RioCan: Shopify expands its lease requirement at King Portland Centre in Toronto; achieving 93% of total leased area of the new office component

Toronto, 2017-Jul-20 — /EPR Retail News/ — Allied Properties REIT (TSX:AP.UN) and RioCan REIT (TSX:REI.UN) today (July 19, 2017) announced another important lease transaction in connection with the development of King Portland Centre in Toronto. Shopify has signed a commitment to expand its lease requirement by approximately 46,234 square feet of GLA, bringing its total requirement in the new office space under construction at King Portland Centre to approximately 158,520 square feet of GLA and the total leased area of the new office component to approximately 93%.

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 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.

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 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.

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 $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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael R. Emory
President & Chief Executive Officer, Allied Properties REIT
(416) 977-9002

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

Source: RioCan

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

RioCan to sell 50% interest in Sunnybrook Plaza to Concert Real Estate Corporation

TORONTO, ONTARIO, 2017-May-25 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) and Concert Real Estate Corporation (“Concert”) are pleased to announce the signing of a firm agreement on May 17, 2017, with RioCan selling a 50% interest in Sunnybrook Plaza at a sale price of $26.3 million ($52.5 million at 100%) to Concert. RioCan will continue to act as the interim property manager until redevelopment commences, and will act as the retail property manager on completion. Concert will act as both development manager and property manager for the residential portion of the property. The partners will share in the development costs on a 50/50 basis with the transaction set to close in June 2017.

RioCan has received approval for its development proposal at its Sunnybrook Plaza, a transit-oriented development located on the northeast corner of Bayview and Eglinton Avenue. The development will be adjacent to a station on the Eglinton Crosstown LRT project that is currently under construction by Metrolinx, in one of Toronto’s highest demand residential neighbourhoods. The 16 and 11-storey mixed use residential project is close to a total of 375,000 square feet which includes 43,000 square feet of retail space. Currently, RioCan and Concert are contemplating that the residential component will be developed as rental suites.

“Over the past 24 years we have amassed a strong portfolio of retail assets in Canada’s six major markets. Some of these properties now provide the opportunity to be redeveloped and intensified to make better use of the lands and improve the quality of our portfolio and the net asset value for our unitholders. During the planning stages of this process we are significantly enhancing the value of our properties, while continuing to generate revenue from these properties. When complete, we will have one of, if not, the best portfolio of newly developed urban transit-oriented mixed use properties that will be the foundation for the next twenty years of growth at RioCan,” said Mr. Sonshine Chief Executive Officer of RioCan. “Our agreement with Concert brings to the table a terrific partner with nearly thirty years of experience developing apartments, condominiums, and other commercial properties with an excellent property management platform that will ensure the success of this exciting mid-town Toronto development.”

“Established in 1989 with the mandate to provide assured rental housing in British Columbia, Concert has been developing purpose-built rental and delivering high-quality property management service to our tenants for over 27 years,” said Brian McCauley, Concert President and Chief Operating Officer. “Building on a solid track record of creating award-winning master-plan communities that leverage our experience, the Sunnybrook redevelopment represents an opportunity to integrate our multi-faceted expertise into an asset that will generate attractive, long-term returns for the pension funds who own Concert. We’re excited about the opportunity to develop this transit-oriented property in partnership with best-in-class retail landlord RioCan, the largest REIT in the country, and are well-aligned as long-term owners.”

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 and intensification of Sunnybrook Plaza 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.

About Concert

Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing office, industrial and infrastructure properties and in property management. With operations across Canada and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada. For more information, visit www.ConcertProperties.com.

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

Concert Real Estate Corporation
Brian McCauley
President and Chief Operating Officer
(604) 602-3730
BMcCauley@ConcertProperties.com
www.ConcertProperties.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 announces distribution of 11.75 cents per unit for November

TORONTO, ONTARIO, 2016-Nov-17 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (Nov. 15, 2016) announced a distribution of 11.75 cents per unit for the month of November. The distribution will be payable on December 7, 2016 to unitholders of record as at November 30, 2016.

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 Real Estate Investment Trust

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’s normal course issuer bid approved by Toronto Stock Exchange

TORONTO, ONTARIO, 2016-Oct-20 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (Oct. 18, 2016) announced that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for a portion of its trust units (“Units”) as appropriate opportunities arise from time to time. RioCan’s normal course issuer bid will be made in accordance with the requirements of the Toronto Stock Exchange.

