The chief financial officer who played a key role in the creation of a real estate investment trust now valued at $2 billion is the 2020 recipient of CFO of the Year, awarded by the Ottawa Board of Trade and Ottawa Business Journal.
Julie Morin, the top financial executive at Minto Apartment REIT, is the third recipient of the annual award, which recognizes CFOs who maximize their company’s financial position and growth during a recent period.
“I am honoured to be recognized for a role that’s increasingly important,” said Morin. “You can’t have a strategy without thinking through the numbers, and while the numbers don’t drive the strategy, CFOs need to work hand-in-hand with leaders to provide the best advice possible.”
Morin, who joined the well-known real estate developer and investor Minto Group almost seven years ago, helped engineer a $230-million initial public offering that saw the company spin off a portion of its apartment portfolio into a public investment vehicle in July 2018.
“The IPO began in earnest in January 2018 with a view to hit the market before summer,” she recalls. “That six-month period was exciting and intense – and I’m extremely proud of our team for launching the IPO with such a tight timeline.”
Since its debut, the REIT has continued to add to its portfolio in Ottawa, Toronto, Montreal, Calgary and Edmonton. The number of residential suites in the REIT has increased from 4,200 to more than 7,000, a book value exceeding $2 billion.
Morin is also CFO of the Minto Group, a fully integrated real estate company offering new homes and condominiums, apartment rentals, furnished suites, commercial space and property and investment management. Founded in 1955, the company has in excess of 1,100 employees in Canada and the U.S.
“It’s quite interesting to see a company that dates back many decades evolve in this manner, using the IPO to finance a string of purchases and fuel such remarkable growth,” said OBJ publisher Michael Curran. “It was a large success and Julie bears much credit for it.”
CFO of the Year award sponsor Deloitte was represented on the selection committee by Dan Dore, managing partner for the National Capital Region.
“Julie is an extremely-well respected finance executive and has demonstrated exceptional leadership in leading Minto through its recent IPO. She is an inspiration to all finance leaders and well-deserving of this prestigious award,” said Dore.
Morin is one of three award recipients – the others being CEO of the Year and Lifetime Achievement – who are pre-announced as part of the annual Best Ottawa Business Awards. This year’s awards program will be celebrated as an online and television broadcast on Wednesday, Nov. 25 at 8 p.m. Visit www.bestottawabusiness.ca for more information.