logo
Residents say scaled back redevelopment proposal for Viscount Bennett site is still too big

Residents say scaled back redevelopment proposal for Viscount Bennett site is still too big

CBC24-03-2025

In preparation for a public hearing at city hall, residents of southwest community Richmond Knob Hill are reigniting their concerns over the proposed redevelopment of the site of the former Viscount Bennett School.
But as Calgary grapples with an ongoing housing crisis, one city councillor wants both residents and the developers to be open minded when they hear each other's cases next month.
On a 4.6-hectare lot off of Crowchild Trail, developer Minto Group is proposing to build between 1,231 to 1,509 housing units across eight buildings — up to 16 storeys high — for its project, 2501 Richmond.
Minto's land use redesignation application, which would allow for low- and medium-rise residential buildings, goes to city council on April 8.
Kevin Widenmaier, president of the Richmond Knob Hill Community Association, said residents want council to vote against the application.
"What's been proposed by the developer in the last two years is really excessive and too dense for the area. Frankly, what's come across is multiple towers and high density buildings that are probably more appropriate for a Beltline or downtown area and not a medium-density, inner-city neighbourhood," said Widenmaier.
He said residents are also concerned about a lack of green space, insufficient transportation planning and a lack of community engagement from the developers.
Considering how many people would move into the units, he said they're also concerned about aging infrastructure.
Development plans scaled back
Minto purchased the land from the Calgary Board of Education (CBE) in 2023. The Viscount Bennett Centre — once home to the CBE's Chinook Learning Services and Viscount Bennett High School — is currently being demolished.
Over time, Minto has scaled back its plans for the development significantly. Its initial concept from November 2023 included more than 2,500 units and up to 30 storeys. Its latest concept, from this January, slashes the number of anticipated units and storeys roughly in half.
According to a written statement from Minto, it made those changes "based on community feedback" and evaluated the proposal against multiple existing city policies.
"Minto is committed to responsible development that is well supported by City infrastructure capacity. As with all projects of this scale, transportation and utility planning will continue in coordination with the City of Calgary to support current and future residents," the company said in a statement.
But the community isn't interested in what was originally proposed, according to Widenmaier, who said the project is still too big and would be better suited for a location like downtown.
After holding an open house, the community association created its own redevelopment proposal for the site. Its options include a maximum of 400 units and four acres of park space instead of the one acre Minto is planning.
Still, last month, Minto's latest plan received unanimous approval from the Calgary Planning Commission, with 33 conditions.
'Come in with open minds'
Ward 7 Coun. Terry Wong, vice-chair of the city's community development committee, said he recognizes the community's concerns.
"It's like saying if I've held on to my cherished car for many, many years and somebody said, 'I'm going to replace it with something 21st century.' There is an adjustment as to, what am I giving up? What am I getting?" said Wong.
He said ultimately it comes down to developers initiating meaningful engagement that will build trust among residents. He said the public hearing on April 8 — when both sides are in the same room — is an opportunity to take a step toward that.
"What I will encourage both the developer … and the community [to do] is to come in with open minds and open hearts and see collectively what you can build."
If the application is approved by council, Wong said everyone involved can discuss other sticking points, including what infrastructure improvements need to be made and who's responsible for them.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Minto Apartment REIT Reports Voting Results from Annual General Meeting of Unitholders
Minto Apartment REIT Reports Voting Results from Annual General Meeting of Unitholders

Globe and Mail

time06-05-2025

  • Globe and Mail

Minto Apartment REIT Reports Voting Results from Annual General Meeting of Unitholders

OTTAWA, ON , May 6, 2025 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: today announced the results of voting at its Annual General Meeting of Unitholders held on May 6, 2025 (the "Meeting"). All of the nominees listed in the management information circular prepared in connection with the Meeting were elected as trustees of the REIT. The voting results were as follows: Nominee Number of Units Percentage of Votes Cast For Withheld For Withheld Roger Greenberg 41,167,482 2,792,848 93.65 % 6.35 % Allan Kimberley 43,134,797 825,533 98.12 % 1.88 % Heather Kirk 43,319,663 640,667 98.54 % 1.46 % Jo-Ann Lempert 43,132,599 827,731 98.12 % 1.88 % Jonathan Li 43,240,750 719,580 98.36 % 1.64 % Jacqueline Moss 43,109,492 850,838 98.06 % 1.94 % Michael Waters 41,409,405 2,550,925 94.20 % 5.80 % In addition: KPMG LLP was reappointed as auditor of the REIT; and Unitholders approved a non-binding advisory say-on-pay resolution accepting the REIT's approach to executive compensation. About Minto Apartment Real Estate Investment Trust Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada . The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto , Montreal , Ottawa , Calgary and Vancouver . For more information on Minto Apartment REIT, please visit the REIT's website at:

