RioCan Real Estate Investment Trust announced that it has agreed to issue $300 million principal amount of Series AJ senior unsecured debentures (the ?Debentures?). The Debentures will be sold at a price of $99.996 per $100 principal amount, carry a coupon of 5.470% per annum and mature on March 1, 2030. Inclusive of the benefit of bond forward hedges, the Trust?s all-in interest rate is 5.452% per annum.

The net proceeds of this offering will be used by the Trust to repay existing indebtedness at maturity. The offering is being made on a private placement basis in each of the provinces of Canada, and the Debentures will be issued pursuant to RioCan?s trust indenture dated March 8, 2005, as supplemented. The Debentures will rank equally with all other senior unsecured indebtedness of the Trust.

The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.