Mr. Jonathan Li reports

MINTO APARTMENT REIT ANNOUNCES SALE OF ITS REMAINING EDMONTON PORTFOLIO

On Dec. 7, 2023, Minto Apartment Real Estate Investment Trust closed the sale of its remaining two properties located in Edmonton, Alta. The York House and the Lancaster House comprise 190 units across the two properties. The total sale price of $32.3-million is in line with the REIT's IFRS (international financial reporting standards) net asset values, and the proceeds from the sale of $7-million, net of mortgages and commissions, were used to repay a portion of its variable-rate revolving credit facility.

"The sale of these properties is consistent with our capital recycling strategy," said Jonathan Li, president and chief executive officer of Minto Apartment. "In total, the REIT has completed $42.2-million of dispositions this year and has utilized the proceeds to reduce variable-rate debt, furthering our objective of enhancing cash flow per unit."

About Minto Apartment Real Estate Investment Trust

Minto Apartment is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of Ontario to own income-producing multiresidential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality, income-producing, multiresidential rental properties located in Toronto, Montreal, Ottawa and Calgary.