Partners Real Estate Investment Trust (TSX VENTURE: PAR.UN) Announces Distribution of $0.01333 Per Unit

   Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE: PAR.UN) is pleased to announce a $0.01333 per unit distribution for July 2011. The distribution will be paid on August 15, 2011 to unitholders of record on July 29, 2011.

Partners REIT currently has approximately 30,988,438 trust units outstanding.

Distribution Reinvestment Plan

Partners REIT offers a distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of Partners REIT. Currently, approximately 6% of the total issued and outstanding units have enroled in the plan.

Partners REIT

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Partners Real Estate Investment Trust Patrick Miniutti President and Chief Operating Officer [phone] Partners Real Estate Investment Trust Dionne Barnes Chief Financial Officer [phone] [phone] (FAX)