IAT Air Cargo Facilities Income Fund announces third quarter 2007 results

    RICHMOND, BC, Nov. 7 /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 at Canadian airports in Vancouver, Calgary,
Edmonton, Saskatoon and Winnipeg, today reported results for the third quarter
and nine-month period ending September 30, 2007.

    Consolidated Financial Results of the Fund and IAT for the Third Quarter
    of 2007

    For the third quarter of 2007, the Fund reported consolidated earnings of
$0.09 per unit, as compared to consolidated earnings of $0.10 per unit for the
third quarter of 2006. Consolidated earnings for the nine-month period ended
September 30, 2007 were $0.24 per unit as compared to $0.42 per unit for the
same period in 2006, primarily due to the recovery of future income tax
benefits of $0.19 per unit in 2006, which resulted from a change to tax rates
in June 2006.

    Operating Results

    The Fund's portfolio of properties was 84.1% leased at September 30,
2007, up 80 basis points from June 30, 2007, and down 190 basis points from
September 30, 2006. "Occupancy has increased 170 basis points in the past two
quarters, a steady positive trend following the vacancy we experienced in the
fourth quarter of 2006 due to the expiration of some short term leases," said
Alison M. Hill, IAT's president and chief executive officer. "Importantly,
under AMB Property Canada Ltd. management, we have grown occupancy
significantly over the past two years and expect to continue with this
positive trend moving into 2008."
    "IAT's improving occupancy level reflects the success we've had
attracting new customers to our on-airport distribution facilities. We are
pleased that our affiliation with AMB Property Canada Ltd. has broadened our
marketing initiatives and allowed us to leverage their global customer base,"
remarked Robert J. Mair, the Fund's chairman and trustee.

    Supplemental Earnings Measures

    For the third quarter of 2007, earnings before interest, income taxes,
amortization, impairment charges, accretion and minority interest's share of
earnings ("Adjusted EBITDA") was $0.26 per unit, as compared to $0.30 per unit
for the third quarter of 2006. For the third quarter of 2007 funds from
operations ("FFO") were $1.6 million ($0.23 per unit), as compared to
$1.8 million ($0.25 per unit) for the third quarter of 2006.
    Adjusted EBITDA and FFO are not recognized appropriate earning measures
under Canadian generally accepted accounting principles ("GAAP"). The Fund's
method of calculating Adjusted EBITDA and FFO may differ from other issuers,
and are not to be 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


    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 and manages approximately 1.1 million square
feet of air cargo and aviation related facilities 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.

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:

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

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