Mr. Dennis Blasutti reports

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

RioCan Real Estate Investment Trust has closed its previously announced issuance of an additional $150-million principal amount of its 5.470 per cent Series AJ senior unsecured debentures, maturing on March 1, 2030.

The additional debentures reflect a reopening yield of 5.357 per cent and, inclusive of the benefit of bond forward hedges, an all-in interest rate of 5.273 per cent per annum for RioCan. The net proceeds of this offering will be used by the trust to repay existing indebtedness.

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

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

The additional debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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, the trust'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.

We seek Safe Harbor.