Minto Apartment REIT Reports 2025 First Quarter Financial Results
Minto Apartment REIT Reports 2025 First Quarter Financial Results

Globe and Mail

time06-05-2025

  • Globe and Mail

Minto Apartment REIT Reports 2025 First Quarter Financial Results

— Consistent Same Property Portfolio NOI despite a colder winter; accretive Unit buybacks continued — OTTAWA, ON , May 6, 2025 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") (TSX: today announced its financial results for the first quarter ended March 31, 2025 ("Q1 2025"). The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for Q1 2025 are available on the REIT's website at and at 1 "We continued to generate solid operational performance in the first quarter, with average monthly rent for the Same Property Portfolio increasing 5.3% year-over-year," said Jonathan Li , President and Chief Executive Officer of the REIT. "While colder winter weather elevated our operating expenses, Same Property Portfolio NOI was consistent with Q1 last year due to our continued revenue growth." "We executed on several strategic capital allocation objectives in 2025 that have strengthened the REIT's competitive position. These include acquiring a 50% managing ownership interest in the Lonsdale Square property in Metro Vancouver, selling a non-core asset in Ottawa , allowing our purchase option for The Hyland to expire while receiving repayment of the associated CDL, and making accretive Unit purchases under our NCIB program. We have worked hard to strengthen our portfolio and balance sheet which has us well-positioned for the future." Q1 2025 Highlights Same Property Portfolio ("SPP") 2 revenue was $37.7 million , an increase of 2.1% compared to the first quarter ended March 31, 2024 ("Q1 2024") Revenue of $38.0 million decreased by 2.4% compared to Q1 2024 due to the sale of three assets in Ottawa , partially offset by the higher SPP revenue; SPP average monthly rent was $2,021 , an increase of 5.3% compared to Q1 2024; Average occupancy of unfurnished suites was 95.4%, compared to 96.9% in Q1 2024; The REIT executed 418 new leases, achieving an average rental rate that was 5.4% higher than the expiring rents. The gain-to-lease potential on sitting rents remained strong at 11.2% as at March 31, 2025 ; SPP annualized turnover was 16%, which was consistent with Q1 2024; SPP Net Operating Income ("NOI") was similar to Q1 2024 and SPP NOI margin was 61.4%, compared to 63.0% in Q1 2024; Normalized Funds from Operations ("Normalized FFO") were $0.2207 per unit, a 2.9% decrease compared to $0.2272 per unit in Q1 2024; Normalized Adjusted Funds from Operations ("Normalized AFFO") were $0.1959 per unit, a 3.3% decrease compared to $0.2026 per unit in Q1 2024; Net income and comprehensive income was $15.7 million , compared to a net loss and comprehensive loss of $18.8 million in Q1 2024; The REIT purchased $15.4 million of Units under the normal course issuer bid ("NCIB") at a weighted average purchase price of $13.24 per Unit; On January 15, 2025 , the REIT completed the purchase of a 50% managing ownership interest in Lonsdale Square, a property in North Vancouver , for a discounted purchase price of $53.0 million satisfied by the assumption of a $52.9 million CMHC-insured mortgage. Concurrently, the REIT received repayment of the $14 million convertible development loan ("CDL") associated with the property which was used to repay a portion of the revolving credit facility; On January 22, 2025 , the REIT completed the sale of the Castleview property in Ottawa for $69.0 million . The sale generated net proceeds of $33.8 million , which were used to repay the revolving credit facility and purchase Units under the REIT's NCIB program; and On February 28, 2025 , the purchase option for The Hyland expired without the REIT having exercised such option, and on March 5, 2025 , the REIT opted to waive on its right of first opportunity presented by the Minto Group for a development project in Ottawa . Subsequent Events Subsequent to March 31, 2025 , the REIT purchased approximately $8.4 million of additional Units under its NCIB program at a weighted average purchase price of $12.96 per Unit. Since November 2024 , the REIT has purchased approximately $28.2 million of Units under the NCIB at a weighted average purchase price of $13.29 per Unit; In April 2025 , the REIT upward refinanced a maturing mortgage for net proceeds of $9.0 million and received repayment of $19.4 million for the CDL associated with The Hyland; and, The REIT executed a new commercial lease for its vacant space at Minto Yorkville in Toronto , with lease payments expected to begin in January 2026 . Financial Summary ($000's except per unit and per suite amounts) Three months ended March 31, 2025 2024 Variance Financial Revenue from investment properties $ 38,010 $ 38,943 (2.4) % Property operating costs 