognized a gain of $10.3 million in the Second Quarter;
  • During the quarter, RioCan entered into two strategic residential joint ventures. One with Killam Apartment REIT for the Gloucester residential development, and the other with Concert Real Estate Corporation for the Sunnybrook Plazaredevelopment project; and
  • RioCan completed the offering of $300 million Series Z senior unsecured debentures that mature in April 2021 with a 2.194% coupon rate. RioCan also redeemed $149.5 million of the Trust’s cumulative rate reset preferred trust units Series C on June 30, 2017.

TORONTO, 2017-Aug-07 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (08/03/2017) announced its financial results for the three and six months ended June 30, 2017.

“I am very pleased with what we have been able to accomplish in the first half of 2017. Our Canadian operations have generated very strong growth in Funds From Operations and our portfolio is performing well with occupancy levels returning to near our best of around 97%,” said Edward Sonshine Chief Executive Officer of RioCan. “We are creating substantial value in our development program, as evidenced by the quality of partners that we have been able to attract to projects such as Gloucester City Centre and Sunnybrook Plaza. Our development with Allied Properties at King and Portland is progressing very well and the office component is 93% pre-leased. These and other projects currently well underway will be solid contributors to the continued growth in Funds From Operations for RioCan.”

Financial Highlights
All figures are expressed in Canadian dollars unless otherwise noted. For further information about RioCan’s results for the three and six months ended June 30, 2017, this earnings release should be read in conjunction with our unaudited interim consolidated financial statements (“Consolidated Financial Statements”), as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2017.

RioCan’s Consolidated Financial Statements 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 full definitions of these measures, please refer to “Non-GAAP Measures” in RioCan’s June 30, 2017 Management’s Discussion and Analysis. As a result of the sale of the U.S. operations, we have reported our former U.S. geographic segment performance as “discontinued operations” with comparative income statement amounts adjusted to reflect this change, unless otherwise noted.

Continuing Operations
FFO from continuing operations increased from $116.1 million in the second quarter of 2016 to $145.7 million in the second quarter of 2017, an increase of $29.6 million or 25.5%. The $29.6 million increase in FFO from continuing operations for the quarter was primarily due to higher NOI of $13.7 million (at RioCan’s proportionate share) mainly as a result of acquisitions net of dispositions and growth in same property NOI, $10.3 million gains related to the sale of available-for-sale marketable securities, $3.5 million lower interest costs (at RioCan’s proportionate share), $2.6 million lower general and administrative expenses mainly resulting from mark to market adjustments for certain cash-settled unit-based compensation, and $1.7 million higher fee income and other income, partially offset by $1.1 million in lower dividend income on available-for-sale marketable securities $1.2 million in other costs associated with transactions that the Trust decided not to pursue further, and $0.6 million lower inventory sales net of costs.

FFO for the first half of 2017 is $289.4 million compared to $275.8 million representing an increase of approximately $13.6 million or 4.9%. On a basic per unit basis, FFO is $0.89 compared to $0.85, representing an increase of 4.2%, despite the sale of the U.S. portfolio in May 2016.

Continuing Operations
FFO from continuing operations increased from $224.8 million in the first half of 2016 to $288.7 million in the comparable period in 2017, an increase of $63.8 million or 28.4%. The $63.8 million increase in FFO from continuing operations for the period was primarily due to higher NOI of $23.1 million (at RioCan’s proportionate share) mainly as a result of acquisitions net of dispositions and growth in same property NOI, $21.8 million gains related to the sale of available-for-sale marketable securities, $7.0 million lower interest costs (at RioCan’s proportionate share), $4.8 million lower general and administrative expenses, $4.3 million Series A preferred unit redemption costs in Q1 2016, $1.6 million less Series A preferred unit distributions, $1.3 million higher interest income and $1.0 million higher property management and asset management fee income, partially offset by $1.8 million lower dividend income from the sale of available-for-sale marketable securities and $1.2 million in other costs associated with transactions that the Trust decided not to pursue further.

Other Operating Statistics

  • Renewal rents increased on average 4.7% and RioCan’s retention rate increased from 91.6% in Q2 2016 to 93.9% this quarter. The lower renewal average net rent increase in Q2 2017 in comparison to Q1 2017 is primarily due to a higher proportion of renewals with fixed rates many of which were completed with anchor tenants in secondary markets compared to renewals at market rental rates.
  • We expect to generate  $13.0 million of annualized net incremental IFRS rent once all tenants that have signed leases as of June 30, 2017 take possession of their space. Approximately 40.3% of the incremental IFRS rent relates to the leasing of former Targetspace and leasing of other tenant space in development projects expected to be completed in the second half of 2017; and
  • Consistent with RioCan’s stated strategy, its portfolio is concentrated in Canada’s six major markets (consisting of Toronto, Ottawa, Calgary, Edmonton, Montreal and Vancouver). Assets in these markets contribute approximately 75.2% of RioCan’s annualized rental revenue as at June 30, 2017 (75.5% at December 31, 2016).

Acquisitions and Dispositions

Income Producing Property Acquisitions and Dispositions
During the quarter, we completed the acquisition of one income property for $16.5 million.  During the quarter, we disposed of one income property (Cambie Street property in Vancouver, British Columbia) for sale proceeds of $94.2 million at a capitalization rate of 3.29%.

As at August 3, 2017, RioCan expects to complete the sale of a portfolio of six chartered bank branches located in British Columbia at a sale price of $30.3 million, at a capitalization rate of 3.72%, subject to customary closing conditions. There is no debt associated with these properties.

Development Property Acquisitions and Dispositions
We did not acquire any development properties during the second quarter of 2017. During the quarter, we disposed of 50% interests in the following two development properties for gross sale proceeds of $35.2 million.

