This note provides an update on the strategic review process for Mini Mall Storage Properties Trust (“Mini Mall”) and the current status of the redemption program[cite: 1]. It is intended to provide financial advisors and their clients with current information regarding the review and pending redemption requests[cite: 1].
When we launched this process in March 2026, we set out to evaluate the best path forward for Mini Mall, including a recommendation to pursue a public listing[cite: 1].
The fundamentals of the business remain strong[cite: 1]. What has changed is the environment in which any transaction would need to be executed[cite: 1].
Market conditions have changed considerably since we initiated the process[cite: 1]. Publicly listed real estate investment trusts continue to trade at notable discounts to underlying asset values, and private capital markets have tightened[cite: 1]. These conditions are directly affecting the strategic options being evaluated and the timing of any potential transaction[cite: 1].
What has not changed is the strength of the underlying business[cite: 1]. Mini Mall’s portfolio continued to grow through the period ended June 30, 2026, with total revenue and NOI increasing approximately 54% year-over-year driven by acquisitions[cite: 1]. Operational performance improved sequentially following the completion of the Yardi platform transition earlier this year[cite: 1]. The underlying business is sound; distributions have been paid consistently throughout this period[cite: 1].
The Board of Trustees (the “Board”) and Management continue to work through the review with the objective of identifying the path that best serves the long-term interests of unitholders[cite: 1]. The review is being conducted with the thoroughness and diligence that a decision of this significance requires[cite: 1]. We will take the time necessary to complete this process thoroughly and will provide further updates as the review progresses rather than setting a fixed timeline today[cite: 1].
Redemption Program Update
Redemption payments were delayed beginning in March 2026 as part of this process[cite: 1]. This redemption delay is being extended while the review continues[cite: 1]. Maintaining this pause ensures equal, orderly treatment for all as the Board evaluates strategic options[cite: 1].
Existing redemption requests remain pending and have not been cancelled[cite: 1]. Unitholders will receive confirmation of their redemption date and payment timeline once the review concludes or at an earlier date as may be determined by the Board[cite: 1].
The current redemption processing date reflected in FundServ is a system-generated placeholder[cite: 1]. It does not represent a confirmed or committed redemption date[cite: 1]. As noted above, redemptions will be processed following the conclusion of the strategic review or at an earlier date as may be determined by the Board[cite: 1]. At that time, Mini Mall will issue formal notice of the applicable redemption and payment dates, and the Fundserv records will be updated accordingly[cite: 1].
For general questions about the strategic review or this communication, please contact
investor-relations@avenueliving.ca[cite: 1].
We thank you for your continued support and partnership[cite: 1].
Forward-Looking Information
This communication 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, and redemptions[cite: 1]. Avenue Living Asset Management Ltd. 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[cite: 1]. 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[cite: 1]. The actual results and performance discussed herein could differ materially from those expressed or implied by such statements[cite: 1]. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations[cite: 1]. 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[cite: 1]. Unless otherwise stated, all forward-looking statements speak only as of the date of this communication and, except as required by applicable law, Avenue Living Asset Management Ltd. has no obligation to update such statements[cite: 1].
