Canadian Real Estate Investment Trust Announces Chief Financial Officer Will Step Down After A Transition Period

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2011) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced that Tim McSorley has decided to step down from his position as Vice President and Chief Financial Officer (CFO). Mr. McSorley's resignation, however, allows for a transition period that may extend to November 30, 2013. CREIT will begin a search for a replacement CFO immediately, and then transition the successful candidate into the position.

Stephen Johnson, President and Chief Executive Officer, said, "Tim has made a significant contribution to CREIT through the many stages of our growth over a 21-year period. Most notably, and something we are very proud of, is that CREIT has earned a reputation for a very high standard of comprehensive financial reporting and disclosure under Tim's guidance and leadership."

Since July 1990, Mr. McSorley has served with CREIT and its predecessor entities. Over the past 14 years, since September 1997, he has served in the demanding role of Chief Financial Officer.

Tim McSorley, Vice President and CFO, said, "I have certainly enjoyed being part of the CREIT team and the successful business that we have been able to build. However, I have decided that the time is now right for me to take on some different business and personal endeavours."

CREIT is a real estate investment trust focused on accumulating a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, office and industrial properties.