Minto Apartment REIT Reports 2025 Third Quarter Financial Results and Announces Distribution Increase
— Annual distribution increased for seventh consecutive year —
OTTAWA, ON, Nov. 4, 2025 /CNW/ – Minto Apartment Real Estate Investment Trust (the “REIT”) (TSX: MI.UN) today announced its financial results for the third quarter and nine months ended September 30, 2025 (“Q3 2025” and “YTD 2025”, respectively). The Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q3 2025 and YTD 2025 are available on the REIT’s website at www.mintoapartmentreit.com and at www.sedarplus.ca.1
“We generated continued year-over-year SPP revenue growth in the third quarter, underpinned by the steady growth in unfurnished suite revenue of 2.4% and 10.3% growth in commercial revenue,” said Jonathan Li, President and Chief Executive Officer of the REIT. “We achieved this growth despite headwinds from increased supply in certain markets and slowing population growth. We were able to drive occupancy through targeted strategic initiatives and active management, resulting in a sequential increase in closing occupancy to 96.5%. Additionally, we were able to grow Normalized FFO and AFFO per unit, despite the reduction in capitalized interest and lower finance income from the repayment of two CDLs, by carefully managing operating expenses and prudently deploying capital through the NCIB program.”
“I am also pleased to announce a 2.9% increase to our monthly distributions. This marks the seventh consecutive year that the REIT has increased distributions, having done so in every year following its inception in 2018.”
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Q3 2025
Highlights
- Same Property Portfolio (“SPP”)[2] revenue was $39.1 million, an increase of 1.6% compared to the third quarter ended September 30, 2024 (“Q3 2024”);
- Revenue of $39.1 million decreased by 1.9% compared to Q3 2024 due to the sale of Castleview in Ottawa, partially offset by higher SPP revenue;
- SPP average monthly rent was $2,064, an increase of 4.5% compared to Q3 2024;
- Average occupancy of unfurnished suites was 95.2%, compared to 97.1% in Q3 2024;
- The REIT executed 549 new leases, achieving an average rental rate that was 3.2% higher than the expiring rents. The gain-to-lease potential on sitting rents was 8.2% as at September 30, 2025;
- SPP annualized turnover was 30%, representing a 400 basis point increase compared to Q3 2024;
- SPP Net Operating Income (“NOI”) was $25.6 million, an increase of 0.7% compared to Q3 2024 and SPP NOI margin was 65.5%, compared to 66.1% in Q3 2024;
- Normalized Funds from Operations (“Normalized FFO”) were $0.2604 per unit, an increase of 0.6% compared to $0.2588 per unit in Q3 2024;
- Normalized Adjusted Funds from Operations (“Normalized AFFO”) were $0.2348 per unit, an increase of 0.1% compared to $0.2345 per unit in Q3 2024;
- Net loss and comprehensive loss was $30.2 million, compared to a net loss and comprehensive loss of $41.9 million in Q3 2024;
- In the quarter, the REIT purchased $3.6 million of trust units (“Units”) under its previously authorized normal course issuer bid (“NCIB”) at a weighted average purchase price of $14.25 per Unit. Since November 2024, the REIT has purchased 3,283,584 Units, the maximum number allowable. This was accomplished at a weighted average purchase price of $13.37 per Unit for a total of $43.9 million;
- On September 8, 2025, the REIT published its 2024 Sustainability Report, demonstrating strong performance in sustainable rental housing management and confirming its commitment to responsible property investment; and,
- The REIT renewed its NCIB program which permits the acquisition of up to 3,471,354 Units, including up to 34,984 Units on any given trading day, and is active from October 1, 2025 to September 30, 2026.
- The REIT renewed its NCIB program which permits the acquisition of up to 3,471,354 Units, including up to 34,984 Units on any given trading day, and is active from October 1, 2025 to September 30, 2026.
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Subsequent Event – Distribution Increase
The REIT’s Board of Trustees has approved a 2.9% increase to the REIT’s annual distribution, raising it from $0.5200 to $0.5350 per unit. The new monthly distribution will be $0.04458 per unit, up from the current $0.04333 per unit. The increase will be effective for the REIT’s November 2025 cash distribution, payable on December 15, 2025.
