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Partners REIT Comments on Court Decision

Reminds Unitholders To Vote YELLOW Proxy For a Brighter Future

BARRIE, ONTARIO -- (Marketwired) -- 06/23/14 -- Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX: PAR.UN) today announced the Ontario Superior Court of Justice (the "Court") has ruled that Orange Capital, LLC's ("Orange Capital") Trustee nominees are eligible for election at the REIT's Annual and Special Meeting, to be held on July 15, 2014. The Court held that the provisions of the REIT's declaration of trust dealing with the necessary advance notice to be provided where a meeting date is postponed (in this case from June 26 to July 15) are ambiguous and that the Court preferred to interpret these provisions to allow both the nominees proposed by Orange Capital and those proposed by the nominating committee of the incumbent Board of Trustees to proceed for election at the Annual and Special Meeting now scheduled for July 15.

Renewed Slate of Highly Qualified Incumbent Trustees Standing for Re-election

The REIT has nominated five qualified individuals for election to the Board of Trustees. They are either newly appointed or have been on the Board for less than seven months. This group has taken decisive action to protect and enhance unitholder value by strengthening the Board, initiating a search for a new CEO, engaging independent financial advisors to explore strategic alternatives, and securing an agreement to unwind a controversial transaction - all while continuing to oversee the diligent management of Partners' strong asset portfolio. All Trustees are committed to representing the interests of all unitholders and each brings unique and complementary skills to the boardroom table:


--  Marc Charlebois is an independent Trustee who possesses more than 20
    years of experience in the real estate industry. He recently served as
    the Chief Executive Officer of Rodenbury Investments Limited, a private
    company that invests in commercial real estate and as Chief Operating
    Officer of Calloway Real Estate Investment Trust.

--  Stephen Dulmage is an independent Trustee who brings over 40 years of
    experience in the Canadian investment industry from a unitholder
    perspective to the Board. For 16 years, until 1988, he was Chief
    Financial Officer of RBC Dominion Securities.

--  Joseph Feldman is an independent Trustee and Chairman of the Board of
    Trustees. He brings over 35 years of diversified experience and a legal
    background to the Board.

--  Dexter D.S. John is an independent Trustee who has over 15 years of
    experience in the capital markets. He spent six years in structured
    finance where he executed over $4 billion in transactions including $1
    billion in Commercial and Residential Mortgage Backed Securities. He
    also brings a legal background to the Board and received the ICD.D.
    designation from the Institute of Corporate Directors.

--  Jane Domenico has over 20 years of real estate experience in property,
    asset and investment management at local, regional and head office
    environments. During the past 14 years, she has managed over $13 billion
    of primarily retail assets. She has brought operational stability to the
    REIT, in her prior capacities as Vice-President, Asset Management, Chief
    Operating Officer, and most recently as the Acting Chief Executive
    Officer.

To learn more please go to www.partnersreit.com.

The Board of Trustees Recommends that Unitholders NOT tender to the Dissident offer and to vote your YELLOW proxy FOR the REIT'S nominees.

If a unitholder has tendered to Orange Capital's offer, they can withdraw the units prior to the take up of the units by Orange Capital. If you have already submitted a proxy solicited by the Dissident, you may still change your vote by submitting a vote in favour of management of the REIT using Partners' YELLOW proxy - THE LATEST DATED PROXY IS THE PROXY THAT WILL BE COUNTED AT THE MEETING. For more information, contact Laurel Hill Advisory Group at 1-877-452-7184 or [email protected].

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.

Disclaimer

Certain statements included in this press release constitute forward-looking statements. The forward- looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

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