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Minto Apartment Real Estate Investment Trust (MI) investor relations material
Minto Apartment Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved year-over-year Same Property Portfolio (SPP) revenue growth of 1.6% in Q3 2025, driven by a 2.4% increase in unfurnished suite revenue and 10.3% growth in commercial revenue, despite elevated supply and slower population growth.
Sequential increase in closing occupancy to 96.5% through targeted leasing initiatives.
Board approved a 2.9% increase in annual distributions, marking the seventh consecutive annual increase since 2018.
Normalized FFO and AFFO per unit grew slightly, aided by unit buybacks but offset by NOI loss from asset disposition and lower interest income.
Financial highlights
SPP revenue rose 1.6% year-over-year to CAD 39.1 million; commercial revenue up 10.3%.
SPP NOI increased 0.7% to CAD 25.6 million; NOI margin declined to 65.5% from 66.1%.
Normalized FFO per unit increased 0.6% to $0.2604; Normalized AFFO per unit rose 0.1% to $0.2348.
Total portfolio revenue declined 1.9% year-over-year due to asset sales.
CAD 3.6 million of units repurchased in Q3 under NCIB at CAD 14.25 average price; maximum allowable units acquired for CAD 43.9 million.
Outlook and guidance
Revenue growth for 2026 expected in the 3%-5% range, with expense growth similar or slightly higher; NOI margin expected flat to slightly compress.
Management expects to reposition 50 to 70 suites in 2025 to optimize yields and FFO/AFFO per unit.
Commercial segment to be a tailwind, while furnished suite headwinds are expected to diminish.
Interest expense anticipated to rise modestly in 2026 due to refinancing.
Continued focus on occupancy, rent optimization, and capital returns through unit buybacks.
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