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.
Minto Apartment REIT
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 move allows Minto to fast-track the process of issuing new units on the Toronto Stock Exchange as a means of raising capital to acquire more property.
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.
Veteran executive played a key role in the creation of a real estate investment trust now valued at $2 billion.
Ottawa-based real estate firm says the 'vast majority of residents have continued to pay their rent on time during the pandemic.'
REIT is looking at building a significant number of new apartment units at three of its existing Toronto sites.