Business
InterRent REIT Reports Results for the Second Quarter of 2020 and Operational Update related to COVID-19
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"InterRent REIT Reports Results for the Second Quarter of 2020 and Operational Update related to COVID-19NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESOTTAWA, ON / ACCESSWIRE / August 10, 2020 / InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the second quarter ended June 30, 2020.Quarter Highlights Operating revenues for the quarter increased by $4.3 million, or 12.3%, over Q2 2019. Operating revenues for the same property portfolio increased by $1.4 million, or 4.2%, over Q2 2019.Average monthly rent per suite for the entire portfolio increased to $1,291 (June 2020) from $1,227 (June 2019), an increase of 5.2%. The same property portfolio increased to $1,318 (June 2020) from $1,236 (June 2019), an increase of 6.6%.Occupancy for the overall portfolio was 93.0%, a decrease of 230 basis points (June 2020 compared to June 2019). Occupancy for the same property portfolio was 94.4%, a decrease of 120 basis points (June 2020 compared to June 2019).Net Operating Income (NOI) for the quarter was $24.8 million, an increase of $1.8 million, or 7.8%, over Q2 2019. NOI margin for the quarter was 63.7%, down 260 basis points over Q2 2019. NOI for the quarter included approximately $0.9 million in COVID-19 related operating costs.Same property NOI for the quarter was $22.8 million, an increase of $0.4 million, or 1.8%, over Q2 2019. Same property NOI margin for the quarter was 64.8%, down 160 basis points over Q2 2019.Repositioned properties had an average monthly rent per suite of $1,343, occupancy of 95.2% for June 2020 and an NOI margin for the quarter of 65.5%.Fair value gain on investment properties in the quarter of $16.0 million was driven by property level operating improvements.Net income for the quarter was $22.7 million, a decrease of $14.1 million compared to Q2 2019. This difference was due primarily to the Unit price appreciation in the quarter that resulted in higher non-cash fair value losses on unit-based liabilities and Class B unit liability.Funds from Operations (FFO) increased by $1.8 million, or 13.7%, for the quarter. Fully diluted FFO per unit decreased by 3.3% from $0.121 per unit to $0.117 per unit.Adjusted Funds from Operations (AFFO) increased by $1.5 million, or 12.5%, for the quarter. Fully ...