7,023 6,987 (0.5) % Property taxes 3,906 4,008 2.5 % Utilities 3,757 3,504 (7.2) % NOI $ 23,324 $ 24,444 (4.6) % NOI margin (%) 61.4 % 62.8 % (140) bps Revenue - SPP $ 37,697 $ 36,923 2.1 % NOI - SPP 23,156 23,256 (0.4) % NOI margin (%) - SPP 61.4 % 63.0 % (160) bps Net income (loss) and comprehensive income (loss) 15,667 (18,794) nmf 3 Funds from Operations ("FFO") $ 14,301 $ 15,039 (4.9) % FFO per unit 0.2207 0.2290 (3.6) % Adjusted Funds from Operations ("AFFO") 12,691 13,427 (5.5) % AFFO per unit 0.1959 0.2045 (4.2) % Distribution rate per unit $ 0.1300 $ 0.1262 3.0 % AFFO payout ratio 66.4 % 61.7 % (470) bps Normalized FFO $ 14,301 $ 14,917 (4.1) % Normalized FFO per unit 0.2207 0.2272 (2.9) % Normalized AFFO 12,691 13,305 (4.6) % Normalized AFFO per unit 0.1959 0.2026 (3.3) % Normalized AFFO payout ratio 66.4 % 62.3 % (410) bps Operating - Proportionate Share Basis Average monthly rent $ 2,034 $ 1,911 6.4 % Average monthly rent - SPP 2,021 1,919 5.3 % Closing occupancy 96.2 % 97.1 % (90) bps Closing occupancy - SPP 96.1 % 97.3 % (120) bps Average occupancy 95.4 % 96.9 % (150) bps Average occupancy - SPP 95.5 % 97.0 % (150) bps _______________________________________ 3 No meaningful figure Summary of Q1 2025 Operating Results SPP Net Operating Income The REIT generated SPP revenue growth of 2.1% in Q1 2025 compared to Q1 2024, reflecting a 5.3% increase in SPP average monthly rent, partially offset by lower average occupancy, lower revenue from furnished suites and lower commercial revenue due to the temporary retail vacancy at Minto Yorkville. Closing occupancy increased sequentially from last quarter, reflecting the success of the REIT's strategic leasing initiatives. Management continues to leverage a combination of tactical promotion, marketing campaigns and a targeted renewal program across the portfolio to drive occupancy. SPP NOI was consistent with Q1 2024, declining by 0.4% as higher SPP revenue was effectively offset by a 6.4% increase in related operating expenses, due in part, to colder winter weather. SPP NOI margin was 61.4%, compared to 63.0% in Q1 2024. Normalized FFO and AFFO per Unit Normalized FFO and AFFO per unit decreased by 2.9% and 3.3%, respectively, in Q1 2025 compared to Q1 2024. These reductions reflect a decrease in NOI, driven by higher operating expenses, as noted above, and were partially offset by accretive Unit buybacks. NAV per unit and IFRS Net Income and Comprehensive Income The REIT's net asset value ("NAV") per unit as at March 31, 2025 was $22.73 , a 1.7% increase from $22.34 as at December 31, 2024 . The increase reflects a non-cash, fair value gain on investment properties of $8.9 million in Q1 2025 and the impact of the accretive NCIB program. The fair value gain resulted from growth in forecast NOI for the portfolio, which was largely attributed to the removal of the carbon tax, partially offset by an increase in the capital expenditure reserve. The REIT reported net income and comprehensive income of $15.7 million in Q1 2025, compared to a net loss and comprehensive loss of $18.8 million in Q1 2024. The variance was primarily attributable to the non-cash fair value gain of $8.9 million on investment properties in the quarter, compared to a loss of $38.6 million in Q1 2024. This was partially offset by a non-cash, fair value loss of $4.9 million on Class B LP Units in Q1 2025, reflecting an increase in the Unit price during the quarter, compared to a non-cash gain of $8.5 million in Q1 2024. Gain-on-Lease, Gain-to-Lease Potential, Suite Repositioning and Commercial Activity The REIT generated organic growth through 418 new leases signed in Q1 2025, achieving an average gain-on-lease of 5.4%. The realized gain-on-lease contracted compared to recent quarters, as market rents have flattened and turnover remains lower for suites with tenants whose sitting rents are well below current market rents. The REIT estimates a gain-to-lease potential of 11.2% as at March 31, 2025, representing future annualized potential revenue of $15.4 million . SPP annualized turnover was 16% in Q1 2025, which was consistent with Q1 2024. The REIT repositioned a total of 12 suites across its portfolio in Q1 2025, generating an average annual unlevered return on investment of 9.3%. Management currently expects to reposition a total of 35 to 70 suites in 2025, in line with the 48 completed in 2024. The REIT has executed a new commercial lease agreement at Minto Yorkville in Toronto with lease payments expected to commence in January 2026 . Solid Balance Sheet As at March 31, 2025, the REIT had, on a Proportionate Share Basis, Total Debt outstanding of $1.1 billion , with a weighted average effective interest rate on Term Debt of 3.54% and a weighted average term to maturity on Term Debt of 5.2 years. The REIT's Proportionate Debt-to-Gross Book Value ratio was 42.6%, similar to 