Pursuant to the notice, RioCan is authorized to acquire up to a maximum of 8,128,045 of its Units, or approximately 2.5% of its 325,121,826 outstanding Units as of September 30, 2016, for cancellation over the next 12 months. Purchases under the normal course issuer bid will be made through the facilities of the Toronto Stock Exchange or through a Canadian alternative trading system and in accordance with applicable regulatory requirements at a price per Unit equal to the market at the time of acquisition. The number of Units that can be purchased pursuant to the bid is subject to a current daily maximum of 120,555 Units (which is equal to 25% of 482,221, being the average daily trading volume from April 1, 2016 through to September 30, 2016), subject to RioCan’s ability to make one block purchase of Units per calendar week that exceeds such limits. Any Units purchased under the normal course issuer bid will be cancelled upon their purchase. RioCan intends to fund the purchases out of its available cash and undrawn credit facilities. No Units were purchased by RioCan pursuant to its previous normal course issuer bid, which expired August 6, 2016.

RioCan may begin to purchase Units on or about October 20, 2016 and the bid will terminate on October 19, 2017 or such earlier time as RioCan completes its purchases pursuant to the bid or provides notice of termination. RioCan believes that the purchase of its Units may represent an investment opportunity for the trust and an appropriate and desirable use of its funds based on market conditions, unit price and other factors.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at June 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 302 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 45 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 concerning our objectives, our 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”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on RioCan’s estimates and assumptions, which are subject to risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended June 30, 2016, which could cause actual events or results described above to differ materially from the forward-looking statements contained herein. 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, access to debt and equity capital, interest rates, 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, unit holder liability, income and indirect taxes, credit ratings, RioCan’s qualification as a real estate investment trust for tax purposes and that RioCan may choose not to, or may be unable to, purchase Units pursuant to the normal course issuer bid. 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 the Trust to refinance debts as they mature; and the availability of purchase opportunities for growth. 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 statement, whether as a result of new information, future events or otherwise.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President & CFO
(647) 253-4973

Source: RioCan Real Estate

RioCan to release its financial results for the three and nine months ended September 30, 2016 on November 3, 2016

TORONTO, ONTARIO, 2016-Oct-05 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (Oct. 3, 2016) announced that it is scheduled to release its financial results for the three and nine months ended September 30, 2016 prior to the market open on Thursday, November 3, 2016.

Interested parties are invited to participate in a conference call with management on Thursday, November 3, 2016 at 2:00 p.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 December 1, 2016. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 5706428#.

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 June 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 302 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 45 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
AVP, Investor Relations & Compliance
Tel: 416-864-6483
www.riocan.com

Source: RioCan Real Estate Investment Trust

RioCan announced $0.29375 per preferred unit, Series C for the quarter ending September 30, 2016

TORONTO, ONTARIO, 2016-Sep-18 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.PR.C) today (Sept. 16, 2016) announced $0.29375 per preferred unit, Series C (the “Series C Units”) for the quarter ending September 30, 2016. The distribution will be payable on September 30, 201 6 to unit holders of the Series C Units of record as at September 30, 2016 for RioCan’s outstanding preferred trust units.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at June 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 302 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 45 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 announces distribution of 11.75 cents per unit for the month of September

TORONTO, ONTARIO, 2016-Sep-16 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today (Sept. 15, 2016) announced a distribution of 11.75 cents per unit for the month of September. The distribution will be payable on October 7, 2016 to unit holders of record as at September 30, 2016.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at June 30, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 302 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 45 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 announces 2Q2016 financial results

TORONTO, ONTARIO, 2016-Aug-04 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN)

RioCan’s HIGHLIGHTS for the three and six months ended June 30, 2016 were:

