Milestone Monthly Distribution for Northern Property REIT Investors January
2010

CALGARY , Jan. 15 /CNW/ - Northern Property Real Estate Investment Trust ("NPREIT") (NPR.UN - TSX) announced its January 2010 monthly distribution in the amount of $0.1233 per unit, payable on February 15, 2010 to unit-holders of record at January 29, 2010 .

"Long term investors in Northern Property will reach an important milestone with the receipt of our monthly cash distribution in mid-February," reported President and CEO, Jim Britton . " Many Northern Property investors acquired units during its Initial Public Offering at a $10.00 issue price in May 2002 . With the monthly payment for January 2010 , those long term holders of our units will have received total cash distributions just in excess of their $10.00 initial investment."

Members of the Board of Trustees and the REIT's senior managers, most of whom were part of the Trust at its inception, express their thanks to investors for the faith they have shown in Northern Property's unique real estate locations and its business model.

Annual cash distribution levels have been increased from the $1.15 level at NPR's May 29, 2002 inception to a $1.48 level presently.

As at the date hereof, there are 23,052,188 Trust Units and 2,085,090 Class B exchangeable limited partnership units of NPR.UN issued and outstanding.

For further information: Mr. Todd R. Cook, Chief Financial Officer, [phone]