Pine Trail REIT Distribution Reinvestment Plan Payment

Toronto, Ontario--(Newsfile Corp. - December 23, 2019) - Pine Trail Real Estate Investment Trust (TSXV: PT.UN) (the "REIT") announces that it has declared a distribution of $0.00060 per trust unit (TSXV: PT.UN) for the month of December, 2019 (the "Distribution"). The Distribution will be paid on January 15, 2020 to unitholders of record as at December 31, 2019.

Management of the REIT are participants.

FOR FURTHER INFORMATION, PLEASE CONTACT: Andrew Shapack, Chief Executive Officer and Interim CFO Phone: (416) 532-2200

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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