TORONTO and DALLAS, Sept. 13, 2016 /CNW/ - Milestone Apartments REIT (TSX: MST.UN) ("Milestone" or the "REIT") is pleased to announce that unitholders of the REIT ("Unitholders") have overwhelmingly voted in favour of the previously announced internalization of the REIT's asset management function (the "Internalization") by way of the acquisition of the REIT's external asset manager, TMG Partners L.P. (the "Asset Manager"). The Internalization was approved by over 99% of votes cast by Unitholders, other than affiliates of the Asset Manager, at the special meeting of Unitholders held earlier today. A copy of the complete report on voting at the meeting will be made available on SEDAR.
The Internalization is expected to close on September 30, 2016, subject to satisfaction of customary conditions.
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 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. 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, statements with respect to then expected closing of the Internalization. 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 risk that the closing conditions may not be satisfied and the Internalization may not close. The forward-looking statements in this news release are based on certain assumptions. 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/20160913_C7725_PHOTO_EN_771766.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