RioCan Real Estate Investment Trust Announces 2% Growth in
Operating Funds From Operations in First Three Months of 2014
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - RioCan's
(TSX:REI.UN) HIGHLIGHTS for the three months ended March 31, 2014
were:
- RioCan's Operating FFO increased by 2% to $127 million for the
three months ending March 31, 2014 ("first quarter") compared to
$124 million in the first quarter of 2013. On a per unit basis,
Operating FFO increased 2% to $0.42 per unit from $0.41 per unit in
the same period of 2013;
- RioCan's concentration in Canada's six major markets has
increased to 72.2% from 71.7% at December 31, 2013;
- On January 29, 2014, RioCan and its partners, Allied Properties
REIT and Diamond Corporation, announced The Well. This mixed use
development project is located at the corner of Front Street and
Spadina Avenue in close proximity to downtown Toronto on a 7.7 acre
site, and the partners have filed a rezoning application for up to
3.7 million square feet of retail, office and residential
properties;
- Overall occupancy was in line at 96.8% as of March 31, 2014,
compared to 96.9% at December 31, 2013;
- RioCan renewed 1,282,000 square feet in the Canadian portfolio
during the first quarter at an average rent increase of $1.02 per
square foot, representing an increase of 7.0%;
- During the first quarter, RioCan's same store growth was 3.1%
in Canada and 3.0% in the US;
- As at March 31, 2014, RioCan had ownership interests in 16
properties under development that will, upon completion, comprise
approximately 10.8 million square feet at RioCan's interest, all
located in major markets in Canada`;
- During the first quarter, RioCan acquired interests in two
income properties in Canada and the US at an aggregate purchase
price of approximately $21 million at RioCan's interest at a
weighted average capitalization rate of 6.7%;
- During the first quarter, RioCan sold three properties located
in secondary markets aggregating 472,000 square feet at a total
sale price of $51 million; and
- During the quarter, RioCan completed the offering of $150
million Series U debentures, which carry a coupon of 3.62% and
maturity date of June 1, 2020.
RioCan Real Estate Investment Trust ("RioCan") today announced
its financial results for the three months ended March 31,
2014.
"We are quite satisfied with RioCan's first quarter results.
RioCan's portfolio continued to generate positive Operating FFO per
unit growth in the first quarter in spite of a smaller portfolio on
a comparative basis, and notwithstanding significant investment in
our development program and management information technology, both
of which are part of our focus on the future," said Edward
Sonshine, Chief Executive Officer of RioCan. "The portfolio of
development, redevelopment and intensification assets that RioCan
has assembled will be an impressive engine for RioCan's continued
growth. This portfolio that will generate long term returns that
will be completed in a staggered manner. When considering the
potential opportunities within this portfolio, we expect to be able
to add new projects as others are completed to maintain this growth
profile and to reposition certain assets in our core markets, while
at all times managing risk and exposure in a responsible
manner."
Financial
Highlights
All figures in Canadian dollars unless otherwise noted. RioCan's
results are prepared in accordance with International Financial
Reporting Standards ("IFRS"). Consistent with RioCan's management
framework, management uses certain financial measures to assess
RioCan's financial performance, which are not generally accepted
accounting principles (GAAP) under IFRS. For a full definition of
these measures, please refer to the "Use of Non-GAAP Measures" in
RioCan's first quarter 2014 Management Discussion and Analysis.
|
|
In millions except percentages and per unit values |
Three months ended March 31, |
|
2014 |
2013 |
% change |
Operating FFO |
$127 |
$124 |
2% |
Operating FFO per Unit |
$0.42 |
$0.41 |
2% |
|
|
|
|
|
|
In $millions |
Three months ended March 31, |
|
2014 |
2013 |
Net earnings attributable to common and preferred unitholders |
$171 |
$163 |
Net earnings before taxes and fair value adjustment |
$105 |
$114 |
|
|
|
|
|
|
In $millions. As at |
March 31, 2014 |
March 31, 2013 |
Total enterprise value (1) |
14,549 |
14,411 |
Total assets - at RioCan's interest(1) |
13,820 |
12,993 |
Debt(1) (mortgages and debentures payable - at RioCan's
interest) |
6,124 |
5,748 |
|
(1) Based on RioCan's proportionate share including joint
ventures accounted for under the equity method of accounting |
|
Operating FFO for the first quarter was $127 million ($0.42 per
unit) compared to $124 million ($0.41 per unit) in the first
quarter of 2013. The primary reasons for this increase were an
increase in NOI from rental properties of $6 million, which
includes the impact of the following items: higher rental income as
a result of acquisitions, net of dispositions, same store growth of
3.1% for Canada and 3.0% for the US portfolio and the benefit of
$3.2 million in favourable foreign currency gains from US
operations offset by lower lease cancellation fees and straight
line rent of $2.4 million, and a decrease in interest expense of $3
million (including $1 million unfavourable impact of foreign
exchange). These increases to Operating FFO were partially offset
by a decrease in other revenue of $5 million due to lower
development fees generated on joint venture projects. Operating FFO
was also impacted by an increase in general and administrative
costs of $2 million due primarily to increased information
technology costs associated with the Trust's implementation of a
new ERP and financial reporting system during the quarter as well
as certain related one-time costs.
