Q3 2025 Minto Apartment Real Estate Investment Trust Earnings Call Transcript

Nov 5, 2025 / 03:00 PM GMT

Release Date Price: C$13.19 (-0.75%)

Transcript

Key Points

Positve

Minto Apartment REIT (MIAPF) achieved a 2.4% revenue growth in its unfurnished suite portfolio, driven by a 4.5% increase in average monthly rent.
The REIT's commercial revenue increased by 10.3% compared to Q3 of last year, becoming a significant tailwind.
Normalized FFO and AFFO per unit increased by 0.6% and 0.1% respectively, aided by accretive unit buybacks and lower G&A costs.
The board of trustees approved a 2.9% increase in distributions, marking the seventh consecutive year of distribution increases.
The REIT successfully renewed its NCIB program, allowing for the acquisition of nearly 3.5 million units through September 2026, aligning with its capital allocation strategy.

Negative

Lower occupancy and the use of promotions partially offset the revenue growth in the unfurnished suite portfolio.
Same property NOI margin decreased slightly to 65.5% from 66.1% in the previous year due to increased operating expenses.
The furnished suite portfolio saw a revenue decrease of 14.5% from Q3 2024, attributed to a lower number of occupied suites and decreased average monthly rent.
Operating expenses for the same property portfolio increased by 3.6%, driven by higher property operating costs and increased marketing expenses.
The REIT faces challenges from elevated supply in certain markets and slower population growth, impacting near-term industry outlook.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MI_u.TO - Minto Apartment Real Estate Investment Trust
Q3 2025 Minto Apartment Real Estate Investment Trust Earnings Call
Nov 05, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. My name is Jim, and I will be your conference coordinator today. At this time, I would like to welcome everyone to the Mino Apartment RIT 20253rd quarter financial results conference call.

All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question-and-answer session.

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