RioCan's (TSX:REI.UN) HIGHLIGHTS for the three months ended March 31, 2014 were:
-- RioCan's Operating FFO increased by 2% to $127 million for the three
months ending March 31, 2014 ("first quarter") compared to $124 million
in the first quarter of 2013. On a per unit basis, Operating FFO
increased 2% to $0.42 per unit from $0.41 per unit in the same period of
2013;
-- RioCan's concentration in Canada's six major markets has increased to
72.2% from 71.7% at December 31, 2013;
-- On January 29, 2014, RioCan and its partners, Allied Properties REIT and
Diamond Corporation, announced The Well. This mixed use development
project is located at the corner of Front Street and Spadina Avenue in
close proximity to downtown Toronto on a 7.7 acre site, and the partners
have filed a rezoning application for up to 3.7 million square feet of
retail, office and residential properties;
-- Overall occupancy was in line at 96.8% as of March 31, 2014, compared to
96.9% at December 31, 2013;
-- RioCan renewed 1,282,000 square feet in the Canadian portfolio during
the first quarter at an average rent increase of $1.02 per square foot,
representing an increase of 7.0%;
-- During the first quarter, RioCan's same store growth was 3.1% in Canada
and 3.0% in the US;
-- As at March 31, 2014, RioCan had ownership interests in 16 properties
under development that will, upon completion, comprise approximately
10.8 million square feet at RioCan's interest, all located in major
markets in Canada`;
-- During the first quarter, RioCan acquired interests in two income
properties in Canada and the US at an aggregate purchase price of
approximately $21 million at RioCan's interest at a weighted average
capitalization rate of 6.7%;
-- During the first quarter, RioCan sold three properties located in
secondary markets aggregating 472,000 square feet at a total sale price
of $51 million; and
-- During the quarter, RioCan completed the offering of $150 million Series
U debentures, which carry a coupon of 3.62% and maturity date of June 1,
2020.
RioCan Real Estate Investment Trust ("RioCan") today announced its financial
results for the three months ended March 31, 2014.
"We are quite satisfied with RioCan's first quarter results. RioCan's portfolio
continued to generate positive Operating FFO per unit growth in the first
quarter in spite of a smaller portfolio on a comparative basis, and
notwithstanding significant investment in our development program and management
information technology, both of which are part of our focus on the future," said
Edward Sonshine, Chief Executive Officer of RioCan. "The portfolio of
development, redevelopment and intensification assets that RioCan has assembled
will be an impressive engine for RioCan's continued growth. This portfolio that
will generate long term returns that will be completed in a staggered manner.
When considering the potential opportunities within this portfolio, we expect to
be able to add new projects as others are completed to maintain this growth
profile and to reposition certain assets in our core markets, while at all times
managing risk and exposure in a responsible manner."
Financial Highlights
All figures in Canadian dollars unless otherwise noted. RioCan's results 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 a full
definition of these measures, please refer to the "Use of Non-GAAP Measures" in
RioCan's first quarter 2014 Management Discussion and Analysis.
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In millions except percentages and per
unit values Three months ended March 31,
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2014 2013 % change
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Operating FFO $127 $124 2%
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Operating FFO per Unit $0.42 $0.41 2%
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Three months ended March
In $millions 31,
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2014 2013
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Net earnings attributable to common and preferred
unitholders $171 $163
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Net earnings before taxes and fair value adjustment $105 $114
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In $millions. As at March 31, March 31,
2014 2013
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Total enterprise value (1) 14,549 14,411
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Total assets - at RioCan's interest(1) 13,820 12,993
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Debt(1) (mortgages and debentures payable - at 6,124 5,748
RioCan's interest)
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(1) Based on RioCan's proportionate share including joint ventures accounted
for under the equity method of accounting
Operating FFO for the first quarter was $127 million ($0.42 per unit) compared
to $124 million ($0.41 per unit) in the first quarter of 2013. The primary
reasons for this increase were an increase in NOI from rental properties of $6
million, which includes the impact of the following items: higher rental income
as a result of acquisitions, net of dispositions, same store growth of 3.1% for
Canada and 3.0% for the US portfolio and the benefit of $3.2 million in
favourable foreign currency gains from US operations offset by lower lease
cancellation fees and straight line rent of $2.4 million, and a decrease in
interest expense of $3 million (including $1 million unfavourable impact of
foreign exchange). These increases to Operating FFO were partially offset by a
decrease in other revenue of $5 million due to lower development fees generated
on joint venture projects. Operating FFO was also impacted by an increase in
general and administrative costs of $2 million due primarily to increased
information technology costs associated with the Trust's implementation of a new
ERP and financial reporting system during the quarter as well as certain related
one-time costs.
