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InterRent REIT Reports Results for the First Quarter of 2020, Operational Update related to COVID-19 and Implementation of Normal Course Issuer Bid
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 2020, Operational Update related to COVID-19 and Implementation of Normal Course Issuer BidNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESOTTAWA, ON / ACCESSWIRE / May 5, 2020 / InterRent Real Estate Investment Trust (TSX:IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the first quarter ended March 31, 2020 and announces that it has received approval from the Toronto Stock Exchange (\"TSX\") for a Normal Course Issuer Bid (the \"Bid\") commencing on May 11, 2020 up to and including May 10, 2021.Quarter Highlights Operating revenues for the quarter increased by $5.6 million, or 16.7%, over Q1 2019. Operating revenues for the same property portfolio increased by $2.5 million, or 7.4%, over Q1 2019.Average monthly rent per suite for the entire portfolio increased to $1,270 (March 2020) from $1,204 (March 2019), an increase of 5.5%. The same property portfolio increased to $1,296 (March 2020) from $1,209 (March 2019), an increase of 7.2%.Occupancy for the overall portfolio was 95.3%, a decrease of 50 basis points (March 2020 compared to March 2019). Occupancy for the same property portfolio was 96.6%, a decrease of 10 basis points (March 2020 compared to March 2019).Net Operating Income (NOI) for the quarter was $24.7 million, an increase of $3.5 million, or 16.8%, over Q1 2019. NOI margin for the quarter was 62.8%, up 10 basis points over Q1 2019.Same property NOI for the quarter was $22.7 million, an increase of $1.8 million, or 8.7%, over Q1 2019. Same property NOI margin for the quarter was 63.7%, up 80 basis points over Q1 2019.Repositioned properties had an average monthly rent per suite of $1,320, occupancy of 97.5% for March 2020 and an NOI margin for the quarter of 65.2%.Fair value gain on investment properties in the quarter of $1.0 million was driven by property level operating improvements.Net income for the quarter was $37.9 million, an increase of $24.3 million compared to Q1 2019. This difference was due primarily to the Unit price decrease in the quarter that resulted in higher non-cash fair value gains on unit-based liabilities and Class B unit liability.Funds from Operations (FFO) increased by $2.9 million, or 24.7%, for the quarter. Fully diluted FFO per unit increased by 9.5% from...