Minto Apartment REIT
Carleton University to recognize Roger Greenberg's philanthropy and community building with an honorary doctorate
Local business leader Roger Greenberg will be awarded a doctor of laws, honoris causa, by Carleton University next week in recognition of his contributions to the local philanthropic sector.
Ottawa-based REIT's overall revenue grew 8.4 per cent year-over-year to $32.5 million as the occupancy rate of its unfurnished suites ticked up to 94.2 per cent from 91.1 per cent in the same period.
To say the past 24 months weren’t kind to companies like Minto that rent apartments in urban cores would be an understatement – but Michael Waters says that's all about to change.
Ottawa-based firm is lending its sister company, Minto Properties, more than $50 million to invest in a joint venture that will see B.C. mall converted into mixed-use multi-residential property.
After almost 20 years as an urban planner with the City of Ottawa, most recently tasked with the job of overseeing its new official plan, Alain Miguelez has joined the National Capital Commission.
The company released its first “environmental, social and governance” report Tuesday, outlining 18 specific initiatives it plans to focus on over the next five years.
The Ottawa-based REIT reported funds from operations of $11.9 million in the three-month period ending June 30, down from $12.7 million a year earlier.
Company blames drop in suite occupancy rates on economic fallout from the pandemic.
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.
The REIT said it generated funds from operations of $50 million for the year ending Dec. 31, up from $39.6 million in 2019.