Business
InterRent REIT Results for the Fourth Quarter and 2019 Results
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":"\nInterRent REIT Results for the Fourth Quarter and 2019 ResultsNot for Distribution to United States Newswire Services or for Dissemination in the United StatesOTTAWA, ON / ACCESSWIRE / March 3, 2020 / InterRent Real Estate Investment Trust (TSX:IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the fourth quarter and year-ended December 31, 2019.Highlights Operating revenues for the quarter ended December 31, 2019, increased by 15.1%, or $5.1 million, to $39.2 million. Operating revenues for the year increased by 14.2%, or $18.0 million, to $145.3 million.Operating revenues for the quarter ended December 31, 2019 from the same property portfolio increased by 7.6%, or $2.3 million, to $33.4 million. Operating revenues from the same property portfolio for the year increased by 8.4%, or $10.0 million, to $128.8 million.Average monthly rent per suite for the portfolio increased to $1,260 (December 2019) from $1,190 (December 2018), an increase of 5.9%. Average monthly rent from the same property portfolio increased by 6.8% to $1,297 per suite (December 2019) from $1,214 per suite (December 2018).Occupancy for the overall portfolio was 95.6%, down 100 basis points (December 2019 compared to December 2018). Occupancy for the same property portfolio was 97.5%, up 60 basis points (December 2019 compared to December 2018).Net Operating Income (NOI) for the quarter ended December 31, 2019 increased by $3.9 million, or 17.5%, to $26.2 million. NOI margin for the quarter ended December 31, 2019 was 66.9%, up 140 basis points over the same period in 2018. NOI for the year increased by $14.0 million, or 17.0%, to $96.2 million. NOI margin for the year was 66.2%, up 160 basis points year-over-year.Same property NOI for the quarter ended December 31, 2019 increased by $2.2 million, or 10.7%, to $22.6 million. Same property NOI margin for the quarter was 67.7%, up 200 basis points over the same period in 2018. Same property NOI for the year ended 2019 increased by $8.9 million, or 11.5%, to $85.8 million. Same property NOI margin for the full year was up 190 basis points year-over-year to 66.6%.Repositioned properties had an average monthly rent per suite of $1,328 and occupancy of 98.1% for December 2019 and an NOI margin of 68.5% for the quarter and 67.7% for the year.Fair value gain on investment properties in the ...