RioCan Real Estate Investment Trust Announces December 2002 Distribution

TORONTO, ONTARIO--RioCan Real Estate Investment Trust ("RioCan") today announced a distribution of 9.25 cents per unit for the month of December. The distribution will be payable on January 8, 2003 to unitholders of record as at December 31, 2002.

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time.

RioCan is Canada's largest real estate investment trust. RioCan has total assets of over $3.2 billion consisting of ownership interests in a portfolio of 169 retail properties across Canada containing an aggregate of well over 26.5 million square feet of gross leasable area. RioCan derives about 78% of its gross revenue from national and anchor tenants, with no one tenant providing more than 6.3% of gross revenue. RioCan's largest tenant is Wal-Mart and 13.4% of RioCan's revenue is provided by food supermarkets.