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REI.UN - RioCan Real Estate Investment Trust News Story

C$21.32 0.4  1.9%

Last Trade - 02/12/21

Large Cap
Market Cap £3.90bn
Enterprise Value £7.82bn
Revenue £655.5m
Position in Universe 100th / 2710

RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid

Fri 15th October, 2021 12:30pm
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TORONTO, Oct. 15, 2021 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust
(“RioCan”) (TSX:REI.UN) today announced that the Toronto Stock Exchange
has approved its notice of intention to make a normal course issuer bid for a
portion of its trust units (“Units”) as appropriate opportunities arise
from time to time. RioCan's normal course issuer bid will be made in
accordance with the requirements of the Toronto Stock Exchange.

Pursuant to the notice, RioCan is authorized to acquire up to a maximum of
31,616,150 of its Units, or approximately 10% of the public float of
316,161,505 as of October 13, 2021 over the next 12 months. Purchases under
the normal course issuer bid will be made through the facilities of the
Toronto Stock Exchange or through a Canadian alternative trading system and in
accordance with applicable regulatory requirements at a price per Unit equal
to the market at the time of acquisition. The number of Units that can be
purchased pursuant to the bid is subject to a current daily maximum of 241,695
Units (which is equal to 25% of 966,783, being the average daily trading
volume during the last six months), subject to RioCan’s ability to make one
block purchase of Units per calendar week that exceeds such limits.

Units purchased under the normal course issuer bid will be cancelled upon
their purchase, or may be used to satisfy RioCan’s obligation to deliver
Units under RioCan’s Restricted Equity Unit Plan and/or Performance Equity
Unit Plan. RioCan intends to fund the purchases out of its available cash and
undrawn credit facilities. No Units were purchased by RioCan pursuant to its
previous normal course issuer bid, which expires October 21, 2021.

RioCan may begin to purchase Units on October 22, 2021 and the bid will
terminate on October 21, 2022 or such earlier time as RioCan completes its
purchases pursuant to the bid or provides notice of termination. RioCan
believes that the purchase of its Units may represent an investment
opportunity for the Trust and an appropriate and desirable use of its funds
based on market conditions, unit price and other factors.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan
owns, manages and develops retail-focused, increasingly mixed-use properties
located in prime, high-density transit-oriented areas where Canadians want to
shop, live and work. As at June 30, 2021, our portfolio is comprised of 214
properties with an aggregate net leasable area of approximately 37.2 million
square feet (at RioCan's interest) including office, residential rental and 15
development properties. To learn more about us, please visit

Forward-Looking Information

This News Release contains forward-looking information within the meaning of
applicable Canadian securities laws. This information reflects RioCan’s
objectives, our strategies to achieve those objectives, as well as statements
with respect to management’s beliefs, estimates and intentions concerning
anticipated future events, results, circumstances, performance or expectations
that are not historical facts. Forward-looking information 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 information reflects management’s current
beliefs and is based on information currently available to management. All
forward-looking information in this News Release is qualified by these
cautionary statements.

Forward-looking information is not a guarantee of future events or performance
and, by its nature, is based on RioCan’s current estimates and assumptions,
which are subject to numerous risks and uncertainties, including those
described in the “Risks and Uncertainties” section in RioCan's MD&A for
three and six months ended June 30, 2021 and in our most recent Annual
Information Form, which could cause actual events or results to differ
materially from the forward-looking information contained in this News
Release. General economic conditions, including interest rate fluctuations,
may also have an effect on RioCan’s results of operations.

The forward-looking statements contained in this News Release are made as of
the date hereof, and should not be relied upon as representing RioCan’s
views as of any date subsequent to the date of this News Release. Management
undertakes no obligation, except as required by applicable law, to publicly
update or revise any forward-looking information, whether as a result of new
information, future events or otherwise.

For further information contact:

RioCan Real Estate Investment Trust
Dennis Blasutti
Chief Financial Officer


GlobeNewswire, Inc. 2021
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