Financial Summary
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Revenue from investment properties |
$ 39,054 |
$ 39,818 |
(1.9) % |
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$ 115,542 |
$ 117,654 |
(1.8) % |
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Property operating costs |
7,450 |
7,279 |
(2.3) % |
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22,518 |
21,872 |
(3.0) % |
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Property taxes |
3,781 |
3,925 |
3.7 % |
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11,400 |
11,844 |
3.7 % |
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Utilities |
2,260 |
2,238 |
(1.0) % |
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8,319 |
8,223 |
(1.2) % |
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NOI |
$ 25,563 |
$ 26,376 |
(3.1) % |
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$ 73,305 |
$ 75,715 |
(3.2) % |
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NOI margin (%) |
65.5 % |
66.2 % |
(70) bps |
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63.4 % |
64.4 % |
(100) bps |
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Revenue – SPP |
$ 39,054 |
$ 38,422 |
1.6 % |
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$ 115,229 |
$ 112,957 |
2.0 % |
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NOI – SPP |
25,563 |
25,397 |
0.7 % |
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73,137 |
72,678 |
0.6 % |
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NOI margin (%) – SPP |
65.5 % |
66.1 % |
(60) bps |
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63.5 % |
64.3 % |
(80) bps |
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Net loss and comprehensive loss |
(30,206) |
(41,851) |
27.8 % |
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(15,629) |
(27,855) |
43.9 % |
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Funds from Operations (“FFO”) |
16,264 |
17,203 |
(5.5) % |
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$ 45,708 |
$ 48,891 |
(6.5) % |
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FFO per unit |
0.2604 |
0.2620 |
(0.6) % |
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0.7196 |
0.7445 |
(3.3) % |
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Adjusted Funds from Operations (“AFFO”) |
14,664 |
15,607 |
(6.0) % |
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40,696 |
44,074 |
(7.7) % |
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AFFO per unit |
0.2348 |
0.2377 |
(1.2) % |
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0.6407 |
0.6712 |
(4.5) % |
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Distribution rate per unit |
$ 0.1300 |
$ 0.1262 |
3.0 % |
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$ 0.3900 |
$ 0.3787 |
3.0 % |
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AFFO payout ratio |
55.4 % |
53.1 % |
(230) bps |
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60.9 % |
56.4 % |
(450) bps |
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Normalized FFO |
$ 16,264 |
$ 16,999 |
(4.3) % |
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$ 45,708 |
$ 48,016 |
(4.8) % |
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Normalized FFO per unit |
0.2604 |
0.2588 |
0.6 % |
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0.7196 |
0.7312 |
(1.6) % |
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Normalized AFFO |
14,664 |
15,403 |
(4.8) % |
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40,883 |
43,199 |
(5.4) % |
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Normalized AFFO per unit |
$ 0.2348 |
$ 0.2345 |
0.1 % |
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$ 0.6437 |
$ 0.6579 |
(2.2) % |
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Normalized AFFO payout ratio |
55.4 % |
53.8 % |
(160) bps |
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60.6 % |
57.6 % |
(300) bps |
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Average monthly rent |
$ 2,074 |
$ 1,969 |
5.3 % |
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$ 2,074 |
$ 1,969 |
5.3 % |
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Average monthly rent – SPP |
$ 2,064 |
$ 1,976 |
4.5 % |
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$ 2,064 |
$ 1,976 |
4.5 % |
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Closing occupancy |
96.3 % |
97.4 % |
(110) bps |
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96.3 % |
97.4 % |
(110) bps |
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Closing occupancy – SPP |
96.5 % |
97.3 % |
(80) bps |
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96.5 % |
97.3 % |
(80) bps |
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Average occupancy |
95.2 % |
97.1 % |
(190) bps |
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95.4 % |
97.0 % |
(160) bps |
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Average occupancy – SPP |
95.3 % |
97.1 % |
(180) bps |
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95.4 % |
97.0 % |
(160) bps |
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Proportionate Debt-to-Gross Book Value ratio |
44.3 % |
42.5 % |
180 bps |
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Proportionate Debt-to-Adjusted EBITDA ratio |
11.67x |
11.04x |
0.63x |
Summary of Q3 2025 Operating Results
SPP Revenue and Net Operating Income
The REIT generated SPP revenue growth of 1.6% in Q3 2025 compared to Q3 2024, reflecting a 2.4% increase in unfurnished suite revenue, primarily due to a 4.5% increase in SPP average monthly rent. This growth was partially offset by lower average occupancy for unfurnished suites and the use of promotions resulting from elevated supply in several of the REIT’s markets, and reduced revenue from furnished suites. Management has actively driven leasing activity to absorb vacancy and, in doing so, has offered targeted promotions, consistent with current market practices. SPP closing occupancy improved by 50 basis points from the second quarter ended June 30, 2025 (“Q2 2025”) to 96.5% despite higher turnover, reflecting the effectiveness of the REIT’s strategic leasing initiatives. The REIT has also continued to wind down its furnished suite portfolio, converting 24 furnished suites to unfurnished since Q3 2024. The pace of conversions at each property is subject to local market leasing conditions in order to optimize yields and FFO and AFFO per unit.
