Exchange Bulletin

Minto Apartment Real Estate Investment Trust (MI.UN) To Trade On Toronto Stock Exchange

June 28, 2018
Issuer: Minto Apartment Real Estate Investment Trust (the "REIT")
Security: Trust Units ("Units")
Symbol: MI.UN
Issue price per security: $14.50
Number of securities issued and outstanding: 13,794,000
Number of securities reserved for issuance: 28,876,771
Listing category: Industrial
Trading currency: CAD
Transaction: Initial public offering of Units (the "Offering")
Listing date: June 29, 2018 (as at 5:01 p.m.) in anticipation of closing of the Offering
Anticipated closing date: July 3, 2018 (prior to the opening) (the "Closing Date")
Posted for trading date: July 3, 2018 (at the opening) subject to confirmation of closing of the Offering
Other market(s): None
Temporary market maker: TD Securities Inc.
Security ownership registration: Non-Certificated Inventory System
Investor relations: Michael Waters
(613) 782-2369

Julie Morin
(613) 696-8198
Incorporation: The REIT is an unincorporated, open-ended real estate investment trust governed by a declaration of trust dated April 24, 2018, as amended and restated June 27, 2018, under the laws of the Province of Ontario.
Fiscal year end: December 31
Nature of business: The REIT has been formed to own and operate a portfolio of income-producing multi-residential rental properties located in urban markets in Canada. The REIT will initially indirectly acquire a portfolio of 22 multi-residential rental properties, comprising an aggregate of 4,279 suites, located in Toronto, Ottawa, Calgary and Edmonton, from Minto Properties Inc.
Transfer agent and registrar: AST Trust Company (Canada) at its principal offices in Toronto.
Distributions: The REIT initially intends to adopt a distribution policy pursuant to which the REIT will make pro rata monthly cash distributions to Unitholders and, through the Partnership, holders of Class B Units, if any, initially equal to, on an annual basis, approximately 65% of estimated AFFO for theForecasted Period. Pursuant to this distribution policy, distributions will be paid to Unitholders of record at the close of business on the last business day of a month with payment on the 15th day of the month following the record date. The first distribution for the period from Closing to July 31, 2018 will be paid on August 15, 2018, in the amount of $0.03196 per Unit assuming Closing occurs on July 3, 2018. The REIT intends to make subsequent monthly distributions in the estimated amount of $0.03416 per Unit commencing on or about September 15, 2018.
Sponsorship: Not applicable
Disclosure document: Prospectus dated June 22, 2018 which is available at Capitalized terms not otherwise defined herein are as defined in the disclosure document.
Initial public offering: Pursuant to the Offering, 13,794,000 Units will be sold to the public at a price of $14.50 per Unit. In addition, following Closing, Minto Properties Inc. will own, in the aggregate, 22,928,510 Class B Unit.
TSX contact: Julie K. Shin,
Director, Listed Issuer Services,
Toronto Stock Exchange