The Company in a Nutshell
- Minto operates a portfolio of 20 high-quality, multi-residential rental properties. Minto’s activities focus on urban areas (Toronto, Ottawa, Montreal, Calgary, and Edmonton). The story is simple: embedded rent mark-to-market, steady suite upgrades, and selective recycling of capital into higher-return assets.
| Date Reviewed | 06/06/2026 |
| Company Name | Minto Apartment Real Estate Investment Trust |
| Symbol | MI.UN.TO |
| Sector | Real Estate |
| Industry | N/A |
| Beta | 1.13 |
| PRO Rating | 3 |
| Dividend Safety | 3 |
Business Model
Minto Apartment Real Estate Investment Trust (the REIT) is a Canada-based open-ended real estate investment trust. The REIT owns income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary, and Vancouver. Its portfolio includes 28 multi-residential rental properties comprising 7,598 suites strategically located across urban centers in Canada. Its properties include High Park Village, Leslie York Mills, Richgrove, Martin Grove, Minto Yorkville, Roehampton, Niagara West, Minto one80five, Parkwood Hills Garden Homes & Townhomes, Aventura, Huron, Seneca, Castleview2, Skyline Garden Homes, Maisonettes & Walkups, Rockhill, Haddon Hall, Le Hill-Park, The Quarters, The Laurier, Kaleidoscope, The International, The Carlisle, Castle Hill, Grenadier, Eleanor, among others.
| Current price | 17.38 |
| ROE | -25.35 % |
| ROIC | 0.00 % |
| Shareholder Yield | 1.45 % |
| 5-Yr Total Return | -10.05 % |
| 1-Yr Total Return | 23.85 % |
| Next Earnings Date | 08-11-26 |
Latest Quarter Information
What the CEO said:
We generated growth in Same Property Portfolio revenue and NOI, driven by steady 2.0% growth in unfurnished suite revenue, an 89.6% increase in commercial revenue, and 2.2% growth in our furnished suite portfolio, supported by disciplined expense management. We translated solid NOI performance into growth in normalized FFO and AFFO per unit, despite a challenging operating environment that continues to be impacted by new rental supply and a temporary pause in population growth, reflecting the success of our prudent capital allocation and strategic leasing and retention initiatives.
What we say:
2026-06-05, MI.UN.TO gave good results for 1Q'26. It enerated SPP revenue of $39.4M, up 3.1% YoY, driven by steady 2% growth in unfurnished suite revenue, an 89.6% increase in commercial revenue, and 2.2% growth in furnished suite revenue, partially offset by softer occupancy (SPP average occupancy 94.7% vs. 95.4% last year). Q1 SPP NOI was $24.6M (+4.3% YoY) and the SPP NOI margin improved to 62.4% (+70 bps). The Normalized AFFO payout ratio improved to 63.5% from 66.4%. Minto sold Roehampton property for $90.8M with net proceeds of $67M. Minto is going private with Crestpoint to acquire all REIT units not held by Minto and certain insiders for $18/ unit in an all-cash transaction
Investment Thesis
While Minto is a relatively new REIT on the stock market (the IPO was in July 2018), it has proven that it can effectively navigate difficult economic environments. At the end of Q3 2022, the REIT had an occupancy rate of 97.3%, compared to 97.8% at the end of Q3 2023, signalling its stability and strength, but average occupancy came in lower at 94.7% in the latest quarter. The REIT offers high-quality apartments in dense urban areas. Minto’s target markets (major Canadian cities) all posted stronger population growth than the country in total over 2022-2023. The REIT counts on the demographic trend toward major cities, along with an increase in immigration to grow going forward. The REIT shouldn’t have problems with inflation as it can increase its rent prices since the demand for high-quality apartments remains strong. For 2025, Minto's AFFO per unit declined 11% YoY.
Playbook: MI.UN generates revenue from apartment rent, furnished suites, and commercial revenue attached to its properties. In Q1 2026, revenue from investment properties increased 3.7% to C$39.4M, while NOI increased 4.7% to C$24.4M. Same-property NOI increased 4.3%, and same-property NOI margin improved to 62.4%. That is a decent operating picture.
Growth Vectors: The growth engine is the mark-to-market gap. Management estimates $7.6 million of annualized gain-to-lease potential, at Q1-end. Suite repositioning and conversions away from furnished units add incremental NOI, while modest external growth and recycling keep the portfolio tilted to high-demand nodes. Same-property average rent rose 3.2% in Q1, with occupancy healthy in the mid-90s.
