VICTORIA, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN)(TSX:PAR.DB)(TSX:PAR.DB.A)(TSX:PAR.DB.B) announced today that, subject to the approval of the Toronto Stock Exchange (the "TSX"), the REIT intends to launch a normal course issuer bid through the facilities of the TSX to repurchase up to 400,000 of its units. On August 21, 2013, the REIT had 25,863,861 units issued and outstanding. The REIT will file a notice of intention with the TSX in this regard.
Partners may commence purchases after the TSX has accepted the notice of intention. The REIT anticipates being in a position to repurchase shares under the bid by early to mid September 2013, continuing for up to one year.
The number of units and timing of the repurchases under this bid will be determined by Partners. All of the repurchases will be made through the facilities of the TSX. The price paid for any repurchased units will be the market price of such units at the time of acquisition. All repurchased units will be cancelled. There have been no previous purchases of units by the REIT.
"Partners' results through the first half of 2013 demonstrate the success of our aggressive growth strategy," stated Patrick Miniutti, the REIT's Chief Executive Officer. "We intend to continue to execute upon this strategy, and fully anticipate that our performance will further improve as a result. However, we do not believe that the current value of Partners' units adequately reflects either our recent performance or our prospects for growth. This buyback program provides us with a tool to transform this situation into an opportunity for value creation."
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 the timing of the offering, success of the offering, listing of the units, use of proceeds of the Offering, 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.