(Source: Canada Newswire)TORONTO, Nov. 9 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") today announced financial results for the three and nine months ended September 30, 2009. The following comments and highlights should be read in conjunction with the unaudited consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2009. These will be available on Whiterock's website at www.whiterockreit.ca.

HIGHLIGHTS - September 30, 2009

- Solid FFO - FFO was $3.7 million or $0.78 per unit for the three

months ended September 30, 2009. This represents a 93.7% FFO cash

payout ratio for the three months ended September 30, 2009 and 91.8%

for the nine months ended September 30, 2009.

- Ongoing AFFO - AFFO for the three months ended September 30, 2009 was

$3.3 million or $0.70 per unit.

- Success in Renewing Tenants - Finished 2009 leasing with 21% increase

in rates. Re-leased 52% of leases up for renewal in 2010 with 28%

rate increases.

- Excellent Financial Flexibility - Issued $10.9 million of equity and

renewed $42 million in credit facilities in a difficult financing

environment. Subsequent to September 30, 2009, issued $23 million of

new convertible debentures.

- High Quality Acquisition Pipeline - Over $11 million equity invested

in properties providing in place AFFO yield in excess of 20% by

acquiring managed interests in a 394,000 square foot industrial

building in Regina Saskatchewan and a 411,000 square foot Class A

office building in Toronto, Ontario. Entered into a binding agreement

to acquire a managed interest in a 51,000 square foot government

tenanted building in Fredericton, New Brunswick.

- Investment Grade Tenants on Long-Term Leases - 57% of revenues were

from government and other investment grade tenants. Average lease

term of the portfolio is 7.6 years, providing strong cash flow

stability.

- Secure Top Ten Tenants - Average remaining lease term of top ten

tenants, all investment grade and representing 43.7% of revenue, is

10.9 years.

- Long-Term Fixed Rate Debt - Average 6.4 year term for mortgage debt

at a weighted average interest rate of 5.7%, all at fixed rates.

- Geographically Balanced Portfolio - At September 30, 2009, 16% of the

portfolio's property operating income was in Alberta, 17% in

Saskatchewan, 29% in Ontario, 27% in Quebec and 11% in Atlantic

Canada.

- Yield - Distribution yield of 12.1% annualized, based on per unit

distribution for the three months ended September 30, 2009, totaling

$0.42, and the November 6, 2009 Unit closing price of $13.89 (after

taking into account the 2-for-1 unit split effective November 6,

2009).

- Tax Efficient Distributions - 100% of the distributions made in 2008,

2007 and 2006 were classed as return of capital for tax purposes.

Given the recent economic environment and potential acquisition opportunities as a result of the recession, Whiterock has bolstered its cash and facility reserves compared to a year ago. Whiterock currently has approximately $8 million of cash on hand and nothing drawn on its $42 million of acquisition facilities compared to $28.6 million drawn a year ago. In the last twelve months, Whiterock has increased its long-term mortgage borrowings by $22.2 million and used the proceeds to reduce its acquisition facilities. In addition, during the nine months ending September 30, 2009, Whiterock raised $10.9 million in a bought deal public offering and subsequent to September 30, 2009 Whiterock issued $23 million in new convertible debentures. Management intends to use this financial flexibility to fund future acquisitions and to reduce its leverage over time.