RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

April 27, 2010 14:30 ET

RioCan Real Estate Investment Trust Announces Exercise of Cedar Shopping Centers, Inc. Warrants

TORONTO, ONTARIO--(Marketwire - April 27, 2010) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that through RioCan Holdings USA Inc. it has exercised all of its warrants to purchase 1,428,570 shares of common stock of Cedar Shopping Centers, Inc. (NYSE:CDR) ("Cedar") at an exercise price of US$7.00 per share. The warrants were issued in connection with RioCan's initial equity investment in Cedar which closed on October 26, 2009.

The exercise will result in approximately US$10 million of gross proceeds to Cedar. Following the share purchase RioCan's ownership in Cedar will be 9,445,236 shares or approximately 14% on a diluted basis.

"Our partnership in the northeast is progressing well and we are pleased to exercise our warrants and increase our ownership position to reflect RioCan's confidence in Cedar," said Edward Sonshine, Q.C. President and CEO.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $8.4 billion as at March 31, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 261 retail properties, including 12 under development, containing an aggregate of over 60 million square feet. RioCan owns an 80% interest in five grocery anchored shopping centres in the United States and owns a 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com.

Contact Information

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