RioCan and Kimco Jointly Announce Agreement for RioCan to Acquire Kimco's Interest in Two Canadian Properties and Kimco's Purchase of RioCan's Interest in One U.S. Property

TORONTO, ONTARIO and NEW HYDE PARK, NEW YORK--(Marketwired - March 27, 2015) - All figures in this release are in Canadian dollars other than where specified

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) and Kimco Realty Corp. ("Kimco") (NYSE:KIM) are pleased to announce that RioCan will acquire Kimco's 50% interest in two Canadian properties held in the RioKim joint venture, Brentwood Village and Grand Park, as part of a trade transaction whereby Kimco will purchase RioCan's 80% interest in Montgomery Plaza, a shopping center currently held in a joint venture with Kimco; Montgomery Plaza is located in the Dallas-Fort Worth area. The acquisition of Brentwood Village and RioCan Grand Park are expected to be completed on March 31, 2015, with the remaining closings to be completed upon obtaining customary lender consents.

"This transaction again showcases the importance of RioCan's strategic relationships with our partners as we have been able to secure the remaining 50% interest in two high quality assets in a very competitive market. The acquisition of Kimco's interest in these two properties also provides RioCan more flexibility in terms of managing potential future intensification in both instances," said Edward Sonshine, Chief Executive Officer of RioCan. "Also, by selling the only co-owned and non-managed U.S. property in RioCan's portfolio, RioCan will now own and operate 100% of its U.S. portfolio."

"This trade of property interests enables us to acquire Montgomery Plaza, a landmark property in a terrific area of Fort Worth, and is reflective of the wonderful partner relationship between Kimco and RioCan," said Dave Henry, Chief Executive Officer of Kimco. "In addition, the acquisition of Montgomery Plaza and the sale of our interest in these two Canadian properties help us further our goal of reducing the number of properties in joint ventures, especially those that we do not manage, while at the same time, expanding Kimco's ownership of larger, high quality properties in core U.S. markets."