RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid

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