SPP NOI was $25.6 million in Q3 2025, an increase of 0.7% compared to Q3 2024. The increase reflects SPP revenue growth, partially offset by a 3.6% rise in operating expenses. The increase in operating expenses was primarily driven by a 5.0% rise in property operating costs, due to the filling of vacant positions, and higher marketing costs to drive leasing activity. Property taxes were consistent with Q3 2024, as lower assessed values and rates in Calgary were offset by increased rates in Montreal, Toronto, and Ottawa. Utilities costs increased 5.3% compared to Q3 2024, driven by higher electricity and water expenses, partially offset by lower natural gas costs, primarily due to the cancellation of the carbon tax. SPP NOI margin was 65.5% in Q3 2025, compared to 66.1% in Q3 2024.
Normalized FFO and AFFO per Unit
Normalized FFO and AFFO per unit increased by 0.6% and 0.1%, respectively, in Q3 2025 compared to Q3 2024. The growth was driven by accretive Unit buybacks under the NCIB and a decline in general and administrative costs, partially offset by a reduction in NOI, a decline in capitalized interest from a lower average outstanding balance on the revolving credit facility, and lower interest income following the repayment of two convertible development loans.
NAV per unit and IFRS Net Income and Comprehensive Income
The REIT’s net asset value (“NAV”) per unit as at September 30, 2025 was $22.45, a 2.8% decrease compared to $23.10 as at June 30, 2025. The decrease was primarily attributable to a non-cash fair value loss on investment properties of $47.7 million in Q3 2025, driven by capitalization rate expansion, mainly in the Ottawa portfolio, and an increase in the capital expenditure reserve, partially offset by growth in forecast NOI for the portfolio and the accretive impact of the NCIB program.
The REIT reported a net loss and comprehensive loss of $30.2 million in Q3 2025, compared to $41.9 million in Q3 2024. The variance was primarily attributable to a non-cash fair value gain of $7.7 million on Class B LP Units in Q3 2025, reflecting a decrease in the Unit price during the quarter, compared to a fair value loss of $54.3 million in Q3 2024. This was partially offset by a non-cash fair value loss on investment properties of $47.7 million in Q3 2025, as noted above, which compares to a loss of $2.6 million in Q3 2024.
Gain-on-Lease, Gain-to-Lease Potential, Suite Turnover and Suite Repositioning
The REIT generated organic growth through 549 new leases signed in Q3 2025, achieving an average gain-on-lease of 3.2%. The realized gain-on-lease contracted from Q2 2025 as market rents have slightly declined and turnover remains lower for suites with tenants whose sitting rents are well below current market rates.
The REIT estimates a gain-to-lease potential of 8.2% as at September 30, 2025, representing future annualized potential revenue of approximately $11.6 million.
