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Canadian REIT Income Fund Files Preliminary Prospectus

TORONTO, August 5, 2011 - Canadian REIT Income Fund (the "Fund") announces that it has filed a preliminary prospectus dated August 5, 2011 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of a maximum of 10,000,000 trust units (the "Units") at $10.00 per Unit, for maximum gross proceeds of $100 million.

The Fund has been created to invest in a portfolio comprised primarily of equity securities and convertible debentures of Canadian REITs and real estate issuers. The Fund's portfolio will be actively managed by First Asset Investment Management Inc. (the "Manager" or "First Asset").

The Fund's investment objectives are to provide holders of Units with:

  1. quarterly distributions; and
  2. the opportunity for capital appreciation.

The Fund will not have a fixed distribution amount. The amount of quarterly distributions will be based on the Manager's assessment of anticipated cash flow and anticipated expenses of the Fund from time to time. The initial targeted quarterly distribution is 5.5% per annum on the subscription price of $10.00 per Unit ($0.1375 per Unit per quarter or $0.55 per annum).

On or about the second anniversary of the closing of the Fund's offering, the Fund will, subject to all regulatory approvals required by legislation then in force, automatically either (i) convert to an open-end mutual fund; or (ii) merge on a tax-deferred basis with an open-end mutual fund to be managed by the Manager or an affiliate of the Manager.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradeable securities of each class or series of securities described in the table below. Prospective purchasers under the Exchange Option will be required to deposit their eligible exchange securities prior to 5:00 p.m. (Toronto time) on August 25, 2011 in the manner described in the preliminary prospectus.


Equity Securities                                                           
                                                                            
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Issuer                                                      CUSIP TSX Symbol
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Allied Properties Real Estate Investment Trust          019456102      AP.UN
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Artis Real Estate Investment Trust                      04315L105      AX.UN
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Boardwalk Real Estate Investment Trust                  096631106     BEI.UN
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Calloway Real Estate Investment Trust                   131253205     CWT.UN
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Canadian Apartment Properties Real Estate Investment                        
 Trust                                                  134921105     CAR.UN
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Canadian Real Estate Investment Trust                   13650J104     REF.UN
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Chartwell Seniors Housing Real Estate Investment Trust  16140U100     CSH.UN
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Cominar Real Estate Investment Trust                    199910100     CUF.UN
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Dundee Real Estate Investment Trust                     265270207       D.UN
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Extendicare Real Estate Investment Trust                302251103     EXE.UN
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H&R Real Estate Investment Trust                        404428203      HR.UN
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Primaris Retail Real Estate Investment Trust            74157U109     PMZ.UN
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RioCan Real Estate Investment Trust                     766910103     REI.UN
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Brookfield Office Properties Inc.                       112900105        BPO
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First Capital Realty Inc.                               31943B100        FCR
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BTB Real Estate Investment Trust                        11777P102     BTB.UN
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Crombie Real Estate Investment Trust                    227107109     CRR.UN
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Huntingdon Real Estate Investment Trust                 446027112     HNT.UN
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InnVest Real Estate Investment Trust                    45778F101     INN.UN
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InterRent Real Estate Investment Trust                  46071W205     IIP.UN
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Killam Properties Inc.                                  494104870        KMP
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Morguard Real Estate Investment Trust                   617914106     MRT.UN
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Partners Real Estate Investment Trust                   70214B100     PAR.UN
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Retrocom Mid-Market Real Estate Investment Trust        761298108     RMM.UN
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Scott's Real Estate Investment Trust                    810205203     SRQ.UN
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Temple Real Estate Investment Trust                     880018106      TR.UN
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Whiterock Real Estate Investment Trust                  965531700     WRK.UN
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Convertible Debentures                                                      
                                                                            
