Partners Announces Results of Special Meeting of Unitholders and Completion of the Sale of Its Cornwall Property and Income Tax Treatment for 2018 Distributions

CBJ Newsmakers

TORONTO, Dec. 11, 2018 (GLOBE NEWSWIRE) — Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX: PAR.UN) announces the results of voting conducted on December 10, 2018, at a Special Meeting of Unitholders.

A total of approximately 31,708,067 units (approximately 68.83% of 46,068,291 outstanding voting units as of the record date) were represented in person or by proxy.  As set forth below, unitholders voted in favour of a special resolution approving certain amendments to the REIT’s Declaration of Trust in relation to a sale of all or substantially all of the assets of the REIT.  The Declaration of Trust will be amended and restated effective as of December 10, 2018.

  Votes For % Votes For Votes Against % Against
Special Resolution to Approve Amendments to the REIT’s Declaration of Trust 30,425,720 95.96 1,282,347 4.04

Sale of Cornwall Shopping Centre

As initially announced on October 10, 2018, the REIT announces today that it has completed the sale of its Cornwall Shopping Centre for proceeds of approximately $8.4 million.

Income Tax Treatment for 2018 Distributions

The REIT announces that all 2018 Distributions including both the special distribution of $0.87 per unit paid to unitholders of record on November 2, 2018, and all monthly distributions are expected to be treated as a return of capital for income tax reporting purposes.

About Partners REIT

Partners REIT is a real estate investment trust that manages a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets located mainly in Ontario and Quebec Canada.

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 guaranteeing of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

FOR FURTHER INFORMATION PLEASE CONTACT:

Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
investor.relations@partnersreit.com 

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

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