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minto Apartment REIT Minto Apartment REIT Reports 2021 First Quarter Financial Results Solid gain - to - lease performance despite impact of COVID - 19 Ottawa , ON , May 6 , 2021 – Minto Apartment Real Estate Investment Trust ( the “ REIT ” ) ( TSX : MI.UN ) today announced its financial results for the first quarter ended March 31 , 2021 ( " Q1 2021 " ) . The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ( " MD & A " ) for Q1 2021 are available on the REIT's website at www.mintoapartments.com and at www.sedar.com . ● Q1 2021 Highlights The REIT entered into 470 new leases , a 33 % increase compared to 353 new leases signed in the first quarter ended March 31 , 2020 ( " Q1 2020 " ) The REIT achieved an average rental rate on the new leases that was 7.6 % higher than the expiring rents The REIT recorded its highest ever average monthly rent as at March 31 , 2021 , excluding furnished and unoccupied suites , of $ 1,630 , an increase of 0.4 % compared to $ 1,623 in the fourth quarter ended December 31 , 2020 ( " Q4 2020 " ) and an increase of 1.9 % compared to $ 1,599 in Q1 2020 ; Total revenue was $ 30.0 million , compared to $ 31.5 million in Q1 2020 ; Net Operating Income ( " NOI ” ) ¹ was $ 17.9 million , compared to $ 19.5 million in Q1 2020 . More that half of the decline in NOI is attributable to three urban properties ( 185 Lyon , Minto Yorkville and 150 Roehampton ) ; Funds from Operations ( “ FFO " ) ¹ were $ 10.9 million , or $ 0.1845 per unit² , compared to $ 12.1 million , or $ 0.2052 per unit² in Q1 2020 ; Adjusted Funds from Operations ( " AFFO " ) ¹ were $ 9.3 million , or $ 0.1579 per unit² , compared to $ 10.6 million , or $ 0.1788 per unit² , in Q1 2020 ; Net loss and comprehensive loss was $ 20.4 million , compared to net income and comprehensive income of $ 87.9 million in Q1 2020 ; The REIT continued to productively deploy capital through its repositioning program , earning an annualized 8.7 % return on the capital invested in the repositioning of 46 suites across its portfolio in Q1 2021 ; The REIT maintained a strong balance sheet , with Debt to Gross Book Value ( " Debt - to GBV " ) ¹ as at March 31 , 2021 of 38.7 % , similar to 38.6 % at the end of 2020 ; ¹ NOI , FFO , AFFO , net asset value and Debt - to - GBV are non - IFRS financial measures . Refer to " Non - IFRS Financial Measures " in this news release . ² 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 . 1