Mr. Jonathan Li reports

MINTO APARTMENT REIT COMPLETES $86 MILLION SALE OF TWO PROPERTIES TO OTTAWA COMMUNITY HOUSING CORPORATION

Minto Apartment Real Estate Investment Trust has completed its previously announced sale of the Tanglewood and Chesterton/Bowhill properties located in Ottawa, Ont., to Ottawa Community Housing Corp. 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 paydown of the revolving credit facility that was made on Jan. 31, 2024, from funds received in connection with the repayment of the convertible development loan related to Fifth + Bank property located in Ottawa, Ont. In addition, as previously disclosed, the REIT is currently evaluating upward refinancing opportunities that may generate incremental net financing proceeds of $55-million to $65-million, which will be used to repay portions of the revolving credit facility.

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 the Province of Ontario to own income-producing multiresidential properties located in Canada. The REIT owns a portfolio of high-quality multiresidential rental properties located primarily in urban centres in Canada's major markets of Toronto, Montreal, Ottawa and Calgary.

We seek Safe Harbor.