  • Gloucester Residential – On April 21, 2017, RioCan and Killam Apartment REIT announced the creation of a 50/50 Joint Venture to develop a residential community at Gloucester City Centre in Ottawa, Ontario. The site has zoning approval for a total of four residential towers containing up to an aggregate of 840 units. The first phase of the development will be a 23-storey tower containing approximately 222 units. This leading edge development will maximize efficiency with the incorporation of a geothermal energy system for the building’s heating and cooling. Construction has commenced and occupancy is anticipated in mid-2019.
  • Sunnybrook Plaza – On June 14, 2017, RioCan completed the sale of a 50% interest in Sunnybrook Plaza to Concert Properties(“Concert”). RioCan and Concert plan to construct a 16-storey and 11-storey mixed use residential project. Currently, RioCan and Concert are contemplating that the residential component will be developed as rental suites.

Development Pipeline

RioCan’s development program is an important component of its long-term growth strategy and is focused on well- located urban and suburban properties in the six major markets in Canada. Often, these are properties that RioCan already owns and are located directly on, or in proximity, to major transit lines. RioCan’s development program continues to be a significant value creation driver and will secure diversification and growth for our future cash flows.

Pipeline Summary
RioCan’s overall estimated development pipeline as at June 30, 2017, represents approximately 24.1 million square feet of density (at RioCan’s interest). These projects include commercial space (office and retail), residential rental held for long-term rental income, condominiums and townhouses for sale, and density associated with air rights sales. Approximately 3.5 million square feet of net leaseable area (“NLA”) in the estimated development pipeline is existing NLA which is currently income producing, therefore the net incremental density included in the total development pipeline is estimated at 20.6 million square feet (at RioCan’s interest) as of June 30, 2017. Approximately 94.1% or 22.7 million square feet of our overall estimated development pipeline is residential or mixed-use projects.

A key milestone of the development process and in creating value for the Trust is the the zoning approval process. Of the Trust’s estimated 24.1 million square feet of development pipeline (at RioCan’s interest) 10.7 million square feet have zoning approvals, representing approximately 44.6% of total estimated NLA in the Trust’s current estimated development pipeline. In addition, the Trust has 7.1 million square feet with zoning applications submitted, representing an additional 29.4% of the Trust’s current development pipeline as of June 30, 2017.

RioCan has categorized its development pipeline into three primary components: active projects with detailed cost estimates, active projects with cost estimates in progress, and future estimated density. As of June 30, 2017, RioCan has active projects with detailed cost estimates that when complete over the next six years represent 4.4 million square feet (4.6 million square feet including Residential Inventory) with total estimated project costs of $2.2 billion, after projected proceeds from land and air rights dispositions, of which $1.1 billion of costs have been incurred to date.

The Trust will continue to fund its development pipeline through its capital recycling program and strategic development partnerships.

Completed Developments in 2017
During the Second Quarter, RioCan transferred $41.8 million in costs to income producing properties pertaining to 232,000  square feet of completed greenfield development and expansion and redevelopment projects.

Liquidity and Capital
RioCan’s debt and leverage metrics are disclosed below to help facilitate an understanding of RioCan’s leverage and its ability to service such leverage. The definitions that management uses, as well as the calculation methodology for the ratios included in the table below are described in RioCan’s Management’s Discussion and Analysis for the six months ended June 30, 2017.

The interest and debt service coverage ratios calculated at RioCan’s proportionate share for the twelve months ended June 30, 2017 improved compared to December 31, 2016 mainly due to lower interest and debt service costs as a result of the repayment of debt using the net proceeds from the U.S. sale and interest savings from mortgage refinancing, partially offset by a decrease in adjusted EBITDA mainly in connection with our U.S. property portfolio disposition.

The fixed charge coverage ratio calculated at RioCan’s proportionate share for the twelve months ended June 30, 2017 improved compared to December 31, 2016 mainly due to lower total fixed charges (interest cost plus unitholder distributions) partially offset by the same changes in adjusted EBITDA as described above.

Debt to adjusted EBITDA at RioCan’s proportionate share has decreased to 7.51x for the twelve months ended June 30, 2017 mainly as a result of lower average debt balances outstanding, partially offset by a decrease in adjusted EBITDA mainly in connection with our U.S. property portfolio disposition in the second quarter of 2016.

Our leverage ratio at RioCan’s proportionate share increased from 40.0% at December 31, 2016 to 41.5% at June 30, 2017 primarily due to the payment of U.S. taxes that have been accrued in 2016, relating to the sale of our U.S. portfolio in 2016, as well as redemption of the Trust’s Series C preferred trust units on June 30, 2017. We expect our total debt to total asset ratio to fluctuate between 38% to approximately 42%. Over the next 12 to 18 months, we expect this ratio to rise toward the higher end of this range.

The percentage NOI generated from unencumbered assets has improved from 49.5% to 52.6% as we continued to unencumber assets during the first half of 2017. The unencumbered assets to unsecured debt ratio, however, decreased from 240% to 231% this period as the increase in our unsecured debt of $333 million, partially driven by tax payments relating to the U.S. portfolio sale and redemption of the Trust’s Series C preferred units, outpaced the $503 million increase in unencumbered assets on a relative basis.  Overall, we are still well over our 200% target.

Selected Financial Information
The following includes financial information prepared by management in accordance with IFRS and based on the Trust’s Consolidated Financial Statements for the period ended June 30, 2017. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust’s Consolidated Financial Statements and MD&A for the period ended June 30, 2017, which is available on RioCan’s website and on SEDAR.

Conference Call and Webcast
Interested parties are invited to participate in a conference call with management on Friday, August 4, 2017 at 8:30 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 647-427-3230 or 1-877-486-4304. If you cannot participate in the live mode, a replay will be available. To access the replay, please dial 1-855-859-2056 and enter passcode 47045117#.

Alternatively, to access the simultaneous webcast, go to the following link on RioCan’s website http://investor.riocan.com/investor-relations/events-and-presentations/events/ 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 enterprise value of approximately $13.9 billion as at June 30, 2017. RioCan owns and manages Canada’s largest retail focused portfolio with ownership interests in 299 retail and mixed-use properties, including 15 properties under development, containing an aggregate net leasable area of 45 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have more than 6,350 retail tenants and approximately 660 employees with a presence from coast to coast. We know that there is a home for every retailer. Whether we find it today or build it for tomorrow, we deliver real vision, solid ground. For more information, visit 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, RioCan’s Interest, RioCan’s Proportionate Share, Funds From Operations (“FFO”), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Interest Coverage Ratio, Debt Service Coverage Ratio, Debt to Adjusted EBITDA, Net Operating Income (“NOI”), Same Property NOI, Fixed Charge Coverage, Percentage of NOI Generated from Unencumbered Assets, Unencumbered Assets to Unsecured Debt, and Total Enterprise Value, 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 supplements its IFRS measures with these non-GAAP measures to aid in assessing the Trust’s underlying performance and reports 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 “Non-GAAP Measures” in RioCan’s Management Discussion and Analysis for the period ending June 30, 2017.

