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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.
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Q3 2025 earnings summary5 Nov, 2025

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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Frequently asked questions

Minto Apartment Real Estate Investment Trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada. Management focuses on creating long-term shareholder value through the acquisition, renovation and subsequent leasing of apartment complexes. The Company's strategy is to acquire apartment complexes that have demonstrated potential for capital appreciation over time as well as favorable cash flow characteristics. Minto Apartment Real Estate Investment Trust is based in Ottawa, Canada.

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