Northern Property Real Estate Investment Trust and True North Apartment Real Estate Investment Trust announced the creation of publicly-traded multi-family REIT. As part of the transactions, NPR will change its name to Northview Apartment Real Estate Investment Trust ("Northview") to reflect the new national character of Northview's portfolio and its future growth strategy. Mr. Todd Cook will serve as President and Chief Executive Officer of Northview, and Mr. Veiner will join Northview as Chief Operating Officer.

Following the completion of the transactions, the Northview Board of Trustees will be comprised of ten members. Pursuant to an agreement to be entered into between Northview and Mr. Drimmer, Mr. Drimmer will have the right to nominate two Trustees to the Board of Northview, one of whom must be independent pursuant to Canadian securities laws. Upon closing, Mr. Drimmer and Mr. Graham Rosenberg will join the Northview Board along with NPR's existing Trustees, with Mr. Douglas H. Mitchell continuing to serve as Chairman of the Board.