TORONTO and DALLAS, Nov. 15, 2016 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") today completed the previously announced acquisitions of (i) Talon Hill, a 276-unit property built in 2006 and located in Colorado Springs, CO, (ii) Eagle Ridge, a 168-unit property built in 1999 and located in Denver, CO and (iii) Quail Landing, a 216-unit property built in 2000 and located in Oklahoma City, OK, collectively (the "Properties").
The Properties are part of the REIT's previously announced definitive agreement to acquire a six-property portfolio comprising 1,460 apartment units for a gross purchase price of approximately US$242 million (the "Portfolio Acquisition"). The Properties were funded from mortgage assumptions, proceeds from the recently completed bought deal equity offering and the REIT's revolving line of credit, as previously disclosed.
Two other properties connected with the Portfolio Acquisition, Fairways at Birkdale, a 180-unit property built in 1997 and located in Charlotte, NC and Costa Bella, a 344-unit property built in 2007 and located in San Antonio, TX, closed on November 4, 2016, as previously disclosed.
Casa Mirella, a 276-unit property built in two phases in 2013/2015 and located in Orlando, FL is the sixth property connected with the Portfolio Acquisition and is expected to close in the coming weeks.
November 2016 Distribution
The REIT also announced a cash distribution of US$0.04583 per REIT unit for the month of November 2016, representing US$0.55 per REIT unit on an annualized basis. Payment will be made on December 15, 2016 to unitholders of record as at November 30, 2016.
The REIT is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 78 multifamily garden-style residential properties, comprising 24,005 apartment units that are located in 14 major metropolitan markets throughout the Southeast and Southwest United States. The REIT is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. Milestone's vertically integrated platform employs more than 1,200 employees and manages more than 50,000 apartment units across the United States. For more information, please visit www.milestonereit.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Some of the specific forward-looking statements in this news release include, but are not limited to, the completion of the Portfolio Acquisition. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's annual information form available at www.sedar.com. The forward-looking statements in this news release are based on certain assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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/20161115_C3963_PHOTO_EN_818458.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