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Press release from Marketwire

RioCan Real Estate Investment Trust Announces Completion of $230 Million Public Offering of Trust Units Including the Underwriters' Option

Friday, April 20, 2012

RioCan Real Estate Investment Trust Announces Completion of $230 Million Public Offering of Trust Units Including the Underwriters' Option08:40 EDT Friday, April 20, 2012TORONTO, ONTARIO--(Marketwire - April 20, 2012) -MEDIA RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has successfully completed its issuance of an aggregate of 8,584,750 trust units (the "Units") at a price of $26.80 per Unit for aggregate gross proceeds of $230,071,300. The aggregate offering was comprised of the previously announced issuance of 7,465,000 Units at $26.80 per Unit for gross proceeds of $200,062,000, together with the option granted to the underwriters, which was exercised in full, for an issuance of an additional 1,119,750 Units for $26.80 per Unit for additional gross proceeds of $30,009,300. The underwriting syndicate for the offering was co-led by RBC Capital Markets and TD Securities Inc. The offering was 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 are described in a prospectus supplement dated April 13, 2012, which was filed with Canadian securities regulators. About RioCanRioCan 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 approximately 79 million square feet, including 45 grocery anchored and new format retail centres containing 12 million square feet in the United States through outright ownership and various joint venture arrangements as at December 31, 2011. RioCan's portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.FOR FURTHER INFORMATION PLEASE CONTACT: Rags DavloorRioCan Real Estate Investment TrustExecutive Vice President & CFO(416) 642-3554www.riocan.com