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Partners REIT Announces the Results of the Annual and Special Meeting of Unitholders

BARRIE, ONTARIO -- (Marketwired) -- 07/16/14 -- Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX: PAR.UN) announced today the results of its Annual and Special Meeting of Unitholders held on July 15, 2014 (the "Meeting"). A total of 8,847,179 units, constituting 32.25% of total units issued and outstanding, were represented at the Meeting. The voting results were as follows:


----------------------------------------------------------------------------
Item of Business                                Number of votes FOR
----------------------------------------------------------------------------
Appointment of KPMG LLP as the auditor and
 authorization of Trustees to set the external
 auditor's compensation                         4,247,416 of units or 97.36%
----------------------------------------------------------------------------
Ratification, confirmation and approval of the
 adoption of the unitholder Rights Plan
 Agreement and the issuance of the rights       3,922,058 of units or 89.90%
----------------------------------------------------------------------------
Election of Trustees
----------------------------------------------------------------------------
  Marc Charlebois                               4,078,867 of units or 46.10%
----------------------------------------------------------------------------
  Jane Domenico                                 8,607,411 of units or 97.29%
----------------------------------------------------------------------------
  Stephen Dulmage                               8,704,473 of units or 98.39%
----------------------------------------------------------------------------
  Joseph Feldman                                8,603,273 of units or 97.24%
----------------------------------------------------------------------------
  Dexter D.S. John                              8,704,473 of units or 98.39%
----------------------------------------------------------------------------

Marc Charlebois did not receive the requisite majority of votes and per the REIT's Majority Voting Policy, tendered his resignation to the Board of Trustees. In accordance with the Majority Voting Policy, the resignation has been referred to the Board's Governance and Compensation Committee (the "GCC") for consideration and the GCC will make a recommendation to the Board as to whether to accept Mr. Charlebois' resignation based on all relevant factors.

The Board of Trustees also announced the retirement as a Trustee of Kevin VanAmburg, who did not stand for re-election. The Board of Trustees and management of the REIT thank Mr. VanAmburg for his hard work and contribution to the REIT while serving as a Trustee.

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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