MINTO APARTMENT REIT ANNOUNCES INTENTION TO MAKE NORMAL COURSE ISSUER BID

OTTAWA, ON, July 19, 2022 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced that the Toronto Stock Exchange ("TSX") has accepted its notice to make a normal course issuer bid ("NCIB") for a portion of its trust units ("Units") as appropriate opportunities arise from time to time.

The NCIB will be active from July 21, 2022 to July 20, 2023 and permits the REIT to acquire up to 3,847,284 Units, representing approximately 10% of the REIT's public float. Under the terms of the NCIB, the REIT may acquire up to 33,965 Units on any given trading day representing approximately 25% of the REIT's average daily trading volume for the six most recently completed calendar months. Purchases under the NCIB will be made in the open market through the facilities of the TSX or through Canadian Alternative Trading Systems.

The REIT's Board of Trustees has authorized the NCIB because it believes that, from time to time, the purchase of Units at prices below the REIT's net asset value may be an attractive and appropriate use of the REIT's funds, benefitting remaining unitholders by increasing the net asset value per unit of the REIT. Decisions regarding the timing of purchases of Units will be based on market conditions, Unit price and other factors.

About Minto Apartment Real Estate Investment Trust

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 urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: https://www.mintoapartments.com/.

Forward-Looking Information

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", "may" and "believes". In particular, this news release contains forward-looking information in relation to the NCIB, including the number of Units that may be acquired, price and the potential impact for remaining unitholders. Forward-looking information reflects management's current beliefs and is based on a number of assumptions that the REIT believes are reasonable 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, the factors discussed under "Risks and Uncertainties" in the REIT's Management Discussion & Analysis for the first quarter of 2022, dated May 3, 2022, which is available on SEDAR (www.sedar.com). 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.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.

SOURCE Minto Apartment Real Estate Income Trust

Julie Morin, Chief Financial Officer, Minto Apartment Real Estate Investment Trust, Tel: [phone]