42.5% as at December 31, 2024, and its Proportionate Debt-to-Adjusted EBITDA ratio was 11.22x, compared to 11.04x as at December 31, 2024. The REIT continues to maintain a strong financial position. Total liquidity on a Proportionate Share Basis was approximately $193.9 million as at March 31, 2025, with a liquidity ratio (Total liquidity/Total Debt) of 17.2% on a Proportionate Share Basis. Conference Call Management will host a conference call for analysts and investors on Wednesday, May 7, 2025 at 10:00 am ET . To join the conference call without operator assistance, participants can register and enter their phone number at to receive an instant automated call back. Alternatively, they can dial 416-945-7677 or 1-888-699-1199 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: Minto Apartment REIT Q1 2025 Earnings Webcast A replay of the call will be available until Wednesday, May 14, 2025 . To access the replay, dial 289-819-1450 or 888-660-6345 (Passcode: 50938 #). A transcript of the call will be archived on the REIT's website. About Minto Apartment Real Estate Investment Trust Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada . The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto , Montreal , Ottawa , Calgary and Vancouver regions. For more information on Minto Apartment REIT, please visit the REIT's website at: Forward-Looking Statements This news release may contain forward-looking statements (within the meaning of applicable Canadian securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "predict", "expect", "goal", "seek", "strategy", "future", "intend", "plan", "will", "may", "could", "should", "estimate", "potential", "might", "likely", "occur", "achieve", "continue", or the negative thereof, and other similar expressions. These statements are not historical facts but instead represent Management's expectations, estimates, forecasts and projections regarding future events and circumstances, including the impact of current economic conditions which include trade disputes, interest rate uncertainty, and inflation, among other factors, on the REIT's business, operations and financial results. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risks and Uncertainties" in the REIT's management's discussion and analysis dated May 6, 2025, which is available on SEDAR+ ( There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Non-IFRS and Other Financial Measures This news release contains certain non-IFRS and other financial measures which are measures commonly used by publicly traded entities in the real estate industry. Management believes that these metrics are useful for measuring different aspects of performance and assessing the underlying operating and financial performance on a consistent basis. However, these measures do not have a standardized meaning prescribed by IFRS Accounting Standards ("IFRS") and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should strictly be considered supplemental in nature and not a substitute for financial information prepared in accordance with IFRS. The REIT has adopted the guidance under NI 52-112 Non-GAAP and Other Financial Measures Disclosure for the purpose of this news release. These non-IFRS and other financial measures are defined below: "AFFO" is defined as FFO adjusted for items such as maintenance capital expenditures and straight-line rental revenue differences. AFFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The REIT's method of calculating AFFO is substantially in accordance with REALPAC's recommendations under the revised publication titled ''REALPAC Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) for IFRS'' published in January 2022 , except that it adjusts for certain non-cash items (such as adjustments for the amortization of mark-to-market adjustments related to debt), but may differ from other issuers' methods and, accordingly, may not be comparable to AFFO reported by other issuers. The REIT regards AFFO as a key measure of operating performance. The REIT also uses AFFO in assessing its capacity to make distributions. "AFFO per unit" is calculated as AFFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. The REIT regards AFFO per unit as a key measure of operating performance. "AFFO payout ratio" is the proportion of per unit distributions on Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership, excluding special non-cash distributions, to AFFO per unit. The REIT uses AFFO payout ratio in assessing its capacity to make distributions. "annualized turnover" is calculated as the number of move-outs for the period divided by total number of unfurnished suites in the portfolio. This percentage is extrapolated to determine an annual rate. "average annual unlevered return" refers to the return on repositioning activities, and is calculated by dividing the average annual rental increase per