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 made in “Financial Highlights”, “Operational Performance”, “Acquisitions and Dispositions”, “Development Pipeline Summary”, Liquidity and Capital” 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 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.

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 June 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; 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.

RioCan currently qualifies as a real estate investment trust for Canadian tax purposes and intends to qualify for future years. The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts that qualify as specified investment flow-through entities (the SIFT Provisions). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a REIT. Should RioCan no longer qualify as a Canadian REIT under the SIFT Provisions, certain statements contained in this News Release may need to be modified. RioCan is still subject to Canadian tax in its incorporated Canadian subsidiaries.

Our U.S. subsidiary qualified as a REIT for U.S. income tax purposes up to May 25, 2016, subsequent to the closing date of the sale of our U.S. property portfolio. For U.S. income tax purposes, the subsidiary distributed all of its U.S. taxable income and is entitled to deduct such distributions against its taxable income. The subsidiary’s qualification as a REIT depends on the REIT’s satisfaction of certain asset, income, organizational, distribution, unitholder ownership and other requirements up until May 25, 2016. Our U.S. subsidiary was subject to a 30% or 35% withholding tax on distributions of its U.S. taxable income to Canada. We do not intend to distribute any withholding taxes paid or payable to our unitholders related to the disposition. Should RioCan’s U.S. subsidiary no longer qualify as a U.S. REIT for U.S. tax purposes prior to May 25th, 2016, certain statements contained in this MD&A may need to be modified.

Other factors, such as general economic conditions, including interest rate fluctuations, may also have an effect on RioCan’s results of operations. 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, including residential development in urban markets; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; and the availability of investment opportunities for growth in Canada. For a description of additional risks that could cause actual results to materially differ from management’s current expectations, see “Risks and Uncertainties” in RioCan’s MD&A for the period ended June 30, 2017, and in “Risks and Uncertainties” in RioCan’s most recent Annual Information Form. 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 this forward-looking information. Certain statements included in this News Release may be considered “financial outlook” for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this News Release. The forward-looking information contained in this News Release is made as of the date of this News Release , 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.

Contact Information:
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer
416-866-3033

Source: RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust updates on its capital recycling program

TORONTO, ONTARIO, 2017-Jul-05 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to provide an update on its capital recycling program. On June 29, 2017, RioCan completed the sale of its Cambie Street property in Vancouver, B.C.for a sale price of $94.2 million, which equates to a capitalization rate of 3.29%. RioCan has also entered into a firm agreement to sell a portfolio of six chartered bank branches located in B.C. at a sale price of $30.3 million, which equates to a capitalization rate of 3.72%. The sale is expected to close in the third quarter of 2017.

“Since 2013, RioCan has recycled close to $1.5 billion of capital, not including our highly successful sale of our portfolio in the United States, and we have reinvested these proceeds into accretive acquisitions that improve our overall portfolio and into development projects that will unlock the intrinsic value in our urban properties and diversify our revenue stream with the addition of rental residential assets,” said Edward Sonshine, Chief Executive Officer of RioCan. “We are not only securing the financial strength of Canada’s largest REIT, we are securing the continued future growth for our unitholders by creating substantial value through our urban intensification program.”

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 related to the Trust’s development program and capital recycling strategies, the sale of the assets currently under contract, together with 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.

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 March 31, 2017 (“MD&A”) and the Trust’s most recent Annual Report and Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in 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. 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.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at March 31, 2017. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 46 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have more than 6,200 tenants and 700 employees with a presence from coast to coast. We know that there is a home for every retailer. Whether we find it today or build it for tomorrow, we deliver real vision, solid ground. For more information, visit www.riocan.com.

Contact Information: 
RioCan Real Estate Investment Trust
Qi Tang
SVP and CFO
(416) 866-3033
www.riocan.com

Source: RioCan Real Estate Investment Trust

New Chief Financial Officer of RioCan Announced

TORONTO, ONTARIO, 2017-Jun-12 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to announce that it has promoted Qi Tang to Senior Vice President and Chief Financial Officer (“CFO”) of RioCan effective June 8, 2017. She will continue to report to the Chief Executive Officer, Edward Sonshine.

“Qi has done an admirable job since stepping into the CFO role at the beginning of April. In a short time she made a significant impact at RioCan and we are pleased that she has agreed to accept this position with RioCan,” said Edward Sonshine, Chief Executive Officer of RioCan.

Qi joined RioCan in September of 2016, and has been the Acting CFO since April 3, 2017. She brings extensive experience and expertise in real estate financial reporting, budgeting, forecasting, corporate finance, cash management, risk management, tax and process re-engineering. Qi holds a Master of Science in Accounting degree from the University of Saskatchewan, and is a CPA, CA and CFA. Qi started her career at KPMG in progressive roles advising clients on mergers and acquisitions, deal due diligence, valuation, and business strategy development. Prior to her joining RioCan, Qi held the positions of Vice President, Finance & Accounting for Dream Global REIT, Chief Financial Officer for Symphony Senior Living Inc. and as Vice President, Strategic Planning and Forecasting for Chartwell Retirement Residences.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at March 31, 2017. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 46 million square feet. For the past 25 years, we have shaped the future, sensibly cultivated growth, and taken our stakeholders and partners wherever they needed to go. Currently, we have more than 6,200 tenants and 700 employees with a presence from coast to coast. We know that there is a home for every retailer. Whether we find it today or build it for tomorrow, we deliver real vision, solid ground. For more information, visit www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Source: RioCan

Joint venture to develop residential community at Gloucester City Centre in Ottawa, Ontario

TORONTO, ONTARIO and HALIFAX, NOVA SCOTIA, 2017-Apr-26 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) and Killam Apartment Real Estate Investment Trust (“Killam”) (TSX:KMP.UN) are pleased to announce the formation of a joint venture to develop a rental residential community at Gloucester City Centre in Ottawa, Ontario.

