Minto Apartment REIT Provides Operations Update Related to COVID-19

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[{"type":"text","content":"\n\n\n\nMinto Apartment REIT Provides Operations Update Related to COVID-19\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, April 16, 2020\n\n\n\n̶  Impacts of health crisis are currently not material to the REIT's revenue or financial position  ̶\n OTTAWA, April 16, 2020 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the \"REIT\") today provided an update on the REIT's April rent collections, liquidity and changes to operations due to COVID-19.\n\n \n \n \n \n \n \n\n \nThe REIT's quality portfolio of apartment properties in urban locations has performed well since the onset of the COVID-19 virus. The vast majority of the REIT's tenants paid their rent in April and as at April 14, 2020 the REIT has collected 97% of rental revenue for the month, which is a level consistent with its normal collection cycle. \nThe REIT recognizes the burden placed on many of its tenants related to the decline in economic activity across Canada. Accordingly, it will not implement at this time rent increases that were scheduled to come into effect on April 1, 2020, May 1, 2020 or June 1, 2020. The REIT has also created payment plans that defer rental payments for residents who are unable to pay as a result of the outbreak. As at April 14, 2020 fewer than 1% of the REIT's tenants have entered into a deferred payment plan. \nOccupancy of available unfurnished suites was 97.34% at March 31, 2020 compared to 98.67% at March 31, 2019. Occupancy in April 2020 remains strong. \nOn March 31, 2020 the REIT completed a $100 million mortgage financing secured by one of its Ottawa properties, adding significantly to the REIT's liquidity. The proceeds from this financing were used to pay down outstanding amounts on the REIT's revolving credit facility. As at April 15, 2020 the REIT has approximately $196 million in funds available through a combination of cash and undrawn lines of credit, which is sufficient to fund all of its obligations for the foreseeable future.   \nThe REIT has impl...

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