RioCan REIT Announces Increase to Previously Announced Series P Senior Unsecured Debenture Issue to $150 Million

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has amended the terms of its previously announced offering of Series P senior unsecured debentures (the "Debentures") to increase the size of the offering from $100 million to $150 million.

The Debentures are being issued by a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotia Capital. The Debentures will carry a coupon rate of 3.80% and will mature on March 1, 2017.

The net proceeds will be used by RioCan to repay certain indebtedness, for property acquisitions, to fund development and for general trust purposes.

DBRS Limited ("DBRS") has assigned a preliminary rating of BBB(high) with a stable trend for the Debentures. It is a condition of closing that Standard & Poor's, a division of the McGraw Hill Companies, Inc. ("S&P") assign a rating of BBB- for the Debentures.

The offering is being made under RioCan's amended and restated base shelf short form prospectus dated December 21, 2010 amending and restating the base shelf short form prospectus dated July 6, 2010. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about January 26, 2012.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan:

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $12.5 billion as at December 31, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 331 retail properties containing an aggregate of 79 million square feet, including 45 grocery anchored and new format retail centres containing 12 million square feet in the United States through various joint venture arrangements. RioCan's portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.