Same Store and Same Property NOI
-------------------------------------------------------------
Three months ended
March 31, 2014
Canada year over year
-------------------------------------------------------------
Same Store Growth 3.1%
-------------------------------------------------------------
Same Property Growth 2.6%
-------------------------------------------------------------
United States
-------------------------------------------------------------
Same Store & Property Growth 3.0%
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Leasing and Operational Highlights:
----------------------------------------------------------------------------
2014 2013 2012
----------------------------------------------------------------------------
(thousands
of square
feet,
millions of First Fourth Third Second First Fourth Third Second
dollars) quarter quarter quarter quarter quarter quarter quarter quarter
----------------------------------------------------------------------------
Committed
occupancy 96.8% 96.9% 97.0% 96.7% 97.0% 97.4% 97.3% 97.4%
Economic
occupancy 95.7% 95.8% 95.5% 95.4% 95.8% 95.9% 95.5% 95.5%
NLA leased
but not
paying rent 519 542 716 642 615 711 855 871
Annualized
rental
impact $13.0 $14.0 $17.0 $15.0 $15.0 $15.0 $18.0 $ 18.0
Retention
rate -
Canada (i) 91.2% 97.0% 91.1% 95.9% 68.3% 94.3% 84.8% 89.9%
% increase
in average
net rent
per sq ft -
Canada 7.0% 8.8% 11.2% 12.0% 13.4% 18.4% 12.9% 13.4%
Retention
rate - US 86.4% 98.2% 98.4% 92.0% 98.8% 87.6% 96.3% 84.2%
% increase
in average
net rent
per sq ft -
US 8.3% 4.8% 3.8% 4.3% 2.3% 5.1% 6% 7.3%
Average in
place rent $16.01 $16.08 $16.07 $15.77 $15.77 $15.70 $15.85 $15.33
Same store
growth (ii)
- Canada 3.1% 2.7% 2.2% 0.6% 0.1% 0.2% 0.0% 1.5%
Same store
growth (ii)
- US 3.0% 1.7% 0.9% 1.4% 1.4% 1.9% (0.3)% 1.3%
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(i) - Includes impact of the vacancy of Zellers totalling 188,000 sq ft at
100% (100,500 sq ft at RioCan's interest) during the quarter. Retention
excluding Zellers is 81.1%.
(ii) - Refers to the growth in same store on a year over year basis
Highlights:
-- During the quarter, RioCan renewed 1.3 million square feet (2013 -
808,000 square feet) in the Canadian portfolio at an average rent
increase of $1.02 per square foot (2013 - $1.93 per square foot),
representing an increase of 7.0% and a renewal retention rate of 91.2%.
The proportion of tenant expiries at fixed versus market rental rate
options increased substantially from the first quarter of 2013. This has
resulted in a lower increase in average net rent per square foot in
Canada this quarter, as has been experienced in prior quarters;
-- RioCan's Canadian portfolio is concentrated in Canada's six high growth
markets (consisting of Calgary, Edmonton, Montreal, Ottawa, Toronto and
Vancouver). Assets in these markets contribute about 72.2% of RioCan's
Canadian annualized rental revenue (71.7% at December 31, 2013). The
increase in the past quarter was accomplished through the sale of
certain assets in secondary markets;
-- National and anchor tenants represented about 86.4% of RioCan's total
annualized rental revenue at March 31, 2014, a slight increase compared
to 86.0% at March 31, 2013; and
-- No individual tenant comprised more than 4.4% of annualized rental
revenue. At March 31, 2014, Loblaws/No
Frills/Fortinos/Zehrs/Maxi/Shoppers Drug Mart was RioCan's largest
revenue source.
Portfolio Activity and Acquisition Pipeline
During the first quarter, RioCan completed two acquisitions of interests in
income producing properties for a total purchase price of $21 million in Canada
and the US with a weighted average capitalization rate of 6.7%.
Acquisitions Completed in the First Quarter
Canada
-- RioCan acquired the remaining 40% interest in Whiteshield Plaza,
bringing RioCan's interest in the property to 100%. White Shield Plaza
is a 156,000 square foot grocery anchored shopping centre located in
Toronto, Ontario. The additional 40% interest was acquired at a purchase
price of $11 million, representing a capitalization rate of 5.5%. In
connection with the acquisition, RioCan assumed outstanding mortgage
financing of $8 million, which was subsequently repaid.
