Ottawa-based company said its funds from operations – a key cash-flow metric for REITs – rose nearly 12 per cent compared with the first quarter of 2020 to $16.2 million.
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Company blames drop in suite occupancy rates on economic fallout from the pandemic.
Agency says resale housing market will “remain robust in 2021,” with average prices expected to reach up to $640,000 – nearly $110,000 above the 2020 average.
Residential-class homes in Ottawa sold for an average of nearly $743,000 last month, latest figures show.
Deals are part of real estate firm's bid to expand its portfolio of retirement residences across North America.
Minto Properties will construct the nine-storey building with about 230 rental suites at a one-acre site on Beechwood Avenue, and the REIT will have the option to purchase it at a discount.
Ottawa company hoping to attract a co-working provider and restaurant for commercial portion of proposed development at Somerset and O'Connor streets.
There is widespread hope that the rollout of COVID-19 vaccines will enable a full economic reopening and a return to some semblance of normalcy for businesses.
Blueprint would see 4,000 housing units and nearly a million square feet of retail and office space built over the next 35 years at LeBreton Flats, along with more than 30 acres of parks.