|
Same Store and Same Property NOI |
|
Canada |
Three months ended March 31, 2014 year over year |
|
Same Store Growth |
3.1% |
|
Same Property Growth |
2.6% |
United States |
|
|
Same Store & Property Growth |
3.0% |
|
Leasing and
Operational Highlights: |
|
|
2014 |
2013 |
2012 |
(thousands of square feet, millions of dollars) |
First quarter |
Fourth quarter |
Third quarter |
Second quarter |
First quarter |
Fourth quarter |
Third quarter |
Second quarter |
|
|
|
|
|
|
|
|
|
Committed occupancy |
96.8% |
96.9% |
97.0% |
96.7% |
97.0% |
97.4% |
97.3% |
97.4% |
Economic occupancy |
95.7% |
95.8% |
95.5% |
95.4% |
95.8% |
95.9% |
95.5% |
95.5% |
NLA leased but not paying rent |
519 |
542 |
716 |
642 |
615 |
711 |
855 |
871 |
Annualized rental impact |
$13.0 |
$14.0 |
$17.0 |
$15.0 |
$15.0 |
$15.0 |
$18.0 |
$ 18.0 |
Retention rate - Canada (i) |
91.2% |
97.0% |
91.1% |
95.9% |
68.3% |
94.3% |
84.8% |
89.9% |
% increase in average net rent per sq ft - Canada |
7.0% |
8.8% |
11.2% |
12.0% |
13.4% |
18.4% |
12.9% |
13.4% |
Retention rate - US |
86.4% |
98.2% |
98.4% |
92.0% |
98.8% |
87.6% |
96.3% |
84.2% |
% increase in average net rent per sq ft - US |
8.3% |
4.8% |
3.8% |
4.3% |
2.3% |
5.1% |
6% |
7.3% |
Average in place rent |
$16.01 |
$16.08 |
$16.07 |
$15.77 |
$15.77 |
$15.70 |
$15.85 |
$15.33 |
Same store growth (ii) - Canada |
3.1% |
2.7% |
2.2% |
0.6% |
0.1% |
0.2% |
0.0% |
1.5% |
Same store growth (ii) - US |
3.0% |
1.7% |
0.9% |
1.4% |
1.4% |
1.9% |
(0.3)% |
1.3% |
|
(i) - Includes
impact of the vacancy of Zellers totalling 188,000 sq ft at 100%
(100,500 sq ft at RioCan's interest) during the quarter. Retention
excluding Zellers is 81.1%. |
|
(ii) - Refers to the growth in same store
on a year over year basis |
|
Highlights:
- During the quarter, RioCan renewed 1.3 million square feet
(2013 - 808,000 square feet) in the Canadian portfolio at an
average rent increase of $1.02 per square foot (2013 - $1.93 per
square foot), representing an increase of 7.0% and a renewal
retention rate of 91.2%. The proportion of tenant expiries at fixed
versus market rental rate options increased substantially from the
first quarter of 2013. This has resulted in a lower increase in
average net rent per square foot in Canada this quarter, as has
been experienced in prior quarters;
- RioCan's Canadian portfolio is concentrated in Canada's six
high growth markets (consisting of Calgary, Edmonton, Montreal,
Ottawa, Toronto and Vancouver). Assets in these markets contribute
about 72.2% of RioCan's Canadian annualized rental revenue (71.7%
at December 31, 2013). The increase in the past quarter was
accomplished through the sale of certain assets in secondary
markets;
- National and anchor tenants represented about 86.4% of RioCan's
total annualized rental revenue at March 31, 2014, a slight
increase compared to 86.0% at March 31, 2013; and
- No individual tenant comprised more than 4.4% of annualized
rental revenue. At March 31, 2014, Loblaws/No
Frills/Fortinos/Zehrs/Maxi/Shoppers Drug Mart was RioCan's largest
revenue source.
