Mr. Dennis Blasutti reports

RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES ISSUANCE OF $300 MILLION, SERIES AJ SENIOR UNSECURED DEBENTURES WITH A COUPON RATE OF 5.470%

RioCan Real Estate Investment Trust has agreed to issue $300-million principal amount of Series AJ senior unsecured debentures.

The debentures will be sold at a price of $99.996 per $100 principal amount, carry a coupon of 5.470 per cent per annum and mature on March 1, 2030. Inclusive of the benefit of bond forward hedges, the trust's all-in interest rate is 5.452 per cent per annum. The net proceeds of this offering will be used by the trust to repay existing indebtedness at maturity.

The debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, BMO Capital Markets, Desjardins Securities Inc., CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc. Subject to customary closing conditions, the offering is expected to close on Feb. 12, 2024.

It is a condition of closing that DBRS Morningstar assign a rating of at least BBB with a stable trend and S&P Global Ratings assign a rating of at least BBB for the debentures.

The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented. The debentures will rank equally with all other senior unsecured indebtedness of the trust.

About RioCan Real Estate Investment Trust

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 Sept. 30, 2023, the trust's portfolio comprised 192 properties with an aggregate net leasable area of approximately 33.6 million square feet (at RioCan's interest) including office, residential rental and 11 development properties.

We seek Safe Harbor.