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RioCan Real Estate Investment Trust Announces Results of Voting at RioCan’s Annual and Special Meeting

TORONTO, June 02, 2020 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (REI-UN.TO) today announced the results of the votes held at its June 2, 2020 Annual and Special Meeting of unitholders (the “Meeting”).

The total number of units represented by unitholders present in person or by proxy at the Meeting was 186,451,592; representing 58.77% of RioCan’s outstanding units entitled to be voted.

Each of the nominee Trustees listed in the Trust's Management Information Circular dated April 13, 2020 was elected as a Trustee. RioCan received proxies with regard to voting on the nine Trustees nominated for election, as set forth in the table below:

Name of Nominee Votes
For
% Votes
Withheld
%
Bonnie Brooks, C.M. 137,165,257 74.08 % 47,994,399 25.92 %
Richard Dansereau 177,995,853 96.13 % 7,163,803 3.87 %
Paul Godfrey, C.M., O.Ont. 142,350,914 76.88 % 42,808,742 23.12 %
Dale H. Lastman, C.M. 172,039,862 92.91 % 13,119,794 7.09 %
Jane Marshall 182,809,942 98.73 % 2,349,714 1.27 %
Sharon Sallows 159,587,314 86.19 % 25,572,342 13.81 %
Edward Sonshine, O.Ont., Q.C. 183,599,384 99.16 % 1,560,272 0.84 %
Siim A. Vanaselja 167,844,080 90.65 % 17,315,576 9.35 %
Charles M. Winograd 183,033,994 98.85 % 2,125,662 1.15 %

Appointment of Auditors

Ernst & Young LLP, Chartered Accountants, was reappointed as the auditor of the Trust until the next annual meeting of unitholders by resolution passed by a majority of the unitholders. Management received proxies to vote for the appointment of the auditor (and to authorize the Trustees to fix their remuneration) as follows:

Votes
For
% Votes
Withheld
%
184,611,963 99.11 % 1,664,592 0.89 %

Special Business – Second Amended and Restated  Declaration of Trust

The ordinary resolution authorizing and approving the Second Amended and Restated Declaration of Trust which was adopted by the Board of Trustees on April 2, 2020 to provide the Trust with the ability to hold virtual unitholder meetings and also made certain ancillary changes to modernize certain provisions of the First Amended and Restated Declaration of Trust adopted by the Board of Trustees on June 17, 2015.

Vote
For
% Against
Vote
%
183,917,877 99.33 % 1,241,780 0.67 %

Say-On-Pay Non-Binding Advisory Vote

The non-binding say-on-pay vote on the Trust’s approach to executive compensation was passed as follows:

Votes
For
% Votes
Against
%
145,299,425 78.47 % 39,860,231 21.53 %

About RioCan
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2020, our portfolio is comprised of 222 properties with an aggregate net leasable area of approximately 38.6 million square feet (at RioCan's interest) including office, residential rental and 16 development properties. To learn more about us, please visit www.riocan.com.

Information contact:
Kim Lee
Vice President, Investor Relations, RioCan REIT
(416) 646-8326
klee@riocan.com