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Whiterock REIT Provides Leasing Update

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^{Published in Business and Finance on Thursday, August 20th 2009 at 12:23 GMT, Last Modified on 2009-08-20 12:23:57 by Market Wire}  

 TORONTO, Aug. 20 /CNW/ - Whiterock Real Estate Investment Trust (TSX:WRK.UN) announced today that it has entered into new leases totaling 66,000 square feet at its 193 Malpeque property in Charlottetown, P.E.I. and at its TD Tower property in Regina, Saskatchewan. These two new leases are expected to contribute an additional $0.11 of annualized AFFO per Unit to Whiterock. At its 193 Malpeque property in Charlottetown, P.E.I., Whiterock has signed a lease for 25,000 square feet of currently vacant space with a multi-national household goods, bedding and bath accessories retailer. The lease is for a ten year term plus renewal options and rent is scheduled to begin in October, 2009. At its TD Tower property in Regina, Saskatchewan, Whiterock has completed an early renewal of 41,000 square feet, originally scheduled to expire in 2010, with a principal supplier of electricity in Saskatchewan. The new lease runs until December 2015 with new rates effective September 1, 2009 and no tenant inducement required. Including these transactions, to date, 89% of leases up for renewal in 2009 have now been re-leased. Increases in rates from lease renewals and re-leasing in 2009 have averaged approximately 21%. Approximately 43% of leases up for renewal in 2010 have been re-leased with increases in rates averaging approximately 30%. 193 Malpeque is a recently constructed retail property located at the intersection of Malpeque Road and the Charlottetown Perimeter Highway, within a new power center. Consistent with the high quality and physical condition of this property, no tenant improvements were required to secure the new tenant. TD Tower is comprised of 83,300 square feet of primarily office space centrally located in the heart of downtown Regina. The building is 66% occupied by government and bank tenants. About Whiterock Whiterock's existing portfolio consists of 43 properties totaling 3.2 million square feet, located in 13 primary and secondary markets across Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montreal and Quebec City. The portfolio's average lease term is approximately 8 years, with approximately 58% leased to government or investment grade firms. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions, which are subject to known and unknown risks, uncertainties and other factors that may cause the actual events, results or prospects to be materially different from those expressed or implied herein. Readers are cautioned that a number of risks, uncertainties and other factors, including those discussed in Whiterock's various securities filings, including the section entitled "Risk Factors" in Whiterock's Annual Information Form which can be obtained at [ www.sedar.com ], could cause actual events, results or prospects to differ materially from those stated or implied. These risks, uncertainties and other factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. In particular, but without limitation, there can be no assurance that Whiterock will be to able to increase its AFFO. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00022234E 

For further information: [ www.whiterockreit.ca ], Jason Underwood, (416) 907-4861; Paul Simcox, (416) 907-4862; Frank Bucys, CFO, (416) 907-4864