We expect these variable rate debt repayment initiatives to bring immediate upside to FFO and AFFO per unit," added Mr. Lastly, we expect to imminently replace the variable rate mortgage associated with The International in Calgary, which as at Mahad an interest rate of 7.44%, with a new 10-year CMHC-insured fixed rate mortgage with an expected interest rate of approximately 4%. Additionally, we submitted refinancing applications to CMHC on $136.9 million of maturing mortgages which we anticipate will result in incremental proceeds between $60 million and $70 million that we will use to repay a portion of our revolving credit facility, further reducing our future variable rate interest expense. Subsequent to quarter end, we have replaced the variable rate mortgage associated with Niagara West, which as at Mahad an interest rate of 7.70%, with a new 10-year CMHC-insured 3.87% fixed rate mortgage. "At the same time, like many Canadians, our business is faced with the challenges resulting from the historic rapid rise of interest rates, and to that end, we are making progress on transitioning our balance sheet to be best-in-class. Given the significant affordability gap between renting and owning a home, insufficient supply of new housing and significant immigration-driven population growth, long-term sector fundamentals remain constructive for our business." Our gain-on-lease results were strong and average occupancy continued to improve, resulting in year over year double-digit growth in the REIT's Same Property Portfolio revenue and NOI.
"The first quarter is seasonally a slower quarter, however the REIT's net operating income ("NOI") performance in Q1 2023 thrived. "The REIT had a very strong start to the year, operationally, as our best-in-class urban portfolio continues to benefit from robust industry fundamentals," said Jonathan Li, President and Chief Executive Officer ("President and CEO") of the REIT. Minto Apartment REIT Logo (CNW Group/Minto Apartment Real Estate Income Trust)
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