RioCan Successfully Transitions the RioCan-HBC Joint Venture into a Receivership Process to Preserve and Maximize the Value of its Assets

RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the RioCan-HBC Joint Venture (the “JV”). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV’s properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan’s exposure to Hudson’s Bay Company (“HBC”), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan’s press release dated March 18, 2025, RioCan Real Estate Investment Trust Provides Update on Hudson’s Bay Company’s CCAA Filing.

The Ontario Superior Court of Justice (Commercial List) has granted RioCan’s application to appoint FTI Consulting Canada Inc. (“FTI” or the “Receiver”) as the receiver over all of the assets and properties of the JV. The JV’s receivership proceeding will be a single proceeding that focuses solely on the JV’s assets, and advanced in parallel with the HBC Companies’ Creditors Arrangement Act (“CCAA”) proceeding.

FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV’s leasehold and 100% owned properties will benefit from a stay of proceedings to allow the Receiver and its stakeholders sufficient time to take such steps as are necessary to effectively deal with the JV’s assets. The co-owned properties of the JV will continue to be managed by RioCan in the normal course.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com.

Forward-Looking Information

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, 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 in the “Risks and Uncertainties” section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.

The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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