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Minto Apartment REIT increases cash distributions 7.4%

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Minto Apartment REIT increases cash distributions 7.4%

Minto Apartment Real Estate Investment Trust received board approval to increase its cash distributions by 7.4% to an annualized rate of 44.04 Canadian cents per unit from 41 cents apiece, starting with its August monthly cash payout.

The Canadian multifamily REIT, in reporting its second-quarter earnings, said the increase is driven by its continued growth and robust financial performance.

The cash distribution is payable Sept. 16 to unit holders of record as at Aug. 31.