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BRIEF-Minto Apartment REIT Provides Operations Update Related To Covid-19

Published 2020-04-16, 11:28 a/m
MI_u
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April 16 (Reuters) - Minto Apartment Real Estate Investment Trust MI_u.TO :

* MINTO APARTMENT REIT PROVIDES OPERATIONS UPDATE RELATED TO COVID-19

* MINTO APARTMENT REAL - WILL NOT IMPLEMENT AT TIME RENT INCREASES THAT WERE SCHEDULED TO COME INTO EFFECT ON APRIL 1, 2020, MAY 1, 2020 OR JUNE 1, 2020

* MINTO APARTMENT REAL ESTATE INVESTMENT - CREATED PAYMENT PLANS THAT DEFER RENTAL PAYMENTS FOR RESIDENTS WHO ARE UNABLE TO PAY AS A RESULT OF OUTBREAK

* MINTO APARTMENT REAL ESTATE INVESTMENT TRUST - AS AT APRIL 14, 2020 FEWER THAN 1% OF REIT'S TENANTS HAVE ENTERED INTO A DEFERRED PAYMENT PLAN

* MINTO APARTMENT REAL ESTATE INVESTMENT TRUST - OCCUPANCY IN APRIL 2020 REMAINS STRONG

* MINTO APARTMENT REAL ESTATE INVESTMENT - REIT'S TENANTS PAID THEIR RENT IN APRIL & AS AT APRIL 14, 2020 REIT COLLECTED 97% OF RENTAL REVENUE FOR MONTH

* MINTO APARTMENT REAL ESTATE - AS AT APRIL 15, 2020 REIT HAS ABOUT $196 MILLION IN FUNDS AVAILABLE THROUGH A COMBINATION OF CASH & UNDRAWN LINES OF CREDIT

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