Whiterock REIT Achieves Near Term Growth Objectives

    TORONTO, Feb. 4 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock") (TSX:WRK.UN) today provided an update to its internal growth
initiatives. As highlighted in the Q3 Supplemental Information package,
Whiterock had an executed pro forma AFFO run rate of $1.04 per Unit, and
outlined a clear path to covering its distributions of $1.12 per Unit in the
near term. Whiterock is pleased to announce it has now substantially achieved
this objective, reaching $1.10 of executed pro forma AFFO run rate per Unit.
Whiterock expects its AFFO to continue to increase as it leases remaining
vacant space, enjoys the effect of contractual rent increases and under-market
rent rollover, and executes on external growth opportunities.
    "We are excited to continue to execute on our growth initiatives and
deliver to our Unitholders a steadily increasing AFFO per Unit. In these
turbulent markets, Whiterock provides very high quality and visibility of cash
flows. We have high credit tenants with 70% being government and investment
grade, long term leases with 9 years of average term remaining, and long term
fixed rate debt. Based on the strong and growing performance of the existing
portfolio, we can now turn our attention to selective new external growth
opportunities," stated Jason Underwood, CEO.
    Whiterock's existing portfolio consists of 33 properties totalling
2.8 million square feet, located in 11 markets across Canada. The average
lease term is approximately 9 years, with approximately 70% leased to
government or investment grade firms.

    Forward Looking Statements

    This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to financial
performance, sale-leaseback opportunities, proposed acquisitions and equity or
debt offerings, new markets for growth, financial position, comparable
commercial REITs and proposed acquisitions. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved".
    Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Whiterock to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: the risks related to the market for Whiterock's
securities, the general risks associated with real property ownership and
acquisition, that future accretive acquisition opportunities will be
identified and/or completed by Whiterock, lease maturities, risk management,
liquidity, debt financing, credit risk, competition, general uninsured losses,
interest rate fluctuations, environmental matters, restrictions on redemptions
of outstanding Whiterock securities, lack of availability of growth
opportunities, diversification, reliance on anchor or single tenant
properties, potential Unitholder liability, potential conflicts of interest,
the availability of sufficient cash flow, fluctuations in cash distributions,
the market price of Whiterock's units, the failure to obtain additional
financing, dilution, reliance on key personnel, changes in legislation,
failure to obtain or maintain mutual fund trust status and delays in obtaining
governmental approvals or financing as well as those additional factors
discussed in the section entitled "Risk Factors" in Whiterock's Annual
Information Form, which can be obtained at www.sedar.com. In particular but
without limitation, there is no assurance that Whiterock will be able to
increase its AFFO as anticipated.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00022234E

For further information:

For further information: www.whiterockreit.ca; Jason Underwood, (416)
907-4861; Paul Simcox, (416) 907-4862; Frank Bucys, CFO, (416) 907-4864

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