SPP annualized turnover increased to 30% in Q3 2025, compared to 26% in Q3 2024, as rental markets in Toronto, Calgary, and Ottawa absorb increases in supply. Despite the rise in turnover, SPP closing occupancy increased to 96.5% in Q3 2025, up 50 basis points from Q2 2025, as the REIT’s strategic leasing initiatives led to an elevated number of leases signed and a higher volume of move-ins compared to move-outs.
The REIT repositioned a total of 16 suites across its portfolio in Q3 2025, generating an average annual unlevered return on investment of 11.6%. Management currently expects to reposition 50 to 70 suites in 2025, compared to the 48 completed in 2024.
Solid Balance Sheet
As at September 30, 2025, the REIT had, on a Proportionate Share Basis, Total Debt outstanding of $1.2 billion, with a weighted average effective interest rate on Term Debt of 3.65% and a weighted average term to maturity on Term Debt of 5.07 years. The REIT’s Proportionate Debt-to-Gross Book Value ratio was 44.3%, compared to 42.5% as at December 31, 2024, and its Proportionate Debt-to-Adjusted EBITDA ratio was 11.67x, compared to 11.04x as at December 31, 2024.
The REIT continues to maintain a strong financial position. Total liquidity on a Proportionate Share Basis was approximately $124.0 million as at September 30, 2025, with a liquidity ratio (Total liquidity/Total Debt) of 10.6% on a Proportionate Share Basis.
Conference Call
Management will host a conference call for analysts and investors on Wednesday, November 5, 2025 at 10:00 am ET. To join the conference call without operator assistance, participants can register and enter their phone number at https://registrations.events/easyconnect/6117470/rec0aS1WoO6aHLUmY/ to receive an instant automated call back. Alternatively, they can dial 647-932-3411 or 800-715-9871 to reach a live operator who will join them into the call.
In addition, the call will be webcast live at:
Minto Apartment REIT Q3 2025 Earnings Webcast
A replay of the call will be available until Wednesday, November 12, 2025. To access the replay, dial 647-362-9199 or 800-770-2030 (Passcode: 6117470 #). A transcript of the call will be archived on the REIT’s website.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in primarily urban centres in Canada’s major markets of Toronto, Montreal, Ottawa, Calgary, and Vancouver. For more information on Minto Apartment REIT, please visit the REIT’s website at: www.mintoapartmentreit.com.
Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable Canadian securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “predict”, “expect”, “goal”, “seek”, “strategy”, “future”, “intend”, “plan”, “will”, “may”, “could”, “should”, “estimate”, “potential”, “might”, “likely”, “occur”, “achieve”, “continue”, or the negative thereof, and other similar expressions. These statements are not historical facts but instead represent Management’s expectations, estimates, forecasts and projections regarding future events and circumstances, including the impact of current economic conditions which include trade disputes, interest rate uncertainty, and inflation, among other factors, on the REIT’s business, operations and financial results. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risks and Uncertainties” in the REIT’s management’s discussion and analysis dated November 4, 2025, which is available on SEDAR+ (www.sedarplus.ca). There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-IFRS and Other Financial Measures
This news release contains certain non-IFRS and other financial measures which are measures commonly used by publicly traded entities in the real estate industry. Management believes that these metrics are useful for measuring different aspects of performance and assessing the underlying operating and financial performance on a consistent basis. However, these measures do not have a standardized meaning prescribed by IFRS Accounting Standards (“IFRS”) and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should strictly be considered supplemental in nature and not a substitute for financial information prepared in accordance with IFRS. The REIT has adopted the guidance under NI 52-112 Non-GAAP and Other Financial Measures Disclosure for the purpose of this news release. These non-IFRS and other financial measures are defined below:
- “AFFO” is defined as FFO adjusted for items such as maintenance capital expenditures, straight-line rental revenue differences, and direct leasing costs. AFFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The REIT’s method of calculating AFFO is substantially in accordance with REALPAC’s recommendations under the revised publication titled ”REALPAC Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) for IFRS” published in January 2022, except that it adjusts for certain non-cash items (such as adjustments for the amortization of mark-to-market adjustments related to debt), but may differ from other issuers’ methods and, accordingly, may not be comparable to AFFO reported by other issuers. The REIT regards AFFO as a key measure of operating performance. The REIT also uses AFFO in assessing its capacity to make distributions.
