RioCan Real Estate Investment Trust Announces May 2011 Distribution

TORONTO, Ontario , May 13, 2011 (press release) – RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced a distribution of 11.5 cents per unit for the month of May. The distribution will be payable on June 7, 2011 to unitholders of record as at May 31, 2011.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $11.2 billion as at March 31, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 302 retail properties, including 10 under development, containing an aggregate of over 70 million square feet. RioCan owns an 80% interest in 31 grocery anchored and new format retail centres in the United States through various joint venture arrangements. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com.

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