Minto Apartment Real Estate Investment Trust (TSE:MI.UN)
TSX:MI.UN
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Minto Apartment Real Estate Investment Trust
(TSX:MI.UN)
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Rating:52Neutral
Price Target:
C$17.50
▼(-0.74% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by unstable and currently negative profitability and rising leverage, despite resilient property-level margins and positive operating/free cash flow. Technical indicators are broadly neutral with limited near-term momentum, and valuation is pressured by negative earnings, partially offset by a moderate dividend yield.
Positive Factors
Strong property-level gross margins
Consistently high gross margins (~63–64%) indicate durable property-level economics and pricing power in core rental operations. These margins help preserve net operating income through cost cycles, supporting maintenance, modest reinvestment and distributions over a multi-month horizon.
Negative Factors
Rising financial leverage
Leverage has increased materially to roughly 1.46 (2025) and 1.71 (TTM), reducing financial flexibility. Higher debt levels amplify interest expense and refinancing risk, constraining the REIT’s ability to pursue acquisitions, absorb shocks or sustain distributions if rates or operating performance deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong property-level gross margins
Consistently high gross margins (~63–64%) indicate durable property-level economics and pricing power in core rental operations. These margins help preserve net operating income through cost cycles, supporting maintenance, modest reinvestment and distributions over a multi-month horizon.
Read all positive factors
Minto Apartment Real Estate Investment Trust (MI.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$640.35M
Dividend Yield3.87%
Average Volume (3M)92.21K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth-0.32%
EPS Growth-340.85%
CountryCA
Employees252
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)-5.80
Shares Outstanding36,633,076
10 Day Avg. Volume70,998
30 Day Avg. Volume92,211
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.06
Price to Sales (P/S)5.47
P/FCF Ratio39.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.00Price Target Upside2.10% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.57
Revenue Forecast (FY)C$161.52M
Minto Apartment Real Estate Investment Trust Business Overview & Revenue Model
Company Description
Minto Apartment Real Estate Investment Trust, an open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada. As of December 31, 2020, its portfolio consists of i...
How the Company Makes Money
The REIT primarily makes money by generating rental revenue from its multi-residential apartment portfolio. Its main revenue stream is monthly rent paid by tenants under residential lease agreements for apartment suites. Additional income may be e...
Minto Apartment Real Estate Investment Trust Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted steady revenue growth, increased distributions, and a robust unit buyback program, indicating confidence in the company's outlook. However, challenges such as lower occupancy, decreased furnished suite revenue, and increased operating expenses were noted.Positive Updates
Steady Revenue Growth
The unfurnished suite portfolio revenue increased by 2.4% with an average monthly rent growth of 4.5%. Commercial revenue increased by 10.3% compared to Q3 of last year.
Negative Updates
Lower Occupancy and Use of Promotions
The average monthly rent growth was partially offset by lower occupancy and the use of promotions.
Read all updates
Q3-2025 Updates
Positive
Negative
Steady Revenue Growth
The unfurnished suite portfolio revenue increased by 2.4% with an average monthly rent growth of 4.5%. Commercial revenue increased by 10.3% compared to Q3 of last year.
Read all positive updates
Company Guidance
During Minto Apartment REIT's 2025 third quarter financial results conference call, the management provided guidance emphasizing steady revenue growth despite market challenges. The unfurnished suite portfolio saw a revenue increase of 2.4%, supported by a 4.5% growth in average monthly rent, though partially offset by lower occupancy and promotional activities. Closing occupancy improved by 50 basis points to 96.5%, while commercial revenue increased by 10.3% year-over-year. Same-property portfolio revenue grew by 1.6%, and same-property NOI rose by 0.7%, with a slight increase in operating expenses. Normalized FFO and AFFO per unit increased by 0.6% and 0.1% respectively, aided by unit buybacks and reduced G&A costs. Despite a decrease in capitalized interest and lower interest income, the REIT's NCIB program facilitated the purchase of $3.6 million in units, with plans to acquire more through September 2026. Additionally, a 2.9% increase in distributions was approved by the Board, marking the seventh consecutive year of distribution growth, reflecting confidence in the 2026 business outlook.Minto Apartment Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 158.25M | 157.52M | 157.09M | 157.93M | 143.79M | 123.55M |
| Gross Profit | 101.46M | 101.03M | 100.57M | 99.17M | 87.80M | 76.25M |
| EBITDA | -272.46M | -205.99M | 90.93M | -82.39M | 86.65M | 112.42M |
| Net Income | -361.48M | -244.23M | 63.24M | -116.66M | 388.88M | 54.24M |
Balance Sheet | ||||||
| Total Assets | 2.44B | 2.42B | 2.65B | 2.70B | 2.73B | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 9.03M | 5.17M | 5.88M | 3.74M | 5.32M | 2.85M |
| Total Debt | 1.20B | 1.18B | 910.98M | 930.05M | 903.48M | 681.67M |
| Total Liabilities | 1.74B | 1.62B | 1.53B | 1.62B | 1.52B | 1.43B |
| Stockholders Equity | 705.53M | 812.01M | 1.12B | 1.08B | 1.21B | 1.01B |
Cash Flow | ||||||
| Free Cash Flow | 36.34M | 22.07M | 95.87M | 44.88M | 33.30M | 72.12M |
| Operating Cash Flow | 66.65M | 61.31M | 95.87M | 92.97M | 82.50M | 72.12M |
| Investing Cash Flow | -70.78M | 10.96M | 16.28M | -86.93M | -125.69M | -153.11M |
| Financing Cash Flow | 8.23M | -72.98M | -110.01M | -7.62M | 45.66M | 81.24M |
Minto Apartment Real Estate Investment Trust Technical Analysis
Neutral
17.63
Price Trends
17.50
Negative
17.32
Positive
15.30
Positive
Market Momentum
-0.02
Positive
44.50
Neutral
32.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MI.UN, the sentiment is Neutral. The current price of 17.63 is above the 20-day moving average (MA) of 17.51, above the 50-day MA of 17.50, and above the 200-day MA of 15.30, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.50 is Neutral, neither overbought nor oversold. The STOCH value of 32.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:MI.UN.
Minto Apartment Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$2.21B | 9.91 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | C$1.83B | -114.62 | 0.20% | 3.01% | >-0.01% | ― | |
54 Neutral | C$5.39B | -7.56 | 0.08% | 4.20% | -8.46% | -97.03% | |
52 Neutral | C$640.35M | -2.70 | -39.64% | 3.87% | -0.32% | -340.85% |
* Real Estate Sector Average
TSE:MI.UN
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.