Business
InterRent REIT Reports Results for the First Quarter of 2019
Not for Distribution to United States Newswire Services or for Dissemination in the United S...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"InterRent REIT Reports Results for the First Quarter of 2019Not for Distribution to United States Newswire Services or for Dissemination in the United States OTTAWA, ON / ACCESSWIRE / April 29, 2019 / InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the first quarter ended March 31, 2019.Highlights Operating revenues for the quarter increased by $3.6 million, or 11.8%, over Q1 2018. Average monthly rent per suite for the entire portfolio increased to $1,204 (March 2019) from $1,117 (March 2018), an increase of 7.8%. The same property portfolio increased to $1,223 (March 2019) from $1,127 (March 2018), an increase of 8.5%. Occupancy for the overall portfolio was 95.8%, a decrease of 90 basis points (March 2019 compared to March 2018). Occupancy for the same property portfolio was 96.3%, a decrease of 50 basis points (March 2019 compared to March 2018). Net Operating Income (NOI) for the quarter was $21.2 million, an increase of $2.8 million, or 15.3%, over Q1 2018. NOI margin for the quarter was 62.7%, up 190 basis points over Q1 2018. Same property NOI for the quarter was $19.7 million, an increase of $2.0 million, or 11.5%, over Q1 2018. Same property NOI margin for the quarter was 63.2%, up 220 basis points over Q1 2018. Fair value gain on investment properties in the quarter of $16.9 million was driven by property level operating improvements. Net income for the quarter was $13.6 million, an increase of $25.6 million compared to Q1 2018. The increase was partly attributed to the property management internalization cost in Q1 2018. Funds from Operations (FFO) increased by $2.3 million, or 25.2%, for the quarter. Fully diluted FFO per unit was $0.105 per unit, equal to fully diluted FFO per unit in Q1 2018. Adjusted Funds from Operations (AFFO) increased by $1.5 million, or 18.7%, for the quarter. Fully diluted AFFO per unit decreased by 5.4% from $0.092 per unit to $0.087 per unit. Adjusted Cash Flow from Operations (ACFO) increased by $0.1 million, or 1.4%, to $9.7 million for the quarter. Debt to GBV at quarter end was 39.4%, an increase of 50 basis points from December 2018. Purchased 253 suites in Montreal for $59 million and completed the disposition of the Sault Ste. Marie portfolio (349 suites) for $35.3 million as part of the REIT's capital recycli...