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Partners REIT Provides Further Information Regarding the Results of the Annual and Special Meeting of Shareholders

BARRIE, ONTARIO -- (Marketwired) -- 07/23/14 -- Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX: PAR.UN) today provided additional calculations in respect of the previously announced results of its Annual and Special Meeting of Unitholders held on July 15, 2014 (the "Meeting") and provided an update regarding Trustee Marc Charlebois. There is no change to the voting results disclosed in the press release on July 16, 2014 but the results below also include the total number of votes cast in respect of each item of business at the Meeting.


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Item of Business                       Number of votes FOR
----------------------------------------------------------------------------
Appointment of KPMG LLP as the auditor 4,247,416 of 4,362,714 units voted or
 and authorization of Trustees to set  97.36%
 the external auditor's compensation
----------------------------------------------------------------------------
Ratification, confirmation and         3,922,058 of 4,362,502 units voted or
 approval of the adoption of the       89.90%
 unitholder Rights Plan Agreement and
 the issuance of the rights
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Election of Trustees
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  Marc Charlebois                      4,078,867 of 8,847,179 units voted or
                                       46.10%
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  Jane Domenico                        8,607,411 of 8,847,179 units voted or
                                       97.29%
----------------------------------------------------------------------------
  Stephen Dulmage                      8,704,473 of 8,847,179 units voted or
                                       98.39%
----------------------------------------------------------------------------
  Joseph Feldman                       8,603,273 of 8,847,179 units voted or
                                       97.24%
----------------------------------------------------------------------------
  Dexter D.S. John                     8,704,473 of 8,847,179 units voted or
                                       98.39%
----------------------------------------------------------------------------

As Marc Charlebois did not receive the requisite majority of votes at the REIT's Annual and Special Meeting of Unitholders, per the REIT's Majority Voting Policy, he tendered his resignation to the Board of Trustees. In accordance with the Majority Voting Policy, the resignation was referred to the Board's Governance and Compensation Committee (the "GCC") for consideration and to make a recommendation to the Board as to whether to accept Mr. Charlebois' resignation.

The GCC carefully considered all relevant factors, including Mr. Charlebois' significant past contributions to the Board, his valuable independent real estate expertise and the integral role he is playing in stewarding the ongoing strategic review process, and made a recommendation to the Board to reject the resignation. The Board considered the GCC's recommendation, along with other relevant factors including numerous expressions of support from unitholders for Mr. Charlebois to continue as a Trustee, and determined to reject Mr. Charlebois' resignation. The Board of Trustees is focussed on moving the REIT forward and maximizing unitholder value. Mr. Charlebois ably represents unitholder interests in regards to these objectives.

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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