Minto Apartment Real Estate Investment Trust
TSX:MI.UN

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Minto Apartment Real Estate Investment Trust
TSX:MI.UN
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Price: 13.02 CAD -0.76%
Market Cap: 476.9m CAD

Minto Apartment Real Estate Investment Trust
Investor Relations

Minto Apartment Real Estate Investment Trust engages in the operation of multi-residential rental properties in Toronto, Ottawa, Montréal, Calgary, and Edmonton. The company is headquartered in Ottawa, Ontario. The company went IPO on 2018-07-03. The firm is a real estate investment trust that owns and operates a portfolio of approximately 29 multi-residential rental properties comprising approximately 7,277 in Toronto, Ottawa, Montreal, Calgary, and Edmonton. The Company’s properties include Richgrove, Martin Grove, Minto Yorkville, Roehampton, Minto one80five, Parkwood Hills Garden Homes & Townhomes, Aventura, Huron, Seneca, Castleview, Skyline, The Carlisle, Castle Hill, Grenadier, Tanglewood, Eleanor, Frontenac, Stratford, Laurier, The Lancaster House, York House, Hi-Level Place, Kaleidoscope, and The Quarters.

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MI.UN
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 5, 2025
AI Summary
Q3 2025

Revenue Growth: Minto Apartment REIT reported steady revenue growth in Q3, with total same-property revenue up 1.6% and unfurnished suite rent growth of 4.5%.

Occupancy & Leasing: Closing occupancy increased by 50 bps sequentially to 96.5%, driven by targeted leasing efforts, despite higher turnover rates.

FFO & AFFO: Normalized FFO and AFFO per unit rose by 0.6% and 0.1% respectively, aided by cost control and unit buybacks.

Distributions: The Board approved a 2.9% increase in distributions, marking the seventh consecutive annual raise.

Incentives & Market Dynamics: Promotional incentives remain elevated, especially in markets with higher supply like Vancouver, and are expected to continue at current levels.

Cost Pressures: Operating expenses increased by 3.6% due to higher staffing and marketing costs, resulting in a slight contraction of NOI margin.

Outlook: Management expects 2026 revenue and expenses to grow 3–5%, with NOI margins flat to slightly down, and commercial leasing as a tailwind.

Key Financials
Same-property portfolio revenue
$39.1 million
Unfurnished suite portfolio average monthly rent growth
4.5%
Commercial revenue growth
10.3%
Same-property NOI
$25.6 million
Same-property NOI margin
65.5%
Closing occupancy
96.5%
Annualized turnover (same-property portfolio)
30%
Normalized AFFO payout ratio
55.4%
Units repurchased under NCIB
$3.6 million in Q3; $43.9 million total program
Distribution increase
2.9%
Operating expense growth (same-property)
3.6%
Total liquidity at quarter end
$124 million
Weighted average term to maturity on term debt
5.1 years
Weighted average effective interest rate
3.65%
Fixed debt as percentage of total debt
97%
Realized gain on lease
3.2%
Embedded gain to lease potential
8.2% or $11.6 million
Number of suites repositioned in Q3
16
Average ROI from suite repositioning in Q3
11.6%
Average ROI from suite repositioning (past 4 quarters)
9.3%
Furnished suite revenue decrease
down 14.5% from Q3 2024
Incentive value offered in Q3
$800,000
2026 revenue growth guidance
3% to 5%
2026 expense growth guidance
3% to 5%, towards the higher end
2026 NOI growth guidance
3% to 4%
Other Earnings Calls

Management

Mr. Roger Greenberg
Executive Chairman
No Bio Available
Mr. Jonathan Li
President, CEO & Director
No Bio Available
Mr. Edward Fu
Chief Financial Officer
No Bio Available
Mr. Paul Baron C.F.A.
Senior Vice President of Operations
No Bio Available
Mr. Roderick Glen MacMullin BA, CPA, CA
Chief Investment Officer
No Bio Available
Mr. John Edward Moss
General Counsel & Corporate Secretary
No Bio Available
Ms. Jo-Ann Taylor-Ryan
Chief Human Resources Officer
No Bio Available
Mr. Martin Tovey
Senior Vice President of Investments
No Bio Available
Mr. Ben Mullen
Senior Vice President of Asset Management
No Bio Available

Contacts

Address
ONTARIO
Ottawa
200 - 180 Kent Street
Contacts