Partners REIT Reminds Investors of Pending Rights Expiry

BARRIE, ONTARIO--(Marketwired - Oct. 14, 2015) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) wishes to remind its unitholders that the deadline for exercising their right to subscribe for additional units of the REIT (a "Right") will occur at 5:00 PM Eastern time on October 21, 2015. Unitholders who hold units and Rights through a securities broker or dealer, bank, trust company, custodian or other intermediary (each a "Participant") should contact such Participant to determine how such Rights may be exercised. The deadline for exercising Rights through a Participant may be several days prior to October 21, 2015 and should be discussed with such Participant.

As previously announced by the REIT, each unitholder received one Right for each unit they owned as of the record date of September 14, 2015. A Rights holder may subscribe for one of the REIT's unit for every four Rights held upon payment of the subscription price of $3.10 per unit. The Rights are transferable by unitholders and are listed on the Toronto Stock Exchange under the ticker PAR.RT. At market close on Tuesday, October 13^th, 2015 the Rights were trading at $0.065 per right.

Rights not exercised before the expiry time will no longer have any value. If a unitholder does not exercise the Rights and the Rights Offering is completed, that unitholder's percentage interest in the REIT will be diluted upon the exercise of Rights by other unitholders. In order to exercise their Rights, unitholders are advised to contact their personal investment advisor, their Participant, or the Subscription Agent, Computershare Investor Services Inc., at 1- 800-564-6253 or 1-514-982-7555 or by email at corporateactions@computershare.com.

The REIT has been notified by its two largest unitholders that they intend to exercise their basic subscription rights, and their over-subscription rights for additional units, but that they are aware of the REIT's Unitholders Rights Plan which has been in place for many years and which effectively prevents a unitholder (or a group of unitholders acting together) from exceeding 20% ownership of the REIT except in limited circumstances. The REIT will accept over-subscriptions for additional units from such unitholders but, on the instructions of such unitholders, will limit the over-subscription so that the unitholders will not exceed 19.9% of the outstanding units. All unitholders will be treated the same in this respect. Any unitholder in this position should make contact with the REIT as soon as they are able.

For a more complete description of the Rights Offering, investors are encouraged to read the Right offering Circular dated August 20, 2015, which is available on SEDAR.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.5 million square feet of leasable space.