News & Press

OTTAWA, ON, Feb. 15, 2024 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) announced today the successful completion of its previously announced sale of the Tanglewood and Chesterton/Bowhill properties located in Ottawa, Ontario, to Ottawa Community Housing Corporation for gross proceeds of $86 million. The net proceeds of $68 million, after mortgage repayments and disposition costs, will be used to repay a portion of the variable-rate debt under the REIT's revolving credit facility.

"The successful completion of this accretive sale strengthens the REIT's balance sheet and provides increased flexibility with respect to the REIT's refinancing, operating and investment strategies." said Jonathan Li, President and Chief Executive Officer of the REIT.

This will mark the second recent reduction in the REIT's variable-rate debt following a $30 million pay down of the revolving credit facility that was made on January 31, 2024, from funds received in connection with the repayment of the convertible development loan related to Fifth + Bank property located in Ottawa, Ontario. In addition, as previously disclosed, the REIT is currently evaluating upward refinancing opportunities that may generate incremental net financing proceeds of $55 to $65 million which will be used to repay portions of the revolving credit facility.

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 Canada. The REIT owns a portfolio of high-quality multi-residential rental properties located primarily in urban centers in Canada's major markets of Toronto, Montreal, Ottawa and Calgary. For more information on Minto Apartment REIT, 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" and "may". Forward-looking information is based on a number of assumptions 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, future upward refinancing opportunities, and the factors discussed under "Risk Factors" in the REIT's Annual Information Form dated March 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.

SOURCE Minto Apartment Real Estate Investment Trust