Canada NewsWire
TORONTO and DALLAS, Jan. 13, 2017
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.
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 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
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