News & Press

OTTAWA, ON, Sept. 18, 2023 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced that the Toronto Stock Exchange ("TSX") has accepted its notice to make a normal course issuer bid ("NCIB") for a portion of its trust units ("Units") as appropriate opportunities arise from time to time. The REIT's previous normal course issuer bid expired on July 20, 2023.

The NCIB will be active from September 20, 2023 to September 19, 2024 and permits the REIT to acquire up to 3,282,682 Units, representing approximately 5% of the REIT's 65,653,641 issued and outstanding securities (on a fully diluted basis assuming the exchange of all 25,755,029 Class B limited partner units of Minto Apartment Limited Partnership) and approximately 9% of its public float. Under the terms of the NCIB, the REIT may acquire up to 25,003 Units on any given trading day representing approximately 25% of the REIT's average daily trading volume for the six most recently completed calendar months of 100,013 Units. Purchases under the NCIB will be made by the REIT for cancellation and will made in the open market through the facilities of the TSX or through Canadian Alternative Trading Systems. Of the 3,847,284 Units approved for purchase under its former normal course issuer bid, the REIT acquired 182,227 Units at a weighted average price per Unit of $15.15 in the past twelve months under such bid.

The REIT's Board of Trustees has authorized the NCIB because it believes that, from time to time, the purchase of Units at prices below the REIT's net asset value may be an attractive and appropriate use of the REIT's funds, benefitting remaining unitholders by increasing the net asset value per unit of the REIT. Decisions regarding the timing of purchases of Units will be based on market conditions, Unit price and other factors.

Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton. For more information on Minto Apartment Real Estate Investment Trust, please visit the REIT's website at: https://www.mintoapartmentreit.com/.

This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events and in some cases can be identified by such terms as "will", "may" and "believes". In particular, this news release contains forward-looking information in relation to the NCIB, including the number of Units that may be acquired, price and the potential impact for remaining unitholders. Forward-looking information reflects management's current beliefs and is based on a number of assumptions that the REIT believes are reasonable and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risks and Uncertainties" in the REIT's Management Discussion & Analysis for the second quarter of 2023, dated August 8, 2023, which is available on SEDAR+ (www.sedarplus.ca). The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.

SOURCE Minto Apartment Real Estate Investment Trust