suite after repositioning by the average repositioning cost per suite, excluding the impact of financing costs. "average monthly rent" represents the average monthly rent per suite for occupied unfurnished suites at the end of the period on a Proportionate Share Basis. "average occupancy" is defined as the ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio for the period on a Proportionate Share Basis. "closing occupancy" is defined as the ratio of occupied unfurnished suites to the total unfurnished suites in the portfolio at the end of the period on a Proportionate Share Basis. "Debt-to-Adjusted EBITDA ratio" is calculated by dividing interest-bearing debt (net of cash) by Adjusted EBITDA. Adjusted EBITDA is a non-IFRS financial measure and is used for evaluation of the REIT's financial health and liquidity. Adjusted EBITDA is calculated as the trailing twelve-month NOI adjusted for a full year of stabilized earnings including finance income, fees and other income and general and administrative expenses from recently completed acquisitions or dispositions, but excluding fair value adjustments. The REIT regards Debt-to-Adjusted EBITDA ratio as a measure of financial health and liquidity. "Debt-to-Gross Book Value ratio" is calculated by dividing total interest-bearing debt consisting of fixed and variable-rate mortgages, credit facility, construction loans and Class C limited partnership units of Minto Apartment Limited Partnership by Gross Book Value and is used as the REIT's primary measure of its leverage. "FFO" is defined as IFRS consolidated net income adjusted for items such as unrealized changes in the fair value of investment properties, effects of puttable instruments classified as financial liabilities and changes in fair value of financial instruments and derivatives. FFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The REIT's method of calculating FFO is substantially in accordance with REALPAC's recommendations under the revised publication titled ''REALPAC Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) for IFRS'' published in January 2022 , but may differ from other issuers' methods and, accordingly, may not be comparable to FFO reported by other issuers. The REIT regards FFO as a key measure of operating performance. "FFO per unit" is calculated as FFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. The REIT regards FFO per unit as a key measure of operating performance. "gain-on-lease" refers to the gap between rents achieved on new leases of unfurnished suites as compared to expiring leases. "gain-to-lease potential" refers to the gap between Management's estimate of monthly market rent and average monthly in-place rent per occupied unfurnished suite. "Gross Book Value" is calculated as the total assets of the REIT as at the applicable balance sheet date. "NAV" is calculated as the sum of the value of REIT Unitholders' equity and Class B limited partnership units of Minto Apartment Limited Partnership as at the applicable balance sheet date. "NAV per unit" is calculated by dividing NAV by the number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding as at the applicable balance sheet date. "NOI" is defined as revenue from investment properties less property operating costs, property taxes and utilities (collectively referred to as "property operating expenses" or "operating expenses") prepared in accordance with IFRS. NOI should not be construed as an alternative to net income determined in accordance with IFRS. The REIT's method of calculating NOI may differ from other issuers' methods and, accordingly, may not be comparable to NOI reported by other issuers. The REIT regards NOI as an important measure of the income generated from income-producing properties and is used by Management in evaluating the performance of the REIT's properties. It is also a key input in determining the value of the REIT's properties. "NOI margin" is defined as NOI divided by revenue from investment properties. "Normalized AFFO" is calculated as AFFO net of nonrecurring items that occurred during the period which are not indicative of the REIT's typical operating results. "Normalized AFFO per unit" is calculated as Normalized AFFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. "Normalized AFFO payout ratio" is the proportion of the per unit distributions on Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership, excluding special non-cash distributions, to normalized AFFO per unit. "Normalized FFO" is calculated as FFO net of nonrecurring items that occurred during the period which are not indicative of the REIT's typical operating results. "Normalized FFO per unit" is calculated as Normalized FFO divided by the weighted average number of Units of the REIT and Class B limited partnership units of Minto Apartment Limited Partnership outstanding over the