Mr. Derek Dermott reports

AGELLAN COMMERCIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES MAY 2013 MONTHLY DISTRIBUTION AND IMPLEMENTATION OF DISTRIBUTION REINVESTMENT PLAN

The trustees of Agellan Commercial Real Estate Investment Trust have declared a distribution of 6.458 cents per unit for the month of May, 2013, representing 77.5 cents per unit on an annualized basis. The distribution will be payable on June 15, 2013, to unitholders of record as at May 31, 2013.

Agellan also announced that it has implemented a distribution reinvestment plan, beginning with the distribution payable on June 15, 2013. Agellan's eligible unitholders that elect to participate in the DRIP will have their cash distributions used to purchase trust units of the REIT and will also receive a bonus distribution of units equal in value to 3 per cent of each distribution. Unitholders wishing to participate should contact their investment advisers to enroll in the DRIP.

Agellan may initially issue up to 954,461 trust units of the REIT under the DRIP. The REIT may increase the number of trust units available to be issued under the DRIP at any time in its discretion subject to: (a) the approval of the REIT's board of trustees, (b) the approval of any stock exchange upon which the trust units trade, and (c) public disclosure of such increase. As at the date hereof, there is a total of 19,402,303 units issued and outstanding.

Distributions paid to unitholders who are non-residents of Canada will be subject to applicable Canadian withholding tax.

We seek Safe Harbor.