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Riocan Real Estate Investment Trust Announces October 1997 Distribution.

TORONTO--(BUSINESS WIRE)--Oct. 21, 1997--Riocan Real Estate I(TSE:REI.UN) RioCan Real Estate Investment Trust ("RioCan") (TSE - REI.UN) today announced a distribution of 12 cents per unit to unitholders of record as at October 31, 1997. This distribution will be payable on November 7, 1997.

Effective January 1, 1997, RioCan changed its distribution format from quarterly to monthly payments. RioCan set and paid a monthly distribution of 11.5 cents for the months January through May, 1997. In accordance with RioCan's distribution policy, the June, 1997 payment of 16.5 cents included an additional 5 cent distribution, representing all surplus distributable income accumulated over the first half of 1997. RioCan has now set a new monthly distribution of 12 cents. The distribution for December, 1997 will be adjusted to pay out to unitholders all surplus distributable income accumulated over the previous six months.

RioCan currently has ownership interests in a portfolio of 67 commercial properties of which 59 are shopping centres, 5 are office and industrial income properties and 3 are joint venture retail centres under development across Canada. The shopping centres contain an aggregate of 8 million square feet of gross leasable area, which will increase by approximately 400,000 square feet upon the completion of previously announced acquisitions and a further 750,000 square feet upon completion of the 3 retail centres under development. RioCan's primary investment objective is the long-term maximization of cash flow and capital appreciation of its portfolio. It achieves this by proactively managing its existing properties, seeking accretive acquisition and expansion opportunities and undertaking development activities on a selective basis.

CONTACT: Riocan Real Estate Investment Trust

Robert Wolf, 416/866-3198
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Publication:Business Wire
Date:Oct 21, 1997
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