BRIEF-Milestone Apartments REIT Announces Internalization of Asset Management

Tue Jul 26, 2016 5:57pm EDT
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July 26 (Reuters) - Milestone Apartments Real Estate Investment Trust

* As a result of internalization, annual management fee and incentive fee expenses will be eliminated.

* Terms of transaction were negotiated,unanimously recommended for approval by independent trustees of REIT

* Says action immediately accretive to REIT's AFFO per unit by approximately 4%

* Robert Landin,all other asset manager personnel to become employees of subsidiary of REIT

* Milestone apartments REIT announces internalization of asset management

* Co's operating partnership will acquire TMG Partners L.P., REIT's external asset for $25.0 million in cash

* Deal expected to be funded with a drawdown on REIT's revolving line of credit, and 5.3 million class B limited partnership units

* Aggregate consideration for TMG Partners L.P. is approximately $106.5 million

* Expects to incur about $3 million annually of additional salaries, overhead due to internalization Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)