RioCan Real Estate Investment Trust Announces Distribution Increase Commencing in 2018
December 01 2017 - 1:31PM
RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today
is pleased to announce that it will increase its monthly
distribution to unitholders to 12 cents per unit commencing with
the January 2018 distribution, payable in February 2018. On an
annualized basis, this will increase RioCan's annualized
distribution by 3 cents to $1.44 per unit, or approximately 2.1%
per unit.
Edward Sonshine, Chief Executive Officer of
RioCan, said, "We are very pleased to announce the first increase
in RioCan's distribution since 2013. This increase not only
reflects the growth that we have been able to achieve but also the
confidence that we have in our ability to continue to grow our
funds from operations even while executing our $2 billion
disposition program. We are making great progress delivering
our strategic vision for RioCan, and we remain committed to
managing our payout ratio with the goal to provide continued growth
in our distributions with the future growth in our cash flow."
About RioCan
RioCan is Canada’s largest real estate
investment trust with a total enterprise value of approximately
$13.9 billion at September 30, 2017. 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. Our portfolio is comprised of 294
properties, including 16 development properties, with an aggregate
net leasable area of approximately 45 million square feet. To learn
more about how we deliver real vision on solid ground, visit
www.riocan.com.
Forward Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian securities
laws. This information includes, but is not limited to, statements
concerning RioCan’s distributions, future cash flows and its
disposition strategy, as well as statements with respect to
management’s beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events or expectations
that are not historical facts. Forward-looking information
generally can be identified by the use of forward-looking
terminology such as “may”, “will”, “would”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “plan”, or similar expressions
suggesting future outcomes or events. Such forward-looking
information reflects management’s current beliefs and is based on
information currently available to management. All forward-looking
information in this News Release is qualified by these cautionary
statements.
Forward-looking information is not a guarantee
of future events or performance and, by its nature, is based on
RioCan’s current estimates and assumptions, which are subject to
numerous risks and uncertainties, including those described under
“Risks and Uncertainties” in RioCan's Management's Discussion and
Analysis for the period ended September 30, 2017 ("MD&A"),
which could cause actual events or results to differ materially
from the forward-looking information contained in this News
Release. Those risks and uncertainties include, but are not limited
to, those related to: liquidity and general market conditions;
tenant concentrations and related risk of bankruptcy or
restructuring (and the terms of any bankruptcy or restructuring
proceeding), occupancy levels and defaults, including the failure
to fulfill contractual obligations by the tenant or a related party
thereof; lease renewals and rental increases; the ability to
re-lease and find new tenants for vacant space; retailer
competition; changes in Ontario's rent control legislation; access
to debt and equity capital; interest rate and financing risk; joint
ventures and partnerships; the relative illiquidity of real
property, the timing and the ability of RioCan to sell certain
properties; and the valuations to be realized on property sales
relative to current IFRS values; unexpected costs or liabilities
related to acquisitions and dispositions; development risk
associated with construction commitments, project costs and related
approvals; environmental matters; litigation; reliance on key
personnel; unitholder liability; income, sales and land transfer
taxes; and credit ratings.
Except as required by applicable law, RioCan
undertakes no obligation to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
Information, contact:RioCan
Real Estate Investment TrustQi TangSenior Vice President and Chief
Financial Officer416-866-3033
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