Portfolio Activity and
Acquisition Pipeline
During the first quarter, RioCan completed two acquisitions of
interests in income producing properties for a total purchase price
of $21 million in Canada and the US with a weighted average
capitalization rate of 6.7%.
Acquisitions
Completed in the First Quarter
Canada
- RioCan acquired the remaining 40% interest in Whiteshield
Plaza, bringing RioCan's interest in the property to 100%. White
Shield Plaza is a 156,000 square foot grocery anchored shopping
centre located in Toronto, Ontario. The additional 40% interest was
acquired at a purchase price of $11 million, representing a
capitalization rate of 5.5%. In connection with the acquisition,
RioCan assumed outstanding mortgage financing of $8 million, which
was subsequently repaid.
United States
- The acquisition of a 100% interest in a 64,329 square foot
single-tenant building at Riverpark Shopping Center in SugarLand
(Houston), Texas. The purchase price for the building, which is
tenanted by Gander Mountain, was $10 million, which equates to a
capitalization rate of 8.0%. The building was acquired free and
clear of financing. RioCan owns a 100% interest in the Riverpark
Shopping Center a 375,599 square foot new format retail
centre.
Acquisitions Under
Contract (Firm)
RioCan has one income property under firm contract in Canada
that would represent an acquisition of $22 million, at a
capitalization rate of 6.8%.
Canada
- RioCan has the acquisition of University Plaza under firm
contract at a purchase price of $22 million at a capitalization
rate of 6.8%. University Plaza is an open format retail centre
anchored by Shoppers Drug Mart located in Hamilton, Ontario with
NLA of 113,000 square feet. The property will be acquired free and
clear of financing and the acquisition is expected to close in the
second quarter of 2014. This purchase will integrate well with
RioCan's existing shopping centre, Miracle Plaza, a 84,000 square
foot centre anchored by a Metro grocery store, and will enable
RioCan to create management and operating efficiencies on both of
these assets.
Acquisitions Under
Contract (Conditional)
RioCan has income property acquisitions under contract in Canada
where conditions have not yet been waived that, if completed, will
represent acquisitions of $31 million, at RioCan's interest. These
transactions are undergoing due diligence procedures and while
efforts will be made to complete the transactions, no assurance can
be given.
Acquisition
Pipeline
RioCan is currently in negotiations regarding property
acquisitions in Canada that, if completed, represent approximately
$100 million of additional acquisitions at RioCan's interest. These
transactions are in various stages of negotiations and while
efforts will be made to complete these negotiations, no assurance
can be given.
Disposition
Pipeline
During the first quarter, RioCan had dispositions of $51 million
during the three months ended March 31, 2014, as follows:
- On January 28, 2014, RioCan sold its 100% interest in Madawaska
Centre, located in Edmundston, New Brunswick for $1 million.
- On January 31, 2014, RioCan sold its 100% interest in Mega
Centre Beauport located in Quebec City for $47 million, which
equates to a capitalization rate of 6.0%. Mega Centre Beauport is a
183,000 square foot new format retail centre and tenanted by
Cineplex, Sports Experts and Future Shop.
- On February 27, 2014, RioCan sold its 26,000 square foot
interest (52,000 square feet at 100%) in the Canadian Tire unit at
Millcroft Shopping Centre in Millcroft, Ontario for $3 million at
RioCan's interest. The sale of this unit took place as another
tenant at the centre exercised an option on its lease to acquire
the unit.
Development
Portfolio
As at March 31, 2014, RioCan had ownership interests in 16
greenfield development projects that will, upon completion,
comprise about 11 million square feet (6 million square feet at
RioCan's interest). In addition to its development projects, RioCan
continued its urban intensification activities, primarily in the
Toronto, Ontario market.
Development acquisitions completed during the First
Quarter
During the three months ended March 31, 2014, RioCan acquired
interests in six development properties at an aggregate purchase
price of $138 million, at RioCan's interest.
Details of the current quarter development site acquisitions are
as follows.