United States
-- The acquisition of a 100% interest in a 64,329 square foot single-tenant
building at Riverpark Shopping Center in SugarLand (Houston), Texas. The
purchase price for the building, which is tenanted by Gander Mountain,
was $10 million, which equates to a capitalization rate of 8.0%. The
building was acquired free and clear of financing. RioCan owns a 100%
interest in the Riverpark Shopping Center a 375,599 square foot new
format retail centre.
Acquisitions Under Contract (Firm)
RioCan has one income property under firm contract in Canada that would
represent an acquisition of $22 million, at a capitalization rate of 6.8%.
Canada
-- RioCan has the acquisition of University Plaza under firm contract at a
purchase price of $22 million at a capitalization rate of 6.8%.
University Plaza is an open format retail centre anchored by Shoppers
Drug Mart located in Hamilton, Ontario with NLA of 113,000 square feet.
The property will be acquired free and clear of financing and the
acquisition is expected to close in the second quarter of 2014. This
purchase will integrate well with RioCan's existing shopping centre,
Miracle Plaza, a 84,000 square foot centre anchored by a Metro grocery
store, and will enable RioCan to create management and operating
efficiencies on both of these assets.
Acquisitions Under Contract (Conditional)
RioCan has income property acquisitions under contract in Canada where
conditions have not yet been waived that, if completed, will represent
acquisitions of $31 million, at RioCan's interest. These transactions are
undergoing due diligence procedures and while efforts will be made to complete
the transactions, no assurance can be given.
Acquisition Pipeline
RioCan is currently in negotiations regarding property acquisitions in Canada
that, if completed, represent approximately $100 million of additional
acquisitions at RioCan's interest. These transactions are in various stages of
negotiations and while efforts will be made to complete these negotiations, no
assurance can be given.
Disposition Pipeline
During the first quarter, RioCan had dispositions of $51 million during the
three months ended March 31, 2014, as follows:
-- On January 28, 2014, RioCan sold its 100% interest in Madawaska Centre,
located in Edmundston, New Brunswick for $1 million.
-- On January 31, 2014, RioCan sold its 100% interest in Mega Centre
Beauport located in Quebec City for $47 million, which equates to a
capitalization rate of 6.0%. Mega Centre Beauport is a 183,000 square
foot new format retail centre and tenanted by Cineplex, Sports Experts
and Future Shop.
-- On February 27, 2014, RioCan sold its 26,000 square foot interest
(52,000 square feet at 100%) in the Canadian Tire unit at Millcroft
Shopping Centre in Millcroft, Ontario for $3 million at RioCan's
interest. The sale of this unit took place as another tenant at the
centre exercised an option on its lease to acquire the unit.
Development Portfolio
As at March 31, 2014, RioCan had ownership interests in 16 greenfield
development projects that will, upon completion, comprise about 11 million
square feet (6 million square feet at RioCan's interest). In addition to its
development projects, RioCan continued its urban intensification activities,
primarily in the Toronto, Ontario market.
Development acquisitions completed during the First Quarter
During the three months ended March 31, 2014, RioCan acquired interests in six
development properties at an aggregate purchase price of $138 million, at
RioCan's interest.
Details of the current quarter development site acquisitions are as follows.
-- The January 10, 2014 acquisition by the joint venture between RioCan and
Kimco of a portion of the retail portion of the condo development at
Brentwood Village. The retail development was acquired at a purchase
price of $7 million ($3.5 million at RioCan's equity) and was acquired
free and clear of financing. The acquisition price was based on a pre-
existing agreement with the developer, rather than based on a fair value
determined via capitalized NOI. The joint venture acquired the portion
of the property where development has been completed (approximately
24,000 square feet out of an total of 38,000 square feet of retail space
to be provided by the developer). Tenants will begin operating in the
new retail area in August 2014. Brentwood Village is an unenclosed
community shopping centre with anchor tenants including Sears Whole
Home, Safeway, and London Drugs, and national tenants including Pier 1
Imports, Sleep Country, Penningtons, TD Canada Trust, Bank of Montreal
and Harvey's.
-- The January 24, 2014 acquisition of a 100% interest in 1860 Bayview
Avenue in Toronto, Ontario. 1860 Bayview Avenue is a development site
located at the northwest corner of Bayview Avenue and Broadway Avenue in
the Leaside area of Toronto. KingSett and Trinity Development Group are
currently developing a grocery-anchored centre on the site, and RioCan
has acquired the site on a forward purchase basis at an expected
purchase price on completion of $58 million, at a capitalization rate of
5.4%. Equity acquired in the quarter was $26 million. Once completed,
the centre will consist of approximately 83,084 square feet of retail
space and will be anchored by a 52,420 square foot Whole Foods grocery
store.
