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Minto Apartment Real Estate Investment Trust T.MI.UN

Alternate Symbol(s):  MIAPF

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, and Calgary. Its portfolio includes 28 multi-residential rental properties comprising 7,726 suites strategically located across urban centers in Canada. Its properties include Richgrove, Martin Grove, Minto Yorkville, The ROE, Minto One80five, Parkwood Hills Garden Homes & Townhomes, Aventura, Huron, Seneca, Castleview, Skyline, The Carlisle, Castle Hill, Grenadier, Eleanor, Frontenac, Stratford, Laurier, Kaleidoscope, The Quarters, Rockhill Apartments, Leslie York Mills, High Park Village, Haddon Hall, Le 4300, 39 Niagara, The International, and Le Hill-Park.


TSX:MI.UN - Post by User

Minto Apartment Real Estate Investment Trust
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Post by retiredcfon Jan 16, 2023 9:44am
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Post# 35225360

RBC

RBC

January 16, 2023

Minto Apartment REIT
As expected, Jonathan Li takes over as CEO

TSX: MI.UN | CAD 15.58 | Outperform | Price Target CAD 21.50

Sentiment: Neutral

Event: Minto Apartment REIT (“MI”) announced that Jonathan Li will be the CEO effective April 3, 2023, one year after being appointed President and COO of the REIT. Michael Waters, the current CEO, will remain as Trustee and will focus on his responsibilities as CEO of the Minto Group, the private company.

Our view:
1. We believe that this transition should not be a surprise to the market as the REIT has been messaging this for a while since

Jon Li was appointed President last year.

2. The strategic relationship between MI and Minto Group remains the same and we see the change more in form than substance (Minto Group owns ~40% equity interest in MI and continues to provide partial admin support to the REIT). That said, a clearer delineation between MI and Minto Group at the executive level could provide some level of comfort for investors relating to related party transactions, a concern that we think explains some of the relative underperformance of MI since the Niagara West and International transactions in April 2022.


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