- The January 10, 2014 acquisition by the joint venture between
RioCan and Kimco of a portion of the retail portion of the condo
development at Brentwood Village. The retail development was
acquired at a purchase price of $7 million ($3.5 million at
RioCan's equity) and was acquired free and clear of financing. The
acquisition price was based on a pre-existing agreement with the
developer, rather than based on a fair value determined via
capitalized NOI. The joint venture acquired the portion of the
property where development has been completed (approximately 24,000
square feet out of an total of 38,000 square feet of retail space
to be provided by the developer). Tenants will begin operating in
the new retail area in August 2014. Brentwood Village is an
unenclosed community shopping centre with anchor tenants including
Sears Whole Home, Safeway, and London Drugs, and national tenants
including Pier 1 Imports, Sleep Country, Penningtons, TD Canada
Trust, Bank of Montreal and Harvey's.
- The January 24, 2014 acquisition of a 100% interest in 1860
Bayview Avenue in Toronto, Ontario. 1860 Bayview Avenue is a
development site located at the northwest corner of Bayview Avenue
and Broadway Avenue in the Leaside area of Toronto. KingSett and
Trinity Development Group are currently developing a
grocery-anchored centre on the site, and RioCan has acquired the
site on a forward purchase basis at an expected purchase price on
completion of $58 million, at a capitalization rate of 5.4%. Equity
acquired in the quarter was $26 million. Once completed, the centre
will consist of approximately 83,084 square feet of retail space
and will be anchored by a 52,420 square foot Whole Foods grocery
store.
- The March 5, 2014 acquisition of a 50% interest in 31
Roehampton Avenue, a 30-unit apartment building located at the
corner of Yonge Street and Roehampton Avenue in Toronto, Ontario,
at a purchase price of $8 million ($4 million at RioCan's
interest). The acquisition forms part of the existing Northeast
Yonge Eglinton land assembly, acquired initially in 2011 with
Metropia and Bazis for the purpose of redeveloping into a mixed-use
retail and residential property. RioCan and its partners have
obtained zoning approval and the redevelopment commenced in April
2014.
- The March 31, 2014 acquisitions of Trinity's interests in three
development projects: RioCan acquired Trinity's 25% interest in
each of The Stockyards, Toronto, Ontario and McCall Landing,
Calgary, Alberta and 10% interest in East Hills, Calgary, Alberta
at an aggregate purchase price of $105 million. In connection with
the acquisition of the additional interest in The Stockyards,
RioCan assumed mortgage financing of $24 million. RioCan will take
over as development manager for each of the development sites.
RioCan will also assume responsibility for all leasing activities
with respect to the properties. Upon completion, RioCan will
provide asset and property management functions on behalf of its
partners as previously agreed upon.
Development Property Acquisitions Subsequent to Quarter
End
- Subsequent to March 31, 2014, RioCan acquired the remaining 40%
interest in the Kromer parcel of the College & Bathurst land
assembly from Trinity at a purchase price of $11 million. The
consideration received by Trinity was used to repay, in full, the
outstanding mezzanine financing principal and accrued interest in
the amount of $7 million on the project, in conjunction with the
transaction closing.
- On May 9, 2014, RioCan acquired its partner's interests in
another development property (100% of the industrial component and
50% of the retail component) at a purchase price of $11 million. As
a result of this transaction, RioCan now has a 100% ownership
interest in the industrial component and an 81% ownership interest
in the retail component. The consideration received by the partner
was used to repay, in full, the outstanding mezzanine financing
principal and accrued interest in the amount of $11 million on the
project, in conjunction with the transaction closing.
Development Property Acquisitions under Contract
RioCan currently has two development sites in Canada under firm
contract where conditions have been waived that, if completed,
represent acquisitions of $20 million at RioCan's interest.
- The acquisition of lands adjacent to Calaway Park, a 35 acre
parcel of land located approximately 25 kilometres west of Calgary,
Alberta. The site is to be acquired on a 50/50 joint venture basis
between RioCan and Tanger at a purchase price of $28 million ($14
million at RioCan's interest). The site would be acquired free and
clear of financing and RioCan would acquire a managing interest in
the development property. The site represents an opportunity for
the RioCan/Tanger joint venture to enter the Calgary market with
the intention to develop the land into an outlet centre of
approximately 350,000 square feet. The acquisition is expected to
close in the second quarter of 2014.
