Whiterock REIT Provides Leasing Update

    TORONTO, Aug. 20 /CNW/ - Whiterock Real Estate Investment Trust
(TSX:WRK.UN) announced today that it has entered into new leases totaling
66,000 square feet at its 193 Malpeque property in Charlottetown, P.E.I. and
at its TD Tower property in Regina, Saskatchewan. These two new leases are
expected to contribute an additional $0.11 of annualized AFFO per Unit to
    At its 193 Malpeque property in Charlottetown, P.E.I., Whiterock has
signed a lease for 25,000 square feet of currently vacant space with a
multi-national household goods, bedding and bath accessories retailer. The
lease is for a ten year term plus renewal options and rent is scheduled to
begin in October, 2009.
    At its TD Tower property in Regina, Saskatchewan, Whiterock has completed
an early renewal of 41,000 square feet, originally scheduled to expire in
2010, with a principal supplier of electricity in Saskatchewan. The new lease
runs until December 2015 with new rates effective September 1, 2009 and no
tenant inducement required.
    Including these transactions, to date, 89% of leases up for renewal in
2009 have now been re-leased. Increases in rates from lease renewals and
re-leasing in 2009 have averaged approximately 21%. Approximately 43% of
leases up for renewal in 2010 have been re-leased with increases in rates
averaging approximately 30%.
    193 Malpeque is a recently constructed retail property located at the
intersection of Malpeque Road and the Charlottetown Perimeter Highway, within
a new power center. Consistent with the high quality and physical condition of
this property, no tenant improvements were required to secure the new tenant.
    TD Tower is comprised of 83,300 square feet of primarily office space
centrally located in the heart of downtown Regina. The building is 66%
occupied by government and bank tenants.

    About Whiterock

    Whiterock's existing portfolio consists of 43 properties totaling 3.2
million square feet, located in 13 primary and secondary markets across
Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa,
Montreal and Quebec City. The portfolio's average lease term is approximately
8 years, with approximately 58% leased to government or investment grade

    Forward-Looking Statements

    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
those 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.

    %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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890