Minto Apartment Real Estate Investment Trust (MI) Q1 2026 earnings summary

Executive summary

• Achieved year-over-year growth in normalized FFO and AFFO per unit, driven by higher same property portfolio (SPP) revenue and NOI, despite a challenging rental market and temporary pause in population growth.

• Completed two new properties, expanding the portfolio and supporting long-term growth.

Financial highlights

• Total revenue rose 3.7% to $39.4 million compared to Q1 2025; SPP revenue up 3.1%.

• SPP NOI increased 4.3% to $24.6 million; SPP NOI margin improved by 70 bps to 62.4%.

• Normalized FFO per unit grew 7.4% to $0.2371; normalized AFFO per unit up 7.5% to $0.2106.

• Net loss and comprehensive loss of $101.6 million, compared to net income of $15.7 million in Q1 2025, mainly due to non-cash fair value losses.

• NAV per unit was $18.56, down 0.4% from December 31, 2025.

Outlook and guidance

• Management remains focused on disciplined expense management, strategic leasing, and retention initiatives to navigate new rental supply and market headwinds.

• Completion of the arrangement with Crestpoint is expected in the second half of 2026, after which units will be delisted.