RioCan Real Estate Investment Trust Announces Completion of $149.4 Million Public Offering of Trust Units

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - 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 previously announced issuance of 7,200,000 trust units for $20.75 per unit for gross proceeds of $149,400,000. The underwriting syndicate for the offering was co-led by RBC Capital Markets, TD Securities Inc. and BMO Capital Markets. The offering was made under RioCan's base shelf prospectus dated July 6, 2010. The terms of the offering are described in a prospectus supplement dated September 1, 2010, which was filed with Canadian securities regulators. About RioCan RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $8.6 billion as at June 30, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 267 retail properties, including 11 under development, containing an aggregate of over 60 million square feet. RioCan owns an 80% interest in nine grocery anchored shopping centres in the United States through its joint venture arrangement with Cedar. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com.