TORONTO, ONTARIO — (Marketwired) — 05/03/17 — Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX: PAR.UN) today announced its results for the three month period ended March 31, 2017 (the “first quarter”).
FIRST QUARTER 2017 HIGHLIGHTS
“Our Q1 2017 results reflect the disposition of Washington Park that occurred in December 2016. The sale was accretive to the REIT–s net asset value as the proceeds, net of transaction costs, exceeded the carrying value. On a Same Property basis, Net Income, Revenue, and NOI is flat quarter over quarter,” stated Jane Domenico, the REIT–s CEO. “The REIT is pleased to announce that it has commenced construction at Place Desormeaux and Mariner Square on two of our development opportunities.”
Further Information
A more detailed analysis of the REIT–s financial results for the first quarter of 2017 are included in the REIT–s Management Discussion and Analysis and Condensed Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at or on the REITs– website at .
Conference Call
Partners will host a conference call at 9:00 AM Eastern on Thursday, May 4, 2017, at which time Partners– management will both review the financial results and discuss the REIT–s strategic outlook.
Conference Dial-In Details
Toll Free (North America): 800-377-0758
Local: 416-340-2216
Instant Replay Details (Available until May 11, 2017)
Toll Free (North America): 800-408-3053
Passcode: 9522131#
A recording of the conference call will also be available via Partners– 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.
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.
Contacts:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Partners REIT
Jane Domenico
Chief Executive Officer
(416) 855-3313 ext. 501