TRANSGLOBE APARTMENT REIT REPORTS FINANCIAL RESULTS FOR THE THREE MONTH
PERIOD ENDED SEPTEMBER 30, 2010 AND ANNOUNCES FIRST ACQUISITION

MISSISSAUGA, ON, Nov. 11 /CNW/ - TransGlobe Apartment Real Estate Investment Trust (TSX: TGA.UN) (the "REIT") today announced its financial results for the three month period ended September 30, 2010 as well as results for the period since completion of its Initial Public Offering (IPO), on May 14, 2010, to September 30, 2010. For comparative purposes, the REIT has also provided pro-rated figures from its financial forecast, as presented in its IPO prospectus.

Percentage calculations are based on the numbers in the financial statements and may not correspond to rounded figures presented in this press release. Full Financial Statements and Management's Discussion and Analysis are available on the REIT's website at www.tgareit.com and under the REIT's profile on SEDAR at www.sedar.com.

Financial Highlights

$000's except per unit amounts	Three months ended September 30, 2010	Three months ended September 30, 2010 forecast	May 14, 2010 to September 30, 2010	May 14, 2010 to September 30, 2010 pro- rated forecast
Revenue	$22,331	$22,606	$34,101	$34,221
Net Operating Income (NOI)	$13,041	$13,245	$19,960	$19,947
NOI margin	58.8%	58.9%	58.9%	58.6%
Income before non-controlling interests	$2,815	$3,743	$4,644	$5,381
Net Income	$2,322	$3,088	$3,831	$4,439
Funds from Operations (FFO)	$8,461	$8,639	$12,931	$12,843
Adjusted Funds from Operations (AFFO)	$6,523	$6,727	$9,937	$9,924
FFO per unit	$0.28	$0.29	$0.43	$0.43
AFFO per unit	$0.22	$0.22	$0.33	$0.33
Distributions declared for period	$5,621	$5,621	$8,588	$8,588
Distributions per unit	$0.1875	$0.1875	$0.2865	$0.2865
AFFO Payout Ratio	86.17%	83.56%	86.42%	86.54%

Certain measures in the above table are not defined by generally accepted accounting principles ("GAAP"). See "Non-GAAP Financial Measures" below. The REIT's MD&A includes reconciliations of rental income to NOI, Income before noncontrolling interest to FFO, and FFO to AFFO.

"We are pleased with the REIT's financial results since completion of our IPO in May" said Kelly Hanczyk, Chief Executive Officer of the REIT. "Our performance to date has been in line with management's expectations. Although we experienced a drop in occupancy in July and August, this was temporary, as September occupancy returned to expected levels and remains at expected levels today. The quarter was also distinguished by a refinancing which included the repayment of the REIT's Convertible Debentures that will reduce our interest costs going forward and extend our debt maturity profile."

The REIT generated total revenue of $22.3 million in the three month period ended September 30, 2010 compared with the forecast of $22.6 million. For the period from May 14, 2010 to September 30, 2010, revenue totaled $34.1 million, consistent with the pro-rated forecast of $34.2 million, despite the impact of the temporary occupancy decline in July and August. The REIT's overall occupancy rate of 95.1% for the three month period ended September 30, 2010 was lower than the forecast occupancy rate of 96.3%. By the end of September, occupancy was 96.6% and in line with forecast expectations.

For the three month period ended September 30, 2010 the REIT reported Net Operating Income ("NOI") of $13.0 million, slightly below forecast of $13.2 million. The $20.0 million of NOI generated in the period from May 14, 2010 to September 30, 2010 was slightly above the pro-rated forecast of $19.9 million.

For the three month period ended September 30, 2010, the REIT reported net income attributable to Unitholders of $2.3 million ($0.09 per unit) compared to the forecast of $3.1 million ($0.12 per unit). Lower net income is primarily due to higher than forecast non-cash items including depreciation and amortization of $470, loss on redemption of the convertible senior secured debentures of $465, net of a gain on early extinguishment of mortgages of $185.

