Press release from Marketwire
Partners REIT Announces Appointments and Review of Management Internalization
Thursday, June 13, 2013
Partners REIT Announces Appointments and Review of Management Internalization18:25 EDT Thursday, June 13, 2013
VICTORIA, BRITISH COLUMBIA--(Marketwired - June 13, 2013) - Partners Real Estate Investment Trust (TSX:PAR.UN) (the "REIT" or "Partners REIT") today announced the appointment of a Lead Trustee and committee chairs for the new Board of Trustees elected at the REIT's annual meeting on June 6, 2013.
James Bullock was named Chair of the Governance Committee and independent Lead Trustee. Graham Senst is Chair of the Audit Committee and Wilbur Smith III has been appointed Chair of the Investment Committee. The Board has deferred appointment of a Chairman as the new trustees become more knowledgeable about the depth and breadth of the REIT's operations.
The Board also confirmed the appointment of the existing senior management team, including Patrick Miniutti as Chief Executive Officer of Partners REIT. Mr. Miniutti also serves as a trustee. The other appointees included Edward Boomer as the Chief Investment Officer, Peter Morris as the Chief Operating Officer and Heather Routly as the Chief Financial Officer.
At its first full meeting, the new board decided to commence a review process to determine the most effective approach to internalizing management of the REIT, which has been managed by LAPP Global Asset Management Corp. since 2010.
"It is the Board's intention to review the merits of internalizing management in a fashion and at a point in time that can be cost-effective and beneficial to unitholders in the longer term. We will keep our investors informed as this review progresses," said Mr. Miniutti. "Our central focus now is taking the steps to maximize unitholder value. Management will continue to employ the REIT's very successful operational and investment strategy that it has used over the past few years. This includes growing the asset base and market capitalization while improving the REIT's funds from operations and reducing the payout ratio to support the continued current level of distributions with the goal of increasing them as appropriate."
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust which currently owns (directly or indirectly) thirty-eight retail properties well-located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.7 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Executive Officer