-- The March 5, 2014 acquisition of a 50% interest in 31 Roehampton Avenue,
a 30-unit apartment building located at the corner of Yonge Street and
Roehampton Avenue in Toronto, Ontario, at a purchase price of $8 million
($4 million at RioCan's interest). The acquisition forms part of the
existing Northeast Yonge Eglinton land assembly, acquired initially in
2011 with Metropia and Bazis for the purpose of redeveloping into a
mixed-use retail and residential property. RioCan and its partners have
obtained zoning approval and the redevelopment commenced in April 2014.
-- The March 31, 2014 acquisitions of Trinity's interests in three
development projects: RioCan acquired Trinity's 25% interest in each of
The Stockyards, Toronto, Ontario and McCall Landing, Calgary, Alberta
and 10% interest in East Hills, Calgary, Alberta at an aggregate
purchase price of $105 million. In connection with the acquisition of
the additional interest in The Stockyards, RioCan assumed mortgage
financing of $24 million. RioCan will take over as development manager
for each of the development sites. RioCan will also assume
responsibility for all leasing activities with respect to the
properties. Upon completion, RioCan will provide asset and property
management functions on behalf of its partners as previously agreed
upon.
Development Property Acquisitions Subsequent to Quarter End
-- Subsequent to March 31, 2014, RioCan acquired the remaining 40% interest
in the Kromer parcel of the College & Bathurst land assembly from
Trinity at a purchase price of $11 million. The consideration received
by Trinity was used to repay, in full, the outstanding mezzanine
financing principal and accrued interest in the amount of $7 million on
the project, in conjunction with the transaction closing.
-- On May 9, 2014, RioCan acquired its partner's interests in another
development property (100% of the industrial component and 50% of the
retail component) at a purchase price of $11 million. As a result of
this transaction, RioCan now has a 100% ownership interest in the
industrial component and an 81% ownership interest in the retail
component. The consideration received by the partner was used to repay,
in full, the outstanding mezzanine financing principal and accrued
interest in the amount of $11 million on the project, in conjunction
with the transaction closing.
Development Property Acquisitions under Contract
RioCan currently has two development sites in Canada under firm contract where
conditions have been waived that, if completed, represent acquisitions of $20
million at RioCan's interest.
-- The acquisition of lands adjacent to Calaway Park, a 35 acre parcel of
land located approximately 25 kilometres west of Calgary, Alberta. The
site is to be acquired on a 50/50 joint venture basis between RioCan and
Tanger at a purchase price of $28 million ($14 million at RioCan's
interest). The site would be acquired free and clear of financing and
RioCan would acquire a managing interest in the development property.
The site represents an opportunity for the RioCan/Tanger joint venture
to enter the Calgary market with the intention to develop the land into
an outlet centre of approximately 350,000 square feet. The acquisition
is expected to close in the second quarter of 2014.
-- The acquisition of a 50% interest in the site where TD Bank is currently
located at the North East corner of Yonge and Eglinton in Toronto,
Ontario, at a purchase price of $12 million ($6 million at RioCan's
interest). The acquisition is expected to close in the third quarter of
2014 and will form part of the existing northeast Yonge Eglinton land
assembly, acquired in 2011 with Metropia and Bazis for the purpose of
redeveloping into a mixed-use retail and residential property. RioCan
and its partners obtained zoning approval and the redevelopment is
slated to commence in 2014.
Additionally, RioCan has $4 million of development sites in Canada (at RioCan's
interest) under contract where conditions have not yet been waived. These
transactions are in various stages of due diligence and while efforts will be
made to complete these transactions, no assurance can be given.
Liquidity and Capital
----------------------------------------------------------------------------
Quarter Rolling 12
Ended (i) months ended (ii)
----------------------------------------------------------------------------
March 31, March 31, December 31,
2014 2014 2013
----------------------------------------------------------------------------
Interest coverage ratio -
RioCan's interest 3.20x 2.85x 2.83x
----------------------------------------------------------------------------
Debt service coverage ratio -
RioCan's interest 2.34x 2.12x 2.10x
----------------------------------------------------------------------------
Fixed charge coverage ratio -
RioCan's interest 1.12x 1.06x 1.06x
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Net debt to Adjusted EBITDA
ratio - RioCan's interest 7.91x 7.86x 7.56x
----------------------------------------------------------------------------
Net Operating debt to Operating
EBITDA - RioCan's interest 7.53x 7.49x 7.24x
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Unencumbered assets (millions) $2,278 $2,068
----------------------------------------------------------------------------
Unencumbered assets to
unsecured debt 141% 142%
----------------------------------------------------------------------------
(i) Excludes capitalized interest
(ii) Includes capitalized interest
Financing Highlights for the First Quarter
Unencumbered Assets
As at March 31, 2014, RioCan's unencumbered asset pool was comprised of 108
assets with an aggregate fair value of $2.3 billion.
