HIGHLIGHTS FOR THE THIRD QUARTER:

Niagara Square: RioCan acquired its 30% interest from RRVLP (a partnership of which RioCan held a 15% interest) for a purchase price of $14.1 million at a cap rate of 8.4%. RioCan has not assumed any debt on its interests in the property. The remaining 70% was acquired by Bayfield Realty Advisors who are RioCan’s partner at Timmins Square, Timmins, ON, Frontenac Mall, Kingston, ON, and Garden City Shopping Centre, Winnipeg, MB. RioCan will manage the property.

Niagara Square, located in Niagara Falls, ON, is a 382,300 square foot enclosed mall that is anchored by Cineplex. Other major tenants at the property include Winners, Future Shop, JYSK, Michaels and The Brick. This property was the last remaining real property asset of RioCan’s RRVLP partnership.

Subsequent to the quarter end, RioCan has waived conditions and expects to complete the acquisition of:

Mill Woods Town Centre, a 535,500 square foot anchored retail property located in Edmonton, Alberta. The property, which was built in 1975, is anchored by a 123,000 square foot Zellers. Other major tenants at the property include Canadian Tire, Safeway.