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Issuer                                                      CUSIP TSX Symbol
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Artis Real Estate Investment Trust - 6.25% due May 31,                      
 2013                                                   04315LAC9    AX.DB.C
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Artis Real Estate Investment Trust - 7.5% due June 30,                      
 2014                                                   04315LAD7    AX.DB.E
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Artis Real Estate Investment Trust - 5.75% due June                         
 30, 2018                                               04315LAG0    AX.DB.U
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Artis Real Estate Investment Trust - 6% due June 30,                        
 2020                                                   04315LAE5    AX.DB.F
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Primaris Retail Real Estate Investment Trust - 6.3%                         
 due September 30, 2015                                 74157UAE9   PMZ.DB.B
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BTB Real Estate Investment Trust - 8% due October 3,                        
 2011                                                   11777PAA0     BTB.DB
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BTB Real Estate Investment Trust - 8.5% due March 31,                       
 2013                                                   11777PAB8   BTB.DB.B
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Calloway Real Estate Investment Trust - 6.65% due June                      
 30, 2013                                               131253AD8   CWT.DB.A
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Calloway Real Estate Investment Trust - 5.75% due June                      
 30, 2017                                               131253AG1   CWT.DB.B
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Chartwell Seniors Housing Real Estate Investment Trust                      
 - 5.9% due May 1, 2012                                 16140UAB6   CSH.DB.A
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Cominar Real Estate Investment Trust - 6.3% due June                        
 30, 2014                                               199910AA8     CUF.DB
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Cominar Real Estate Investment Trust - 5.7% due June                        
 30, 2014                                               199910AB6   CUF.DB.B
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Cominar Real Estate Investment Trust - 5.8% due                             
 September 30, 2014                                     199910AD2   CUF.DB.C
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Cominar Real Estate Investment Trust - 6.5% due                             
 September 30, 2016                                     199910AF7   CUF.DB.D
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Cominar Real Estate Investment Trust - 5.75% due June                       
 30, 2017                                               199910AG5   CUF.DB.E
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Crombie Real Estate Investment Trust - 7% due March                         
 20, 2013                                               227107AA7     CRR.DB
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Crombie Real Estate Investment Trust - 6.25% due June                       
 30, 2015                                               227107AB5   CRR.DB.B
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Crombie Real Estate Investment Trust - 5.75% due June                       
 30, 2017                                               227107AC3   CRR.DB.C
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Dundee Real Estate Investment Trust - 6.5% due June                         
 30, 2014                                               265270AA6       D.DB
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Dundee Real Estate Investment Trust - 6% due December                       
 31, 2014                                               265270AD0     D.DB.B
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Dundee Real Estate Investment Trust - 5.7% due March                        
 31, 2015                                               265270AB4     D.DB.A
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Extendicare Real Estate Investment Trust - 7.25% due                        
 June 30, 2013                                          302251AB9   EXE.DB.A
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Extendicare Real Estate Investment Trust - 5.7% due                         
 June 30, 2014                                          302251AA1     EXE.DB
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First Capital Realty Inc. - 6.25% due December 31,                          
 2016                                                   31943BAW0   FCR.DB.C
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First Capital Realty Inc. - 5.7% due June 30, 2017      31943BAY6   FCR.DB.D
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First Capital Realty Inc. - 5.4% due January 31, 2019   31943BBG4   FCR.DB.E
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H&R Real Estate Investment Trust - 6.65% due June 30,                       
 2013                                                   403925AA8      HR.DB
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H&R Real Estate Investment Trust - 6.75% due December                       
 31, 2014                                               403925AB6    HR.DB.B
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H&R Real Estate Investment Trust - 6% due June 30,                          
 2017                                                   403925AC4    HR.DB.C
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H&R Real Estate Investment Trust - 5.9% due June 30,                        
 2020                                                   403925AF7    HR.DB.D
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Huntingdon Real Estate Investment Trust - 7.5% due                          
 March 31, 2012                                         446027AC8   HNT.DB.C
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InnVest Real Estate Investment Trust - 6% due May 31,                       
 2013                                                   45771TAD0   INN.DB.B
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InnVest Real Estate Investment Trust - 5.85% due                            
 August 1, 2014                                         45771TAE8   INN.DB.C
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InnVest Real Estate Investment Trust - 6.75% due March                      
 31, 2016                                               45771TAF5   INN.DB.D
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InnVest Real Estate Investment Trust - 6% due                               
 September 30, 2017                                     45771TAG3   INN.DB.E
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InnVest Real Estate Investment Trust - 5.75% due March                      
 30, 2018                                               45778FAA9   INN.DB.F
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InterRent Real Estate Investment Trust - 7% due                             
 January 31, 2013                                       46071WAA4     IIP.DB
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Killam Properties Inc. - 5.65% due November 30, 2017    494104AC6   KMP.DB.A
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Morguard Real Estate Investment Trust - 6.5% due                            
 September 30, 2014                                     617914AL0     MRT.DB
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Partners Real Estate Investment Trust - 8% due March                        
 31, 2016                                               70214BAA8     PAR.DB
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Primaris Retail Real Estate Investment Trust - 5.85%                        
 due August 1, 2014                                     74157UAC3   PMZ.DB.A
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Primaris Retail Real Estate Investment Trust - 6.75%                        
 due June 30, 2014                                      74157UAA7     PMZ.DB
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Retrocom Mid-Market Real Estate Investment Trust -                          
 7.5% due July 31, 2012                                 761298AA6     RMM.DB
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Retrocom Mid-Market Real Estate Investment Trust -                          
 6.75% due July 31, 2015                                761298AC2   RMM.DB.A
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Scott's Real Estate Investment Trust - 7.15% due                            
 December 31, 2012                                      810205AA2     SRQ.DB
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Scott's Real Estate Investment Trust - 7.75% due                            
 December 31, 2014                                      810205AB0   SRQ.DB.A
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Temple Real Estate Investment Trust - 7.5% due March                        
 31, 2012                                               880018AA4    TR.DB.A
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Temple Real Estate Investment Trust - 8.5% due April                        
 30, 2013                                               880018AB2    TR.DB.B
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Temple Real Estate Investment Trust - 8.75% due                             
 November 30, 2014                                      880018AC0    TR.DB.S
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Whiterock Real Estate Investment Trust - 6.3% due                           
 December 31, 2011                                      965531AE6   WRK.DB.E
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Whiterock Real Estate Investment Trust - 6% due July                        
 15, 2012                                               965531AG1   WRK.DB.F
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Whiterock Real Estate Investment Trust - 7% due                             
 December 31, 2014                                      965531AH9   WRK.DB.G
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The syndicate of agents for this offering is being led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Private Wealth Inc., and Manulife Securities Incorporated.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.

An amended and restated preliminary prospectus dated August 5, 2011 containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the dealers noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.