TORONTO, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust ("Partners” or the “REIT”) (TSX:PAR.UN) announces the resignation of Paul Harrs from the position of the REIT’s Chief Operating Officer. In addition, the REIT underwent a reorganization of all divisions and corporate operations with the aim of maintaining tenant service levels while reducing administrative and property costs. The REIT estimates the proforma normalized total cost savings to be approximately $800,000 annualized after all changes are implemented in fiscal 2018.
Mr. Harrs joined the REIT in January 2016 and led the internalization of its operations. During his tenure, he built a team that transitioned the REIT from being externally managed to an internally managed model. He was also responsible for the asset management of the Quebec properties. The Q3 2017 results demonstrate a year over year increase in same property NOI and a portfolio occupancy level of approximately 95%.
“Over the course of 2017, Partners’ focus was on improving its balance sheet while continuing the work to enhance the appeal of its existing properties, placing the best possible tenants within those properties, delivering those tenants the best possible service while improving the overall property management standards and property costs,” stated Jane Domenico, the REIT’s CEO. “We will continue to build upon the groundwork laid by Paul and pursue these property objectives in 2018. We wish Mr. Harrs all the best on his future endeavours. We also extend our thanks to the other team members for their service to the REIT who are impacted by today’s announcement.”
About Partners REIT
Partners REIT is a real estate investment trust, which currently owns (directly or indirectly) 34 retail properties, located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 2.3 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.
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. 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
Chief Executive Officer
1 (844) 474-9620; Ext 401