TORONTO, ONTARIO--(Marketwire - Dec 12, 2012) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced a distribution of 11.5 cents per unit for the month of December. The distribution will be payable on January 8, 2013 to unitholders of record as at December 31, 2012.
RioCan today also announced that it will increase its monthly distribution to unitholders to 11.75 cents per unit commencing with the distribution for January 2013, payable in February 2013. This increase of just over 2%, or 3 cents per unit on an annualized basis, will increase RioCan''s annualized distribution to $1.41 per unit.
Edward Sonshine, Chief Executive Officer of RioCan, said, "Through the hard work of everyone at RioCan and the continued strength, reliability and growth of our cash flow we are pleased to provide an increase to RioCan''s distribution. RioCan remains committed to managing its payout ratio conservatively and to provide continued growth in our distributions as our cash flow grows."
RioCan is Canada''s largest real estate investment trust with a total capitalization of approximately $13.9 billion as at September 30, 2012. It owns and manages Canada''s largest portfolio of shopping centres with ownership interests in a portfolio of 338 retail properties containing more than 80 million square feet, including 49 grocery anchored and new format retail centres containing 12.4 million square feet in the United States through various joint venture arrangements as at September 30, 2012. RioCan''s portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan''s website at www.riocan.com.