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Press release from CNW Group

Scott's Real Estate Investment Trust announces April distribution

Wednesday, April 20, 2011

Scott's Real Estate Investment Trust announces April distribution18:06 EDT Wednesday, April 20, 2011Obtains $5.5 million mortgage for unlevered propertyTORONTO, April 20 /CNW/ - Scott's Real Estate Investment Trust (TSX: SRQ.UN) ("Scott's REIT"), owner of 220 retail and restaurant properties in seven provinces across Canada, today announced a cash distribution for the month of April 2011 of $0.0708 per unit payable on May 16, 2011 to Unitholders of record on April 29, 2011.Scott's REIT also announced today a monthly cash distribution of $0.0708 per unit to Unitholders of record of Class B Limited Partnership Units in Scott's Real Estate LP on April 29th, 2011.$5.5 million mortgageScott's REIT also announced that it closed a $5.5 million mortgage, the proceeds of which will be partially used to fund future acquisitions and will be used for working capital purposes. The property had no previous debt. The mortgage was granted under competitive terms, including an interest rate of prime plus 0.5 per cent. It is scheduled to mature in April 2013, but will be open for repayment after six months.About Scott's Real Estate Investment Trust Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property owner with 220 properties in seven provinces across Canada. Scott's REIT's properties are well-located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases. The REIT has approximately 75.6 per cent interest in Scott's Real Estate LP. To find out more about Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at http://www.scottsreit.com.Forward-Looking StatementsThis document contains certain information that may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding future growth opportunities and potential and expected cash distributions or cash distribution levels. In particular, information regarding the REIT's monthly cash distributions and information relating to the impact of the REIT's recent acquisitions on annual revenues and interest expense is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, occupancy rates, property expense and capital expenditures. While the REIT considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from what is currently expected. Such factors include risks relating to the REIT's reliance on Priszm LP, the REIT's largest tenant, risks associated with investment in real property, competition, reliance on key personnel, financing and refinancing risks, environmental matters, tenant risks, risks related to current economic conditions and other risk factors more particularly described in the REIT's Annual Information Form for the year ended December 31, 2010. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Other than as required by applicable Canadian securities law, the REIT does not undertake to update this information at any particular time. Additional information identifying risks and uncertainties is contained in Scott's REIT filings with the Canadian securities regulators, available at www.sedar.com.For further information: For investor information, please contact: Trish Moran 416-624-5133 trish.moran@scottsreit.com For media information, please contact: Trevor Boudreau 604-564-8209 trevor.bourdreau@scottsreit.com