Minto Apartment Real Estate Investment Trust
TSX:MI.UN
Minto Apartment Real Estate Investment Trust
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.
Stable Operating Performance: Minto Apartment REIT delivered stable Q2 results, with same-property revenue up 2.3% and same-property NOI up 1.6% year-over-year.
Occupancy & Incentives: Occupancy remained steady at around 96%, but management is using increased marketing and incentives to maintain this level amid elevated tenant turnover and new supply.
Rental Growth: Average market rent for unfurnished suites rose 5.2%, though realized gain on lease for new tenants softened to 4.7%, with incentives absorbing much of the uplift.
Earnings Pressure: Normalized FFO and AFFO per unit fell 2.5% and 3.2%, respectively, due to asset sales and lower interest income.
Commercial Leasing Progress: New commercial leases signed are expected to add over $1 million in annual rent starting mainly in 2026.
Furnished Suite Wind Down: Revenue from furnished suites dropped 19.1% with ongoing conversion to unfurnished units; management is taking a cautious, market-by-market approach to optimize cash flow.
Outlook: Management expects occupancy and expense trends to persist, but sees long-term rental demand as strong despite near-term headwinds from new supply and regulatory changes.
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