  • During the quarter, RioCan completed the sale of its U.S. operations. With the proceeds from the sale, RioCan has reduced its Total Debt to Total Assets ratio (net of cash, on a proportionate basis) to a historically low 38.0% as at June 30, 2016, from 46.3% as at December 31, 2015;
  • On June 1, 2016 RioCan entered into a new $1 billion unsecured operating credit facility (“Operating
    Facility”), which replaced RioCan’s secured operating credit facilities;
  • The new Operating Facility, together with the debt repayments from the sale of the U.S. portfolio enabled RioCan to grow its unencumbered asset pool as at June 30, 2016 to $5.4 billion, or 256% of the Trust’s unsecured debt;
  • As expected due to the sale of RioCan’s U.S. operations during the quarter, Operating Funds From Operations (“Operating FFO”) for the Second Quarter was lower by $1 million, or 0.9% at $135 million as compared to $136 million for the same period in 2015. On a per unit basis Operating FFO was $0.42 per unit as compared to $0.43 per unit for the second quarter in 2015, representing decline of 2.9%. However, RioCan’s Canadian or continuing operations produced solid results;
  • On a continuing operations basis, Operating FFO increased $8.8 million, or 8.1% to $118 million in the
    Second Quarter as compared to $109 million the second quarter of 2015;
  • Same Store Net Operating Income (“NOI”) turned positive in the three months ended June 30, 2016 (“Second Quarter”). Canadian same store NOI increased 0.8%, or $1.1 million in the Second Quarter compared to the same period in 2015;
  • RioCan’s concentration of annualized net rental revenue in Canada’s six major markets as at June 30,
    2016 increased to 75.7% from 74.4% as at June 30, 2015;
  • RioCan’s AFFO payout ratio for the twelve months ended June 30, 2016 improved to 89.9% as compared to 94.5 % for the twelve months ended June 30, 2015;
  • Committed occupancy improved 200 basis points in Canada, to 95.1% at June 30, 2016 from its lowest point in the prior year of 93.1% at June 30, 2015;
  • After the quarter end, RioCan acquired CPPIB’s interest in four properties at an aggregate purchase price of $352 million, and since September 30, 2015 RioCan has acquired, net of dispositions, an interest in more than $1.1 billion of income producing properties in Canada; and
  • In RioCan’s development portfolio RioCan REIT, Allied Properties REIT and Diamond corp (collectively, “The Well JV”) entered into a binding agreement to sell the residential component of The Well to Tridel Builders Inc. and Woodbourne Canada Partners III (CA) LP. This agreement will reduce the financial exposure to the project, and is expected to enable the partners to develop The Well in a single phased development.

RioCan Real Estate Investment Trust (“RioCan”) today (July 29, 2016) announced its financial results for the three and six months ended June 30, 2016.

“During the past quarter we achieved three very significant milestones in the history of the Trust. Through the sale and repatriation of our capital from our very successful venture into the U.S., we reduced our leverage to its lowest level in our history,” said Edward Sonshine, Chief Executive Officer of RioCan. “I am quite satisfied with our growth in Operating FFO in our Canadian operations and expect it to grow over the next two years. Our recently announced acquisitions, completions in our ongoing development programme, and lease up of current vacancies lead me to be confident about RioCan’s Canadian growth in the near term. Over the long term, our urban development and intensification strategy will be the key contributor to our future Operating FFO growth. Our ability to achieve all of this without materially increasing our leverage from its current historical low level is a direct result of our strategic move into and out of the United States, and the significant new capital creation resulting from that profitable strategy.”

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, 2016, this earnings release should be read in conjunction with our unaudited interim condensed consolidated financial statements (“Consolidated Financial Statements”), as well as, management’s discussion and analysis for the three and six months ended June 30, 2016 together with our 2015 Annual Report.

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 the “Use of Non-GAAP Measures” in RioCan’s June 30, 2016 Management’s Discussion and Analysis. As a result of the recently completed sale of its 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.

FOR FULL RELEASE: http://investor.riocan.com/English/investor-relations/press-releases/press-release-details/2016/RioCan-Real-Estate-Investment-Trust-Announces-Financial-Results-and-81-Growth-in-Continuing-Operating-Funds-From-Operations-for-the-Second-Quarter-of-2016/default.aspx

Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President, Chief Financial Officer
and Corporate Secretary
(647) 253-4973
www.riocan.com

Source: RioCan

RioCan’s CEO Edward Sonshine, O.Ont., Q.C. to remain CEO of the Trust until at least December 2018

TORONTO, ONTARIO, 2016-Feb-23 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that RioCan’s Board of Trustees has approved and Edward Sonshine, O.Ont., Q.C., RioCan’s Chief Executive Officer, has accepted an amendment to his employment contract. Under the amended contract, Mr. Sonshine has agreed to a commitment to remain CEO of the Trust until at least December 2018.

