TORONTO, Aug. 21, 2017 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX:PAR.UN) announces it has completed the final redemption of its outstanding Series II 6.0% Convertible Unsecured Subordinated Debentures due September 30, 2017 (TSX:PAR.DB.A) (“Series II Debentures”). Additionally, the REIT announces it has completed the partial redemption of 67% of its outstanding Series III 5.5% Convertible Unsecured Subordinated Debentures due March 31, 2018 (TSX:PAR.DB.B) (“Series III Debentures”). The REIT’s intention to fully redeem the Series II Debentures and redeem the initial 67% of the Series III Debentures was first announced on July 19, 2017.
Upon completion of the above redemptions, $7.6 million principal amount of the Series III Debentures will remain outstanding and, as previously disclosed, the REIT intends to pay this off prior to expiry through the use of proceeds from either property refinancing and/or potential property sale(s).
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 34 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 2.3 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.