TORONTO and DALLAS, Jan. 13, 2017 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") recently completed the previously announced disposition of Arbor Creek for net sales proceeds of US$24.6 million at an average in-place capitalization rate of 6.5%. The disposition of Arbor Creek, a 280-unit property built in 1984 and located in Dallas-Fort Worth, TX, is part of Milestone's overall business strategy to build long term unitholder value through strategic acquisitions and dispositions.
January 2017 Distribution
The REIT also announced a cash distribution of US$0.05041 per REIT unit for the month of January 2017, representing US$0.60492 per unit on an annualized basis. Payment will be made on February 15, 2017 to unitholders of record as at January 31, 2017. This marks the REIT's first monthly distribution at the new higher rate since the REIT announced the increase to its monthly cash distributions from the previous monthly distribution of US$0.04583 per unit, representing US$0.55000 per unit on annualized basis.
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 24,061 apartment units that are located in 16 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.
SOURCE Milestone Apartments REIT
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