Scott's Real Estate Investment Trust closes $15 million treasury financing
and $3.1 million secondary offering

/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES/

TORONTO, Feb. 24 /CNW/ - Scott's Real Estate Investment Trust (TSX: SRQ.UN) ("Scott's REIT" or the "Company") today announced that it has closed its previously announced offering of 1,974,000 trust units of the Company from treasury and 410,527 trust units of the Company owned by Obelysk Inc. ("Obelysk") (the " Trust Units"). The Trust Units were offered at a price of $7.60 per Trust Unit, which resulted in gross proceeds of $15,002,400 for Scott's REIT and $3,120,005 for Obelysk. The Trust Units were offered through a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corporation, and including CIBC World Markets Inc., Desjardins Securities Inc., Canaccord Financial Ltd. and Genuity Capital Markets. Scott's REIT has also granted the underwriters an over-allotment option to purchase up to 296,100 additional Trust Units, representing 15 per cent of the size of the treasury offering. The over-allotment option may be exercised up to 30 days after the closing of the offering.

About Scott's Real Estate Investment Trust

Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property owner with 207 properties in seven provinces across Canada. Scott's REIT's properties are well-located and geographically diverse across Canada and nearly all properties are long-term quadruple net leases. The REIT has approximately 68.9 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 Statements

This media release contains forward-looking statements. Such statements are based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from projections suggested in any forward-looking statements due to factors such as the competitive nature of the quick service restaurant industry, the ability of Scott's REIT and Scott's Real Estate LP to execute a growth and development strategy, the reliance of Scott's REIT and Scott's Real Estate LP on key personnel, on Priszm LP and risk associated with the structure of income trusts. Scott's REIT and Scott's Real Estate LP assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Additional information identifying risks and uncertainties is contained in Scott's REIT's filings with the Canadian securities regulators, available at www.sedar.com.

%SEDAR: 00022537E

For further information: For investor information, please contact: Trish Moran, [phone], [email protected]; For media information, please contact: Wilcox Group, [phone], [email protected]