On April 21, 2017, Killam acquired a 50% interest in a discrete 7.1 acre development site located adjacent to RioCan’s Gloucester Silver City Shopping Centre, in the east end of Ottawa. The purchase price for Killam’s 50% interest is $8 million ($16 million at 100%). RioCan and Killam each own a 50% interest in the land and will participate on the same basis in the costs to develop the project. RioCan will act as the development manager, and upon completion, Killam will act as the residential property manager.

The site has zoning approval for a total of four residential towers containing up to an aggregate of 840 units. The first phase of the development will include a 217,000 square foot, 23-storey tower containing approximately 222 units. This leading edge development will maximize efficiency with the incorporation of a geothermal energy system for the building’s heating and cooling. Site work has commenced and occupancy is anticipated in mid-2019. Located adjacent to RioCan’s Silver City Gloucester retail centre and Ottawa’sLight Rail Transit (LRT) Blair Station on the Confederation Line East, the development is easily accessible to many retail, entertainment and transit options.

“We are very pleased to partner with Killam on our first rental residential development in Ottawa. Killam’s experience and management expertise in the rental residential segment will ensure the success of this development project,” said Edward Sonshine, Chief Executive Officer of RioCan. “This rental residential development along the expanding Confederation LRT line is a prime example of the opportunities that RioCan has to extract additional value and cultivate new sources of cash flow from our portfolio of transit oriented urban locations.”

“This joint venture is an exciting opportunity for Killam,” noted Philip Fraser, Killam’s President and Chief Executive Officer. “It aligns with Killam’s growth strategy of developing high-quality properties and diversifying geographically, with an emphasis on next generation operating systems and building features. Partnering with RioCan provides Killam the opportunity to participate in a four-phase apartment complex located next to both modern transit and amenities, and to grow our Ontario portfolio.”

“Despite recently announced expanded rent control guidelines in Ontario to include apartments built after 1991, new apartment development continues to be a sound strategy,” continued Mr. Fraser. “The all-cash yield on this project is expected to be well above the return achievable in today’s acquisition market. This is expected to translate into net asset value creation for Killam’s unitholders upon completion of the project. In addition, with an expected net operating margin of approximately 70%, compared to 55% to 60% for many older assets, the property’s exposure to increased operating costs is limited, and its long-term net operating income growth potential is enhanced. Finally, with no deferred capital, the net cash flow from the project is expected to be stable and predictable.”

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

About Killam Apartment REIT

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada’s largest residential landlords, owning, operating and developing multi-family apartments and manufactured home communities. Killam’s current portfolio includes $2.0 billion in real estate assets. Killam’s strategy to maximize its value and long-term profitability includes concentrating on three key areas of growth: 1) increasing the earnings from its existing portfolio, 2) expanding its portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

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 made with respect to RioCan’s and Killam’s development program, their joint venture, the ability of the joint venture to complete the development project, and other statements concerning RioCan’s and Killam’s objectives, their strategies to achieve those objectives, as well as statements with respect to their respective 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 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.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s or Killam’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in both RioCan’s and Killam’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2016, and their most recent Annual Information Forms, 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 in the global marketplace associated with current economic conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; retailer competition; access to debt and equity capital; interest rates and financing risk; joint ventures and partnerships; the relative illiquidity of real property; development risk associated with construction commitments, project costs and related approvals; environmental matters; occupancy levels; unexpected costs or liabilities related to acquisitions or dispositions; legal matters; reliance on key personnel; income taxes; the conditions to the transactions not being satisfied resulting in the failure to complete some or all of the proposed transactions described herein; lack of availability of acquisition or disposition opportunities for the Trust and exposure to economic, real estate and capital market conditions in North America. 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 REIT. RioCan and Killam both currently qualify as real estate investment trusts for Canadian tax purposes and intends 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, neither RioCan nor Killam undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information:
RioCan REIT
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018

Killam Apartment REIT
Philip Fraser
President & CEO
(902) 453-4536
pfraser@killamreit.com

Source: RioCan

RioCan Real Estate Investment Trust to release its 1Q 2017 financial results on Friday, May 12, 2017

TORONTO, ONTARIO, 2017-Apr-05 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (April 3, 2017) announced that it is scheduled to release its financial results for the three months ended March 31, 2017 prior to the market open on Friday, May 12, 2017.

Interested parties are invited to participate in a conference call with management on Friday, May 12, 2017 at 10:00 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 416-340-2216 or 1-866-223-7781. If you cannot participate in the live mode, a replay will be available until June 9, 2017. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 2412803#.

Scheduled speakers include Edward Sonshine, O.Ont., Q.C., Chief Executive Officer, Rags Davloor, President and Chief Operating Officer and Qi Tang, Senior Vice President and Acting 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-and-presentations/events/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 enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Christian Green
Assistant Vice President, Investor Relations & Compliance
416-864-6483
www.riocan.com

Source: RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust appoints Qi Tang as Acting CFO

TORONTO, ONTARIO, 2017-Mar-31 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to announce that it has appointed Qi Tang as Acting Chief Financial Officer of RioCan effective April 3, 2017. She will be reporting to the Chief Executive Officer, Edward Sonshine.

“Qi has made a significant impact at RioCan since she joined us; her real estate background and strong financial acumen make her an excellent fit for this role,” said Edward Sonshine, Chief Executive Officer of RioCan. “We are very pleased that she has agreed to take on this position as a senior member of the RioCan team.”

