BARRIE, ONTARIO--(Marketwired - Feb. 25, 2014) - Partners Real Estate Investment Trust (TSX:PAR.UN) (the "REIT") announces that it has amended the terms of the REIT's existing unitholder rights plan (the "Rights Plan") to increase the triggering threshold from 15% to 20%. In connection with its recent review of governance matters, the REIT's Board of Trustees has carefully reviewed the Rights Plan, giving particular consideration to:
- the circumstances in which the REIT's previous Board of Trustees implemented the Rights Plan with the original 15% triggering threshold;
- the REIT's understanding of the views of the Toronto Stock Exchange with respect to rights plans with a trigging threshold below 20%; and
- voting guidelines issued by Institutional Shareholder Services Inc. for 2014 with respect to rights plans with a trigging threshold below 20%.
Upon consideration of the above noted factors among others, the Board of Trustees has approved, effective immediately, that the triggering threshold in the Rights Plan be increased to 20%.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 39 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, 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.
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.