Partners REIT Renews Operating Credit Line with Improved Terms

Partners Real Estate Investment Trust (Partners REIT) (TSX VENTURE:PAR.UN)
announced today that it has renewed its Operating Credit Line with TD Bank
through May 15, 2013 for an amount of $5.8 million, with upward expansion,
replacing the prior facility. The new facility bears interest at a rate equal to
the Bank's prime rate plus 2.25% per annum or the Bank's Acceptance stamping fee
plus 3.25% per annum, down from the previous rates of 3.50% and 4.50%,
respectively. The facility directly interfaces with the REIT's bank account for
efficient cash management purposes. 


The renewed facility was utilized, in part, to complete the acquisition of
Centuria Urban Village, a food and drug store anchored high-rise mixed use
retail and residential property located in Kelowna, British Columbia. The
purchase price of approximately $8.9 million was satisfied with cash from the
proceeds of the REIT's recently completed Convertible Unsecured Subordinated
Debenture Offering and the REIT's new line of credit. The properties on an
annualized basis currently generate Net Operating Income of approximately
$650,000 and will generate approximately $550,000 in incremental Funds From
Operations. The transaction closed on May 16, 2011.


"We are pleased to extend our credit facility with TD Bank on favourable and
flexible terms and to add our first British Columbia property, extending our
geographic presence and further strengthening our property portfolio," commented
Adam Gant, Chief Executive Officer. 


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) eighteen retail properties located in British
Columbia, Ontario, Manitoba and Quebec, aggregating approximately 1.3 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.


Forward-looking Statements

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 the integration of the Acquisition with our property
portfolio, our expectations regarding an increase in incremental funds as a
result of the Acquisition, our intention to continue to grow and diversify our
portfolio, 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.