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.
The REIT is providing $11.9 million for a joint venture between Minto Properties, and a subsidiary of B.C.-based Darwin Properties to build the first phase of a master-planned community in North…
Firm's funds from operations for the three-month period ending Sept. 30 increased 22 per cent year-over-year to $13.2 million.
Capital's location between Toronto and Montreal makes it a sought-after site for retailers looking satisfy growing demand for same-day deliveries, Anthony Broccolini says.
Ottawa-based Minto Apartment REIT says tenants continued to pay rent at a typical rate in May, adding the company remains in a “strong financial position” despite the COVID-19 crisis.
Minto Apartment Real Estate Investment Trust turned in solid growth in the fourth quarter of its fiscal year
One year after Minto Apartment REIT went public, the Ottawa-based company’s portfolio continues to deliver above initial expectations.