RioCan REIT Provides Details of Exposure to Target Canada

In connection with Target Canada Corporation's announcement to withdraw from the Canadian market RioCan Real Estate Investment Trust  provides summary of the locations that will be impacted by Target's announcement.
 
"RioCan will work closely with the management team from Target to facilitate an orderly transition at the properties where Target is closing. While significant, Target currently represents less than two percent of RioCan's annual rental revenue, thus reinforcing the strength of the Trust's tenant diversification within the portfolio," said Edward Sonshine, Chief Executive Officer of RioCan. "Our locations are in strong retail nodes, and while this process will unfold over time, we expect that the interruption to revenue will be minimal, if at all. Ultimately, this could prove to be an opportunity for RioCan."
RioCan has twenty-six locations that are currently leased by Target representing 1.9% of total annualized rental revenue at an average lease rate of $6.62 per square foot with an average remaining lease term of approximately 12.7 years. These leases are guaranteed by Target Canada Corporation's US parent, generally for the remaining terms of the leases.
The properties affected by today's announcement are:
 
 

on January 16, 2015