Milestone Apartments REIT Announces Closing of Over-Allotment Option

Milestone Apartments REIT Announces Closing of Over-Allotment Option 
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE 
UNITED STATES./ 
TORONTO, March 26, 2013 /CNW/ - Milestone Apartments Real Estate Investment 
Trust (the "REIT") (TSX: MST.UN) announced today the issuance of an additional 
2.85 million units of the REIT at a price of $10.00 per unit for gross 
proceeds of $28.5 million. The issuance was pursuant to the exercise of an 
over-allotment option granted to a syndicate of underwriters co-led by BMO 
Capital Markets and CIBC in connection with the REIT's recent initial public 
offering. BMO Capital Markets was the sole bookrunner on the transaction. The 
exercise of the over-allotment option increases the total gross proceeds of 
the REIT's initial public offering to $228,500,000. 
The net proceeds of the over-allotment option will be used by the REIT to 
indirectly redeem 2,850,000 class B limited partnership units ("Class B 
Units") of Milestone Multifamily Investors L.P. (the "Partnership") held by 
MileSouth Apartment Portfolio LP ("MileSouth"), an affiliated entity of 
Invesco Ltd. Following closing of the over-allotment option, MileSouth will 
hold 14,000,000 units of the REIT and 7,350,590 Class B Units (each of which 
are redeemable for REIT units) while MST Investors, LLC ("MST Investors"), an 
affiliate of The Milestone Group, LLC, will hold 5,513,675 Class B Units, 
representing an approximate 42.9% and 11.1% retained interest for MileSouth 
and MST Investors, respectively. TMG Partners, L.P., an affiliate of The 
Milestone Group, LLC, is the external asset manager of the REIT. 
The units have not been, nor will they be, registered under the United States 
Securities Act of 1933, as amended, 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 United States 
Securities Act of 1933, as amended). This press release does not constitute an 
offer to sell or a solicitation of an offer to buy any of the units in the 
United States or to, or for the account or benefit of, U.S. Persons. 
About Milestone Apartments REIT 
The REIT is an unincorporated, open-ended real estate investment trust 
established under the laws of Ontario. The REIT's portfolio is made up of 52 
multifamily garden-style residential properties, comprising 16,944 units that 
are located in 10 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 U.S. multifamily sector. For more 
information, please visit www.milestonereit.com. 
About The Milestone Group 
The Milestone Group is a privately-held real estate investment management 
company with expertise and presence in major metropolitan markets throughout 
the United States. Founded in 2004, The Milestone Group has a strong track 
record of investing in the U.S. multifamily sector, including completion of 
more than US$4.5 billion in multifamily transactions. 
Forward-Looking Statements 
This press release may contain forward-looking statements which reflect 
management's current expectations regarding future events, including those 
relating to the offering. The forward-looking statements involve risks and 
uncertainties. Actual results could differ materially from those projected 
herein. The REIT disclaims any obligation to update these forward-looking 
statements. 
Robert P. Landin, CEO Milestone Apartments Real Estate Investment Trust 
Tel:214.561.1206 Fax:214.561.1305 
SOURCE: Milestone Apartments Real Estate Investment Trust 
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CO: Milestone Apartments Real Estate Investment Trust
ST: Ontario
NI: REL NEWSTK  
-0- Mar/26/2013 13:11 GMT
 
 
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