Temple Real Estate Investment Trust Announces Closing of Previously Announced Convertible Debenture Offering

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

WINNIPEG, Nov. 16, 2011 /CNW/ - Temple Real Estate Investment Trust (TSX Venture: TR.UN) ("TREIT" or the "REIT") today announced that it has closed its previously announced public offering (the "Offering") of 5 Year 8.00% Series C Convertible Redeemable Unsecured Subordinated Debentures due December 31, 2016 (the "Debentures"). Pursuant to the Offering, TREIT sold 23,000 Debentures for gross proceeds to the REIT of $23,000,000, inclusive of 3,000 Debentures sold pursuant to the over-allotment option which was exercised by the agents in full.

The Offering was sold through a syndicate of agents led by National Bank Financial Inc., as lead agent, and including HSBC Securities (Canada) Inc., Mackie Research Capital Corporation, Raymond James Limited, Dundee Securities Ltd., Desjardins Securities Inc. and Lightyear Capital Inc.

The net proceeds from the offering will be used by the REIT to fund future property acquisitions and for general trust purposes.

The Debentures are listed for trading on the TSX Venture Exchange under the trading symbol "TR.DB.C".

About Temple REIT
TREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbols TR.UN (trust units), TR.DB.A, TR.DB.B, TR.DB.C and TR.DB.S (convertible debentures). The objective of TREIT is to provide Unitholders with stable cash distributions from investment in a geographically diversified Canadian portfolio of hotel properties and related assets. For further information on TREIT, please visit our website at www.treit.ca.

This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this press release.

SOURCE Temple REIT

For further information:

Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations

Tel: (204) 475-9090, Fax: (204) 452-5505, Email: info@treit.com

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Temple REIT

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