“The members of the Board of Trustees are all very pleased that Mr. Sonshine has agreed to remain as CEO of the Trust for the next three years. He has brought a tremendous amount of leadership to the management team as he guides RioCan through this important period of growth and development in Canada” said Paul V. Godfrey, C.M. Chairman of the Board of Trustees for RioCan.

“I am very pleased to continue to lead our organization as we enter into an exciting and transformative stage through our development, and residential intensification platforms,” said Edward Sonshine, CEO of RioCan “and I am committed to continuing to build and secure the future growth of Canada’s leading REIT for our Unitholders.”

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at December 31, 2015. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 305 Canadian retail and mixed use properties, including 16 properties under development, containing an aggregate net leasable area (“NLA”) of 46 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President
Chief Financial Officer and Corporate Secretary
(647) 253-4973
www.riocan.com

RioCan’s January 2016 Distribution is 11.75 cents per unit

TORONTO, ONTARIO, 2016-Jan-18 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced a distribution of 11.75 cents per unit for the month of January. The distribution will be payable on February 5, 2016 to unitholders of record as atJanuary 29, 2016.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15.1 billion as at September 30, 2015. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 354 retail properties containing approximately 78 million square feet, including 49 retail properties containing 13 million square feet in the United States as at September 30, 2015. RioCan’s portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan’s website at www.riocan.com.

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

SOURCE: RioCan Real Estate Investment Trust

RioCan completes 2nd phase of the purchase of Kimco’s interest in collection of 22 Canadian properties

TORONTO, ONTARIO and NEW HYDE PARK, NEW YORK, 2015-12-21 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) and Kimco Realty Corp. (“Kimco”) (NYSE:KIM) announce that RioCan has completed the second phase of the previously announced transaction to purchase Kimco’s interest in a collection of 22 Canadian properties selected by RioCan. The remaining three properties were acquired at a purchase price of $238 million, and RioCan assumed Kimco’s share of the existing in place debt of $104 million.

Additionally, in a separate transaction RioCan has acquired Kimco’s 50% interest in Tillicum Centre, a 468,533 square foot shopping centre inVictoria, BC at a net purchase price of $58.9 million (at a 50% interest) along with possible future consideration to Kimco based on additional potential residential density. In connection with the purchase, RioCan assumed Kimco’s interest in the in place mortgage financing of $32.5 million(at a 50% interest) that carries an interest rate of 2.9% and matures in May 2018. RioCan estimates that the acquisition is expected to generate incremental NOI of approximately $3.6 million on an annualized basis.

Tillicum Centre is anchored by Save-On-Foods, Cineplex, London Drugs, and Winners. Lowe’s has assumed 120,000 square feet that was previously leased by Target Canada. Other national tenants at the centre include Old Navy, Dollar Tree, and Ardene. In addition, Tillicum Centre has municipal approval for the potential development of a multi-storey residential development/intensification at the site.

The partners continue to market for sale a second group of eight retail assets, which are in various stages of marketing. There remains a third group of three transitional properties that were previously occupied by Target, which will be dealt with at a future date.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15.1 billion as at September 30, 2015. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 354 retail properties containing approximately 78 million square feet, including 49 retail properties containing 13 million square feet in the United States as at September 30, 2015. RioCan’s portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan’s website at www.riocan.com.

About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 30, 2015, the company owned interests in 710 shopping centers comprising 105 million square feet of leasable space across 39 states, Puerto Rico, and Canada. Publicly traded on the NYSE since 1991, and included in the S&P500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia Devine
Executive Vice President,
Chief Financial Officer and Corporate Secretary
(647) 253-4973

Kimco Realty Corp.
David F. Bujnicki
Vice President, Investor Relations and
Corporate Communications
1-866-831-4297
dbujnicki@kimcorealty.com