- “AFFO per unit” is calculated as AFFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. The REIT regards AFFO per unit as a key measure of operating performance.
- “AFFO payout ratio” is the proportion of per unit distributions on Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership, excluding special non-cash distributions, to AFFO per unit. The REIT uses AFFO payout ratio in assessing its capacity to make distributions.
- “annualized turnover” is calculated as the number of move-outs for the period divided by total number of unfurnished suites in the portfolio. This percentage is extrapolated to determine an annual rate.
- “average annual unlevered return” refers to the return on repositioning activities, and is calculated by dividing the average annual rental increase per suite after repositioning by the average repositioning cost per suite, excluding the impact of financing costs.
- “average monthly rent” represents the average monthly rent per suite for occupied unfurnished suites at the end of the period on a Proportionate Share Basis.
- “average occupancy” is defined as the ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio for the period on a Proportionate Share Basis.
- “closing occupancy” is defined as the ratio of occupied unfurnished suites to the total unfurnished suites in the portfolio at the end of the period on a Proportionate Share Basis.
- “Debt-to-Adjusted EBITDA ratio” is calculated by dividing interest-bearing debt (net of cash) by Adjusted EBITDA. Adjusted EBITDA is a non-IFRS financial measure and is used for evaluation of the REIT’s financial health and liquidity. Adjusted EBITDA is calculated as the trailing twelve-month NOI adjusted for a full year of stabilized earnings including finance income, fees and other income and general and administrative expenses from recently completed acquisitions or dispositions, but excluding fair value adjustments. The REIT regards Debt-to-Adjusted EBITDA ratio as a measure of financial health and liquidity.
- “Debt-to-Gross Book Value ratio” is calculated by dividing total interest-bearing debt consisting of fixed and variable-rate mortgages, credit facility, construction loans and Class C limited partnership units of Minto Apartment Limited Partnership by Gross Book Value and is used as the REIT’s primary measure of its leverage.
- “FFO” is defined as IFRS consolidated net income adjusted for items such as unrealized changes in the fair value of investment properties, effects of puttable instruments classified as financial liabilities, and changes in fair value of financial instruments and derivatives. FFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The REIT’s method of calculating FFO is substantially in accordance with REALPAC’s recommendations under the revised publication titled ”REALPAC Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) for IFRS” published in January 2022, but may differ from other issuers’ methods and, accordingly, may not be comparable to FFO reported by other issuers. The REIT regards FFO as a key measure of operating performance.
- “FFO per unit” is calculated as FFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. The REIT regards FFO per unit as a key measure of operating performance.
- “gain-on-lease” refers to the gap between rents achieved on new leases of unfurnished suites as compared to expiring leases.
- “gain-to-lease potential” refers to the gap between Management’s estimate of monthly market rent and average monthly in-place rent per occupied unfurnished suite.
- “Gross Book Value” is calculated as the total assets of the REIT as at the applicable balance sheet date.
- “NAV” is calculated as the sum of the value of REIT Unitholders’ equity and Class B limited partnership units of Minto Apartment Limited Partnership as at the applicable balance sheet date.
- “NAV per unit” is calculated by dividing NAV by the number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding as at the applicable balance sheet date.
- “NOI” is defined as revenue from investment properties less property operating costs, property taxes and utilities (collectively referred to as “property operating expenses” or “operating expenses”) prepared in accordance with IFRS. NOI should not be construed as an alternative to net income determined in accordance with IFRS. The REIT’s method of calculating NOI may differ from other issuers’ methods and, accordingly, may not be comparable to NOI reported by other issuers. The REIT regards NOI as an important measure of the income generated from income-producing properties and is used by Management in evaluating the performance of the REIT’s properties. It is also a key input in determining the value of the REIT’s properties.
- “NOI margin” is defined as NOI divided by revenue from investment properties.
- “Normalized AFFO” is calculated as AFFO net of nonrecurring items that occurred during the period which are not indicative of the REIT’s typical operating results.
