One of Ottawa's biggest landlords is looking to convert to a real estate investment trust, a move that would allow investors to cash in on the rent it charges for suites across the city.
Minto Properties announced Wednesday it's seeking to create the trust, which will include 22 properties across the country, including 14 here in Ottawa.
Other properties are in Toronto, Calgary and Edmonton.
Real estate trusts allow investors to essentially buy shares in residential properties, giving them a cut of the rent payments the company receives from tenants.
Carleton business professor Ian Lee said this is a chance for Minto to take the buildings, which are valuable assets, and get some money to potentially move in another direction.
"It appears they have decided to focus on a different part of the real estate market," he said.
"Usually, when you're selling off your entire portfolio, as they announced they are today, that suggests a change in strategic direction."
No changes likely for renters
In their prospectus to investors, Minto claims its properties are 98 per cent occupied and charge an average monthly rent of $1,358.
Lee said this isn't really going to change anything for renters.
"It's just as if the name of the company collecting your rental cheque every month has changed and you're indifferent," he said.
The move still has to be approved by regulators, but in a release Minto said it could eventually add more units to the 4,279 included in the initial offering.
CBC reached out to Minto CEO Michael Waters, but he declined to comment as the process unfolds.