Overview
Canada multi-residential REIT's Q1 revenue rose 3.7% yr/yr
Normalized FFO and AFFO per unit grew over 7% yr/yr
Company completed two new properties and sold Toronto asset for premium post-quarter
Outlook
Company expects completion of Crestpoint acquisition and delisting in second half of 2026
Result Drivers
RENT AND COMMERCIAL REVENUE - Co said SPP revenue growth was driven by a 3.2% increase in average monthly rent and an 89.6% rise in commercial revenue, partly offset by lower occupancy and increased use of promotions
COST MANAGEMENT - Growth in SPP NOI outpaced expense growth, as higher salaries, repairs, and marketing costs were partly offset by a 6.6% drop in utility costs due to lower natural gas expense and water savings
UNIT BUYBACKS AND LOWER EXPENSES - Higher normalized FFO and AFFO per unit reflected SPP NOI growth, the effect of unit buybacks in 2025, and lower general and administrative expenses, partly offset by dilution from new properties in lease-up and higher credit facility balances
Company press release: ID:nCNWBtdKxa
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue from Investment Properties
C$39.41 mln
Q1 Adjusted FFO
C$11.10 mln
Q1 FFO
C$12.75 mln
Q1 Adjusted FFO Per Share
C$0.18
Q1 FFO Per Share
C$0.20
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy."
Wall Street's median 12-month price target for Minto Apartment Real Estate Investment Trust is C$18.00, about 2.1% above its May 8 closing price of C$17.63
The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 31 three months ago
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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