Minto Apartment Real Estate Investment Trust (MI) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually with all board members and key executives introduced.

• Agenda included financial statements, trustee elections, auditor reappointment, and a say-on-pay resolution.

• Voting and Q&A procedures explained for virtual participation.

• Quorum confirmed and meeting formally convened.

Financial performance review

• Portfolio comprised 28 properties with 7,598 suites and 95.8% occupancy at end of 2024; average rent CAD 1,990.

• Divested three Ottawa properties for CAD 101.8M, refinanced properties for CAD 90.4M, and received CAD 44M from loan repayments.

• Same property NOI grew 7.9% to CAD 100.2M; normalized AFFO up 15% to CAD 0.875 per unit.

• Debt-to-adjusted EBITDA improved to 11x; liquidity nearly doubled to CAD 188M.

• AFFO per unit grew 21% since first full year; net asset value per unit up 27% since IPO.

Board and executive committee updates

• Seven trustees nominated and elected, all incumbents, to serve until the next AGM.

• No other nominations received; majority voting policy in place.