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. It is intended to provide financial advisors and their clients with current information regarding the review and pending redemption requests.
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.
The fundamentals of the business remain strong. What has changed is the environment in which any transaction would need to be executed.
Market conditions have changed considerably since we initiated the process. Publicly listed real estate investment trusts continue to trade at notable discounts to underlying asset values, and private capital markets have tightened. These conditions are directly affecting the strategic options being evaluated and the timing of any potential transaction.
What has not changed is the strength of the underlying business. 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. Operational performance improved sequentially following the completion of the Yardi platform transition earlier this year. The underlying business is sound; distributions have been paid consistently throughout this period.
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. The review is being conducted with the thoroughness and diligence that a decision of this significance requires. 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.
Redemption payments were delayed beginning in March 2026 as part of this process. This redemption delay is being extended while the review continues. Maintaining this pause ensures equal, orderly treatment for all as the Board evaluates strategic options.
Existing redemption requests remain pending and have not been cancelled. 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.
A note on FundServ: The current redemption processing date reflected in FundServ is a system-generated placeholder. It does not represent a confirmed or committed redemption date. 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. At that time, Mini Mall will issue formal notice of the applicable redemption and payment dates, and the Fundserv records will be updated accordingly.
For general questions about the strategic review or this communication, please contact [email protected]. We thank you for your continued support and partnership.
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. 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. 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 communication and, except as required by applicable law, Avenue Living Asset Management Ltd. has no obligation to update such statements.
