RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid TORONTO, ONTARIO -- (Marketwired) -- 07/25/13 -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today 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 intends to acquire up to a maximum of 15,039,156 of its Units, or approximately 5% of its 300,783,127 outstanding Units as of July 19, 2013, 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 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 149,016 Units (which is equal to 25% of 596,065, being the average daily trading volume from January 2013 through to June 30, 2013), subject to RioCan's ability to make one block purchase of Units per calendar week that exceed 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. RioCan may begin to purchase Units on or about August 3, 2013 and the bid will terminate on August 2, 2014 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 represents an investment opportunity for the trust and an appropriate and desirable use of its funds. About RioCan RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.4 billion as at March 31, 2013. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 344 retail properties containing more than 84 million square feet, including 50 grocery anchored and new format retail centres containing 13.7 million square feet in the Uni ted States through various joint venture arrangements as at March 31, 2013. RioCan's portfolio also includes 11 properties under development in Canada. 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 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 March 31, 2013, 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 in the global marketplace associated with economic conditions, tenant concentrations, occupancy levels, access to debt and equity capital, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, legal matters, reliance on key personnel, unitholder liability, income taxes, the investment in the United States of America ("US"), fluctuations in the currency exchange rate between the Canadian and US dollar, RioCan's qualification as a real estate investment trust for tax purposes and 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 in high growth markets; access to equity and debt capital markets to fund, at acceptable costs, the future growth program to enable the Trust to refinance debts as they mature; the availability of purchase opportunities for growth in Canada and the US; and the impact of accounting principles adopted by the Trust effective January 1, 2011 under International Financial Reporting Standards ("IFRS"). 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. Contacts: RioCan Real Estate Investment Trust Rags Davloor Executive Vice President & CFO (416) 642-3554
RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid
Press spacebar to pause and continue. Press esc to stop.