Partners REIT Welcomes Orange Capital's Withdrawal from the Proxy Contest

BARRIE, ONTARIO--(Marketwired - June 27, 2014) - Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX:PAR.UN) today acknowledged that Orange Capital, LLC's ("Orange Capital") has withdrawn the nominees it put forward to stand for election at the REIT's Annual and Special Meeting, to be held on July 15, 2014.

The Board of Trustees is focussed on overseeing the management of Partners' strong asset portfolio, completing the search for a new permanent CEO and completing the strategic review of alternatives to maximize unitholder value.

The REIT has nominated five qualified individuals for election to the Board of Trustees. They are either newly appointed or have been on the Board for less than seven months. This group has taken decisive action to protect and enhance unitholder value and is well on its way to build a brighter future for the REIT. It is important that unitholders exercise their right to vote their proxy at the upcoming meeting.

Unitholders are encouraged to vote the YELLOW proxy today. Please contact Laurel Hill Advisory Group at 1-877-452-7184 (toll free) or by email at assistance@laurelhill.com if there are any questions or if you require voting assistance.

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.