Qi brings extensive experience and expertise in real estate financial reporting, budgeting, forecasting, corporate finance, cash management, risk management, tax and process re-engineering. Qi holds a Master of Science in Accounting degree from the University of Saskatchewan, and is a CPA, CA and CFA. Qi started her career at KPMG in progressive roles advising clients on mergers and acquisitions, deal due diligence, valuation, and business strategy development. Prior to her joining RioCan, Qi held the positions of Vice President, Finance & Accounting for Dream Global REIT, Chief Financial Officer for Symphony Senior Living Inc. and as Vice President, Strategic Planning and Forecasting for Chartwell Retirement Residences.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Source: RioCan

RioCan Real Estate Investment Trust’s CFO Resigns

TORONTO, ONTARIO, 2017-Mar-06 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX:REI.UN) today (March 1, 2017) announced the resignation of Cynthia Devine, Chief Financial Officer, to pursue other career opportunities. Ms. Devine has informed the Trust that she has accepted the position of Chief Financial Officer at Maple Leafs Sports & Entertainment.

Ms. Devine will continue in her position at RioCan until the end of this month. RioCan intends to have a successor in place prior to her departure.

Edward Sonshine, Chief Executive Officer of RioCan, commented: “On behalf of RioCan, I would like to thank Cynthia for her contributions during her tenure as CFO during which time the Trust completed the sale of its U.S. properties and accelerated its urban intensification and development initiatives. We wish Cynthia continued success in her new role.”

Cynthia Devine commented: “I am very proud of my affiliation with RioCan and would like to thank the entire RioCan team for the opportunity to have worked with such an impressive management group in continuing to build RioCan and its assets and operations.”

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Source: RioCan

RioCan Real Estate Investment Trust updates on current redevelopment and leasing activities at former Target Canada locations

TORONTO, ONTARIO, 2017-Jan-25 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to provide an update on current redevelopment and leasing activities at the properties once leased to Target Canada Co. (“Target”).

Since Target’s departure in 2015, RioCan’s leasing team has been diligently working to drive revenue, and in many cases reinvent the centres formerly leased to Target. To date, RioCan entered into agreements or in advanced discussions on 47 leases that, when completed, will replace approximately 122% of the revenue lost from the major retailer’s exit, not including the enhanced common area maintenance and realty tax recoveries.

Approximately one third of the replacement rental revenue will be established in the first quarter of 2017. The backfilled base rental revenue will continue to increase over three quarters, particularly in the second half of 2017, with the majority of this rental revenue in place by the end of the year. With the redevelopment work completed, these properties will then move out of the Trust’s development portfolio and back into the income producing portfolio. The timelines for the resumption of rent in the backfilled locations is generally in line with our initial assessment to re-demise, redevelop, and in some cases receive municipal approvals as most of the affected properties were multi-tenant solutions. As a result of the redevelopment work, a portion of the space was either demolished or converted into landlord uses, such as common areas and loading docks. In addition, there is approximately 97,000 square feet currently being marketed that will provide further revenue when leased.

“I am proud of my team’s efforts to complete the backfill of spaces and replace more than the rental revenue that was lost from Target,” said Edward Sonshine, Chief Executive Officer of RioCan. “We will increase the cash flow in our properties through higher rents on the replacement leases. Our rental revenue stream will be more diverse and we have improved the revenue growth profile with rents that in some cases have embedded growth and provide for greater recoveries. Above all, we are confident that our centres will now have a greater appeal in their communities which, in turn, will strengthen the rental growth profile.”

Target’s departure provided RioCan with the opportunity to improve its shopping centres and diversify the rental revenue in these properties with strong national tenants such as, Costco, Lowes, Canadian Tire, TJX Brands (Winners, Marshalls, HomeSense), PetSmart, SportChek, DSW, JYSK, Staples and Michaels. These stores will generate greater foot traffic and provide better support for future rent growth. In addition, the Trust will benefit from higher recoveries as the new leases are more market based, providing for a full pro-rata share of operating cost recoveries, utilities, and realty taxes, which were capped under many of the former Target leases.

The expected cost to complete the redevelopment work related to the 47 leases is currently estimated to be approximately $137 million at RioCan’s interest ($162 million at 100%). A substantial portion of the capital required for the redevelopment work was provided through the net settlement proceeds of $88 million at RioCan’s interest ($132 million at 100%) with Target Corporation, Target’s parent company.

The net result is stronger shopping centres with better appeal, greater cash flow, enhanced diversification, and a stronger rent growth profile than in the past.

“RioCan succeeds when its tenants and investors do,” said Sonshine. “The company’s entrepreneurial spirit has allowed us to view the closure of Target locations across Canada as an opportunity to cultivate new business and diversify our rental revenue stream and ultimately generate embedded growth leading to greater recoveries.”

Property Level Highlights:

Stockyards (RioCan ownership – 50%)

At RioCan’s Stockyards property in Toronto, Ontario, RioCan has entered into a lease agreement with Nations Fresh Foods to occupy the entire 153,456 sf. (76,728 sf. at RioCan’s interest) that was previously occupied by Target. Nations Fresh Foods will take possession of the space in February, and is expected to commence operations in Q3 2017. Nations Fresh Foods is part of an Ontario based full service grocery chain focused on providing a multi-ethnic fresh food shopping experience through its Oceans Fresh Food Market and Nations Fresh Foods banners.

Lawrence Square (RioCan ownership – 100%)

At Lawrence Square in Toronto, Ontario, RioCan has successfully backfilled the majority of the 89,432 sf. that was leased to Target. The space has been reconfigured to accommodate four large format tenants ranging in size from 11,000 sf to 28,000 sf. RioCan has successfully leased 62,000 sf to HomeSense (23,000 sf.), Marshalls (28,000 sf.), and PetSmart (11,000 sf.). HomeSense and Marshalls commenced operations in April 2016 and PetSmart commenced operations in October 2016.

Negotiations are underway with a national tenant for the remaining unit of approximately 15,000 sf.

RioCan Scarborough Centre (RioCan ownership – 100%)

At RioCan Scarborough Centre in Toronto, Ontario, Target previously occupied approximately 116,241 sf. RioCan has entered into a lease agreement with Costco Wholesale Business Centre to occupy the entire space. This store will be the first new format Costco Wholesale Business Centre store in Canada and is expected to commence operations in March 2017.

