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Partners REIT Units (PAR-UN-T) Quote - Press Release

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Partners Announces Results for the First Quarter of 2019

GlobeNewswire - Wed May 8, 7:53PM CDT

Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR-UN.TO) today announced its results for the three month period ended March 31, 2019 (the "first quarter").

FIRST QUARTER 2019 HIGHLIGHTS

As at and for the three months ended
                                             Mar 31, 2019        Mar 31, 2018
Revenues from income producing properties    $       9,212,406   $       12,975,362
Comprehensive income (loss)                          2,864,491           (2,283,886 )
Comprehensive income (loss) per unit - basic         0.06                0.05
NOI - same properties                                5,464,759           5,235,742
NOI - all properties                                 5,464,759           7,724,602
FFO                                                  3,007,942           3,236,302
FFO per unit                                         0.06                0.07
AFFO                                                 2,312,128           2,317,612
AFFO per unit                                        0.05                0.05
ACFO                                                 2,312,128           2,431,240
Distributions                                        2,093,295           2,887,053
Distributions per unit                               0.05                0.06
ACFO distribution payout ratio                       90.5      %         118.7      %
Cash distributions                                   2,073,585           2,640,883
Cash distributions per unit                          0.05                0.06
As at                                              Mar 31, 2019           Dec 31, 2018     Dec 31, 2017
Total assets                                       $      291,875,524   $ 288,694,169    $ 475,045,178
Total debt                                                178,603,542     180,009,332      283,331,535
Total equity                                              100,434,618     99,663,422       183,347,418
Weighted average units outstanding - basic                46,079,673      45,977,087       39,435,646
Weighted average units outstanding - diluted              46,516,167      46,292,330       39,559,729
Debt-to-gross book value including debentures             60.9        %   62.1         %   59.4         %
Debt-to-gross book value excluding debentures             60.9        %   62.1         %   57.8         %
Interest coverage ratio                                   2.68            2.52             2.02
Debt service coverage ratio                               1.50            1.44             1.25
Mortgages weighted average effective interest rate        3.99        %   3.99         %   4.10         %
Portfolio occupancy                                       96.9        %   96.9         %   95.3         %

"The results for the quarter reflect the sale of properties completed in fiscal 2018 and the sustained focus on reducing operating costs. We will continue this approach going forward as we strive to maximize value for our unitholders in a challenging environment," stated Ian Ross, the REIT's interim CEO.

Further Information

A more detailed analysis of the REIT's financial results for the first quarter of 2019 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 www.sedar.com or on the REITs' website at www.partnersreit.com.

Conference Call

Partners will host a conference call at 8:30 AM Eastern on Thursday, May 9, 2019, 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): 1-800-377-0758

Local: 416-340-2219

Instant Replay Details (Available until May 16, 2019)

Toll Free (North America): 1-800-408-3053

Passcode: 2442198#

A recording of the conference call will also be available via Partners' website.

About Partners REIT

Partners REIT is a real estate investment trust focused on the management of a portfolio of 23 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across Manitoba, Ontario, and Quebec, and comprise a total of approximately 1.7 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.

For further information please contact:

Partners REIT Investor Relations

1 (844) 474-9620 ext. 401

investor.relations@partnersreit.com

C. Ian Ross

Chairman of the Board and Interim Chief Executive Officer

(416) 855-3313 ext. 501

Derrick West, CPA (CA)

Chief Financial Officer and Corporate Secretary

(416) 855-3313 ext. 503

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