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Minto Apartment REIT - Q3-2018 Earnings & Price Target Forecast

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Minto Apartment REIT (MI.UN) commenced operations on Jul-2-2018 acquiring a portfolio of 22 multi-residential rental properties, comprising an aggregate of 4,279 suites. By location 71% of the suites are in Ottawa, 19% in Toronto and 10% split between Calgary and Edmonton. The total value of the properties is $1.1B as of Sept-30-2018. Among these properties are 2 mixed-use residential rental apartment and commercial buildings. The sponsor has retained a 73% interest comprised of 35% Class A shares and 38% Class C shares, the remaining 27% is listed on the TSX as MI.UN and is publicly held. The Class B shares and MI.UN units receive distributions at the same annual rate of $0.41 per unit. Distributions on the Class C shares are paid in priority to the MI.UN units and Class B shares at the same $0.41 annual rate.

Financial

AFFO for Q3-2018, the first quarter of operation was $6.8M(0.184) per unit compared to distributions $0.1025 representing a payout ratio of 56%. The 12 month AFFO forecast is $0.75 compared to distributions of $0.41 for a payout ratio of 55%.

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