Mr. Dennis Blasutti reports

RIOCAN REAL ESTATE INVESTMENT TRUST COMPLETES ISSUANCE OF $300 MILLION, SERIES AJ SENIOR UNSECURED DEBENTURES

RioCan Real Estate Investment Trust has closed its previously announced issuance of $300-million principal amount of Series AJ senior unsecured debentures.

The debentures carry a coupon of 5.47 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 were sold on a private placement basis in certain provinces of Canada. The offering was made 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.

The debentures are rated BBB with a stable trend by DBRS Morningstar and BBB by S&P Global Ratings.

The debentures have been issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented. The debentures rank equally with all other senior unsecured indebtedness of RioCan.

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, RioCan's portfolio comprises 192 properties with an aggregate net leasable area of approximately 33.6 million square feet (at RioCan's interest), including office, residential rental and 10 development properties.

We seek Safe Harbor.