Minto Apartment renews share buyback

Mr. Edward Fu reports MINTO APARTMENT REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID The Toronto Stock Exchange has accepted Minto Apartment Real Estate Investment Trust's notice to make a normal course issuer bid (NCIB) for a portion of its trust units as appropriate opportunities arise from time to time. The REIT's previous normal course issuer bid expired on Sept. 26, 2025. The REIT's NCIB will be made in accordance with the requirements of the TSX. Pursuant to the notice, the REIT is authorized to acquire a maximum of 3,471,354 units, representing approximately 10 per cent of the REIT's public float of 34,713,546 units (as at the close of business on Sept. 17, 2025), during the 12-month period commencing Oct. 1, 2025, and ending Sept. 30, 2026. As at the close of business on Sept. 17, 2025, there were 62,388,106 units issued and outstanding (on a fully diluted basis assuming the exchange of all 25,755,029 Class B limited partner units of Minto Apartment LP). Under the terms of the NCIB, the REIT may acquire up to 34,984 units on any given trading day representing approximately 25 per cent of the REIT's average daily trading volume for the six most recently completed calendar months of 139,938 units, as calculated in accordance with the rules of the TSX, subject to the REIT's ability to make one block purchase of units per calendar week that exceeds such limits. Purchases under the NCIB will be made by the REIT for cancellation and will made in the open market through the facilities of the TSX or through Canadian alternative trading systems. Units purchased under the NCIB will be cancelled upon their purchase. The REIT intends to finance the purchases out of its available cash and undrawn credit facilities. Of the 3,283,584 units approved for purchase under its former normal course issuer bid, the REIT acquired 3,283,584 units through the facilities of the TSX and Canadian alternative trading systems at a weighted average price of $13.27 per unit. The REIT's board of trustees has authorized the renewal of its NCIB because it believes that, from time to time, the purchase of units at prices below the REIT's net asset value may be an attractive and appropriate use of the REIT's funds, benefitting remaining unitholders by increasing the net asset value per unit of the REIT. Decisions regarding the timing of purchases of units will be based on market conditions, unit price and other factors. About Minto Apartment Real Estate Investment Trust Minto Apartment 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 multiresidential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multiresidential rental properties located in Toronto, Montreal, Ottawa, Calgary and Vancouver. We seek Safe Harbor.