Ottawa-based Minto Apartment REIT’s portfolio “continues to generate solid performance” despite the pandemic as rent collection rates were consistent with pre-COVID levels in the third quarter, the company said this week.
Minto reported its funds from operations – a key cash-flow metric for REITs – for the three-month period ending Sept. 30 increased 22 per cent year-over-year to $13.2 million.
Meanwhile, average monthly rents rose 9.1 per cent to $1,613 over that period. The company said 97 per cent of its available unfurnished suites were occupied at the end of September, down from 98.6 per cent a year earlier.
“The REIT's portfolio continues to generate solid performance despite the uncertainty created by COVID-19,” CEO and president Michael Waters said in a statement. “Given our strong liquidity and superior property portfolio, I am confident that we will emerge from the pandemic in an excellent competitive position.”
The REIT said it has remained “highly resilient” despite the economic fallout from the COVID-19 crisis, noting rental collections “have been consistent with pre-pandemic cycles and occupancy has remained strong.”
Minto said it will continue to work with tenants on a case-by-case basis “to address any payment difficulties arising from the pandemic.”
Minto REIT owns 29 multi-residential properties in Ottawa, Toronto, Montreal, Calgary and Edmonton with more than 7,200 apartment units.