RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

December 16, 2008 11:24 ET

RioCan Real Estate Investment Trust Corrects Information in Globe and Mail Article Today

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2008) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) responded to an article that appeared in today's Globe and Mail newspaper, which indicated that RioCan "...recently acquired eight shopping centres in Toronto and Montreal from ING Group for about $90-million..."

The article is not factually correct with respect to its reference to this transaction. RioCan did not close this transaction and does not have an agreement to do so. In addition, the quotes attributed to Mr. Edward Sonshine were not from interviews for this article, but were based on comments made by Mr. Sonshine publicly over the past several weeks about the real estate markets in general.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $6.4 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 237 retail properties, including 16 under development, containing an aggregate of over 58 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. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include: an increasing divergence in the general economy between eastern and western Canada; a less robust retail environment than we have seen for the last few years; interest costs to us remain relatively stable; acquisition capitalization rates increase and land costs for greenfield development decrease; a continuing and accelerating trend towards land use intensification in high growth markets; and equity and debt capital markets will continue to provide access to capital to fund at acceptable costs our future growth program and refinance our debts as they mature. 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
    Website: www.riocan.com