Funds from Operations (FFO) in the three month period were $8.5 million versus the forecast of $8.6 million, or $0.28 per unit compared to $0.29 per unit. For the period May 14, 2010 to September 30, 2010, the REIT generated FFO of $12.9 million compared with the pro-rated forecast of $12.8 million, representing $0.43 per unit for both the results and pro-rated forecast.

Adjusted Funds from Operations (AFFO) for the three months ended September 30, 2010 were $6.5 million, compared with the forecast level of $6.7 million for the period, reflecting the temporary impact in occupancy. The REIT's AFFO per unit was in line with the forecast of $0.22 per unit, with a payout ratio of 86.2% compared to the forecast of 83.6%. In the full period from May 14, 2010 to September 30, 2010 the REIT generated AFFO directly in line with the pro-rated forecast of $9.9 million, representing $0.33 per unit, with a payout ratio of 86.4% compared with 86.5%.

"I am also pleased to announce the REIT's first property acquisition." added Mr. Hanczyk. "As outlined in our IPO prospectus, a key element of the REIT's planned growth is to source REIT - ready properties under our 'right of first opportunity' with TransGlobe Investment Management. We have now entered into an agreement of purchase and sale to acquire four buildings, comprising 118 residential units, located in a prime rental market on Bathurst Street in Toronto, Ontario. These assets have a current occupancy of 99% and are located in close proximity to another existing REIT property. The acquisition price is $10.8 million, with an implied cap rate of 6.59%. This acquisition is expected to be immediately accretive to AFFO per unit and is expected to close in early December".

The REIT will be filing an amended and restated Business Acquisition Report previously filed on July 27, 2010 to incorporate by reference annual financial statements of the REIT's initial portfolio of 65 residential properties.

Conference Call

A conference call and live audio webcast for analysts and interested listeners will be held Friday, November 12, 2010 at 9:00 a.m. (ET). The call-in numbers for participants are 647-427-7450 or 888-231-8191. In order to join this conference call, please provide the Conference ID Number 18306335.

Audio replay is available until November 19, 2010 by dialing 416-849-0833 or 1-800-642-1687 and entering access code 18306335.

The webcast can be accessed from the "Investor Information" page of the REIT's web site at www.tgareit.com.

About TransGlobe Apartment Real Estate Investment Trust

TransGlobe Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT's portfolio is comprised of 65 residential rental properties containing 8,179 suites principally located in urban centres in Alberta, Ontario, Québec, New Brunswick and Nova Scotia that were previously owned or co-owned and operated by affiliates of TransGlobe Investment Management Ltd. ("TGIM"). TGIM and an affiliate administer and operate the assets of the REIT in order to support the REIT's external management structure.

Non-GAAP Financial Measures

NOI, FFO and AFFO do not have standardized meanings prescribed by GAAP and should not be construed as alternatives to net income/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with GAAP. Such measures as computed by the REIT may differ from similar measures as reported by other trusts or companies in similar or different industries.

Management considers NOI to be an important measure of the REIT's operating performance and uses this measure to assess the REIT's property operating performance on an unlevered basis. FFO is a measure of operating performance based on the funds generated from the business of the REIT before reinvestment or provision for other capital needs. Management considers FFO to be an important measure of the REIT's operating performance and AFFO to be an important performance measure to determine the sustainability of future distributions paid to holders of trust REIT units after provision for maintenance capital expenditures. AFFO should not be interpreted as an indicator of cash generated from operating activities as it does not consider changes in working capital.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial position and results of operations as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which, are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance that actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will provide the REIT with access to equity and/or debt at reasonable rates when required; TGIM and its affiliates will continue their involvement with the REIT; and the risks identified or referenced above, collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as specifically required by law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

%SEDAR: 00029761E

For further information:

TransGlobe Apartment Real Estate Investment Trust
Leslie Veiner
Chief Financial Officer
[phone] ext. 1985
Email:[email protected]