OTTAWA, Aug. 13, 2018 /CNW/ - Minto Apartment Real Estate Investment Trust ("Minto" or the "REIT") (TSX: MI.UN) today announced property-level operating and financial information for the second quarter ended June 30, 2018. The REIT completed its IPO and commenced trading on the Toronto Stock Exchange subsequent to the end of the second quarter on July 3, 2018. In order to provide investors with recent information regarding the operating performance of the properties in the REIT's portfolio, Minto is providing property-level information in this news release that encompasses the three-month period ended June 30, 2018 ("Q2 2018") for the properties that were acquired by the REIT upon closing of its initial public offering (the "IPO").
Comparisons are with the same properties for the three months ended June 30, 2017.
Three months ended June 30
Number of properties
Total suites, end of period
Average monthly rent per suite1
"Our portfolio performed in line with expectations during the second quarter," said Michael Waters, Chief Executive Officer of Minto Apartment REIT. "We continue to drive organic growth, as reflected in the improvement in both average monthly rent per suite and portfolio occupancy. The ongoing improvement reflects our success in renovating and re-leasing suites."
The REIT intends to initiate regular quarterly conference calls for investors following the release of its financial results for the third quarter of 2018, the REIT's first quarter as a publicly traded entity.
For additional information, Minto's interim Financial Statements and Management's Discussion and Analysis for the period from April 24, 2018 (date of formation) to June 30, 2018, are available on SEDAR (www.sedar.com).
1As at June 30, 2018, and June 30, 2017, respectively, excluding furnished suites
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 22 high-quality income-producing multi-residential rental properties consisting of 4,279 suites, located in Toronto, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: https://www.mintoapartments.com/.
Forward-Looking Information This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events and in some cases can be identified by such terms as "will" and "expected". Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the REIT's IPO prospectus dated June 22, 2018, which is available on SEDAR (www.sedar.com). The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.
SOURCE Minto Apartment Real Estate Investment Trust
For further information: Julie Morin, Chief Financial Officer, Minto Apartment Real Estate Investment Trust, Tel: 613.230.7051
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...