Economic Moat: Urban Canadian apartments benefit from chronic undersupply, immigration-driven demand, and high replacement costs. Minto’s scale in Ottawa/Toronto/Montreal, internal development capability, and the sponsor ecosystem enable steady upgrades and disciplined capital allocation, reflected in recurring NAV growth and controlled payout metrics.
Dividend Triangle
| 5-Yr Rev. Growth | 5.00 % |
| 5-Yr EPS Growth | 0.00 % |
| 5-Yr Div Growth | 3.30 % |
Potential Risks
Minto’s business model’s advantages could also become its weaknesses. The REIT focuses on highly dense areas. Over the past few years, this has been a sound strategy as the population has grown more rapidly in the cities in which Minto operates. As more people opt to work remotely, the need to live in a city may not be as important as it once was. Minto also uses short-term leases (1 year) as a hedge against inflation. This is great for inflation, but the REIT exposes its business model to more volatility. As the supply of new apartments increases, many investors fear apartment REITs will have to reduce their rent prices to attract and retain tenants. Keep in mind that Minto has a small cap ($600M), making the stock more vulnerable to lower trading volume and higher volatility. Finally, Minto’s apartments are heavily concentrated in Ontario (40% of the portfolio value is in Ottawa, and 33% in Toronto).
Business Vulnerabilities: Average occupancy eased to roughly 95%, a reminder that supply pockets and leasing friction matter. AFFO per unit was lower year over year on a reported basis. Execution on developments must translate into stabilized NOI to prevent Debt/AEBITDA from lingering above 11.23x.
Industry & Market Threats: Rent regulation in core provinces can cap in-place growth, requiring turnover to unlock gains. Interest-rate volatility feeds through at refi, though the term debt ladder is reasonably spread and largely fixed. Utilities and property taxes also chew at margins when inflation reaccelerates.
Competitive Landscape: Peers include CAPREIT, InterRent, Killam, and Boardwalk. Relative to peers, Minto’s current NAV discount looks deeper, with similar mid-90s occupancy and multi-year mark-to-market tailwinds.
| Debt/Equity | 1.25 |
| Financial Debt to EBITDA (TTM) | 10.40 |
| Current Ratio (Quarterly) | 0.00 |
| Credit Score | 30 |
Dividend Growth Perspective
Minto’s dividend history is relatively new since the company went public in 2018. The REIT has successfully increased its dividend annually since 2019. It seems to be in a very good position, exhibiting an attractive pipeline and a decent dividend growth policy. Minto pays a monthly distribution. The May 2026 distribution was $0.04458 per unit, representing $0.535 annually. Minto increased its annual distribution for the seventh consecutive year in 2025. That is positive, but the growth rate is modest. This is not a high-distribution-growth REIT. It is more of a moderate-yield, moderate-growth income vehicle. In Q1 2026, the AFFO payout ratio increased to 75.2%. This leaves some room for future increases in the dividend.
| Dividend ($) | 0.535 |
| Dividend Yield Fwd | 3.10 % |
| Dividend Frequency | Monthly |
| Average 5-Yr Yield | 3.60 % |
| Payout Ratio (%) | 0.00 |
| Cash Payout Ratio (%) | 90.20 |
| DGR 1-Yr (TTM) | 3.00 |
| DGR 3-Yr (TTM) | 3.00 |
| DGR 5-Yr (TTM) | 3.30 |
| DGR Streak | |
| Chowder Score | 6.40 |
| Next DVD PMT | 06-15-26 |
Valuation
| Recent Annual Dividend Payment | $ 0.54 |
| Expected Dividend Growth Rate Years 1-10 | 3.00% |
| Expected Terminal Dividend Growth Rate | 5.00% |
| Discount Rate | 9.00% |
| Discount Rate (Horizontal) | |||
| Margin of Safety | 8.00% | 9.00% | 10.00% |
| 20% Premium | $ 18.98 | $ 14.33 | $ 11.54 |
| 10% Premium | $ 17.40 | $ 13.14 | $ 10.58 |
| Intrinsic Value | $ 15.82 | $ 11.94 | $ 9.61 |
| 10% Discount | $ 14.24 | $ 10.75 | $ 8.65 |
| 20% Discount | $ 12.65 | $ 9.55 | $ 7.69 |
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| Market Cap | 635.00 M |
| PE Ratio | 0.00 |
| Fwd PE | 29.95 |
| Price to Book Ratio | 0.90 |
| DDM Valuation | 11.94 |
| Average 5-Yr PE | 6.35 |
| Value Score | 44 |