- “Normalized AFFO per unit” is calculated as Normalized AFFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period.
- “Normalized AFFO payout ratio” is the proportion of the per unit distributions on Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership, excluding special non-cash distributions, to Normalized AFFO per unit.
- “Normalized FFO” is calculated as FFO net of nonrecurring items that occurred during the period which are not indicative of the REIT’s typical operating results.
- “Normalized FFO per unit” is calculated as Normalized FFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period.
- “Proportionate Share Basis” represents financial information adjusted to reflect the REIT’s effective ownership share of joint venture results on a proportionately consolidated basis. This adjustment addresses the accounting difference arising from the use of the equity method for joint ventures under IFRS.
- “Term Debt” is calculated as the sum of the amortized cost of fixed rate mortgages, a variable-rate mortgage fixed through an interest rate swap and Class C LP Units.
- “Total Debt” is calculated as the sum of the amortized cost of interest-bearing debt consisting of a variable-rate credit facility and fixed rate debt comprised of mortgages, a variable-rate mortgage fixed through an interest rate swap, Class C LP Units, and the construction loan.
- “Total liquidity” is calculated as the sum of the undrawn balance under the revolving credit facility and cash.
- “weighted average effective interest rate on Term Debt” is calculated as the weighted average of the effective interest rates on the outstanding balances of fixed rate mortgages, a variable-rate mortgage fixed through an interest rate swap and Class C limited partnership units of Minto Apartment Limited Partnership on a Proportionate Share Basis.
- “weighted average term to maturity on Term Debt” is calculated as the weighted average of the term to maturity on the outstanding fixed rate mortgages, a variable-rate mortgage fixed through an interest rate swap and Class C limited partnership units of Minto Apartment Limited Partnership on a Proportionate Share Basis.
Reconciliations of Non-IFRS Financial Measures and Ratios
FFO and AFFO
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Net loss and comprehensive loss |
$ (30,206) |
$ (41,851) |
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$ (15,629) |
$ (27,855) |
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Distributions on Class B LP Units |
3,348 |
377 |
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10,044 |
6,880 |
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Disposition costs on investment property |
— |
— |
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604 |
615 |
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Fair value loss (gain) on: |
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Investment properties |
47,729 |
2,582 |
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36,430 |
49,547 |
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Class B LP Units |
(7,727) |
54,343 |
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11,332 |
18,286 |
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Interest rate swap |
134 |
766 |
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480 |
1,041 |
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Unit-based compensation |
(314) |
986 |
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(143) |
377 |
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Adjustment for equity-accounted entity |
3,300 |
— |
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2,590 |
— |
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16,264 |
17,203 |
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45,708 |
48,891 |
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Maintenance capital expenditure reserve |
(1,507) |
(1,514) |
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(4,532) |
(4,567) |
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Amortization of mark-to-market adjustments |
(67) |
(74) |
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(228) |
(219) |
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Commercial straight-line rent adjustments |
(26) |
(8) |
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(65) |
(31) |
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Direct leasing costs |
— |
— |
