Counsel REIT announces first quarter results.

TORONTO, Ontario--(BUSINESS WIRE)--May 15, 1995-- Counsel Management Services Inc. (TSE:REI.UN) ("CMSI"), manager of Counsel Real Estate Investment Trust ("Counsel REIT"), today announced that Counsel REIT's net earnings for the three months ending March 31, 1995 were up substantially to $990,240 or 20 cents per unit, compared to $648,852 or 18 cents per unit in the same period last year.

Rental revenues increased to $4,268,269 from $3,284,042 in the same period last year. Distributable income was $1,159,702 compared to $787,782 in the same period last year.

Edward Sonshine, CEO of CMSI, said, "We are continuing to expand the REIT portfolio. This quarter we completed the purchase of 5 commercial properties for $13.8 million. Occupancy rates are above 96 percent and rental rates are rising."

Counsel REIT's portfolio consists of 20 commercial properties well located across Canada. It includes 13 shopping centres, 3 office buildings, 3 light industrial-use properties and 1 recreational property.

Counsel Management Services Inc. manages real estate assets for Counsel REIT (TSE-REI.UN), other institutions and independent owners. It is a wholly owned subsidiary of Counsel Corporation (TSE-CXS/NASDAQ-CXSNF).

CMSI's property management portfolio consists of 85 shopping centres, 10 office buildings and 11 industrial buildings and 1 recreational.

CONTACT: Counsel Management Services Inc.

Edward Sonshine, Q.C., [phone]