As its property managers sign tenants to increasingly lucrative leases, Minto Apartment REIT is seeing its quarterly earnings rise in step.
The Ottawa-based real estate investment trust reported funds from operations of $10.8 million for the three months ended Sept. 30, an increase of 35.3 per cent over the same quarter a year ago. This is the first quarter the Minto REIT can demonstrate year-over-year growth, as the company went public in early July 2018.
In Q3, Minto REIT signed 442 new leases with tenants. This turnover allows the company to bring existing leases up to market value, resulting in a 16.9 per cent increase on average monthly rents.
OBJ360 (Sponsored)
The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
Progress can create unlikely allies
There was a time when mining exploration and the environment were like oil and water. Several years ago, I attended social impact investing conferences in America and the U.K. with
Minto REIT said in a release that there are 6,326 units in its remaining portfolio that have similar gain-to-lease potential, which could yield an extra $15.3 million in annual revenue if realized down the line.