Credit Facilities
At March 31, 2014, RioCan has four revolving lines of credit in place with three
Canadian chartered banks, having an aggregate capacity of $640 million.
Subsequent to the quarter, RioCan added a fifth operating line by converting an
existing non-revolving term loan (that matured in 2014) into a revolving
facility. The new facility has a capacity of $67.5 million with pricing similar
to RioCan's other operating lines and a maturity date of December 2015. This
facility brings RioCan's aggregate limit to $707.5 million.
Term Financing
Canada
-- RioCan obtained approximately $10 million of fixed-rate mortgage
financing at a weighted average interest rate of 3.42% with a weighted
average term to maturity of 4.9 years.
-- During the first quarter RioCan issued $150 million Series U ten year
senior unsecured debentures at an interest rate of 3.62% maturing June
1, 2020.
US
-- RioCan obtained approximately $6 million of fixed-rate mortgage
financing at a weighted average interest rate of 4.42% with a weighted
average term to maturity of 9.7 years.
Trust Units
On July 25, 2013, RioCan announced the TSX approval of its notice of intention
to make a normal course issuer bid ("NCIB") for a portion of its Units as
appropriate opportunities arise from time to time. During the first quarter
RioCan did not make any purchases of Trust Units.
RioCan's Consolidated Financial Statements, Management's Discussion and Analysis
for the three months ended March 31, 2014 is available on RioCan's website at
www.riocan.com.
Conference Call and Webcast
Interested parties are invited to participate in a conference call with
management on Tuesday, May 13, 2014 at 11:00 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 416-340-2218 or 1-866-226-1793. If you
cannot participate in the live mode, a replay will be available until June 10,
2014. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter
passcode 4629601#.
Scheduled speakers include Edward Sonshine, O.Ont. Q.C., Chief Executive
Officer, Fred Waks, President and Chief Operating Officer and Rags Davloor,
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-Webcasts/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
capitalization of approximately $14.5 billion as at March 31, 2014. It owns and
manages Canada's largest portfolio of shopping centres with ownership interests
in a portfolio of 340 retail properties containing approximately 82 million
square feet, including 47 grocery anchored and new format retail centres
containing 13 million square feet in the United States as at March 31, 2014.
RioCan's portfolio also includes 16 properties under development in Canada. For
further information, please refer to RioCan's website at www.riocan.com.
Non-GAAP measures
RioCan's consolidated financial statements are prepared in accordance with IFRS.
Consistent with RioCan's management framework, management uses certain financial
measures to assess RioCan's financial performance, which are not generally
accepted accounting principles (GAAP) under IFRS. The following measures, Funds
From Operations ("FFO"), Operating Funds From Operations ("Operating FFO"),
Adjusted Net Operating Income, and Adjusted Earnings before interest, taxes,
depreciation and amortization ("Adjusted EBITDA") as well as other measures
discussed elsewhere in this release, do not have a standardized definition
prescribed by IFRS and are, therefore, unlikely to be comparable to similar
measures presented by other reporting issuers. RioCan uses these measures to
better assess the Trust's underlying performance and provides these additional
measures so that investors may do the same. Non GAAP measures should not be
considered as alternatives to net earnings or comparable metrics determined in
accordance with IFRS as indicators of RioCan's performance, liquidity, cash
flow, and profitability. For a full definition of these measures, please refer
to the "Use of Non-GAAP Measures" in RioCan's first quarter 2014 Management
Discussion and Analysis.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of
applicable securities laws. These statements include, but are not limited to,
statements made in this News Release (including the sections entitled
"Highlights for the three ended March 31, 2014", "Financial Highlights",
"Leasing and Operational Highlights", "Portfolio Activity and Acquisition
Pipeline", "Liquidity and Capital", and "Development Portfolio"), 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 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.
These forward-looking statements are not guarantees of future events or
performance and, by their nature, are based on RioCan's current 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 March 31, 2014, which could cause actual
events or results to differ materially from the forward-looking statements
contained in this News Release. Those risks and uncertainties include, but are
not limited to, those related to: liquidity in the global marketplace associated
with 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 and RioCan's qualification as a real estate investment
trust for tax purposes. 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; 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. 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 real estate
investment trust ("REIT"). RioCan currently qualifies as a REIT and intends to
continue 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 under takes no obligation to
publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
RioCan Real Estate Investment Trust
Rags Davloor
Executive Vice President & CFO
(416) 642-3554
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