RioCan Real Estate Investment Trust Announces Distribution for Preferred Units, Series A and Series C

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2011) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.PR.A)(TSX:REI.PR.C) today announced the following distributions for RioCan's outstanding preferred trust units:

• $0.328125 per preferred unit, Series A (the "Series A Units") for the quarter ending December 31, 2011. The distribution will be payable on December 30, 2011 to unitholders of the Series A Units of record as at December 30, 2011

• $0.0998 per preferred unit, Series C (the "Series C Units") for the quarter ending December 31, 2011. The distribution will be payable on December 30, 2011 to unitholders of the Series C Units of record as at December 30, 2011.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $11.5 billion as at June 30, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 305 retail properties containing an aggregate of over 73 million square feet, including 10 under development, and 35 grocery anchored and new format retail centres in the United States through various joint venture arrangements. For further information, please refer to RioCan's website at www.riocan.com.