SOURCE: RioCan

RioCan and Kimco agree to unwind their Canadian joint venture

TORONTO, ONTARIO and NEW HYDE PARK, NEW YORK, 2015-9-28 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) and Kimco Realty Corp. (“Kimco”) (NYSE:KIM) announce that after fifteen successful years as partners, RioCan and Kimco have agreed to unwind their Canadian joint venture. The portfolio of 35 jointly owned properties (“RioKim Portfolio”) will be divided into three groups:

  • the first group is a collection of 22 properties selected by RioCan that will be acquired in two stages: 19 properties during the third quarter of 2015 and three properties in the first quarter of 2016;
  • the second group consists of ten institutional-quality retail assets which the partners have agreed to market for sale, one of which is currently under a conditional contract to be sold; and
  • the third group of assets includes three transitional properties that were previously occupied by Target, which will be dealt with at a future date.

In March 2015, RioCan acquired Kimco’s 50% interest in Grand Park and RioCan Leaside Centre in Toronto, Ontario, as well as Brentwood Village inCalgary, Alberta. The joint venture partners also completed the sale of Centres Jacques Cartier on July 31, 2015 at a sale price of $18 million ($9 million at RioCan’s interest). The property was sold free and clear of financing.

“The management team at RioCan is familiar with every aspect of the portfolio, as they have been providing leasing, asset, and property management duties for these properties since the inception of this very successful joint venture relationship that we have enjoyed with Kimco. It is an exceptionally rare opportunity to acquire a selection of properties from a portfolio of this scale that can be easily absorbed by the Trust,” saidEdward Sonshine, Chief Executive Officer of RioCan. “This acquisition improves RioCan’s Canadian portfolio by increasing the concentration of the Trust’s portfolio located in Canada’s six largest markets, most notably in the Greater Toronto Area.”

“Our long-standing relationship with RioCan has been excellent and this transaction allows both companies to pursue their own longer term strategic objectives,” said Dave Henry, Chief Executive Officer of Kimco. “This sale enables Kimco to continue simplifying its operations by reducing the number of properties in joint ventures, including those that we do not manage, and provides an important source of capital to fund redevelopment activities and further strengthen our balance sheet.”

Transaction Details

RioCan will acquire Kimco’s interest in a portfolio of 22 Canadian properties at a purchase price of $715 million. Under the terms of the transaction, RioCan will assume Kimco’s share of the existing in place debt, subject to conventional closing conditions, of $231 million, which carries an average interest rate of 4.1% with a weighted average term to maturity of approximately 3.5 years.

The initial closing of RioCan’s acquisition of Kimco’s interest in 19 properties is expected to occur by September 30, 2015 (subject to Competition Bureau approval) at a purchase price of $477 million. RioCan will assume Kimco’s share of the existing in place debt of $127 million, representing a cash commitment of approximately $350 million by RioCan. RioCan will fund its acquisition through a combination of internal resources and credit facilities. The remaining three properties will be acquired at a purchase price of $238 million. RioCan will assume Kimco’s share of the existing in place debt of $104 million. This phase of the transaction is expected to be completed in January 2016.

Properties to be acquired by RioCan

Property Name* City Province Square feet
(at Kimco’s
interest)
Total Site NLA
(incl. shadow
anchors)
RioCan Centre Grand Prairie Grande Prairie AB 31,707 63,413
Abbotsford Power Centre Abbotsford BC 110,573 459,892
Clearbrook Town Square Abbotsford BC 93,937 188,962
RioCan Langley Centre Langley BC 193,183 386,366
404 Town Centre Newmarket ON 133,933 267,866
Albion Centre Toronto ON 195,715 391,430
Clarkson Crossing Mississauga ON 107,186 214,372
Green Lane Centre Newmarket ON 57,161 417,716
Kendalwood Park Plaza Whitby ON 80,608 161,216
King George Square Belleville ON 35,993 71,986
Lincoln Fields Shopping Centre Ottawa ON 141,451 287,760
RioCan Centre Sudbury Sudbury ON 204,252 669,193
RioCan Marketplace Toronto Toronto ON 58,203 413,582
RioCan St. Laurent Ottawa ON 156,583 313,166
Shopper’s World Danforth Toronto ON 163,867 327,734
Viewmount Centre Ottawa ON 65,385 130,770
Walker Place Burlington ON 34,929 69,858
Place Greenfield Montreal QC 187,510 375,020
RioCan Gatineau Gatineau QC 150,004 300,008
PHASE II
RioCan Shawnessy Calgary AB 237,774 839,586
South Edmonton Common Edmonton AB 226,257 981,488
Strawberry Hill Shopping Centre Surrey BC 168,921 337,810
Total 22 Properties 2,835,132 7,669,194
* certain properties listed above are considered as multiple business units for accounting purposes, and therefore multiple properties for purposes of past disclosures.