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(187) |
— |
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$ 14,664 |
$ 15,607 |
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$ 40,696 |
$ 44,074 |
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Weighted average number of Units and Class B LP Units issued and outstanding |
62,456,164 |
65,671,690 |
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63,517,331 |
65,666,944 |
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$ 0.2604 |
$ 0.2620 |
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$ 0.7196 |
$ 0.7445 |
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$ 0.2348 |
$ 0.2377 |
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$ 0.6407 |
$ 0.6712 |
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$ 0.1300 |
$ 0.1262 |
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$ 0.3900 |
$ 0.3787 |
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55.4 % |
53.1 % |
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60.9 % |
56.4 % |
Normalized FFO and AFFO
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FFO |
$ 16,264 |
$ 17,203 |
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$ 45,708 |
$ 48,891 |
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AFFO |
14,664 |
15,607 |
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40,696 |
44,074 |
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Insurance recoveries |
— |
(204) |
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— |
(875) |
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|
$ 16,264 |
$ 16,999 |
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45,708 |
48,016 |
|
|
$ 0.2604 |
$ 0.2588 |
|
$ 0.7196 |
$ 0.7312 |
|
|
|
|
|
|
|
|
Direct leasing costs |
— |
— |
|
187 |
— |
|
|
$ 14,664 |
$ 15,403 |
|
40,883 |
43,199 |
|
|
$ 0.2348 |
$ 0.2345 |
|
$ 0.6437 |
$ 0.6579 |
|
|
$ 0.1300 |
$ 0.1262 |
|
$ 0.3900 |
$ 0.3787 |
|
|
55.4 % |
53.8 % |
|
60.6 % |
57.6 % |
NOI and NOI Margin
Same Property Portfolio
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Revenue from investment properties |
$ 39,054 |
$ 38,422 |
|
$ 115,229 |
$ 112,957 |
|
Operating expenses |
13,491 |
13,025 |
|
42,092 |
40,279 |
|
NOI |
$ 25,563 |
$ 25,397 |
|
$ 73,137 |
$ 72,678 |
|
NOI margin |
65.5 % |
66.1 % |
|
63.5 % |
64.3 % |
Total Portfolio
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Revenue from investment properties |
$ 39,054 |
$ 39,818 |
|
$ 115,542 |
$ 117,654 |
|
Operating expenses |
13,491 |
13,442 |
|
42,237 |
41,939 |
|
NOI |
$ 25,563 |
$ 26,376 |
|
$ 73,305 |
$ 75,715 |
|
NOI margin |
65.5 % |
66.2 % |
|
63.4 % |
64.4 % |
Proportionate Debt-to-Gross Book Value Ratio
|
|
|
|
|
|
|
|
|
Class C LP Units |
$ 176,020 |
$ 214,290 |
|
Mortgages |
845,190 |
846,079 |
|
Construction loan |
59,046 |
40,403 |
|
Credit facility |
32,625 |
24,500 |
|
Mortgage held by joint venture |
52,668 |
— |
|
Total Debt – Proportionate Share Basis |
1,165,549 |
1,125,272 |
|
Total assets |
2,627,580 |
2,645,415 |
|
Adjustment to include the REIT’s share of total assets in joint venture |
613 |
— |
|
Total assets – Proportionate Share Basis |
$ 2,628,193 |
$ 2,645,415 |
|
Proportionate Debt-to-Gross Book Value ratio |
44.3 % |
42.5 % |
|
Total liquidity – Proportionate Share Basis |
$ 123,968 |
$ 187,700 |
|
Total liquidity as a percentage of Total Debt – Proportionate Share Basis |
10.6 % |
16.7 % |
Proportionate Debt-to-Adjusted EBITDA Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI |
$ 98,161 |
$ 100,571 |
|
General and administrative expenses |
(9,724) |
(10,061) |
|
Finance income |
7,094 |
7,873 |
|
Fees and other income |
2,929 |
3,452 |
|
|
98,460 |
101,835 |
|
Impact on NOI of stabilized earnings from dispositions and acquisitions |
715 |
(404) |
|
Adjusted EBITDA |
99,175 |
101,431 |
|
Total Debt – Proportionate Share Basis |
1,165,549 |
1,125,272 |
|
Cash – Proportionate Share Basis |
8,615 |
5,878 |
|
Total Debt, net of cash – Proportionate Share Basis |
$ 1,156,934 |
$ 1,119,394 |
|
Proportionate Debt-to-Adjusted EBITDA ratio |
11.67x |
11.04x |
NAV and NAV per unit
|
|
|
||
|
|
|
|
|
|
Net assets (Unitholders’ equity) |
$ 1,045,492 |
$ 1,084,150 |
$ 1,115,747 |
|
Add: Class B LP Units |
354,904 |
362,631 |
343,572 |
|
|
$ 1,400,396 |
$ 1,446,781 |
$ 1,459,319 |
|
Number of Units and Class B LP Units |
62,388,106 |
62,641,015 |
65,333,848 |
|
|
$ 22.45 |
$ 23.10 |
$ 22.34 |
SOURCE Minto Apartment Real Estate Investment Trust
