True North Apartment REIT Announces Grant of Stock Options and Implementation of Distribution Reinvestment Plan

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/

TORONTO, July 18, 2012 /CNW/ - True North Apartment Real Estate Investment Trust (the "REIT") (TSXV: TN.UN) is pleased to announce that its Board of Trustees has granted an aggregate of 951,768 unit options ("Unit Options") exercisable for units of the REIT ("Units") to certain directors, officers and employees of the REIT.  The Unit Options were granted under the REIT's Unit Option Plan, effective as of today's date, at an exercise price of $3.93 per Unit.  Each Unit Option entitles the holder to purchase one Unit for a period of five years.

The REIT has also implemented a distribution reinvestment plan ("DRIP") effective as of today's date, which allows unitholders of the REIT to the opportunity to acquire additional Units at a 3% discount to the weighted average closing price of the Units, for the 5 trading days immediately preceding the date of distribution declared by the REIT in respect of Units.  The REIT will determine for each distribution payment date the amount of new equity, if any, that will be made available under the DRIP on that date.  No assurances can be made that new Units will be made available under the DRIP on a regular basis, or at all.  The DRIP provides an efficient and cost-effective way for the REIT to issue additional equity to existing unitholders.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the following: the expected commencement of trading of Units of the REIT.

Although the forward-looking statements contained in this press release are based upon assumptions that management of the REIT believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, which may cause actual results to differ materially from those expressed or implied by such forward-looking statements.

The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

The TSXV has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved the contents of this press release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Daniel Drimmer,
President and Chief Executive Officer
[phone]

or

Martin Liddell
Chief Financial Officer and Secretary
[phone]