RioCan Real Estate Investment Trust Announces a Three Year Extension to the Employment Agreement With RioCan's Chief Executive Officer, Edward Sonshine, O.Ont., Q.C.

TORONTO, ONTARIO–(Marketwired – Feb. 18, 2016) – RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that RioCan’s Board of Trustees has approved and Edward Sonshine, O.Ont., Q.C., RioCan’s Chief Executive Officer, has accepted an amendment to his employment contract. Under the amended contract, Mr. Sonshine has agreed to a commitment to remain CEO of the Trust until at least December 2018.

“The members of the Board of Trustees are all very pleased that Mr. Sonshine has agreed to remain as CEO of the Trust for the next three years. He has brought a tremendous amount of leadership to the management team as he guides RioCan through this important period of growth and development in Canada” said Paul V. Godfrey, C.M. Chairman of the Board of Trustees for RioCan.

“I am very pleased to continue to lead our organization as we enter into an exciting and transformative stage through our development, and residential intensification platforms,” said Edward Sonshine, CEO of RioCan “and I am committed to continuing to build and secure the future growth of Canada’s leading REIT for our Unitholders.”

About RioCan

RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15 billion as at December 31, 2015. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 305 Canadian retail and mixed use properties, including 16 properties under development, containing an aggregate net leasable area (“NLA”) of 46 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.