IAT Air Cargo Facilities Income Fund Declares Second Quarter 2008 Distribution to Unitholders and Announces First Quarter 2008 Results

    RICHMOND, B.C., May 9 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN), a limited purpose trust that owns all of the shares of
International Aviation Terminals Inc. ("IAT"), which owns and leases air cargo
and aviation related buildings on ground-leased land at Canadian airports in
Vancouver, Calgary, Edmonton, Saskatoon and Winnipeg, today announced a
distribution to unitholders and reported results for the first quarter of
2008.

    Second Quarter 2008 Distribution

    A distribution of $0.17 will be payable on July 15, 2008 to unitholders
of record at the close of business on June 30, 2008. The distribution
represents interest income on the subordinated notes of IAT for the second
quarter 2008 less estimated administrative expenses of the Fund, and was
determined by the Trustees of the Fund based on anticipated earnings, cash
flow and capital reserves of IAT and anticipated expenses of the Fund.

    Consolidated Financial Results of the Fund and IAT for the First Quarter
    of 2008

    For the first quarter of 2008, the Fund reported consolidated earnings of
$0.10 per unit, as compared to consolidated earnings of $0.07 per unit for the
first quarter of 2007. Results for the quarter were in line with the Fund's
2008 full-year business plan.

    Operating Results

    The Fund's portfolio of properties was 87% leased as of March 31, 2008,
up 20 basis points from December 31, 2007 and 460 basis points from March 31,
2007.
    As previously announced, the Vancouver Airport Authority has executed a
lease extension with IAT at Vancouver International Airport, for a ten-year
period, in a joint arrangement with the Airport Authority. This approximately
580,000-square foot lease includes a 166,000-square foot air cargo facility at
4840 Miller Road and an adjacent truck courtyard and parking lot.
    For the first quarter 2008, total rental revenues were $4.7 million, as
compared to $4.3 million for the same quarter in 2007.

    Supplemental Earnings Measures

    For the first quarter of 2008, earnings before interest, income taxes,
amortization, accretion and non-controlling interest's share of earnings
("Adjusted EBITDA") was $1.65 million, or $0.24 per unit, as compared to $1.65
million, or $0.24 per unit, for the same quarter in 2007. For the first
quarter of 2008, funds from operations ("FFO") was $1.36 million, or $0.19 per
unit, as compared to $1.31 million, or $0.19 per unit, for the same quarter in
2007.
    Adjusted EBITDA and FFO are not recognized appropriate earning measures
under Canadian generally accepted accounting principles ("GAAP"), and are not
construed as alternatives to earnings determined in accordance with GAAP, but
are considered useful supplemental indicators of the Fund's performance.
Detailed definitions of Adjusted EBITDA and FFO, explanations as to why
management believes these are useful supplemental measures of operating
performance and reconciliations from net income to Adjusted EBITDA and FFO are
provided in the supplemental information package filed by the Fund at
www.sedar.com.

    IAT AIR CARGO FACILITIES INCOME FUND

    The Fund and IAT, the Fund's wholly-owned subsidiary, specialize in the
ownership, construction, management and marketing of aviation-related
facilities. IAT currently owns, leases and manages approximately 1.1 million
square feet of air cargo and aviation related facilities on land leased at
five of Canada's leading international airports. Approximately 65% of the Fund
and IAT's holdings are located at Vancouver International Airport, Canada's
second largest airport.

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Forward-looking statements,
including statements with respect to expected distributions, cash flows,
revenues, earnings, capital expenditures, occupancy rates, growth rates, value
of future lease extensions, ongoing business strategies or prospects. Adjusted
EBITDA, possible future Fund and IAT action and other measures are based on
information available at the time they are made, assumptions made by
management, and management's good faith belief with respect to future events,
and are subject to the risks and uncertainties outlined in the Fund's annual
information form that could cause actual performance or results to differ
materially from those reflected in the forward-looking statements, historical
results or current expectations. All forward-looking statements may be
affected by and are subject to the risks set out under Risk Factors in the
Fund's annual information form.

For further information: IAT CONTACT: Alison M. Hill, President & Chief
Executive Officer, International Aviation Terminals Inc., Direct (415)
733-9499, Fax (415) 477-2199, Email ahill@amb.com