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• • minto Apartment REIT Minto Apartment REIT Reports 2021 Third Quarter Financial Results and Announces Distribution Increase - 4.4 % distribution increase reflects positive business outlook - Ottawa , ON , November 9 , 2021 Minto Apartment Real Estate Investment Trust ( the " REIT " ) ( TSX : MI.UN ) today announced its financial results for the third quarter ( " Q3 2021 " ) and nine months ended September 30 , 2021. The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ( " MD & A " ) for Q3 2021 and the nine months ended September 30 , 2021 are available on the REIT's website at www.mintoapartments.com and at www.sedar.com . The REIT is also pleased to announce that its Board of Trustees has approved a 4.4 % increase to its cash distributions , raising the monthly unitholder distribution from an annualized rate of $ 0.455 per unit² to $ 0.475 per unit² . The distribution increase reflects the REIT's strong growth prospects and high level of confidence in its business model , long - term strategy , and overall business outlook . The increase will be effective for the REIT's November 2021 cash distribution , which will be paid on December 15 , 2021 to unitholders of record as at November 30 , 2021 . Q3 2021 Highlights The REIT entered into a record 555 new leases , a 38 % increase compared to 403 new leases signed in the third quarter ended September 30 , 2020 ( " Q3 2020 " ) ; The REIT achieved an average rental rate on the new leases that was 4.4 % higher than the expiring rents ; Average monthly rent , excluding furnished and unoccupied suites , at September 30 , 2021 was $ 1,651 , an increase of 2.4 % compared to $ 1,613 as at September 30 , 2020 , and a sequential increase of 0.7 % compared to $ 1,640 as at June 30 , 2021 ; Average occupancy of unfurnished suites was 92.9 % , compared to 94.0 % in Q3 2020 and 91.5 % in the second quarter of 2021 ( " Q2 2021 " ) . Q3 2021 was the second consecutive sequential quarter of improved occupancy for the REIT ; The REIT recorded a $ 34.7 million fair value gain on its investment properties in Q3 2021 primarily on the basis of compressed capitalization rates that reflect strong investment demand and pricing for multi - residential properties ; Total revenue was $ 31.2 million , in line with Q3 2020 ; 1