TORONTO, ONTARIO—RioCan Real Estate Investment Trust has released highlights for the three months ended March 31.

“I am pleased with our results for the first quarter and we are on course to achieve our goals for the year. So far in 2013, RioCan has accessed the unsecured debt markets twice, at attractive rates and has been able to proactively manage our debt maturity schedule by redeeming our 2015 maturity,” said Edward Sonshine, CEO of RioCan. “Our program of paring RioCan's assets to improve the overall portfolio and to secure the best growth prospects in the long term is progressing well and is providing the necessary capital to complete a number of exciting enclosed mall acquisitions. In addition, we have a number of exciting and high profile development projects in our pipeline that will secure future growth for RioCan.”

All figures below are in Canadian dollars unless otherwise noted. RioCan's results are prepared in accordance with International Financial Reporting Standards ("IFRS").

• RioCan's Operating FFO increased by 20% to $124 million for the three months ending March 31, 2013 ("First Quarter") compared to $103 million in the first quarter of 2012. On a per unit basis, Operating FFO increased 11% to $0.41 per unit from $0.37 per unit in the same period of 2012.

• Overall occupancy was 97.0% at March 31, 2013, compared to 96.9% at March 31, 2012.

• RioCan renewed 808,000 square feet in the Canadian portfolio during the First Quarter at an average rent increase of $1.93 per square foot, representing an increase of 13.4%, compared to 10.0% for the same period in 2012.

• During the First Quarter, RioCan acquired interests in one income property in Canada and one income property in the US aggregating approximately 169,000 square feet at an aggregate purchase price of $19 million at RioCan's interest at a weighted average capitalization rate of 6.3%.

• Subsequent to the quarter end, RioCan completed the purchase of four properties in Canada at an aggregate purchase price of $418 million and a weighted average capitalization rate of 5.2%, which includes Burlington Mall, Oakville Place and South Cambridge Centre.

• Subsequent to the quarter end, RioCan sold or has under firm contract to sell four properties located in secondary markets at a total purchase price of $364 million;

• During the First Quarter, RioCan issued $250 million of Series S five year senior unsecured debentures at interest rate of 2.87%. Subsequent to the quarter end, RioCan has filed a Redemption Notice for the $150 million Series M debentures that carry a coupon of 5.65% and issued $200 million Series T ten year senior unsecured debentures at an interest rate of 3.725%.

• On February 7, 2013 RioCan sold its entire position of 9.4 million shares of Cedar for total proceeds of approximately US$48 million and during the quarter RioCan opened its first regional office outside of Canada in Mount Laurel, New Jersey.

• Beginning January 2013, RioCan increased its monthly distribution by 2% to $0.1175 per unit ($1.41 per unit annualized from $1.38 per unit).