03/06/2026

Avenue Living Real Estate Core Trust and Mini Mall Storage Properties Trust Boards Initiate Strategic Review to Evaluate Optimal Path for Value Creation

Avenue Living Real Estate Core Trust and Mini Mall Storage Properties Trust Boards Initiate Strategic Review to Evaluate Optimal Path for Value Creation

Avenue Living Management Recommends Both Trusts Pursue Go-Public Transactions

CALGARY, AB, March 2, 2026 /CNW/ - Avenue Living Asset Management Ltd. ("Avenue Living"), one of North America's fastest growing private real estate investment firms, today announced that the Board of Trustees for the Avenue Living Real Estate Core Trust ("Core Trust") and the Board of Trustees for the Mini Mall Storage Properties Trust ("MMST", and collectively with Core Trust, the "Trusts") have each initiated a comprehensive review of strategic alternatives (collectively, the "Strategic Review").

The Strategic Review follows a formal recommendation from Management that both Trusts pursue a go-public transaction. Independent Special Committees have been established to lead these respective reviews, evaluating a transition to public markets alongside other strategic alternatives to ensure the optimal structure for long-term value creation. The Strategic Review for each Trust, including any resulting transactions, is targeted for completion by the end of June 2026, subject to market conditions and the recommendations of the Special Committees.

The Strategic Review marks a natural progression for Avenue Living as it enters its 20th year of operations. Avenue Living believes that a transition to public markets represents the optimal path to achieve permanent liquidity, as both platforms command significant scale in the Canadian REIT space and present a unique opportunity for investors.

"Avenue Living was founded on the principles of disciplined investment and active stewardship in the North American Heartland to drive value creation for our customers and investors," said Anthony Giuffre, Founder and CEO of Avenue Living. "Over two decades, we have built a premier platform with nearly $10 billion in assets under management, underpinned by exceptional operational performance and a robust capital management strategy. This proactive review is about aligning our capital structure with our market leadership and the maturity of the firm. We are evaluating strategic alternatives to leverage our scale as a Top 10 institutional owner-operator and capitalize on the significant supply-demand imbalance in the workforce housing and self-storage sectors, ensuring we have the optimal platform to continue this growth for decades to come."

"The private capital markets in Canada have helped nurture the growth of our platform into a multinational firm of institutional size and quality," said Jason Jogia, Co-Founder and CIO. "As we embark on this journey, it is important for our stakeholders that we evolve to a structure that enhances liquidity, maintains best-in-class governance and disclosures, and demonstrates a commitment to continued strategic growth that drives long-term value creation."

To preserve flexibility and ensure the equitable treatment of all unitholders during this process, the Trusts will delay the settlement of redemptions for an initial period of up to six months, effective from March 31, 2026 (the date redemptions that would have had a February 28, 2026 redemption date would have been payable). The Trusts will cease accepting subscriptions for new equity capital during the Strategic Review. The last closing each Trust issued units for new equity capital pursuant to their respective private placement offerings was January 30, 2026.

Avenue Living will continue to pay monthly distributions and maintain its Distribution Reinvestment Plan (DRIP) for both Core Trust and MMST. Continued distributions reflect the resilient cash-flow generation of the underlying portfolios that our investor base has come to rely on. The Trusts will continue to calculate Net Asset Value (NAV) on a monthly basis throughout the Strategic Review period, ensuring continued transparency and reporting for all unitholders.

"Our portfolios are performing at record levels, a direct result of the operational expertise that allows us to drive occupancy and manage costs with a precision that is unique to our scale," said Leigh Peters, President. "This success is also a credit to the disciplined execution of our 1,100+ professionals who manage our $9.8 billion AUM, ensuring we can seamlessly grow while maintaining our customer-centric management model for our residents and customers."

Avenue Living's agricultural land platform, Tract Farmland Partners LP, is not included in this Strategic Review and continues to operate in the normal course.

Operational Strength and Performance

The commencement of the Strategic Review follows a period of standout performance. Avenue Living continues to operate from a position of significant financial and operational strength:

    • Core Trust Performance: As of December 31, 2025, the portfolio maintained 94.1% occupancy and a 70.7% NOI margin, with 5.2% same-door NOI growth over the trailing 12 months (TTM). The Core Trust has returned 10.86% since inception with a conservative 54.7% LTV ratio and completed $1.1B in acquisitions totaling 4,697 residential units in the past year. As of December 31, 2025, Core Trust maintained total available liquidity of $330 million and unencumbered assets of $1.3 billion.
    • MMST Momentum: As of December 31, 2025, the portfolio maintained 89.7% occupancy and a 74.2% NOI margin, with 6.0% Same-Door NOI growth over the TTM. MMST has delivered 11.07% returns on Class F units since inception while maintaining a prudent 56.5% LTV ratio and completed $887M in acquisitions totaling 3.5 million square feet of self-storage space in the past year. As of December 31, 2025, MMST maintained total available liquidity of $155 million and unencumbered assets of $1.8 billion.
    • Redemption Integrity: Avenue Living has honoured all redemptions payable through February 27, 2026, in full and on time.
    • Capital Strength: MMST and Core Trust's subsidiary, Avenue Living (2014) LP, each maintain investment-grade debt ratings. The Group has successfully completed aggregate senior unsecured debenture offerings of $2.4 billion in the past 12 months, demonstrating continued confidence from the debt capital markets.

Process and Advisors

Special Committees of independent Trustees have been established for each Trust to oversee their respective Strategic Review processes and evaluate any related transactions proposed in connection therewith. Torys LLP, Norton Rose Fulbright Canada LLP, and Burnet, Duckworth & Palmer LLP have been engaged as legal counsel for the respective Trusts, Special Committees and managers, respectively. Management and the Trusts are currently vetting top five financial advisors.

Avenue Living does not intend to disclose further developments regarding either Trust's Strategic Review until such process is concluded or the respective Board of Trustees has approved a specific transaction or alternative. The Strategic Review for each Trust is an independent process, and the outcome, timing, and nature of any resulting transaction for one Trust may differ from the other. There can be no assurance that the Strategic Review will result in a transaction for either Trust or, if a transaction is undertaken, as to its terms, timing or completion.

About Avenue Living

Avenue Living is a property owner-operator with over $9.8 billion in assets under management across more than 50 markets in Canada and the United States. The firm's multi-family division manages more than 23,000 doors throughout the North American heartland. Its self-storage fund owns and operates nearly 13 million square feet of self-storage space, while its agricultural land fund oversees 50,000 acres of farmland. Avenue Living Group focuses on long-term investments in asset classes that impact the lives of everyday North Americans. The firm has strategically built an institutional, proprietary platform that sets it apart from its peers, enabling a customer-centric management model that drives value for its customers, investors, and employees.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") including, without limitation, statements regarding the Strategic Review and possible outcomes, including the timing thereof, payment of distributions, processing of redemptions and capital raising. As noted above, Avenue Living cautions that there can be no assurance that the Strategic Review will result in a transaction or, if a transaction is undertaken, as to its terms, timing or completion. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. The actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, financing and interest rates, general economic and market conditions and other relevant factors. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Avenue Living has no obligation to update such statements.
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