period. "Proportionate Share Basis" represents financial information adjusted to reflect the REIT's effective ownership share of joint venture results on a proportionately consolidated basis. This adjustment addresses the accounting difference arising from the use of the equity method for joint ventures under IFRS. "Term Debt" is calculated as the sum of the amortized cost of fixed rate mortgages, a variable-rate mortgage fixed through an interest rate swap and Class C LP Units. "Total Debt" is calculated as the sum of the amortized cost of interest-bearing debt consisting of a variable-rate credit facility and fixed rate debt comprised of mortgages, a variable-rate mortgage fixed through an interest rate swap, Class C LP Units, and the construction loan. "Total liquidity" is calculated as the sum of the undrawn balance under the revolving credit facility and cash. "weighted average effective interest rate on Term Debt" is calculated as the weighted average of the effective interest rates on the outstanding balances of fixed rate mortgages on a Proportionate Share Basis, a variable-rate mortgage fixed through an interest rate swap and Class C limited partnership units of Minto Apartment Limited Partnership. "weighted average term to maturity on Term Debt" is calculated as the weighted average of the term to maturity on the outstanding fixed rate mortgages on a Proportionate Share Basis, a variable-rate mortgage fixed through an interest rate swap and Class C limited partnership units of Minto Apartment Limited Partnership. FFO and AFFO Three months ended March 31, ($000's except unit and per unit amounts) 2025 2024 Net income (loss) and comprehensive income (loss) $ 15,667 $ (18,794) Distributions on Class B LP Units 3,348 3,251 Disposition costs on investment property 604 615 Fair value loss (gain) on: Investment properties (8,877) 38,605 Class B LP Units 4,893 (8,499) Interest rate swap 276 (58) Unit-based compensation 19 (81) Adjustment for equity-accounted entity (1,629) — Funds from operations (FFO) 14,301 15,039 Maintenance capital expenditure reserve (1,519) (1,539) Amortization of mark-to-market adjustments (72) (73) Commercial straight-line rent adjustments (19) — Adjusted funds from operations (AFFO) $ 12,691 $ 13,427 Weighted average number of Units and Class B LP Units issued and outstanding 64,788,348 65,659,537 FFO per unit $ 0.2207 $ 0.2290 AFFO per unit $ 0.1959 $ 0.2045 Distribution rate per unit $ 0.1300 $ 0.1262 AFFO payout ratio 66.4 % 61.7 % Normalized FFO and AFFO Three months ended March 31, ($000's except unit and per unit amounts) 2025 2024 FFO $ 14,301 $ 15,039 AFFO 12,691 13,427 Normalizing items Insurance recoveries — (122) Normalized FFO 14,301 14,917 Normalized FFO per unit $ 0.2207 $ 0.2272 Normalized AFFO 12,691 13,305 Normalized AFFO per unit $ 0.1959 $ 0.2026 Distribution rate per unit $ 0.1300 $ 0.1262 Normalized AFFO payout ratio 66.4 % 62.3 % NOI and NOI Margin ($000's) Same Property Portfolio Total Portfolio Three months ended March 31, 2025 2024 2025 2024 Revenue from investment properties $ 37,697 $ 36,923 $ 38,010 $ 38,943 Operating expenses 14,541 13,667 14,686 14,499 NOI $ 23,156 $ 23,256 $ 23,324 $ 24,444 NOI margin 61.4 % 63.0 % 61.4 % 62.8 % Proportionate Debt-to-Gross Book Value Ratio As at ($000's) March 31, 2025 December 31, 2024 Class C LP Units $ 178,493 $ 214,290 Mortgages 842,426 846,079 Construction loan 43,881 40,403 Credit facility 9,205 24,500 Mortgage held by joint venture 52,846 — Total Debt - Proportionate Share Basis 1,126,851 1,125,272 Total assets 2,588,351 2,645,415 Total assets held by joint venture 53,788 — Total assets - Proportionate Share Basis $ 2,642,139 $ 2,645,415 Proportionate Debt-to-Gross Book Value ratio 42.6 % 42.5 % Total liquidity - Proportionate Share Basis $ 193,881 $ 187,700 Total liquidity as a percentage of Total Debt - Proportionate Share Basis 17.2 % 16.7 % Proportionate Debt-to-Adjusted EBITDA Ratio As at ($000's) March 31, 2025 December 31, 2024 Trailing 12-month: NOI $ 99,451 $ 100,571 General and administrative expenses (9,919) (10,061) Finance income 7,785 7,873 Fees and other income 3,399 3,452 100,716 101,835 Impact on NOI of stabilized earnings from dispositions and acquisitions (731) (404) Adjusted EBITDA 99,985 101,431 Total Debt - Proportionate Share Basis 1,126,851 1,125,272 Cash - Proportionate Share Basis 5,108 5,878 Total Debt, net of cash - Proportionate Share Basis $ 1,121,743 $ 1,119,394 Proportionate Debt-to-Adjusted EBITDA Ratio 11.22x 11.04x NAV and NAV per unit ($000's except unit and per unit amounts) As at March 31, 2025 December 31, 2024 Net assets (Unitholders' equity) $ 1,110,993 $ 1,115,747 Add: Class B LP Units 348,465 343,572 NAV $ 1,459,458 $ 1,459,319 Number of Units and Class B LP Units 64,196,027 65,333,848 NAV per unit $ 22.73 $ 22.34 SOURCE Minto Apartment Real Estate Investment Trust

