RioCan Real Estate Investment Trust Establishes Automatic Securities Repurchase Plan

TORONTO, Dec. 12, 2022 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that it has established an automatic securities purchase plan (“ASPP”) in connection with its previously announced normal course issuer bid (“NCIB”) applicable to its outstanding trust units (“Units”). The ASPP is intended to allow for the purchase of Units under the NCIB at times when RioCan would ordinarily not be permitted to purchase Units due to regulatory restrictions and customary self-imposed blackout periods.

Pursuant to the ASPP, purchases will be made by RioCan’s designated broker based on pre-established purchasing parameters, in accordance with the rules of the Toronto Stock Exchange (“TSX”), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented effective today.

Outside of pre-determined blackout periods, Units may be purchased under the NCIB at such times as RioCan may determine in compliance with TSX rules and applicable securities laws. The NCIB commenced on November 7, 2022 and will terminate on November 6, 2023 or such earlier time as RioCan completes its purchases pursuant to the bid or provides notice of termination. The NCIB permits RioCan to purchase for cancellation up to a maximum of 30,247,803 Units. All purchases made under the ASPP will be included in computing the number of Units purchased under the NCIB.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. 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. As at September 30, 2022, our portfolio is comprised of 198 properties with an aggregate net leasable area of approximately 34.8 million square feet (at RioCan's interest) including office, residential rental and 11 development properties. To learn more about us, please visit .

Forward-Looking Information

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions 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 in the “Risks and Uncertainties” section in RioCan's MD&A for three and nine months ended September 30, 2022 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. General economic conditions, including interest rate fluctuations, may also have an effect on RioCan’s results of operations.

The forward-looking statements contained in this News Release are made as of the date hereof, 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.

For further information contact:

RioCan Real Estate Investment Trust

Dennis Blasutti

Chief Financial Officer

416-866-3033