Mr. Rags Davloor reports

RIOCAN REIT ANNOUNCES $200 MILLION PUBLIC OFFERING OF TRUST UNITS

RioCan Real Estate Investment Trust has reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets and TD Securities Inc. to issue to the public, subject to regulatory approval, 7,465,000 trust units for $26.80 per unit for gross proceeds of $200,062,000. RioCan has also granted the underwriters an option, exercisable at any time up to 48 hours prior to the closing of the offering, to purchase a further 1,119,750 units at the issue price which, if fully exercised, would result in additional gross proceeds of $30,009,300.

RioCan will use the proceeds from this equity offering to repay certain indebtedness, including the repayment of debt under RioCan's operating lines of credit and the early prepayment of certain debt secured by specific properties and incurred in the ordinary course; for property acquisitions; to finance development; and for general trust purposes.

The offering is being made under RioCan's amended and restated base-shelf short-form prospectus dated Dec. 21, 2010, amending and restating the base-shelf short-form prospectus dated July 6, 2010. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about April 20, 2012.