Financing Highlights for the First Quarter
-- RioCan obtained approximately $17 million of fixed-rate mortgage financing at a weighted average interest rate of 3.6% with a weighted average term to maturity of about 6.0 years. RioCan also obtained $78 million of floating rate financing at an average interest rate of 1.7%.-- As at March 31, 2013, RioCan had eight series of Debentures outstanding totalling $1.4 billion (December 31, 2012 - eight series totalling $1.3 billion). During the First Quarter, RioCan issued $250 million of five year senior unsecured debentures at interest rate of 2.87%. Subsequent to the quarter end RioCan has filed a Redemption Notice for the $150 million Series M debentures that carry a 5.65% coupon and issued $200 million Series T ten year senior unsecured debentures at an interest rate of 3.725%;-- RioCan has four revolving lines of credit in place with three Canadian chartered banks, having an aggregate capacity of $429 million. At March 31, 2013, $23 million has been drawn as letters of credit, leaving $405 million available for cash draws under the lines of credit.
-- RioCan did not obtain any US mortgage financing during the First Quarter.
RioCan's Consolidated Financial Statements, Management's Discussion and Analysis and a Supplemental Information Package for the three months ended March 31, 2013 are available on RioCan's website at www.riocan.com.
Conference Call and Webcast
Interested parties are invited to participate in a conference call with management on Friday, May 3, 2013 at 11:00 a.m. eastern time. You will be required to identify yourself and the organization on whose behalf you are participating.
In order to participate, please dial 416-340-2218 or 1-866-226-1793 If you cannot participate in the live mode, a replay will be available until May 31, 2013. To access the replay, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 5417299#.
Scheduled speakers include Edward Sonshine, O.Ont. Q.C., Chief Executive Officer, Fred Waks, President and Chief Operating Officer and Rags Davloor, Executive Vice President and Chief Financial Officer. Management's presentation will be followed by a question and answer period. To ask a question, press "star 1" on a touch-tone phone. The conference call operator will be notified of all requests in the order in which they are made, and will introduce each questioner.
Alternatively, to access the simultaneous webcast, go to the following link on RioCan's website http://investor.riocan.com/Investor-Relations/Events-Webcasts/default.aspx and click on the link for the webcast. The webcast will be archived 24 hours after the end of the conference call and can be accessed for 120 days.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.4 billion as at March 31, 2013. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 344 retail properties containing more than 84 million square feet, including 50 grocery anchored and new format retail centres containing 13.7 million square feet in the United States through various joint venture arrangements as at March 31, 2013. RioCan's portfolio also includes 11 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.