- The acquisition of a 50% interest in the site where TD Bank is
currently located at the North East corner of Yonge and Eglinton in
Toronto, Ontario, at a purchase price of $12 million ($6 million at
RioCan's interest). The acquisition is expected to close in the
third quarter of 2014 and will form part of the existing northeast
Yonge Eglinton land assembly, acquired in 2011 with Metropia and
Bazis for the purpose of redeveloping into a mixed-use retail and
residential property. RioCan and its partners obtained zoning
approval and the redevelopment is slated to commence in 2014.
Additionally, RioCan has $4 million of development sites in
Canada (at RioCan's interest) under contract where conditions have
not yet been waived. These transactions are in various stages of
due diligence and while efforts will be made to complete these
transactions, no assurance can be given.
Liquidity and
Capital
|
Quarter Ended (i) |
Rolling 12 months ended (ii) |
|
March 31, 2014 |
March 31, 2014 |
December 31, 2013 |
Interest coverage ratio - RioCan's interest |
3.20x |
2.85x |
2.83x |
Debt service coverage ratio - RioCan's interest |
2.34x |
2.12x |
2.10x |
Fixed charge coverage ratio - RioCan's interest |
1.12x |
1.06x |
1.06x |
Net debt to Adjusted EBITDA ratio - RioCan's interest |
7.91x |
7.86x |
7.56x |
Net Operating debt to Operating EBITDA - RioCan's interest |
7.53x |
7.49x |
7.24x |
Unencumbered assets (millions) |
$2,278 |
|
$2,068 |
Unencumbered assets to unsecured debt |
141% |
|
142% |
|
(i) Excludes capitalized interest |
(ii) Includes capitalized interest |
|
Financing Highlights for the First Quarter
Unencumbered Assets
As at March 31, 2014, RioCan's unencumbered asset pool was
comprised of 108 assets with an aggregate fair value of $2.3
billion.
Credit Facilities
At March 31, 2014, RioCan has four revolving lines of credit in
place with three Canadian chartered banks, having an aggregate
capacity of $640 million.
Subsequent to the quarter, RioCan added a fifth operating line
by converting an existing non-revolving term loan (that matured in
2014) into a revolving facility. The new facility has a capacity of
$67.5 million with pricing similar to RioCan's other operating
lines and a maturity date of December 2015. This facility brings
RioCan's aggregate limit to $707.5 million.
Term Financing
Canada
- RioCan obtained approximately $10 million of fixed-rate
mortgage financing at a weighted average interest rate of 3.42%
with a weighted average term to maturity of 4.9 years.
- During the first quarter RioCan issued $150 million Series U
ten year senior unsecured debentures at an interest rate of 3.62%
maturing June 1, 2020.
US
- RioCan obtained approximately $6 million of fixed-rate mortgage
financing at a weighted average interest rate of 4.42% with a
weighted average term to maturity of 9.7 years.
Trust Units
On July 25, 2013, RioCan announced the TSX approval of its
notice of intention to make a normal course issuer bid ("NCIB") for
a portion of its Units as appropriate opportunities arise from time
to time. During the first quarter RioCan did not make any purchases
of Trust Units.
RioCan's Consolidated Financial Statements, Management's
Discussion and Analysis for the three months ended March 31, 2014
is available on RioCan's website at www.riocan.com.
Conference Call and
Webcast
Interested parties are invited to participate in a conference
call with management on Tuesday, May 13, 2014 at 11:00 a.m. eastern
time. You will be required to identify yourself and the
organization on whose behalf you are participating.
In order to participate, please dial 416-340-2218 or
1-866-226-1793. If you cannot participate in the live mode, a
replay will be available until June 10, 2014. To access the replay,
please dial 905-694-9451 or 1-800-408-3053 and enter passcode
4629601#.
Scheduled speakers include Edward Sonshine, O.Ont. Q.C., Chief
Executive Officer, Fred Waks, President and Chief Operating Officer
and Rags Davloor, Executive Vice President and Chief Financial
Officer. Management's presentation will be followed by a question
and answer period. To ask a question, press "star 1" on a
touch-tone phone. The conference call operator will be notified of
all requests in the order in which they are made, and will
introduce each questioner.
Alternatively, to access the simultaneous webcast, go to the
following link on RioCan's website
http://investor.riocan.com/Investor-Relations/Events-Webcasts/default.aspx
and click on the link for the webcast. The webcast will be archived
24 hours after the end of the conference call and can be accessed
for 120 days.
