- Distribution Increase and Change to U.S. Dollar Denominated Cash Distributions Now Effective -
TORONTO and DALLAS, Jan. 15, 2016 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") today announced a cash distribution of US$0.04583 per REIT unit for the month of January, representing US$0.55 per REIT unit on an annualized basis. Payment will be made on February 16, 2016 to unitholders of record as at January 29, 2016.
As announced on October 22, 2015, the REIT's Board of Trustees approved an increase to unitholder cash distributions and a change to U.S. dollar denominated cash distributions, effective January 2016. Accordingly, the REIT's monthly cash distributions are now US$0.04583 per REIT unit, compared with C$0.05417 per REIT unit prior to the distribution increase and change in currency denomination. The new monthly distribution reflects an approximate 22% increase to unitholder cash distributions (based on the Bank of Canada's noon U.S. dollar exchange rate as at January 14, 2016).
Unitholders may elect to receive their distributions in Canadian dollars. If a Unitholder elects to receive distributions in Canadian dollars, the unitholder will receive the Canadian dollar equivalent amount of the distribution being paid based on the U.S./Canadian dollar exchange rate approximately three business days prior to the distribution payment date. Unitholders who intend to elect Canadian dollar denominated distributions should inform their broker prior to January 28, 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 61 multifamily garden-style residential properties, comprising 19,908 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 more than 900 employees 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 more than US$4.5 billion in multifamily transactions. For more information, please visit www.milestonegp.com.
SOURCE Milestone Apartments REIT
Image with caption: "Milestone Apartments REIT (CNW Group/Milestone Apartments REIT)". Image available at: http://photos.newswire.ca/images/download/20160115_C2475_PHOTO_EN_599011.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