Mr. Dennis Blasutti reports

RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES OFFERING OF AN ADDITIONAL $150 MILLION OF SERIES AJ SENIOR UNSECURED DEBENTURES

RioCan Real Estate Investment Trust has agreed to issue an additional $150-million principal amount of its 5.47 per cent Series AJ senior unsecured debentures, maturing on March 1, 2030.

The additional debentures will be sold at a price of $100.549 per $100 principal amount, with a reopening yield of 5.357 per cent and an all-in interest rate for RioCan of 5.273 per cent per annum, inclusive of the benefit of bond forward hedges. The additional debentures will have the same terms and conditions, and constitute part of the same series as the existing $300-million Series AJ debentures issued by the trust on Feb. 12, 2024, except for their date of issue, price to the public and initial Cusip number. The net proceeds of this offering will be used by the trust to repay existing indebtedness. The additional debentures will initially have a different Cusip number from the Series AJ debentures issued on Feb. 12, 2024, but on or about July 29, 2024, the additional debentures will form part of a single series with, and have the same Cusip number as, the Series AJ debentures issued on Feb. 12, 2024.

The additional 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 March 28, 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 additional debentures.

The offering is being made on a private placement basis in each of the provinces of Canada, and the additional debentures will be issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented. The additional 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 Dec. 31, 2023, RioCan's portfolio comprises 188 properties with an aggregate net leasable area of approximately 32.6 million square feet (at RioCan's interest), including office, residential rental and nine development properties.

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