MINTO APARTMENT REIT OBTAINS UNITHOLDER APPROVAL FOR GOING‑PRIVATE TRANSACTION WITH CRESTPOINT REAL ESTATE INVESTMENTS LIMITED PARTNERSHIP AND MINTO GROUP

OTTAWA, ON, March 3, 2026 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) today announced that at its special meeting of unitholders held earlier today (the "Special Meeting"), holders (the "Unitholders") of the REIT's trust units (the "Trust Units") and special voting units ("Special Voting Units") voted overwhelmingly in favour of the special resolution (the "Arrangement Resolution") approving the previously announced plan of arrangement pursuant to which, among other things, Crestpoint Real Estate (Pine) Limited Partnership, an affiliate of Crestpoint Real Estate Investments Limited Partnership, will acquire all of the Trust Units, other than Trust Units held directly or indirectly by Minto Properties Inc. and its affiliates and certain senior officers (the "Retained Interest Holders"), for consideration of $18.00 per Trust Unit in an all cash transaction (the "Transaction"), in accordance with the arrangement agreement dated January 5, 2026 (the "Arrangement Agreement").

The Arrangement Resolution required approval of (i) at least two-thirds of the votes cast by Unitholders, and (ii) a simple majority of the votes cast by holders of Trust Units ("Trust Unitholders"), excluding the Retained Interest Holders and any other Trust Unitholder required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("Minority Unitholders").

The following is a summary of the votes cast at the Special Meeting (including votes by proxy and virtually at the Special Meeting) by Unitholders on the Arrangement Resolution:

The REIT's full report of voting results on the matter presented at the Special Meeting, and the management information circular of the REIT dated January 29, 2026 that was mailed to Unitholders in connection with the Transaction, can be found on SEDAR+ at www.sedarplus.ca.

The final order of the Ontario Superior Court of Justice (Commercial List) approving the Transaction will be sought on March 6, 2026. Completion of the Transaction remains subject to receipt of the final order, approval under the Competition Act (Canada) and the consent of Canada Mortgage and Housing Corporation and certain lenders to the REIT, as well as other customary closing conditions. As of the date of this press release, the REIT anticipates that the Transaction will be completed in the second half of 2026.

About Minto Apartment Real Estate Investment Trust

Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Vancouver. For more information on Minto Apartment REIT, please visit the REIT's website at: www.mintoapartmentreit.com. 

Forward-Looking Information

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projects", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.

Specifically, statements regarding the anticipated timing and receipt of the final order of the Ontario Superior Court of Justice (Commercial List); the anticipated closing of the Transaction; and other statements that are not statements of historical facts are all considered to be forward-looking information.

Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information is based on our opinions, estimates and assumptions that, while considered by the REIT to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction as contained in the Arrangement Agreement; the occurrence of any event, change or other circumstance that could give rise to the termination of the Arrangement Agreement; material adverse changes in the business or affairs of the REIT; the parties' ability to obtain requisite consents and regulatory approvals; any party's failure to consummate the Transaction when required or on the terms as originally negotiated; the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction; risks relating to the retention of key personnel during the interim period; the possibility of litigation relating to the Transaction; risks related to the diversion of management's attention from the REIT's ongoing business operations; competitive factors in the marketplace in which the REIT operates; interest rates; prevailing economic conditions; and other factors, many of which are beyond the control of the REIT. Additional factors and risks which may affect the REIT, its business and the achievement of the forward-looking statements contained herein are described under the heading "Risks and Uncertainties" in the REIT's management's discussion and analysis dated November 4, 2025, as well as in the REIT's other continuous disclosure filings. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

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 forward-looking statements included herein. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, any forward-looking statements included herein 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.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

SOURCE Minto Apartment Real Estate Investment Trust

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