RioCan Real Estate Investment Trust Provides an Update on Target Canada Corporation's Announcement to Withdraw from the Canadian Market

TORONTO, ONTARIO--(Marketwired - Jan. 15, 2015) - In connection with Target Canada Corporation's ("Target") announcement earlier today to withdraw from the Canadian market RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) hereto provides summary of the locations that will be impacted by Target's announcement.

"RioCan will work closely with the management team from Target to facilitate an orderly transition at the properties where Target is closing. While significant, Target currently represents less than two percent of RioCan's annual rental revenue, thus reinforcing the strength of the Trust's tenant diversification within the portfolio," said Edward Sonshine, Chief Executive Officer of RioCan. "Our locations are in strong retail nodes, and while this process will unfold over time, we expect that the interruption to revenue will be minimal, if at all. Ultimately, this could prove to be an opportunity for RioCan."

RioCan has twenty-six locations that are currently leased by Target representing 1.9% of total annualized rental revenue at an average lease rate of $6.62 per square foot with an average remaining lease term of approximately 12.7 years. These leases are guaranteed by Target Canada Corporation's US parent, generally for the remaining terms of the leases.

The properties affected by today's announcement are:

Site		City	Prov.	RioCan Interest	GLA (100%)	GLA (RioCan %)
Abbotsford Power Centre		Abbotsford	BC	50%	115,407	57,704
Burlington Mall		Burlington	ON	50%	121,523	60,762
Charlottetown Mall		Charlottetown	PEI	50%	107,806	53,903
County Fair Mall		Smiths Falls	ON	100%	92,989	92,989
Desserte Ouest		Laval	PQ	50%	116,147	58,074
Five Points Shopping Centre		Oshawa	ON	100%	102,444	102,444
Flamborough Power Centre		Flamborough	ON	100%	116,493	116,493
Gates Of Fergus-Tower St		Fergus	ON	50%	95,978	47,989
Lawrence Square		Toronto	ON	100	89,432	89,432
Mill Woods Town Centre		Edmonton	AB	40%	122,804	49,539
Millcroft Shopping Centre		Burlington	ON	50%	115,566	57,783
Orillia Square Mall		Orillia	ON	100%	91,440	91,440
RioCan Durham Centre Target		Ajax	ON	100%	121,280	121,280
RioCan Niagara Falls		Niagara Falls	ON	100%	106,103	106,103
RioCan Scarborough Centre		Scarborough	ON	100%	116,241	116,241
RioCan Shoppes At Shawnessy		Calgary	AB	50%	124,216	62,108
RioCan St. Laurent		Ottawa	ON	50%	103,568	51,784
Shopper's World Brampton		Brampton	ON	100%	121,490	121,490
Shopper's World Danforth		Toronto	ON	50%	134,845	67,423
Signal Hill Centre		Calgary	AB	100%	112,488	112,488
South Hamilton Square		Hamilton	ON	100%	93,125	93,125
Stratford Centre		Stratford	ON	100%	88,935	88,935
Sudbury Place		Sudbury	ON	100%	109,554	109,554
The Stockyards		Toronto	ON	50%	153,456	76,728
Tillicum Centre		Victoria	BC	50%	120,684	60,342
Trinity Common Brampton		Brampton	ON	100%	118,228	118,228
	Total 26 Locations				2,912,242	2,184,379

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.7 billion as at September 30, 2014. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 340 retail properties containing more than 80 million square feet, including 48 grocery anchored and new format retail centres containing 13 million square feet in the United States as at September 30, 2014. RioCan's portfolio also includes 15 properties under development in Canada. 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 made in this News Release regarding the impact of Target's announcement to withdraw from the Canadian market and other statements concerning RioCan's objectives, its 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", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "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. All forward-looking statements in this News Release are qualified by these cautionary statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on RioCan's current estimates and assumptions, which are subject to risks and uncertainties, including those described under "Risks and Uncertainties" in RioCan's Management's Discussion and Analysis for the period ended September 30, 2014, which could cause actual events or results to differ materially from the forward-looking statements contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity in the global marketplace associated with economic conditions, tenant concentrations, occupancy levels, access to debt and equity capital, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, development projects, environmental matters, legal matters, reliance on key personnel, unitholder liability, income taxes, the investment in the United States of America ("US"), fluctuations in the currency exchange rate between the Canadian and US dollar and RioCan's qualification as a real estate investment trust for tax purposes. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification in high growth markets; access to equity and debt capital markets to fund, at acceptable costs, the future growth program to enable the Trust to refinance debts as they mature; and the availability of purchase opportunities for growth in Canada and the US. Although the forward-looking information contained in this News Release 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. Certain statements included in this News Release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this News Release.

The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the "SIFT Provisions"). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a real estate investment trust ("REIT"). RioCan currently qualifies as a REIT and intends to continue to qualify for future years. Should this not occur, certain statements contained in this News Release may need to be modified.

Except as required by applicable law, RioCan under takes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.