ISS Endorses Minto Apartment REIT’s $18 Unit Buyout Proposal

Minto Apartment Real Estate Investment Trust (the “REIT”) is moving forward with a significant transaction as independent proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), has recommended that unitholders support the proposed plan to go private. This transaction involves the acquisition of all trust units by Crestpoint Real Estate Investments Limited Partnership (“Crestpoint”) and its affiliate, the Minto Group.

The transaction, announced on January 5, 2026, proposes an all-cash offer of $18.00 per trust unit. This offer is positioned as a compelling choice for unitholders, providing a substantial premium compared to recent market prices. The special resolution, which is critical to approving this arrangement, will be voted on during a virtual meeting scheduled for March 3, 2026.

Details of the Proposed Transaction

Crestpoint will acquire all trust units, excluding those held by Minto and its affiliates, as well as certain senior officers, who are classified as “Retained Interest Holders.” ISS’s recommendation highlights that unitholders are presented with an attractive cash offer that provides a “meaningful premium” over the unaffected market price. The advisory firm emphasized that this offer reflects a reasonable outcome relative to potential alternatives.

Both the REIT’s board of trustees and a special committee of independent trustees have unanimously supported the transaction, affirming its fairness to unitholders, excluding the Retained Interest Holders. This decision was made after extensive consultation with financial and legal advisors.

Voting and Meeting Information

The upcoming meeting will take place in a virtual format, allowing unitholders to participate online at www.virtualshareholdermeeting.com/MI2026, starting at 3:00 p.m. (Eastern Time) on March 3. Unitholders are encouraged to review the management information circular dated January 29, 2026, which outlines further details regarding the arrangement and the voting process. This circular is accessible on SEDAR+ at www.sedarplus.ca and through the REIT’s website at www.mintoapartmentreit.com.

Unitholders should ensure their votes are cast before the proxy voting deadline, which is on February 27, 2026, at 3:00 p.m. (Eastern Time). Those seeking clarification on the voting process or the information contained in the circular can reach out to Laurel Hill Advisory Group, the REIT’s proxy solicitation agent.

For inquiries, unitholders may contact Laurel Hill Advisory Group via:
– Toll-Free: 1-877-452-7184 (North America)
– International: 1-416-304-0211
– Text Message: “Info” to 1-416-304-0211 or 1-877-452-7184
– Email: [email protected]

Minto Apartment Real Estate Investment Trust focuses on owning income-producing multi-residential properties within Canada’s urban markets. Its portfolio includes high-quality rental properties in major cities such as Toronto, Montreal, Ottawa, Calgary, and Vancouver.

Crestpoint Investments, a subsidiary of Connor, Clark & Lunn Financial Group Ltd., specializes in commercial real estate and debt investments. With over $11 billion in assets under management, Crestpoint is recognized as one of Canada’s rapidly growing real estate asset managers.

The Minto Group, established in 1955, has developed over 100,000 homes and continues to manage both residential and commercial properties across North America. The firm has received accolades, including recognition as one of Canada’s Best Managed Companies by Deloitte.

As the REIT navigates this pivotal transition, it invites all unitholders to actively participate in the decision-making process that could reshape its future.