TEMPLE REIT ANNOUNCES ISSUANCE OF OPTIONS

WINNIPEG, Dec. 16 /CNW/ - Temple Real Estate Investment Trust ("TREIT") (TSX Venture: TR.UN) announced that 25,000 incentive options ("Options") to purchase TREIT trust units ("Units"), exercisable at $3.93 per Unit, were issued on December 15, 2010 to the chief financial officer of TREIT.  The Options have been issued pursuant to TREIT's unit option plan.

The Units issued upon exercise of the Options will be subject to a minimum hold period of four months and a day from the date of the grant of the Options in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

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 and TR.DB.S (convertible debentures).  The objective of TREIT is to provide Unitholders with stable cash distributions from investment in a geographically diversified Western Canadian portfolio of hotel properties and related assets.  There are currently 12,825,352 trust units outstanding.  For further information on TREIT, please visit our website at www.treit.ca.

The TSX Venture Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.

For further information:

Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: [phone], Fax: [phone], Email: [email protected]