/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO and DALLAS, Oct. 28, 2016 /CNW/ - Milestone Apartments Real Estate Investment
Trust (TSX:MST.UN) ("Milestone" or the "REIT") is pleased to announce the closing of the previously announced public offering
whereby the REIT sold an aggregate of 10,439,000 trust units of the REIT (the "Units") at a price of C$18.45 per Unit (including Units issued pursuant to the exercise in full of the over-allotment option granted to
the underwriters by the REIT), on a bought deal basis, for gross proceeds of approximately C$192.6
million (the "Offering"). The Offering was co-led by BMO Capital Markets and CIBC Capital Markets, with BMO Capital Markets
acting as the sole bookrunner. The REIT currently has 80,478,063 Units and 11,116,687 Class B limited partnership units ("Class B
Units") outstanding, compared to 70,039,063 Units and 11,116,687 Class B Units prior to the Offering.
The REIT intends to use the proceeds from the Offering to fund a portion of the previously announced acquisition of a six
garden-style multifamily property portfolio comprising 1,460 unit (the "Portfolio Acquisition"). The Portfolio Acquisition, which
is subject to customary closing conditions, is expected to close by no later than December 1, 2016.
For more information on the Portfolio Acquisition, please refer to the REIT's news release issued on October
19, 2016.
The Units were offered in each of the provinces and territories of Canada pursuant to the
REIT's base shelf prospectus dated September 30, 2016. The terms of the Offering are described in a
prospectus supplement filed with Canadian securities regulators. A copy of the prospectus supplement is available under the REIT's
profile on the SEDAR website at www.sedar.com.
The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933
Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or
to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an
exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a
solicitation of an offer to buy any Units in the United States or to, or for the account or
benefit of, U.S. persons.
About Milestone
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 73 multifamily garden-style residential properties, comprising
22,821 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.
Forward-looking information
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", "project", "expect", "intend", "plan", "will", "may" "estimate", "pro-forma" and other similar
expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections and include, without
limitation, statements with respect to the completion of the Portfolio Acquisition and the expected use of proceeds from the
Offering. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to
completion of the Portfolio Acquisition (including lender approval in connection with mortgages to be assumed) will be satisfied or
waived. 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 and in the REIT's prospectus supplement dated
October 21, 2016. 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 any such 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/20161028_C6204_PHOTO_EN_806449.jpg
