RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

November 05, 2009 12:10 ET

RioCan Real Estate Investment Trust Announces Commencement of Renewed Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that the Toronto Stock Exchange has approved of its notice of intention to renew its normal course issuer bid for a portion of its trust units ("Units") as appropriate opportunities arise from time to time. RioCan's normal course issuer bid will be made in accordance with the by-laws, rules and policies of the Toronto Stock Exchange.

Pursuant to the notice, RioCan intends to acquire up to a maximum of 11,732,772 of its Units, or approximately 5% of its 234,655,457 outstanding Units as of October 28, 2009, for cancellation over the next 12 months. Purchases will be made at market prices through the facilities of the Toronto Stock Exchange. RioCan intends to fund the purchases out of its available cash and undrawn credit facilities. The number of Units that can be purchased pursuant to the bid is subject to a current daily maximum of 159,714 Units (which is equal to 25% of the average daily trading volume from May 2009 through to October 30, 2009).

During the 12 months preceding October 28, 2009, RioCan repurchased 289,500 Units at a weighted average trading price of $11.83 per Unit.

The bid will commence on November 9, 2009 and will terminate on November 8, 2010 or such earlier time as RioCan completes its purchases pursuant to the bid or provides notice of termination. RioCan believes that the purchase of its Units represents an investment opportunity for the trust and an appropriate and desirable use of its funds.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $7.8 billion as at September 30, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 247 retail properties, including 13 under development, containing an aggregate of over 59 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future events and are based on our estimates and assumptions that are subject to risks and uncertainties, which could cause actual events or results described above to differ materially from the forward-looking statements contained herein. Those risks and uncertainties include risks associated with real property ownership, financing and interest rates, environmental matters and construction. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • RioCan Real Estate Investment Trust
    Rags Davloor
    Senior Vice President & CFO
    (416) 642-3554