TORONTO, ONTARIO--(MARKET WIRE)--Sep 3, 2008 -- RioCan Real Estate Investment Trust ("RioCan") (Toronto:REI-UN.TO - News) today announced that its Board of Trustees has approved an increase to its monthly distribution to unitholders to 11.5 cents per unit commencing with the September 2008 distribution, payable in October 2008. This increase of 3 cents per unit on an annualized basis will increase RioCan's annualized distribution to $1.38 per unit.

Edward Sonshine, Q.C., President and Chief Executive Officer of RioCan, said, "We are pleased that RioCan's continued strong financial performance has resulted in another increase to our distribution. We are proud to have increased our distributions to our unitholders each and every year since RioCan's inception almost 15 years ago."

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $7.8 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 240 retail properties, including 14 under development, containing an aggregate of almost 59 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

     Contacts:
     RioCan Real Estate Investment Trust
     Rags Davloor
     Senior Vice President & CFO
     (416) 642-3554
     Website: http://www.riocan.com