Whiterock Real Estate Investment Trust T.WRK.DB.K

Quarterly AFFO $0.29 per unit

[carswell]

HIGHLIGHTS – September 30, 2008

• Record Quarterly FFO – Recurring FFO increased 48% to $4.0 million for the three months ended

September 30, 2008. Recurring FFO per unit (basic) increased 29% to $0.35 per unit in the same

period. This represents an 81% FFO payout ratio.

• Record Quarterly AFFO – Recurring AFFO increased 49% to $3.3 million for the three months

ended September 30, 2008. Recurring AFFO per unit (basic) increased 30% to $0.29 per unit in the

same period.

• Solid Rental Rate Increases – Increases on year to date lease renewals averaged approximately

21%.

• Same Property Growth – Property operating income for the three months ended September 30,

2008 increased approximately 6.5% on a same property basis from the prior year comparative period.

• Investment Grade Tenants on Long-Term Leases – 59% of revenues were from government and

other investment grade tenants. Average lease term of the portfolio is 8.0 years, providing strong

cash flow stability.

• New Acquisitions – Acquired eight commercial properties in Calgary and Edmonton, Alberta and

two office properties in Chatham, Ontario and Dartmouth, Nova Scotia totaling 406,000 square feet in

the third quarter.

• Yield – Distribution yield of 15.8% annualized, based on per unit distributions for the nine months

ended September 30, 2008 totaling $0.84, and the November 7, 2008 unit closing price of $7.10.

• Long-Term Fixed Rate Debt – Average 7.4 year term for mortgage debt at a weighted average

interest rate of 5.5%, all at fixed rates.

• Geographically Balanced Portfolio – At September 30, 2008, 17% of the portfolio’s property

operating income was in Alberta, 17% in Saskatchewan, 24% in Ontario, 29% in Quebec and 13% in

Atlantic Canada.

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