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Minto Apartment Real Estate Investment Trust (MI) investor relations material
Minto Apartment Real Estate Investment Trust Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary8 Sep, 2025
Portfolio overview and market fundamentals
Owns 28 high-quality, urban multi-family properties with 7,598 suites across major Canadian cities, maintaining a 95.9% occupancy rate and an average monthly rent of $2,060 as of June 30, 2025.
Portfolio is diversified geographically: Toronto (36%), Ottawa (35%), Montreal (19%), Calgary (8%), and Vancouver (2%) by property value.
Faces a persistent housing supply shortage in Canada, with population growth consistently outpacing new housing starts, especially in key urban markets.
Renting remains an attractive alternative due to a widening home affordability gap, with average rents tracking wage growth while home prices outpace incomes.
Federal government initiatives aim to increase housing supply, but outcomes remain uncertain and industry reactions are mixed.
Financial and operating performance
Q2 2025 revenue was $38.5M, down 1.1% year-over-year, with NOI at $24.4M and a margin of 63.5%.
Normalized FFO per unit declined 2.5% year-over-year to $0.2391, and normalized AFFO per unit fell 3.2% to $0.2136.
Debt-to-gross book value ratio stands at 43.3%, with 98% of debt at fixed rates and available liquidity of $136.6M.
Commercial leasing activity will add over $1M in annual rent starting in 2026, reducing commercial vacancy to 2%.
Suite repositioning programs delivered an average unlevered return of 8.7% on 58 suites repositioned over the past year.
Strategic initiatives and capital allocation
Completed the maximum allowable unit repurchases under the NCIB program, deploying $43.9M and enhancing cash flow and NAV per unit.
Entered the Metro Vancouver market with a 50% stake in Lonsdale Square, funded without incremental equity and at a discount to market value.
Ongoing development projects in Toronto (610 Martin Grove and The Towns at York Mills and Leslie) are expected to temporarily reduce FFO during lease-up.
Capital recycling reduced the portfolio from 32 to 28 properties, focusing on higher-quality assets and lowering variable-rate debt exposure.
Maintains a disciplined approach to capital allocation, prioritizing debt management, suite repositioning, and selective development.
Strategy to capture gain-to-lease potential
Rationale for 88 Beechwood CDL amendment
Leasing strategies to counter market supply impact
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Next Minto Apartment Real Estate Investment Trust earnings date
Q3 20255 Nov, 2025
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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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