Partners REIT Announces ISS Recommendation: Unitholders Should Vote FOR All Trustee Nominees and Resolutions

BARRIE, ONTARIO--(Marketwired - July 2, 2014) - Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX:PAR.UN) announced today that Institutional Shareholder Services ("ISS") has recommended that its clients vote FOR all of Partners' Trustee nominees for election at the REIT's upcoming Annual and Special Meeting, to be held on July 15, 2014. ISS also recommended that unitholders vote FOR the Unitholder Rights Plan and approve KPMG LLP as auditor.

ISS is a leading independent international corporate governance analysis and proxy voting firm, whose recommendations are intended to assist unitholders in making choices regarding proxy voting decisions. In making its recommendation, ISS met with the REIT, carefully considered the nominees and details of the proposals put forward and recommended on the basis of what it believes is in the best interests of unitholders. The Board of Trustees is pleased to have received this important endorsement from an independent third-party.

The Trustees have taken decisive action to protect and enhance unitholder value and the REIT is well on its way to a brighter future. The Board's immediate focus is on completing a search for a new permanent CEO and the ongoing strategic review of the REIT. To ensure unitholder votes are voted at the upcoming Meeting, the Board recommends that unitholders cast their vote on the YELLOW proxy in advance of the July 11, 2014, 1 p.m. (Toronto time) proxy voting deadline.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 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. 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. 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.