TORONTO, June 18, 2018 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that Mr. Raghunath Davloor, who joined RioCan in 2008 as its Chief Financial Officer and served as RioCan’s President and Chief Operating Officer since 2014 has decided to pursue other opportunities and will resign from his current role effective July 31, 2018. Mr. Jonathan Gitlin has been appointed Chief Operating Officer of RioCan effective August 1, 2018, a promotion from his current role as Senior Vice President, Investments and Residential. Mr. Gitlin will assume all the roles and responsibilities currently held by Mr. Davloor and will continue to oversee the Trust’s investment and the residential program.
“Rags joined RioCan as the Chief Financial Officer in 2008 during a time when the capital markets were incredibly volatile. Together, we guided the Trust through the turbulent times of the ‘financial crisis’ and Rags was a key contributor to RioCan’s successful growth during his tenure including the expansion and ultimate, well-timed sale of our U.S. portfolio. Rags has been a trusted and valued member of our executive team for the past ten years and has left a lasting mark on our organization. I would like to thank him for his contributions and wish him continued success in the future,” said Edward Sonshine, Chief Executive Officer of RioCan.
Jonathan joined RioCan in 2005 and has been the head of the Trust’s Investment team since 2007. Jonathan played a major role in the tremendous growth of RioCan, including RioCan’s growth into the United States from 2009 to 2015. He was a key member of the team that negotiated and executed the sale of that portfolio which successfully repatriated approximately $1.2 billion of capital in 2016 that has supported RioCan’s further growth in Canada and further strengthened its balance sheet. Jonathan is also leading RioCan’s ongoing $2 billion disposition program as part of its accelerated major market strategy and execution of the Trust’s residential program.
“I would like to congratulate Jonathan on his well deserved promotion to Chief Operating Officer. In his expanded role as COO, Jonathan will be a key contributor to RioCan’s future as we implement our strategic vision for continued growth,” said Mr. Sonshine.
RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $13.7 billion at March 31, 2018. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 284 properties, including 17 development properties, with an aggregate net leasable area of approximately 43 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer