TMX group

5% effective December 2005 distribution

CALGARY, Nov. 24 /CNW/ - Northern Property Real Estate Investment Trust
(NPR.UN - TSX) announced today that its Board of Trustees has approved a 5%
increase in distributions to $1.3128 annually. The increase takes effect with
the distribution for the month of December 2005. On a monthly basis the
distribution will increase from $0.1042 to $0.1094. The increased level of
distribution will be paid starting January 15, 2006 to unitholders of record
on December 31, 2005.
This is the third distribution increase since Northern Property's
inception as a Real Estate Investment Trust in 2002. One of the objectives of
the Trust is to increase distributions periodically when there is an
expectation that an increase is sustainable.
Jim Britton, President & CEO of the Trust said, "The distribution
increase was based on positive performance of our rental portfolio coupled
with low total leverage and a low payout ratio. The increase leaves us with
more than adequate funds to keep our buildings in top operating condition."