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Real Estate Report

Minto Apartment REIT

Nov 15, 2022

MI.UN
Investment Type
Small-Cap
Risk Level
Action
Rec. Price ()

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Minto Apartment REIT (TSX: MI.UN) is an unincorporated, open-ended REIT that owns an income-producing portfolio of multi-family rental properties in Toronto, Montreal, Ottawa, Calgary, and Edmonton. In Canada, it owns, manages, and operates 30 multi-family rental properties, including three mixed-use residential and commercial structures. Its primary source of income is rental revenue.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~41.40% of the total shareholding. Connor, Clark & Lunn Investment Management Ltd. and British Columbia Investment Management Corp. hold a maximum stake in the company at ~­­­9.80% and ~9.67%, respectively.

1.4 Key Metrics:

The company is reporting resilient revenue and NOI, which is a key positive. Furthermore, in Q3 2022, it reported healthy Same Property Portfolio revenue and Occupancy, rising sequentially, again a significant plus. Along this it is reporting growing average monthly rent and higher number of move in, demonstrating its strength and adaptability.