/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
VICTORIA, Feb. 13, 2012 /CNW/ - Partners Real Estate Investment Trust
(the "REIT" or "Partners REIT") (TSXV: PAR.UN) is pleased to announce that the re-investment amount
for its distribution reinvestment plan ("DRIP") for the period ended January 31, 2012 is $1.84 per unit, representing
the 20 day volume weighted average of Partners REIT units on the TSX
Venture Exchange up to and including February 10, 2012 (the "Average Market Price").
Partners REIT offers the distribution reinvestment plan whereby
residents of Canada may elect to have their cash distributions
reinvested in additional units of Partners REIT. Currently,
approximately 5% of the total issued and outstanding units have
enrolled in the plan. Under the DRIP, a participant may purchase
additional units of the REIT with the cash distributions paid on the
eligible units which are registered in the name of the participant or
held in a participant's account maintained pursuant to the DRIP and,
pursuant to the DRIP, receive an additional amount equal in value to 5%
of each cash distribution which will be reinvested in additional units
(bonus units). The price at which units (including bonus units) will
be issued from treasury with cash distributions is calculated by
reference to the Average Market Price.
The board of trustees of Partners REIT has determined to change the
distribution date for these Partners REIT units from February 15, 2012
to February 13, 2012, in order to accommodate the previously announced
consolidation of the Partners REIT units on the basis of one
post-consolidation unit for every four pre-consolidation units held.
The consolidation will take place on February 14, 2012.
Also, as announced on February 1, 2012, Partners REIT completed the
acquisition of the assets of NorRock Realty Finance Corporation ("NorRock"). Pursuant to such transaction, holders of NorRock Class A shares of
record on February 8, 2012 are entitled to receive units of Partners
REIT; and as a result of the timing of the consolidation of the units
of Partners REIT as described above, holders of NorRock Class A shares
will receive units of Partners REIT on a post-consolidated basis. This
is expected to occur on February 14, 2012 and will be effected by
Computershare Investor Services Inc. which is currently holding such
units as agent.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities being offered have not been and will not be registered under
the U.S. Securities Act of 1933 as amended and may not be offered or
sold in the United States absent registration or pursuant to applicable
exemption from registration.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) twenty-two retail properties
located in British Columbia, Alberta, Manitoba, Ontario and Quebec,
aggregating approximately 1.7 million square feet of leaseable 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.
Certain statements included in this press release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "believe", "expect," "will", "offers the
opportunity", "intend, "look forward" 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, including the completion of the distribution under the
DRIP ,the anticipated date of distribution of units of the REIT to
holders of NorRock Class A shares, access to capital, regulatory
approvals, our intention to grow and diversify our portfolio, intended
acquisitions, our status as a "real estate investment trust" and
general economic and industry conditions. 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.
The forward-looking statements contained in this press release reflect
our current views with respect to future events and are also subject to
certain other risks and uncertainties and other risks detailed from
time-to-time in Partners REIT's ongoing filings with the securities
regulatory authorities, which filings can be found at www.sedar.com.
Actual results, events, and performance may differ materially from
those contemplated in Partners REIT's forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Partners REIT does not undertake any
obligation to publicly update or revise any forward-looking statements
either as a result of new information, future events or otherwise,
except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Partners REIT
For further information:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500