Minto Apartment REIT Reports 2026 First Quarter Financial Results

About this update from Minto Apartment Real Estate Investment Trust

— Solid year-over-year growth in Normalized FFO and AFFO per unit — OTTAWA, ON, May 11, 2026 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: MI.UN) today announced its financial results for the first quarter ended March 31, 2026 ("Q1 2026"). The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for Q1 2026 are available on the REIT's website at www.mintoapartmentreit.com and at www.sedarplus.ca.1 "We generated growth in Same Property Portfolio revenue and NOI, driven by steady 2.0% growth in unfurnished suite revenue, an 89.6% increase in commercial revenue, and 2.2% growth in our furnished suite portfolio, supported by disciplined expense management." said Jonathan Li, President and Chief Executive Officer of the REIT. "We translated solid NOI performance into growth in normalized FFO and AFFO per unit, despite a challenging operating environment that continues to be impacted by new rental supply and a temporary pause in population growth, reflecting the success of our prudent capital allocation and strategic leasing and retention initiatives." "Additionally, we achieved substantial completion of our newly constructed properties, 610 Martin Grove and Phase 1 of The Towns at York Mills & Leslie, delivering much‑needed rental housing, expanding our portfolio, and positioning us well for long-term growth." Q1 2026 Highlights Subsequent Event On May 5, 2026, the REIT completed the sale of the Roehampton property in Toronto for a sale price of $90.8 million representing a premium to its IFRS fair value. The net proceeds of approximately $67.0 million were used to repay the REIT's variable-rate revolving credit facility and for general trust purposes. The Arrangement Financial Summary3   Summary of Q1 2026 Operating Results SPP Revenue and Net Operating Income The REIT generated SPP revenue growth of 3.1% in Q1 2026 compared to Q1 2025, reflecting a 2.0% increase in unfurnished suite revenue, primarily attributable to a 3.2% increase in SPP average monthly rent. In addition, commercial revenue increased by 89.6% due to the commencement of three new leases since Q1 2025, while revenue from furnished suites grew by 2.2%. This growth was partially offset by lower average occupancy of unfurnished suit...

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