Partners Real Estate Investment Trust Announces Changes to Its Board of Trustees

VICTORIA, BRITISH COLUMBIA--(Marketwired - Dec. 4, 2013) - Partners REIT (TSX:PAR.UN) (the "REIT" or "Partners REIT") announced today the resignations of James Bullock, Graham Senst and Wilbur Smith III from the Board of Trustees of the REIT and the appointment of Allen Weinberg and Joseph Feldman as new trustees of the REIT. Each of Messrs. Weinberg and Feldman is an Independent Trustee within the meaning of the REIT's Declaration of Trust and each will serve on the REIT's Audit Committee. Mr. Patrick Miniutti will remain a member of the Board of Trustees.

Mr. Allen Weinberg practises law at Goldman Sloan Nash and Haber LLP where he specializes in commercial real estate and commercial leasing. Prior to joining Goldman Sloan Nash and Haber in May 2012, Mr. Weinberg acted for major financial institutions and a major owner of commercial real estate on property acquisitions and on leasing and mortgage financing transactions and litigation. Mr. Weinberg resides in Toronto, Ontario.

Mr. Joseph Feldman is the President of Joseph Feldman Consulting Services Inc., an Ontario consulting firm that has provided consulting services and business advice since 2008. As a former partner in a mid-sized Toronto law firm, Mr. Feldman advised many small and medium-sized businesses primarily engaged in the real estate industry in Ontario. Mr. Feldman has served as a member of the board of directors of TSX and TSXV-listed companies and is currently a member of the audit committee of a TSXV-listed company. Mr. Feldman resides in Toronto, Ontario.

Partners REIT would like to thank Messrs. Bullock, Senst and Smith for their contribution and commitment to the REIT and its unitholders during their respective tenures as trustees of the REIT.

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.