Partners Announces Refiling of Second Quarter 2014 Financial Statements as a Consequence of Completing the Rescission of the Holyrood Transaction

BARRIE, ONTARIO--(Marketwired - Oct. 20, 2014) - Partners Real Estate Investment Trust ("Partners," or "the REIT") (TSX:PAR.UN) has refiled its financial statements and management discussion and analysis ("MD&A") for the three and six-month periods ended June 30, 2014. These reissued statements are consistent with Note 3 of the previously issued statements for the three and six-month periods ended June 30, 2014, which were originally filed on August 14, 2014.

In a press release dated October 2, 2014 and entitled "Partners REIT Completes Rescission of the Holyrood Transaction and Provides Update on Strategic Review and Property Management & Leasing," the REIT disclosed its intention to refile its financial statements and MD&A for the three and six month periods ended June 30, 2014 to reflect the rescission of the purchase of three properties in Ontario. The effect of the court order is to return the parties back to their respective positions, to the greatest extent practically possible, as if the Holyrood transaction had not occurred. With the Rescission Order in effect, the inclusion of the assets, liabilities and operations of the Holyrood properties now constitutes a reporting error in the REIT's previously filed financial statements and related MD&A. As a result, the REIT has restated its unaudited condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013 to remove the assets, liabilities, results of operations and cash flows that related to the Holyrood properties and had previously been included in the financial statements filed on August 14, 2014.

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.

Disclaimer

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. 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.