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minto Apartment REIT Minto Apartment REIT Reports 2020 Fourth Quarter and Year - End Financial Results ● — 2020 full year highlights include increased AFFO¹ , higher distributions and strengthened liquidity - Ottawa , ON , March 11 , 2021 Minto Apartment Real Estate Investment Trust ( the “ REIT ” ) ( TSX : MI.UN ) today announced its financial results for the fourth quarter and year ended December 31 , 2020 ( " Q4 2020 " and " FY 2020 " , respectively ) . The Audited Consolidated Financial Statements for FY 2020 and Management's Discussion and Analysis ( " MD & A " ) for Q4 2020 and FY 2020 are available on the REIT's website at www.mintoapartments.com and at www.sedar.com . Q4 2020 Highlights Total revenue was $ 30.9 million , an increase of 3.6 % from the three months ended December 31 , 2019 ( " Q4 2019 " ) ; Net Operating Income ( " NOI " ) ¹ was $ 18.9 million , an increase of 1.8 % from Q4 2019 ; Net income and comprehensive income was $ 23.0 million , an increase of 16.8 % from $ 19.7 million in Q4 2019 ; Funds from Operations ( " FFO " ) ¹ increased by 2.4 % to $ 12.0 million , compared to $ 11.7 million in Q4 2019 ; FFO¹ per unit³ increased by 2.0 % to $ 0.2036 , compared to $ 0.1997 in Q4 2019 ; Adjusted Funds from Operations ( " AFFO " ) ¹ increased by 2.4 % to $ 10.5 million , compared to $ 10.2 million in Q4 2019 ; AFFO¹ per unit³ increased by 1.9 % to $ 0.1771 , compared to $ 0.1738 in Q4 2019 ; Net asset value per unit¹ increased by 8.3 % to $ 22.26 per unit compared to Q4 2019 ; The REIT recorded its highest ever average monthly rent as at December 31 , 2020 , excluding furnished and unoccupied suites , of $ 1,623 , an increase of 2.8 % compared to $ 1,579 as at December 31 , 2019 ; The REIT continued to productively deploy capital through its repositioning program , repositioning a total of 56 suites across its portfolio in Q4 2020 , for a total of 239 in FY 2020 ; ¹ NOI , FFO , AFFO , Net asset value per unit and Debt - to - GBV are non - IFRS financial measures . Refer to " Non - IFRS Financial Measures " in this news release . 2 The same property portfolio consists of 24 multi - residential rental properties comprising an aggregate of 4,554 suites that were wholly owned by the REIT for equivalent periods in 2020 and 2019. A total of 232 of these suites operate as furnished suites . The same property portfolio includes The Quarters in Calgary , acquired on January 7 , 2019 , as the exclusion of the impact of the first six days of January is not considered material . 3 Includes REIT Units and Class B LP Units of Minto Apartment Limited Partnership , which are exchangeable for REIT Units on a one - for - one basis .