Partners Real Estate Investment Trust Appoints Edward W. Boomer as President & Chief Investment Officer

VICTORIA, BRITISH COLUMBIA--(Marketwired - Aug. 14, 2013) - Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX:PAR.UN) announced today that Edward W. Boomer has been appointed as the REIT's President & Chief Investment Officer.

Mr. Boomer possesses more than 20 years of commercial real estate experience. He was appointed as Chief Investment Officer for Partners in March of 2013. He also currently serves on the Boards and Audit Committees of both InnVest Real Estate Investment Trust and Timbercreek Mortgage Investment Corporation. Mr. Boomer was the Founder and President of Reference Realty Inc., where he led more than $200 million in commercial real estate transactions in the last 24 months. He has also served as Managing Director, Canadian Operations for Kimco Realty Corporation and as Vice-President & Territory Risk Manager for GE Capital Real Estate. Mr. Boomer holds a Bachelor of Arts degree from York University's Glendon College (Economics) and a Bachelor of Laws degree from Queen's University. He has been a member of The Law Society of Upper Canada since 1991.

In addition to assuming the role of President, Mr. Boomer will continue to hold the position of Chief Investment Officer. In this dual position, Mr. Boomer will continue to drive the REIT's acquisition and growth strategy. In addition, he will share responsibility for investor relations and the ongoing performance of the REIT.

"We are very pleased that Mr. Boomer is taking on the role of President of Partners," stated Patrick Miniutti, Partners' Chief Executive Officer. "As President, his responsibilities will align well with those of his current position. This appointment serves as yet another indication of Partners' dedication to an aggressive growth strategy. This strategy drove the significant growth in our recent second quarter results, and its continued execution will drive further growth over the balance of this year."

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 38 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.