TORONTO and DALLAS, March 15, 2016 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") today announced that it will be added to the S&P/TSX Composite Index after the close of trading on Friday, March 18, 2016.
The S&P/TSX Composite Index is the headline index and a primary broad market measure of Canadian equity markets including the largest companies on the Toronto Stock Exchange, as measured by market capitalization and liquidity. Inclusion in the S&P/TSX Composite Index can potentially broaden participation in a public issuers' investor base by enabling investment from index funds and similar investment vehicles. As a result of the REIT's inclusion in the S&P/TSX Composite Index, Milestone is concurrently being added to the S&P/TSX Composite Dividend Index, the S&P/TSX Capped REIT Index, the S&P/TSX Capped Real Estate Index, the S&P/TSX Capped Composite Index, the S&P/TSX Composite Low Volatility Index and the S&P/TSX Composite Equal Weight Index.
March 2016 Distribution
The REIT has declared a cash distribution of US$0.04583 per REIT unit for the month of March, representing US$0.55 per REIT unit on an annualized basis. Payment will be made on April 15, 2016 to unitholders of record as at March 31, 2016.
Milestone is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 72 multifamily garden-style residential properties, comprising 22,546 apartment units that are located in 14 major metropolitan markets throughout the Southeast and Southwest United States. Milestone is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, LLC, which has approximately 1,500 employees and manages more than 50,000 apartment units across the United States. Based in Dallas, TX, TMG Partners, L.P., an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.
About The Milestone Group, LLC
The Milestone Group is a privately-held real estate investment management company with expertise and presence in major metropolitan markets throughout the United States. The firm has corporate offices in Dallas, Texas and New York, New York with regional acquisition and management offices across the United States. Founded in 2004, The Milestone Group has a strong track record of investing in the U.S. multifamily sector, including completion of approximately US$10 billion in multifamily transactions. For more information, please visit www.milestonegp.com.
SOURCE Milestone Apartments REIT
Image with caption: "Milestone Apartments Real Estate Investment Trust (CNW Group/Milestone Apartments REIT)". Image available at: http://photos.newswire.ca/images/download/20160315_C4314_PHOTO_EN_642851.jpg
For further information: Robert Debs, Investor Relations, Milestone Apartments REIT, Tel: 214.561.1215; Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647.496.7856