Burlington Mall (RioCan ownership – 50%)

At Burlington Mall in Burlington, Ontario, the former Target box will be reconfigured to accommodate three large format tenants, and the remaining space of approximately 28,000 sf. will be used to accommodate small shop space. RioCan currently has completed leases with Denninger’s Fresh Foods of the World, a specialty food retailer (23,000 sf.), Indigo (22,500 sf.) and Winners (22,000 sf.) and negotiations are substantially complete with four national restaurant tenants for approximately 17,000 sf. of the remaining small format premises.

The Trust is expected to receive site plan approvals and commence construction on the redevelopment in early-2017 and tenants are expected to take possession of their spaces in late-2017 and open in early-2018.

Millcroft Shopping Centre (RioCan ownership – 50%)

At Millcroft Shopping Centre, in Burlington, Ontario, RioCan has successfully completed the leasing for the former Target premises by completing leases with Movati Fitness (70,000 sf.) and Value Village (30,000 sf.).

RioCan received site plan approvals and commenced construction in the third quarter of 2016. The former Target premises have been partially demolished to accommodate a new freestanding 70,000 sf. Movati Fitness. Movati Fitness is expected to open in Q4 2017. Value Village is expected to take possession of their premises in Q2 2017 and open in Q3 2017.

RioCan Durham Centre (RioCan ownership – 100%)

At RioCan’s Durham Centre in the Greater Toronto Area market of Ajax, Ontario, the former Target box (121,280 sf) will be reconfigured to accommodate three new large format tenants ranging in size from 20,000 sf. to 23,000 sf. and one additional small shop space of approximately 6,000 sf. RioCan has successfully completed the leasing for the former Target premises by completing leases with Michaels (23,000 sf.), PetSmart (20,000 sf.), DSW (20,000 sf.) and Structube (6,000 sf.).

Construction started in Q4 2016. Tenants are expected to begin taking possession in Q2 2017 and open between Q3 2017 and Q1 2018.

Shoppers World Brampton (RioCan ownership – 100%)

At Shoppers World Brampton, in Brampton, Ontario, the former Target box (121,490 sf) will be reconfigured to accommodate four large format tenants ranging in size from 17,000 sf to 38,000 sf. RioCan has successfully completed the leasing for the former Target premises by completing leases with GoodLife Fitness (38,000 sf.), JYSK (31,000 sf.), Giant Tiger (25,000 sf.) and Staples (17,000 sf.).

The Trust is expected to receive site plan approvals and commence construction on the redevelopment in Q1 2017. Tenants are expected to take possession in Q3 2017 and open by the end of the year.

Trinity Common Brampton (RioCan ownership – 100%)

At Trinity Common Brampton, in Brampton, Ontario, RioCan has successfully completed the leasing for the former Target premises by completing leases with Winners (25,000 sf.), Michaels (23,000 sf.) and DSW (20,000 sf.).

RioCan received site plan approvals and commenced construction in Q4 2016. Winners and Michaels are expected to take possession in 2 2017 and open by the end of 2017. DSW is expected to take possession in Q4 2017 and open in Q1 2018.

South Hamilton Square (RioCan ownership – 100%)

At RioCan’s South Hamilton Square, in Hamilton, Ontario, the former Target unit has been reconfigured to accommodate three large format tenants ranging in size from 15,000 sf to approximately 35,000 sf. RioCan has successfully completed the leasing for the former Target premises by completing leases with Flying Squirrel (35,000 sf.), JYSK (32,000 sf.) and Fabricland (16,000 sf.). Flying Squirrel commenced operations in October 2016. Fabricland commenced operations in November 2016. Construction is underway on the JYSK unit and the tenant is expected to commence operations in Q2 2017.

Orillia Square Mall (RioCan ownership – 100%)

At Orillia Square Mall in Orillia, Ontario, Target previously occupied approximately 91,440 sf. RioCan has a conditional lease agreement with national large format retailer to occupy the entire 91,440 sf. that was formerly occupied by Target subject to receiving approval for an expansion of 12,000 sf. into a portion of the existing mall. If approved the tenant is expected to take possession in Q1 2018 and commence operations in mid-2018.

Five Points Shopping Centre (RioCan ownership – 100%)

At RioCan’s Five Points Shopping Centre in Oshawa, Ontario, the former Target unit and a portion of the lands are currently under contract to be sold to an owner/operator (conditional on rezoning approval), where it will be redeveloped into a self-storage facility. The remaining portion of the mall will be reformatted into an open air centre that will better complement the adjacent centre also owned by RioCan.

Flamborough Power Centre (RioCan ownership – 100%)

At RioCan’s Flamborough Power Centre in Flamborough, Ontario, the former Target will be reconfigured to accommodate several large format tenants. RioCan is currently in discussions with a number of national tenants at the site.

Stratford Centre (RioCan ownership – 100%)

At RioCan’s Stratford Centre, in Stratford, Ontario, the former Target unit has been reconfigured to accommodate three large format tenants ranging in size from 16,000 sf to approximately 25,000 sf and one additional small shop space of approximately 4,000 sf. RioCan has leased 25,000 sf to Value Village, 17,500 sf to Michaels and 15,600 sf to World Gym. World Gym took possession in Q4 2016 and is expected to open in Q2 2017. Construction is underway on the Value Village and Michaels. Value Village is expected commence operations in Q2 2017 and Michaels is expected to commence operations in Q3 2017.

Gates of Fergus (RioCan ownership – 100%)

At RioCan’s Gates of Fergus Shopping Centre in Fergus, Ontario, the former Target unit has been reconfigured to accommodate four large format tenants ranging from approximately 9,000 sf to 24,000 sf. RioCan has leased 12,700 sf to Dollarama, 20,000 sf to Giant Tiger and 8,500 sf to Mark’s Work Wearhouse. Dollarama commenced operations in May 2016. Giant Tiger commenced operations in July 2016. Construction for Mark’s Work Wearhouse is expected to begin in Q1 2017 and the tenant is expected to commence operations in Q3 2017.

County Fair Mall

The County Fair Mall in Smiths Falls, Ontario was sold during the fourth quarter of 2016.

Mill Woods Town Centre (RioCan ownership – 100%)

At RioCan’s Mill Woods Town Centre in Edmonton, Alberta, the former Target will be reconfigured to accommodate several large format tenants. RioCan is currently in discussions with a number of national tenants at the site.

