Whiterock REIT Announces 2-for-1 Unit Split

TORONTO , Oct. 28 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") (TSX: WRK.UN) announced today that, pursuant to the terms of Whiterock's Declaration of Trust, which permits a subdivision or consolidation of the trust units from time to time by the Trustees, all of its issued and outstanding units will be subdivided on the basis of one (1) additional unit for each pre-subdivision unit held on the record date of November 11, 2009 (the "Record Date"). After the subdivision, each unitholder will hold two (2) units for each pre-subdivision unit held as of the Record Date.

Within three business days following the Record Date, Whiterock's registrar and transfer agent will mail to each unitholder of record as of the Record Date, a unit certificate representing the additional units to which they are entitled as a result of the subdivision. There will be no change to the CUSIP number or ISIN number for the units, and the units will continue to trade on the Toronto Stock Exchange under the trading symbol "WRK.UN". It is currently anticipated that the subdivision will become effective on or about November 9, 2009 .

"The decision to split our units comes as a result of our unit's strong price performance in 2009. Year to date, our units have approximately doubled in value and splitting our units should increase liquidity," said Jason Underwood , Whiterock's Chief Executive Officer.

As at October 27, 2009 there were 4,768,506 trust units issued and outstanding that will be subdivided into approximately 9,537,012 units upon completion of the unit subdivision. No action is required for units held through brokers or other financial intermediaries. Notice of the adjustment to the applicable conversion price will also be given to holders of Whiterock's securities that are convertible into units.

About Whiterock

Whiterock's existing portfolio is anchored by high credit tenants with long-term leases. The portfolio consists of 44 properties totalling 3.4 million square feet, located in 13 markets across Canada , including Calgary , Edmonton , Regina, Saskatoon, Toronto , Ottawa , Montreal and Quebec City. The current annualized yield of Whiterock's units is approximately 12.5%, based on Whiterock's closing unit price on October 27, 2009 and its most recently announced monthly distribution.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions, which are subject to known and unknown risks, uncertainties and other factors that may cause the actual events, results or prospects to be materially different from those expressed or implied herein. Readers are cautioned that a number of risks, uncertainties and other factors, including the risk that the unit subdivision may not be completed on the above terms or at all, as well as those risks discussed in Whiterock's various securities filings, including the section entitled "Risk Factors" in Whiterock's Annual Information Form which can be obtained at www.sedar.com, could cause actual events, results or prospects to differ materially from those stated or implied. These risks, uncertainties and other factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

    
       The Toronto Stock Exchange has not reviewed and does not accept
         responsibility for the adequacy or accuracy of this release.
    

%SEDAR: 00022234E

For further information: www.whiterockreit.ca, Frank Bucys, CFO, [phone]; Jennifer Kosloski, [phone]