RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

October 29, 2009 17:04 ET

RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it intends to file a notice with the Toronto Stock Exchange of its intention to renew its normal course issuer bid for up to 11,774,237 of its trust units ("Units"), or approximately 5% of its 235,484,743 outstanding Units. RioCan's normal course issuer bid will be made in accordance with the by-laws, rules and policies of the Toronto Stock Exchange. Subject to the approval of the Toronto Stock Exchange, RioCan may begin to purchase Units at prevailing market prices over a twelve-month period commencing on or about November 6, 2009. Purchases under the bid can be made from time to time over a twelve-month period, as appropriate opportunities arise.

RioCan believes that, from time to time, the market price of its Units may not reflect their underlying value and that the purchase of its Units may represent an appropriate and desirable use of the Trust's funds. RioCan intends to fund the purchases out of available cash and undrawn credit facilities.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $7.1 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