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TORONTO, ONTARIO--(Marketwired - Feb 2, 2016) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN)(TSX:REI.PR.A) today announced that it will exercise its right to redeem all of its 5 million outstanding Cumulative Rate Reset Preferred Trust Units, Series A (the "Series A Units") on March 31, 2016 at the cash redemption price of $25.00 per Series A Unit, for total redemption proceeds of $125 million.
The regular quarterly distribution will be paid in the usual manner on March 31, 2016 to unitholders of record on March 31, 2016.
From and after March 31, 2016, the Series A Units will cease to be entitled to distributions and the only remaining rights of holders of such units will be to receive payment of the cash redemption price.
Beneficial holders who are not directly the registered holder of Series A Units should contact the financial institution, broker or other intermediary through which they hold these units to confirm how they will receive their redemption proceeds. Instructions with respect to receipt of the redemption amount will be set out in the redemption notice to be mailed to the registered holder of the Series A Units shortly. Inquiries should be directed to our Registrar and Transfer Agent, CST Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).
RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $15.1 billion as at September 30, 2015. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 354 retail properties containing approximately 78 million square feet, including 49 retail properties containing 13 million square feet in the United States as at September 30, 2015. RioCan's portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.
RioCan Real Estate Investment Trust
Executive Vice President, Chief Financial Officer
and Corporate Secretary