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

TORONTO, ONTARIO--(Marketwired - March 16, 2016) - 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 March 31, 2016 (the "Final Distribution") payable to holders of the Series A Units of record as at March 31, 2016. As previously announced on February 2, 2016, the Series A Units will be redeemed in full as at March 31, 2016 at a price of $25.00 per Series A Unit, for total redemption proceeds of $125 million. Notice of redemption has been sent to the registered holder of the Series A Units. Payment of the redemption proceeds and the Final Distribution will be made to CDS & Co., as sole registered holder, on or prior to March 31, 2016. Payment to the beneficial holders will be made through the facilities of CDS & Co. on April 1, 2016 in respect of the redemption proceeds and April 5, 2016 in respect of the Final Distribution, respectively.

• $0.29375 per preferred unit, Series C (the "Series C Units") for the quarter ending March 31, 2016. The distribution will be payable on March 31, 2016 to unitholders of the Series C Units of record as at March 31, 2016.

About RioCan

RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $15 billion as at December 31, 2015. RioCan owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 305 Canadian retail and mixed use properties, including 16 properties under development, containing an aggregate net leasable area ("NLA") of 46 million square feet. For further information, please refer to RioCan's website at www.riocan.com.