Partners Announces a Proposed Revitalization of Its Board of Trustees

BARRIE, ONTARIO--(Marketwired - May 19, 2015) - Partners Real Estate Investment Trust (TSX:PAR.UN) ("Partners" or "the REIT") announces its slate of nominee trustees for its upcoming annual meeting of unitholders (the "Meeting"). The Meeting, as more fully described in the management information circular (the "Circular") filed today on SEDAR, is scheduled to be held on June 17, 2015.

Among the matters to be voted upon at the Meeting is the election of a revitalized and fully independent Board of Trustees. These Trustees possess extensive real estate and public market experience, and are expected to help drive Partners' renewed focus upon the development and improvement of the REIT's existing property portfolio and other corporate matters. The three new nominees and their biographies are as follows:

Alan Kimberley

Mr. Kimberley recently retired from his position as Vice Chairman and Managing Director of Investment Banking, Real Estate at CIBC World Markets Inc. During his tenure at CIBC, Mr. Kimberley accumulated extensive experience in transactional activities, including debt and equity capital markets origination and execution and mergers and acquisitions advisory services. He is a Director of First Capital Realty Inc. and a member of the Audit and Compensation and Corporate Governance Committees. Mr. Kimberley also serves on the Board of Orlando Corporation. Mr. Kimberley previously served as Chair of the Toronto Symphony Orchestra's Board of Directors, and is currently a member of its Executive Committee. Mr. Kimberley is a member of the Governance and Government Relations Committee of the Ontario Science Centre Board. Mr. Kimberley graduated from McMaster University with a Bachelor of Commerce degree and also holds a Masters, Business Administration degree from the University of Toronto.

Simon Nyilassy

Mr. Simon Nyilassy is the President and Chief Executive Officer of Regal Lifestyle Communities Inc. Mr. Nyilassy has extensive experience as a real estate executive and leader with an in-depth understanding of capital and real estate markets. From 2005 to 2011, Mr. Nyilassy served as President and Chief Executive Officer (and as a trustee from 2003 to 2011) of Calloway Real Estate Investment Trust. Prior to 2005, Mr. Nyilassy served as Executive Vice-President of Finance and Administration of Smartcentres Group of Companies. Mr. Nyilassy obtained an Honours Bachelor of Engineering Science degree from the University of Warwick and is a designated Chartered Professional Accountant.

C. Ian Ross

Mr. Ross held various positions at the Richard Ivey School of Business at the University of Western Ontario from 1997 to September 2003. Most recently he held the position of Senior Director, Administration in the Dean's Office and was also Executive in Residence for the School's Institute for Entrepreneurship, Innovation and Growth. He has served as Governor, President and CEO of Ortech Corporation; Chairman, President and CEO of Provincial Papers Inc.; President and CEO of Paperboard Industries Corp.; as a trustee and chairman of Menu Food Income Fund from June 2007 to November 2010; as a corporate director and chairman of Pet Valu, Inc. from 2003 to 2009; and as a director Ontario Power Generation from December 2003 to April 2014. Mr. Ross currently serves as a director and chairman of Cathay Forest Product Corp., GrowthWorks Canadian Fund Ltd., and GrowthWorks Commercialization Fund Ltd. Mr. Ross also serves as a director of Clearford Water Systems Inc. and the Nuclear Waste Management Organization. He is also a member of the Law Society of Upper Canada.

Dexter John and Marc Charlebois will stand for election as independent trustees.

Ms. Jane Domenico, the REIT's COO and interim CEO, Mr. Joseph Feldman, and Mr. Stephen Dulmage will not stand for re-election to the Board. The Company appreciates the contributions these individuals have made during their tenure as Trustees.

As outlined in the Circular, the REIT has implemented new Unit Ownership Guidelines (the "Guidelines") for the REIT's management and Trustees. The Guidelines are intended to significantly enhance the alignment between the REIT's unitholders and its management and Trustees. For management, the Guidelines state that all officers of the REIT, within five years of becoming an officer (or from the effective date of the Guidelines), must hold an aggregate value of the REIT's Units equivalent to a minimum of two times his or her annual base salary. For Trustees, this Policy states that each non-employee Trustee, within five years following their commencement date (or from the effective date of the Guidelines), must hold an aggregate value of the REIT's Units equivalent to three times the annual Board retainer fee.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 36 retail properties, located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 2.5 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 "expect," "will" 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, regulatory 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.