News & Events

Exchange Bulletin

Milestone Apartments Real Estate Investment Trust To Trade On Toronto Stock Exchange

March 4, 2013

Milestone Apartments Real Estate Investment Trust (the “REIT”) – An application has been granted for the original listing in the Industrial category of 58,064,265 units (“Units”) of which 34,000,000 Units will be issued and outstanding and 24,064,265 Units will be reserved for issuance.

Listing of the Units will become effective at 5:01 p.m. on Tuesday, March 5, 2013, in anticipation of the public offering (the “Offering”) closing on Wednesday, March 6, 2013.

Symbol: “MST.UN”CUSIP: 59934P 10 1 Trading Currency: CDN$

Temporary
Market Maker:W.D. Latimer Co. Limited

Other Markets:None

Other than pursuant to certain exceptions, registrations and transfers of Units will be effected electronically through the non-certificated inventory system administered by CDS Clearing and Depository Services Inc. Beneficial owners of Units will not, except in limited circumstances, be entitled to receive physical certificates evidencing ownership of Units. A subscriber who purchases Units will receive only a customer confirmation from the registered dealer from or through whom Units are purchased and who is a CDS participant.

Additional information on the Units may be found in the final prospectus dated February 27, 2013 (the “Prospectus”), which is available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the Prospectus.

Head Office
Address:5429 LBJ Freeway
Suite 800
Dallas, Texas
75240

Head Office
Telephone Number:(214) 561-1200

Fax Number:(214) 561-1290

Email Address:cphillips@milestonereit.com

Website:www.milestonereit.com

Investor Relations:Robert P. Landin
Chief Executive Officer
(214) 561-1200
investor-relations@milestonereit.com


Bruce Wigle
Investor Relations
(416) 447-4740, Ext. 232
investor-relations@milestonereit.com

Chief
Financial Officer
and Secretary : Christopher Phillips

Incorporation:The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a Declaration of Trust dated January 17, 2013, as amended and restated on the Closing Date, under and governed by, the laws of the Province of Ontario.

Fiscal Year End:December 31

Nature of Business:The REIT has been created for the purpose owning and operating a portfolio of multifamily properties in select target markets in the United States. On closing of the Offering, the REIT will indirectly acquire a 52-property portfolio of multifamily garden-style residential properties, comprising 16,944 units.

Transfer Agent &
Registrar for the Units:Computershare Investor Services Inc. at its principal office in Toronto.

Distributions:The REIT initially intends to adopt a distribution policy pursuant to which the REIT will make cash distributions to Unitholders and, through the Partnership, holders of Class B Units on each monthly Distribution Date equal to, on an annual basis, approximately 90% of estimated AFFO for the period ended December 31, 2013. Pursuant to this distribution policy, distributions will be paid to Unitholders of record at the close of business on the last business day of a month on or about the 15th day of the following month. The first distribution for the period from Closing to March 31, 2013 (assuming a closing date of March 6, 2013) in the amount of $0.04543 per Unit will be paid on April 15, 2013. The REIT intends to make subsequent monthly distributions in the estimated amount of $0.05417 per Unit commencing May 15, 2013.

Public Offering:Pursuant to the terms of the Prospectus, 20,000,000 Units at a price of $10.00 per Unit are being offered to the public by BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., and Macquarie Capital Markets Canada Ltd., as underwriters.