Business
InterRent REIT Reports Results for the Third Quarter of 2019 and a 6.9% Increase in the Monthly Distribution
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 Third Quarter of 2019 and a 6.9% Increase in the Monthly DistributionNot for Distribution to United States Newswire Services or for Dissemination in the United StatesOTTAWA, ON / ACCESSWIRE / November 4, 2019 / InterRent Real Estate Investment Trust (TSX:IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the third quarter ended September 30, 2019. With InterRent's portfolio continuing to demonstrate strong sustainable results, the Board of Trustees has approved a 6.9% increase to the distribution. This is the eighth consecutive year that the REIT has grown its distribution by 5% or more. The increase will be effective for the November 2019 distribution that is to be paid in December 2019.Highlights Monthly distribution has been increased by 6.9% effective with the November distribution that is to be paid in December 2019. The annualized distribution increases to $0.31 per unit from $0.29 per unit.Operating revenues for the quarter increased by $5.5 million, or 17.0%, over Q3 2018. Operating revenues for the same property portfolio increased by $2.6 million, or 8.7%, over Q3 2018.Average monthly rent per suite for the entire portfolio increased to $1,248 (September 2019) from $1,176 (September 2018), an increase of 6.1%. The same property portfolio increased to $1,284 (September 2019) from $1,198 (September 2018), an increase of 7.2%.Occupancy for the overall portfolio was 95.5%, an increase of 30 basis points (September 2019 compared to September 2018). Occupancy for the same property portfolio was 97.0%, an increase of 80 basis points (September 2019 compared to September 2018).Net Operating Income (NOI) for the quarter was $25.8 million, an increase of $4.2 million, or 19.6%, over Q3 2018. NOI margin for the quarter was 68.5%, up 140 basis points over Q3 2018.Same property NOI for the quarter was $22.3 million, an increase of $2.2 million, or 11.0%, over Q3 2018. Same property NOI margin for the quarter was 68.7%, up 150 basis points over Q3 2018.Repositioned properties had an average monthly rent per suite of $1,316 and occupancy of 97.7% for September 2019 and an NOI margin for the quarter of 69.8%.Fair value gain on investment properties in the quarter of $75.0 million was driven primarily by property level operating improvements.Net income for the quarter was...