About RioCan
RioCan is Canada's largest real estate investment trust with a
total capitalization of approximately $14.5 billion as at March 31,
2014. It owns and manages Canada's largest portfolio of shopping
centres with ownership interests in a portfolio of 340 retail
properties containing approximately 82 million square feet,
including 47 grocery anchored and new format retail centres
containing 13 million square feet in the United States as at March
31, 2014. RioCan's portfolio also includes 16 properties under
development in Canada. For further information, please refer to
RioCan's website at www.riocan.com.
Non-GAAP
measures
RioCan's consolidated financial statements are prepared in
accordance with IFRS. Consistent with RioCan's management
framework, management uses certain financial measures to assess
RioCan's financial performance, which are not generally accepted
accounting principles (GAAP) under IFRS. The following measures,
Funds From Operations ("FFO"), Operating Funds From Operations
("Operating FFO"), Adjusted Net Operating Income, and Adjusted
Earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA") as well as other measures discussed elsewhere
in this release, do not have a standardized definition prescribed
by IFRS and are, therefore, unlikely to be comparable to similar
measures presented by other reporting issuers. RioCan uses these
measures to better assess the Trust's underlying performance and
provides these additional measures so that investors may do the
same. Non GAAP measures should not be considered as alternatives to
net earnings or comparable metrics determined in accordance with
IFRS as indicators of RioCan's performance, liquidity, cash flow,
and profitability. For a full definition of these measures, please
refer to the "Use of Non-GAAP Measures" in RioCan's first quarter
2014 Management Discussion and Analysis.
Forward-Looking
Information
This news release contains forward-looking statements within the
meaning of applicable securities laws. These statements include,
but are not limited to, statements made in this News Release
(including the sections entitled "Highlights for the three ended
March 31, 2014", "Financial Highlights", "Leasing and Operational
Highlights", "Portfolio Activity and Acquisition Pipeline",
"Liquidity and Capital", and "Development Portfolio"), and other
statements concerning RioCan's objectives, its strategies to
achieve those objectives, as well as statements with respect to
management's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements 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 statements reflect management's current beliefs and
are based on information currently available to management. All
forward-looking statements in this News Release are qualified by
these cautionary statements.
These forward-looking statements are not guarantees of future
events or performance and, by their nature, are based on RioCan's
current estimates and assumptions, which are subject to risks and
uncertainties, including those described under "Risks and
Uncertainties" in RioCan's Management's Discussion and Analysis for
the period ended March 31, 2014, which could cause actual events or
results to differ materially from the forward-looking statements
contained in this News Release. Those risks and uncertainties
include, but are not limited to, those related to: liquidity in the
global marketplace associated with economic conditions, tenant
concentrations, occupancy levels, access to debt and equity
capital, interest rates, joint ventures/partnerships, the relative
illiquidity of real property, unexpected costs or liabilities
related to acquisitions, construction, environmental matters, legal
matters, reliance on key personnel, unitholder liability, income
taxes, the investment in the United States of America ("US"),
fluctuations in the currency exchange rate between the Canadian and
US dollar and RioCan's qualification as a real estate investment
trust for tax purposes. Material factors or assumptions that were
applied in drawing a conclusion or making an estimate set out in
the forward-looking information may include, but are not limited
to: a stable retail environment; relatively low and stable interest
costs; a continuing trend toward land use intensification in high
growth markets; access to equity and debt capital markets to fund,
at acceptable costs, the future growth program to enable the Trust
to refinance debts as they mature; and the availability of purchase
opportunities for growth in Canada and the US. Although the
forward-looking information contained in this News Release is based
upon what management believes are reasonable assumptions, there can
be no assurance that actual results will be consistent with these
forward-looking statements. Certain statements included in this
News Release may be considered "financial outlook" for purposes of
applicable securities laws, and such financial outlook may not be
appropriate for purposes other than this News Release.
The Income Tax Act (Canada) contains provisions which
potentially impose tax on publicly traded trusts (the "SIFT
Provisions"). However, the SIFT Provisions do not impose tax on a
publicly traded trust which qualifies as a real estate investment
trust ("REIT"). RioCan currently qualifies as a REIT and intends to
continue to qualify for future years. Should this not occur,
certain statements contained in this News Release may need to be
modified.
Except as required by applicable law, RioCan under takes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
RioCan Real Estate Investment TrustRags DavloorExecutive Vice
President & CFO(416) 642-3554
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