Partners Real Estate Investment Trust
TSX : PAR.UN

Partners Real Estate Investment Trust

October 04, 2013 13:52 ET

CORRECTION FROM SOURCE: Partners REIT Amends and Extends Revolving Credit Facility

VICTORIA, BRITISH COLUMBIA--(Marketwired - Oct. 4, 2013) - A correction from source is being issued with respect to the Partners Real Estate Investment Trust release that was issued October 04, 2013 at 12:07 ET. The first paragraph stated that "a .25% fee on the undrawn portion of the maximum facility committed" but should have read, "a .45% fee on the undrawn portion of the maximum facility committed." The correct document follows:

Partners Real Estate Investment Trust (TSX:PAR.UN) (the "REIT" or "Partners REIT") announced today it has extended and amended its existing revolving credit facility (the "revolver") which is provided by a consortium of Canadian chartered banks consisting of Royal Bank of Canada, Bank of Nova Scotia and Laurentian Bank of Canada. The revolver has a formula-based maximum not to exceed $40 million, bearing interest at the bank's prime rate plus 1.0% per annum or the Banker's Acceptance stamping fee plus 2.25% per annum, along with a .45% fee on the undrawn portion of the maximum facility committed. The amended revolver is currently secured by five of the REIT's properties and can be expanded up to an additional $20 million to a $60 million maximum with the securitization of additional unencumbered properties. The revolver can be utilized for general operating purposes, including the acquisition of additional assets.

The amended revolver also now includes a $5 million carve out tied to the Partners REIT's bank account to efficiently managed daily cash inflows and outflows. The revolver will mature in March of 2015 and may be extended for one additional year and each year thereafter, subject to lender approval.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 39 retail properties located in Ontario, Quebec, Manitoba, Alberta and British Columbia aggregating approximately 2.7 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, including, but not limited to, those identified by the expressions "can be," "subject to" and similar expressions to the extent they relate to Partners REIT. 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, including access to capital, lender approvals, intended acquisitions and general economic and industry conditions. 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.

Contact Information

  • Partners Real Estate Investment Trust
    Patrick Miniutti
    Chief Executive Officer
    (250) 940-5530

    Partners Real Estate Investment Trust
    Heather Routly
    Chief Financial Officer
    (250) 419-7153