Mr. Robert Debs reports

MILESTONE APARTMENTS REIT FILES FINAL BASE SHELF PROSPECTUS

Milestone Apartments REIT has filed and obtained a receipt for a final base-shelf prospectus. The shelf prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada for the purpose of the sale of securities. The intention of the shelf prospectus is to allow the REIT to more quickly access capital when market opportunities permit.

The shelf prospectus is valid for a 25-month period, during which time the REIT may offer and issue, from time to time, trust units, debt securities, warrants and subscription receipts, or any combination thereof, having an aggregate offering price of up to $650-million. Each offering of securities under the shelf prospectus will require the filing of a prospectus supplement that will include the specific terms of the securities being offered at that time.

We seek Safe Harbor.