RioCan Transaction Impact

The portfolio to be acquired will be immediately accretive, and upon completion of the second phase of the transaction the portfolio is expected to generate additional annualized net operating income of approximately $45 million and will require no additional resources by management. RioCan’s cash commitment of approximately $485 million needed to complete the transaction will be funded from a combination of internal resources and credit facilities.

Kimco Transaction Impact

The initial sale of its ownership interests in the 19 properties will result in approximately USD $220 million in cash proceeds, net of its pro-rata share of debt and the impact of currency and taxes.

Remaining Properties in the Joint Venture

RioCan and Kimco will seek to dispose of nine of the remaining thirteen co-owned properties, which total approximately 783,000 square feet, in the first half of 2016. These properties are in the early stages of being marketed and there is no assurance that a sale transaction will be completed. The remaining three properties will be dealt with at a future date.

Property Name* City Province Square feet
(at RioCan’s
interest)
Total Site NLA
(incl. shadow
anchors)
The Junction Mission BC 141,267 330,607
Parkwood Place Prince George BC 186,362 372,724
Peninsula Village Surrey BC 85,391 170,782
Tillicum Centre Victoria BC 235,937 471,874
Halifax Walmart Centre Halifax NS 68,909 137,818
Gates Of Fergus Fergus ON 52,983 105,966
Hawkesbury Centre Hawkesbury ON 36,233 72,466
Huron Heights London ON 43,640 87,280
Nortown Centre Chatham ON 35,712 71,424
RioCan Thickson Ridge Whitby ON 185,755 493,070
Charlottetown Mall Charlottetown PEI 165,630 331,260
Centre Regional Chateauguay** Chateauguay QC 100,151 200,302
Desserte Ouest Laval QC 58,074 116,148
Total 13 properties 1,396,044 2,961,721
* certain properties listed above are considered as multiple business units for accounting purposes, and therefore multiple properties for purposes of past disclosures.
** Centre Regional Chateauguay is currently under contract subject to conditions that have not yet been waived.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15.6 billion as at June 30, 2015. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 353 retail properties containing approximately 79 million square feet, including 48 retail properties containing 13 million square feet in the United States as at June 30, 2015. RioCan’s portfolio also includes 15 properties under development in Canada. For further information, please refer to RioCan’s website at www.riocan.com.

About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of June 30, 2015, the company owned interests in 727 shopping centers comprising 107 million square feet of leasable space across 39 states, Puerto Rico, Canada and Chile. Publicly traded on the NYSE since 1991, and included in theS&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years.

Forward-Looking Statements – RioCan
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning our objectives, our 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”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on our estimates and assumptions, which are subject to risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s latest financial statements and RioCan’s Management’s Discussion and Analysis for the period ended June 30, 2015, which could cause actual events or results described above to differ materially from the forward-looking statements contained herein. Those risks and uncertainties include, but are not limited to, RioCan’s future acquisition or disposition activities with its joint venture partners.

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; access to equity and debt capital markets to fund, at acceptable costs, the future growth program to enable the Trust to refinance debts as they mature; and the availability of purchase opportunities for growth in Canada and the US. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.

Except as required by applicable law, including compliance by RioCan of all obligations under securities laws, to the extent applicable, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Forward-Looking Statements – Kimco
The statements in this release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates and management’s ability to estimate the impact thereof, (vii) risks related to the company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with the company’s expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s SEC filings. Copies of each filing may be obtained from the company or the SEC.

The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2014, as it may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings filed with the SEC, which discuss these and other factors that could adversely affect the company’s results.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia Devine
Executive Vice President, Chief Financial Officer
and Corporate Secretary
(647) 253-4973

Kimco Realty Corp.
David F. Bujnicki
Vice President, Investor Relations
and Corporate Communications
1-866-831-4297
dbujnicki@kimcorealty.com