Mega Centre Notre Dame (RioCan ownership – 100%)

At Mega Centre Notre Dame, in Montreal, Quebec, the former Target premises are being reconfigured to accommodate three new large format tenants. RioCan has successfully completed the leasing for the former Target premises by completing leases with Gold’s Gym (42,000 sf.), JYSK (30,000 sf.) and Staples (20,000 sf.).

RioCan received site plan approvals and commenced construction in the fourth quarter of 2016. JYSK and Staples are expected to take possession in the second quarter of 2017 and open in the third quarter of 2017. Gold’s Gym is expected to take possession of their premises in the second quarter of 2017 and open in the first quarter of 2018.

Charlottetown Mall (RioCan ownership – 100%)

At RioCan’s Charlottetown Mall in Charlottetown, Prince Edward Island, the former Target unit has been reconfigured to accommodate three large format tenants. RioCan has entered into lease agreements with H&M (19,000 sf.), Urban Planet (25,000 sf.) and SportChek (25,000 sf.).

Construction began in Q1 2016. H&M commenced operations in September 2016. Urban Planet has taken possession and is expected to open in February 2017. SportChek is expected to commence operations by the end of 2017.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at September 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 301 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

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 section entitled: “Property Level Highlights”) the Trust’s ability to lease space vacated by Target together with 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.

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, 2016 (“MD&A”) and the Trust’s most recent Annual Report and Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in 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. 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.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Source: RioCan

Allied and RioCan announce Indigo as new tenant at King Portland Centre achieving 75% total leased area at the new office component

TORONTO, ONTARIO, 2017-Jan-18 — /EPR Retail News/ — Allied Properties REIT (TSX:AP.UN) and RioCan REIT (TSX:REI.UN) today (Jan. 17, 2017) announced an important lease transaction in connection with the development of King Portland Centre in Toronto. Indigo Books & Music Inc. has signed a commitment to lease approximately 78,810 square feet of GLA in the new office space under construction at King Portland Centre, bringing the total leased area of the new office component to approximately 75%.

King Portland Centre, 602-620 and 642 King Street West, Toronto

The overall development site for King Portland Centre includes 79,975 square feet of land with frontage on King Street West, Portland Street and Adelaide Street West and is comprised of a restored heritage structure, 602-604 King West (the “Rental Property”), an adjacent property extending from King West through to Adelaide West (the “Development Property”) and a heritage structure under restoration, 642 King West (the “Ancillary Property”). The Rental Property is substantially leased and is expected to remain so through the development process. The Ancillary Property is undergoing restoration and is scheduled for completion in early 2018.

Allied and RioCan are building a new structure on the Development Property that will be integrated with the Rental Property and the Ancillary Property. The new structure will be comprised of 256,173 square feet of office GLA and 13,035 square feet of retail GLA fronting on King West and approximately 116 rental residential units fronting on Adelaide West. The office and retail components of King Portland Centre have been designed to a LEED (Leadership in Energy and Environmental Design) CS (Core & Shell) Platinum standard and will include best-in-class operational, environmental, life-safety and health and wellness systems.

Each of Allied and RioCan owns an undivided 50% interest in the Rental Property, the Development Property and the Ancillary Property. On completion of the new component of King Portland Centre, which is scheduled for early 2019, Allied will manage the office component and RioCan will manage the retail and residential components.

Indigo Lease Transaction

Indigo’s head office currently occupies 65,027 square feet over seven floors at Allied’s 468 King West, representing all the GLA in the building, including the ground and basement floors, which can more valuably be put to retail use. Recognizing the need to expand the size of its head office and to achieve efficiencies possible on larger floor plates, Indigo decided not to renew its lease at 468 King West, which currently expires on June 30, 2018, and will be extended as necessary to accommodate the move to King Portland Centre. On expiry of Indigo’s lease at 468 King West, Allied will upgrade the property and reposition the ground and basement floors for retail use with a view to boosting the NOI from the property in a material way.

Indigo has agreed to lease approximately 78,810 square feet of office GLA over four floors at King Portland Centre for a term of 15 years and six months commencing on July 1, 2018, subject to unavoidable delay. The space will be used for Indigo’s head office and will include a portion of the second floor and all of the third, fourth and fifth floors.

“Indigo is one of our pioneering tenants at King & Spadina, having taken occupancy at 468 King West in April of 1999 and grown continuously in the area since that time,” said Michael Emory, President & CEO of Allied. “We value the relationship immensely and are delighted that we can accommodate Indigo’s workspace needs in the area as they continue to evolve.”

“The downtown west area of Toronto is an exciting and vibrant part of Toronto that RioCan and Allied long ago identified as an area where our tenants want to be,” said Edward Sonshine, CEO of RioCan. “Our success at Shoppes on Queen West, located a few blocks north on Portland Avenue, is a prime example of what can be accomplished in urban retail, and the King Portland Centre enhances our urban footprint by extending our presence to include office and rental residential. The substantial progress that Allied has made leasing the office component of this high profile mixed use development demonstrates the success of this project and our shared vision to shape the future of the downtown west market.”

Cautionary Statements – Allied Properties REIT

This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.

Cautionary Statements – RioCan REIT

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements made with respect to RioCan’s development program 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 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.

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, 2016 (“MD&A”) and the Trust’s most recent Annual Report and Annual Information Form, 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), defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; retailer competition; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; development risk associated with construction commitments, project costs and related approvals; environmental matters; and property management. 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 REIT. RioCan currently qualifies as a real estate investment trust for Canadian tax purposes and intends 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 undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Allied

Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at September 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 301 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

CONTACT INFORMATION:
Allied Properties REIT
Michael R. Emory
President & Chief Executive Officer
(416) 977-9002
memory@alliedreit.com

RioCan REIT
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
sonshine@riocan.com
www.riocan.com

Source:  RioCan

RioCan to release its 4Q and Year_end 2016 financial results on Thursday, February 16, 2017

TORONTO, ONTARIO, 2017-Jan-07 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (01/05/2017) announced that it is scheduled to release its financial results for the three months and year-ended December 31, 2016 prior to the market open on Thursday, February 16, 2017.

