Minto Apartment Real Estate Investment Trust (MI) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw steady growth in unfurnished suite revenue (up 1.9%) and a 23.6% increase in commercial revenue, despite new rental supply and slower population growth.

• Average monthly rent continued to rise, supported by active management and strategic leasing.

• Normalized FFO and AFFO per unit grew due to prudent capital allocation and disciplined expense management, offsetting lost interest income from repaid loans.

• First tenants welcomed at two new Toronto developments, advancing organic growth strategy.

Financial highlights

• Q4 2025 SPP revenue was $38.7M, up 1.7% year-over-year; total revenue was $38.9M, down 1.3% due to asset sale.

• SPP NOI was $24.6M, up 2.8% year-over-year; SPP NOI margin rose 60 bps to 63.6%.

• Normalized FFO per unit increased 0.8% to $0.2432; Normalized AFFO per unit up 0.2% to $0.2174.

• Net loss and comprehensive loss of $228.6M in Q4 2025, compared to net income of $91.1M in Q4 2024, driven by a $240.1M non-cash fair value loss on investment properties.

• FY 2025 SPP revenue was $153.9M, up 1.9%; total revenue $154.5M, down 1.7%.

• FY 2025 Normalized FFO per unit was $0.9628 (down 1.0%); Normalized AFFO per unit $0.8611 (down 1.6%).

• FY 2025 net loss and comprehensive loss was $244.2M, compared to net income of $63.2M in FY 2024.

Outlook and guidance

• Arrangement agreement signed for Crestpoint to acquire all trust units at $18.00 per unit in an all-cash transaction, expected to close in H2 2026.

• Completion subject to regulatory and court approvals; units to be delisted post-transaction.