Partners REIT Reminds Investors of Critical Dates Associated With the Rights Offering and Announces Initial Calculation of Conversion Price Adjustments for Outstanding Debentures

TORONTO, Ontario, June 07, 2017 (GLOBE NEWSWIRE) — Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX:PAR.UN) wishes to remind its unitholders that the Rights market has now opened and the Rights are listed on the Toronto Stock Exchange under the ticker PAR.RT.  The deadline for exercising Rights is 5:00 PM EDT on July 18, 2017.   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 could be several days prior to July 18, 2017 and should be discussed with such Participant.

As previously announced by the REIT on May 19, 2017, each unitholder received one Right for each unit they owned as of the record date of June 7, 2017.  A Rights holder may subscribe for one of the REIT’s unit for every three Rights held upon payment of the subscription price of $3.10 per unit. Rights holders who have fully exercised their basic subscription privilege may also exercise an additional subscription privilege for additional units, subject to allotment and certain limitations.  The Rights are transferable.

Rights not exercised before the expiry time will be void and of no value. If a unitholder does not exercise their Rights, that unitholder’s percentage interest in the REIT will be diluted upon the exercise of Rights by others.  In order to exercise their Rights, unitholders are advised to contact their personal investment advisor or their Participant.

The REIT has been advised by its three largest unitholders, who, in the aggregate, own approximately 50% of the currently outstanding units, that they intend to exercise all of the Rights they are issued and may subscribe for whatever additional rights are available to them. Each of the Trustees of the REIT and its senior management who hold units have also confirmed their current intention to exercise their basic subscription privilege.  This is not a legally binding commitment from these three unitholders, the Trustees or senior management and their intentions could change at their absolute and unfettered discretion.

Pursuant to the REIT’s Trust Indenture governing the terms of its outstanding convertible debentures, the issuance of Rights on the record date will result in an initial adjustment to the conversion price of each of the outstanding convertible debentures maturing on September 30, 2017 (the “Series 2 Debentures”) and the outstanding convertible debentures maturing on March 31, 2018 (the “Series 3 Debentures”).  The conversion price of the Series 2 Debentures will be initially adjusted from $10.35 to $10.07 per unit and the conversion price of the Series 3 Debentures will be initially adjusted from $10.25 to $9.97 per unit.  Such initial conversion price adjustments assume the Rights offering is fully subscribed and are subject to final adjustment upon completion of the offering.

For a more complete description of the Rights offering, investors are encouraged to read the Right offering Circular dated May 23, 2017, which is available on SEDAR and on the REITS website. 

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 35 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.

CONTACT: For further information please contact:

Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
[email protected]

Partners REIT
Jane Domenico
Chief Executive Officer
(416) 855-3313 ext. 401

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