Interested parties are invited to participate in a conference call with management on Thursday, February 16, 2017 at 10:00 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 416-340-2216 or 1-866-223-7781. If you cannot participate in the live mode, a replay will be available until March 16, 2017. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 3238528#.

Scheduled speakers include Edward Sonshine, O.Ont., Q.C., Chief Executive Officer, Rags Davloor, President and Chief Operating Officer and Cynthia Devine, 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-and-presentations/events/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 enterprise value of approximately $15 billion as at September 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 301 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Christian Green
Assistant Vice President, Investor Relations & Compliance
416-864-6483
www.riocan.com

Source: RioCan

RioCan and Boardwalk joint venture to develop a mixed use tower at RioCan’s Brentwood Village Shopping Centre in Calgary, AB

  • RioCan Real Estate Investment Trust (TSX:REI.UN, “RioCan”) and;
  • Boardwalk Real Estate Investment Trust (TSX:BEI.UN, “Boardwalk”)

Toronto, Ontario and Calgary, Alberta, 2016-Nov-11 — /EPR Retail News/ — RioCan and Boardwalk are pleased to announce the formation of a joint venture to develop a mixed use tower on a discrete portion at RioCan’s Brentwood Village Shopping Centre in Calgary, AB. RioCan will maintain a 100% ownership interest in the remainder of the centre.

The project will consist of an at-grade retail podium totaling approximately 10,000 square feet and an 11-storey residential tower with approximately 120,000 square feet of residential space, totaling approximately 165 apartment units.  The development will include two levels of underground parking and will provide premium rental housing minutes from downtown Calgary along the Northwest Light Rail Transit line, while providing close proximity to the University of Calgary, McMahon Stadium, and Foothills Hospital.

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT commented: “We are excited to announce the formation of this joint venture with a like-minded partner who shares similar values and goals as our own, to maximize the potential of well-located, transit oriented mixed use developments that can be constructed to create new communities that Residents are proud to call home.”

“We are very pleased to partner with Boardwalk on our first rental residential development in the Calgary market. Boardwalk brings a wealth of management expertise to the rental residential segment, particularly within the Alberta market,” said Edward Sonshine Chief Executive Officer of RioCan. “This rental residential tower will be an excellent addition to this mixed use shopping centre, and a great example of just one of the many urban intensification projects that RioCan has on hand within its portfolio of high quality urban locations in Canada’s six major markets.”

The joint venture involves an equal 50% interest, in which, each will provide its best-in-class retail and residential expertise to co-develop the asset.  To maximize the value of the development, RioCan will manage the retail component, and Boardwalk will manage the residential component each on a cost basis.

RioCan and Boardwalk are currently working together to finalize the submission of plans for a development permit.  Subject to certain conditions including the receipt of both the development permit and the subdivision of the lands on terms and conditions satisfactory to both RioCan and Boardwalk, closing is expected to occur in mid-2017, with construction beginning as early as Q3, 2017.

Based on the determination of total buildable area, Boardwalk will pay RioCan approximately $2.9 million for its 50% interest in the sub-divided land at closing.  Subject to the finalization of building plans and specifications, it is estimated that the total construction for the project will be between $60 million to $70 million ($30 million to $35 million per partner.)

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at September 30, 2016. RioCan owns and manages Canada’s largest portfolio of shoppingcentres with ownership interests in a portfolio of 301 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet.For further information, please refer to RioCan’s website at www.riocan.com.

 About Boardwalk

Boardwalk REIT strives to be Canada’s friendliest landlord and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk’s principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its Trust Units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada’s leading owner/operator of multi-family communities with 1,400 Associates bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec.

Boardwalk REIT’s Trust Units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. Additional information about Boardwalk REIT can be found on the Trust’s website at www.BoardwalkREIT.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 made with respect to RioCan’s and Boardwalk’s development program, their joint venture, the ability of the joint venture to achieve any necessary development approvals, and other statements concerning RioCan’s and Boardwalk’s objectives, their 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 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.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s or Boardwalk’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in both RioCan’s and Boardwalk’s Management’s Discussion and Analysis (“MD&A”) for the period ended September 30, 2016, their most recent Annual Reports and Annual Information Forms, 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), defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; retailer competition; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; development risk associated with construction commitments, project costs and related approvals; environmental matters; and property management, . liquidity in the global marketplace associated with current economic conditions, occupancy levels, access to debt and equity capital, interest rates, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions or dispositions, construction, environmental matters, legal matters, reliance on key personnel, income taxes, the conditions to the transactions not being satisfied resulting in the failure to complete some or all of the proposed transactions described herein, the trading price of the securities of Boardwalk, lack of availability of acquisition or disposition opportunities for the Trust and exposure to economic, real estate and capital market conditions in North America.  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 REIT. RioCan and Boardwalk both currently qualify as real estate investment trusts for Canadian tax purposes and intends 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, neither RioCan nor Boardwalk undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

For further information please contact:

RioCan REIT
Cynthia J. Devine
Executive Vice President, CFO and Corporate Secretary
(647)253-4973

Boardwalk REIT
James Ha
Director; Finance and Investor Relations
(403)531-9255

Source: RioCan

RioCan Real Estate Investment Trust donates to support immediate needs of the Fort McMurray community

TORONTO, ONTARIO, 2016-May-13 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) has committed $25,000 to theCanadian Red Cross to support the immediate needs of the Fort McMurray community.

“As a proud member of the community, our hearts go out to all those affected,” said Edward Sonshine, Chief Executive Officer of RioCan. “RioCan is committed to supporting the relief efforts and long-term strategies to rebuild Fort McMurray.”

Alberta is an important region to RioCan where the Trust has 34 properties, including 4 currently under development. RioCan’s properties in Albertaamount to approximately 8.7 million square feet (as at March 31, 2016). RioCan has one mixed-use centre in Fort McMurray.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $16 billion as at March 31, 2016. It owns and manages Canada’s largest portfolio of shopping centres with ownership interest in a portfolio of 303 Canadian retail and mixed use properties, including 16 properties under development containing 45.7 million square feet of leasable area. For more information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine , O.Ont, Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com