Minto Apartment Real Estate Investment Trust announced that its Chief Executive Officer, Michael Waters, will step back from his management responsibilities at the REIT to focus on his role as Chief Executive Officer of the Minto Group. Mr. Waters will continue to serve as a Trustee of the REIT. Effective April 3, 2023, Jonathan Li, who currently serves as the REIT's President and Chief Operating Officer, will assume the role of President and Chief Executive Officer.

Since joining the REIT in April 2022, Mr. Li has overseen all aspects of its real estate portfolio and operations and has led the teams overseeing the firm's asset management, development, property operations and investor relations. He has also played a leading role in executing the REIT's strategy and business plan, including capital allocation, balance sheet management and human resources. Following Mr. Li's appointment, the REIT will have taken a major step in its long-term internalization process, with both the CEO and CFO functions being fully internalized.

Mr. Li will join Eddie Fu, the REIT's Chief Financial Officer, as full-time C-suite executives of the REIT and will direct REIT's overall strategy, operations development, capital allocation, asset management and balance sheet management.