Michael Waters

Immigration-fuelled population growth and rising interest rates that have driven up the cost of buying a home helped boost Minto Apartment REIT’s bottom line in the second quarter.
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.
After two years of working remotely, employees of The Minto Group are now headed back to the world of water coolers. What awaits them, though, is a brand new office oasis.
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.
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…