|Month||Record Date||Payment Date||Amount|
|November||November 30, 2018||December 14, 2018||$0.03416|
|October||October 31, 2018||November 15, 2018||$0.03416|
|September||September 30, 2018||October 15, 2018||$0.03416|
|August||August 31, 2018||September 17, 2018||$0.03416|
|July *||July 31, 2018||August 15, 2018||$0.03196|
* For the period from the closing of the REIT's IPO on July 3 to July 31
An objective of Minto Apartment REIT is to provide Unitholders with stable, predictable and growing monthly cash distributions on a tax-efficient basis. For Canadian federal income tax purposes, distributions from the REIT will be classified as either income, return of capital, or a combination of income and capital. Unitholders should seek professional advice with respect to the income tax consequences of an investment in the REIT's Units. The REIT will disclose the tax treatment for unitholder distributions by the end of February in each calendar year.