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Press release from Marketwire

Canadian Real Estate Investment Trust Announces Second Quarter 2010 Results

Friday, August 06, 2010

Canadian Real Estate Investment Trust Announces Second Quarter 2010 Results07:33 EDT Friday, August 06, 2010TORONTO, ONTARIO--(Marketwire - Aug. 6, 2010) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the second quarter ended June 30, 2010.For the three months ended June 30, 2010, CREIT reported Funds from Operations (FFO) of $0.597 per Unit. This represents a 4% improvement ($0.025 per-unit increase) over the three months ended June 30, 2009.For the six months ended June 30, 2010, CREIT reported FFO of $1.203 per Unit. This is a $0.026 per-unit increase over the six months ended June 30, 2009 and represents a 3% improvement.Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are very satisfied with our operating performance for the second quarter of 2010. We have a strong balance sheet with significant liquidity and we continue to generate and retain meaningful cash flow from operations. We acquired $29.1 million of retail properties from one of our existing joint venture partners in the quarter, and we have a substantial amount of additional acquisition capacity. We are actively looking to acquire, at appropriate pricing, high-quality real estate assets to add to our portfolio."For the three and six months ended June 30, 2010, FFO and Net Income were as follows: Three months ended June 30 -------------------------------------------- Change -------------------- ($ millions, except per Unit amounts) 2010 2009 ($) (%) -------------------------------------------------------------------------- FFO $ 39.7 $ 37.7 $ 2.0 5% FFO per Unit $ 0.597 $ 0.572 $ 0.025 4% FFO per Unit annualized $ 2.39 $ 2.29 $ 0.10 4% -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Six months ended June 30 -------------------------------------------- Change -------------------- ($ millions, except per Unit amounts) 2010 2009 ($) (%) -------------------------------------------------------------------------- FFO $ 79.9 $ 74.7 $ 5.2 7% FFO per Unit $ 1.203 $ 1.177 $ 0.026 2% FFO per Unit annualized $ 2.41 $ 2.35 $ 0.06 3% --------------------------------------------------------------------------- --------------------------------------------------------------------------- Three months ended June 30 ---------------------------------- ($ millions, except per Unit amounts) Change ---------------- 2010 2009 ($) (%) --------------------------------------------------------------------------- Income from Continuing operations $ 22.9 $ 20.6 $ 2.3 11% Discontinued operations 0.2 - 0.2 N/A ---------------------------------------------------------------------------- Net income $ 23.1 $ 20.6 $ 2.5 12% ---------------------------------------------------------------------------- Net income per Unit $ 0.35 $ 0.31 $ 0.04 13% ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Six months ended June 30 --------------------------------------------- ($ millions, except per Unit amounts) Change --------------------- 2010 2009 ($) (%) ---------------------------------------------------------------------------- Income from Continuing operations $ 46.2 $ 38.1 $ 8.1 21% --------------------------------------------- Discontinued operations 0.2 11.4 (11.2) N/A ---------------------------------------------------------------------------- Net income $ 46.4 $ 49.5 ($ 3.1) (6%) ---------------------------------------------------------------------------- Income from ------------------------------------------- Continuing operations per Unit $ 0.70 $ 0.60 $ 0.10 17% Discontinued operations per Unit - 0.18 (0.18) N/A ---------------------------------------------------------------------------- Net income per Unit $ 0.70 $ 0.78 ($ 0.08) (10%) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by Canadian Generally Accepted Accounting Principles. Readers are directed to Management's Discussion and Analysis of Results of Operations and Financial Condition (MD&A) for a description of the measure and its reconciliation to Net Income.CREIT's Consolidated Financial Statements and MD&A for the three and six months ended June 30, 2010 are posted on CREIT's website at www.creit.ca. Readers are directed to these documents for financial details and a fulsome discussion on CREIT's results.CREIT is a real estate investment trust focused on accumulating a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing cash distribution.Cautionary Statements Regarding Forward-looking StatementsThis news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.FOR FURTHER INFORMATION PLEASE CONTACT: Canadian Real Estate Investment Trust Stephen Johnson President & Chief Executive Officer 416-628-7878 sjohnson@creit.ca or Canadian Real Estate Investment Trust Tim McSorley Vice President & Chief Financial Officer 416-628-7790 tmcsorley@creit.ca www.creit.ca