BARRIE, ONTARIO--(Marketwired - Feb. 22, 2016) - Partners Real Estate Investment Trust ("Partners REIT" or the "REIT") (TSX:PAR.UN) is issuing this press release to update unitholders on several matters.
Unitholder Meeting
The annual and general meeting of unitholders of the REIT will be held on Wednesday, May 25, 2016 at 10:00 a.m. The record date for unitholders entitled to vote at the meeting will be April 15, 2016. The REIT expects to mail the formal notice of the meeting and its related Information Circular in mid-April 2016.
Year-end Results
The REIT expects that it will publish its year-end financial results on March 16, 2016, and will hold a conference call to discuss the results on March 17, 2016.
Establishment of Toronto Office
Partners REIT has recently leased office space in downtown Toronto and senior management including Jane Domenico, the Chief Executive Officer, Derrick West, the Chief Financial Officer, and Paul Harrs, the Chief Operating Officer, will be based in Toronto. The Barrie office will remain a satellite office for the REIT. The establishment of the Toronto head office and the recent hiring of Paul Harrs as the Chief Operating Officer of the REIT reflects the continuing efforts to improve the efficiency of the REIT's operations.
Board of Trustees
The nominating committee of the Board of Trustees has recommended to the Board that Jane Domenico, Chief Executive Officer of Partners REIT, be nominated for election by the unitholders at the AGM to the REIT's Board of Trustees. Jane has been the REIT's Chief Executive Officer since July 14, 2015, and was the Interim Chief Executive Officer before that. The Board expects Jane will be valuable as an additional Trustee on the Board.
Trustees Unit Ownership Guidelines
In 2015 the REIT adopted a policy requiring all Trustees to participate in the success of the REIT by owning units. Each non-employee Trustee is required within five years to have units having an aggregate value at least equal to 3 times the amount of the annual Board retainer. All of the Trustees are committed to meeting the ownership requirements set out in the policy.
Possible Asset Transactions
In the ordinary course of business Partners REIT will consider purchasing, selling or joint venturing real estate properties. No agreements are currently in place for any material transactions. The REIT will continue to assess opportunities from time to time, consistent with its business plan and its capital requirements.
About the REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 36 retail properties, located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 2.5 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, 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, including access to capital, regulatory approvals, intended acquisitions 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.