TORONTO, June 28 /CNW/ - Whiterock Real Estate Investment Trust (TSX: WRK.UN) a growth oriented REIT with a significant presence in major markets and a high quality long-term leased revenue stream, announced today that it has completed an agreement to manage eight commercial properties totaling approximately 600,000 square feet in the Greater Toronto Area (GTA). Management of these multi-tenant office buildings is set to begin July 1st, 2010 and is expected to add $0.5 million of AFFO each year, or increasing annualized AFFO by over $0.03 per unit.
The addition of these assets to Whiterock's portfolio will further strengthen its presence in the key GTA market to approximately three million square feet. Furthermore, Whiterock's owned and/or managed aggregate real estate portfolio will now total approximately 6.8 million square feet across 68 properties in seven provinces. Whiterock's owned properties have a weighted average remaining lease term of approximately 6.5 years and nearly 43.5% of the portfolio consists of government and investment grade tenants.
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 but not limited to the risk that the transactions described herein may not be completed in a timely way or at all, and the risks 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.
SOURCE WHITEROCK REAL ESTATE INVESTMENT TRUST
For further information: For further information: www.whiterockreit.ca, Jason Underwood, 416-907-4861; Frank Bucys, CFO, 416-907-4864