Council OK's housing project on site of former Viscount Bennett School
Council OK's housing project on site of former Viscount Bennett School

CBC

time09-04-2025

  • CBC

Council OK's housing project on site of former Viscount Bennett School

Calgary city council has agreed to move forward with plans to build eight residential buildings on the site of the former Viscount Bennett School, after a lengthy public hearing on Tuesday. The developer, Minto Group, applied to rezone the space to accommodate 1,231 to 1,509 housing units across eight buildings. The plan includes three 16-storey towers. Council voted 9-5 in favour of the land use redesignation application for the 4.6-hectare lot along Richmond Road and Crowchild Trail S.W. "This is exactly the place that we need to put this, in terms of meshing with other core city priorities and the way that our system is built to operate," said Ward 12 Coun. Evan Spencer, who voted to support the project. The site is "steps" away from a bus rapid transit stop on Crowchild Trail and a primary bike pathway, the Minto Group says. Some residents say development plans are too dense At the city council meeting, more than a dozen Calgarians spoke out against the project, dubbed "2501 Richmond." "The Viscount Bennett site offers an opportunity for smart, sustainable growth. But the Minto proposal is not it," said Richmond resident Marnie Evans. "The density is too high, the green space too low, infrastructure analysis incomplete and the community has not been heard. This is not the way we should be building Calgary's future." Speakers also expressed concern over the potential traffic impacts of the redevelopment project. The Richmond Knobhill Community Association published its own redevelopment plan in January, based on community feedback gathered at an open house. It recommended building a maximum of around 400 units on the site. The proposal also called for maintaining four acres of green space. Meanwhile, Minto Group said it went above and beyond with community outreach. "What we did is we went beyond meeting the typical expectations for private developments and land use applications in terms of the depth of transparency, in terms of information sharing," said Martha McClary, who worked with Minto Group on the project. Coun. Andre Chabot was among those who voted in opposition, citing some of the concerns raised by residents. "There will be a greater and greater demand for green space, and trying to buy it in the future will be impossible," said the Ward 10 representative. The development company has significantly scaled back from its original plans for 2501 Richmond. In 2023, it proposed building more than 2,500 units on the site and buildings up to 30 storeys tall. According to a written statement from Minto, it made those changes "based on community feedback" and evaluated the proposal against multiple existing city policies. Minto purchased the land from the Calgary Board of Education in 2023. The school building was shuttered by the CBE in 2018.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store