Canadian Real Estate Investment Trust Announces Second Quarter 2006 Results

Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the three- and six-month periods ended June 30, 2006.

For the three and six months ended June 30, 2006 Funds from Operations (FFO) and Net Income were as follows:


                      THREE MONTHS   THREE MONTHS
                             ENDED          ENDED
                     JUNE 30, 2006  JUNE 30, 2005             CHANGE
                     ------------------------------------------------
                                                               $  (%)
---------------------------------------------------------------------
Total FFO (millions)       $  27.9        $  24.1      $     3.8  16
Per Unit Diluted           $ 0.486        $ 0.424      $   0.062  15
Per Unit annualized        $  1.94        $  1.70      $    0.24  14
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                        SIX MONTHS     SIX MONTHS
                             ENDED          ENDED
                     JUNE 30, 2006  JUNE 30, 2005             CHANGE
                     ------------------------------------------------
                                                               $  (%)
---------------------------------------------------------------------
Total FFO (millions)       $  54.4        $  48.3      $     6.1  13
Per Unit Diluted           $ 0.947        $ 0.851      $   0.096  11
Per Unit annualized        $  1.89        $  1.70      $    0.19  11
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                                   THREE MONTHS ENDED JUNE 30
                     ------------------------------------------------
                                                             Change
                                                   ------------------
($ millions)                  2006           2005       ($)       (%)
---------------------------------------------------------------------
Net Income:
 Income from continuing
  operations                $ 15.5         $ 13.3    $ 2.2        17
 Discontinued
  operations                     -            2.9     (2.9)      N/A
---------------------------------------------------------------------
Net Income                  $ 15.5         $ 16.2   ($ 0.7)       (4)
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                                   SIX MONTHS ENDED JUNE 30
                     ------------------------------------------------
                                                             Change
                                                   ------------------
($ millions)                  2006           2005       ($)       (%)
---------------------------------------------------------------------
Net Income:
 Income from continuing
  operations                $ 29.9         $ 25.6    $ 4.3        17
 Discontinued operations       0.7            3.2     (2.5)      (78)
---------------------------------------------------------------------
Net Income                  $ 30.6         $ 28.8    $ 1.8         6
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Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are pleased with our performance for the second quarter and for year-to-date in 2006. Our results reflect an active and productive period with contributions continuing to come from our acquisition activities, our mezzanine financing program, effective debt financings, and our property management and leasing activities."

FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by Canadian Generally Accepted Accounting Principles. Readers are directed to the MD&A for a description of the measure and its reconciliation to Net Income.

The Consolidated Financial Statements of the Trust for the three and the six months ended June 30, 2006 and the MD&A are posted on CREIT's website at www.creit.ca.

CREIT is a public real estate investment trust (REIT) trading on the Toronto Stock Exchange under the symbol REF.UN.

CREIT owns a portfolio of more than 134 retail, industrial and office properties. CREIT's primary business objective is to deliver the benefits of real estate ownership to its investors.

With a disciplined approach, CREIT has consistently delivered steady growth in earnings. CREIT has provided reliable monthly distributions to investors and attractive long-term returns.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances.


Contacts:
Canadian Real Estate Investment Trust
Stephen Johnson
President & Chief Executive Officer
(416) 628-7878
sjohnson@creit.ca

Canadian Real Estate Investment Trust
Tim McSorley
Vice President & Chief Financial Officer
(416) 628-7790
tmcsorley@creit.ca

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