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

first quarter highlights

[carswell]

HIGHLIGHTS – March 31, 2010

? Increasing FFO – FFO was $5.0 million, up 29% from the prior year comparative period. FFO per

unit was
.43 for the three months ended March 31, 2010, which represents a 91.7% FFO cash

payout ratio and is up 11% from the fourth quarter of 2009.

? Stable AFFO – AFFO for the three months ended March 31, 2010 was $4.0 million, up 24% from the

prior year comparative period. AFFO per unit was
.35, up 1% from the fourth quarter of 2009.

? Growing Portfolio in Major Markets – Acquired a 49.9% equity interest in $214 million of office

buildings totaling 1.1 million square feet, in the Greater Toronto Area, Ontario. Subsequent to March

31, 2010, acquired a 40% equity interest in $17.7 million of high quality, flex office assets in Regina,

Saskatchewan.

? Accretive Acquisitions – In-place AFFO yield on first quarter 2010 acquisitions of approximately

13%.

? Success in Renewals – To date, 52.2% of leases up for renewal in 2010 have been re-leased with a

23.5% average rate increase.

? Decreasing Leverage – Quarter over quarter debt to gross book value leverage ratio improved from

73% at March 31, 2009 to 64% at March 31, 2010.

? Improved Liquidity – In the three months ended March 31, 2010, issued $51.8 million of equity,

primarily to finance 2010 year to date acquisitions. Equity market capitalization totaled $206 million at

March 31, 2010 compared to $67.5 million at March 31, 2009.

? High Quality Acquisition Pipeline – The right of first opportunity to purchase, at fair market value,

Whiterock’s co-owner’s $222 million current interest in co-owned properties provides a high quality

potential pipeline of future acquisitions in major markets.

? Investment Grade Tenants on Long-Term Leases – 52% of revenues were from government and

other investment grade tenants in the three months ended March 31, 2010. Average lease term of

the portfolio was 6.9 years, providing strong cash flow stability.

? Secure Top Ten Tenants – Average remaining lease term of top ten tenants, all investment grade

and representing 37% of revenue, is 10.7 years.

? Stable Occupancy – 95.3% occupancy rate at March 31, 2010.

? Long-Term Fixed Rate Debt – Average 6.0 year term for mortgage debt at a weighted average

interest rate of 5.7%, all at fixed rates.

? Geographically Balanced Portfolio – At March 31, 2010, 42% of the portfolio’s property operating

income was in Ontario, 21% in Quebec, 16% in Saskatchewan, 11% in Alberta and 10% in Atlantic

Canada.

? Yield – Annualized distribution yield of 11.0%, based on per unit distributions for the three months

ended March 31, 2010 totaling
.42, and the April 27, 2010 Unit closing price of $15.31.

? Tax Efficient Distributions – 100% of the distributions made in 2005 to 2009 were classed as return

of capital for tax purposes.

[Jimpossible]

Thanks, Carswell.Jim

[Robinbrook]

Thanks from me too Carswell, and for formatting to make reading easier ! !Good stuff