TORONTO, ONTARIO--(MARKET WIRE)--Dec 15, 2008 -- RioCan Real Estate Investment Trust ("RioCan") (Toronto:REI-UN.TO - News) today announced a distribution of 11.5 cents per unit for the month of December. The distribution will be payable on January 9, 2009 to unitholders of record as at December 31, 2008.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $6.3 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 237 retail properties, including 16 under development, containing an aggregate of over 58 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