Business
InterRent REIT Results for the Third Quarter of 2014 and a 10% Increase in the Monthly Distribution
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nOTTAWA, Nov. 10, 2014 /CNW/ - InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\" or the \"REIT\") today reported financial results for the third quarter ended September 30, 2014. With InterRent's portfolio demonstrating strong sustainable results and with the REIT applying its disciplined approach to growing the portfolio, the Board of Trustees has approved a 10% increase to the monthly per unit distributions. The increase will be effective for the November distribution that is to be paid in December 2013. \n\nHighlights\n\n\nMonthly distribution has been increased by 10% effective with the November distribution that is to be paid in December 2014.  On an annual basis, this represents a distribution of $0.22 per unit. \nAverage monthly rent per suite for the stabilized portfolio increased to $944 (September 2014) from $913 (September 2013), an increase of 3.4%. \nGross rental revenue for the third quarter of 2014 increased by $0.7 million, or 4.6%, over Q3 2013 while operating revenue increased by $0.5 million, or 3.0% compared to Q3 2013.  \nGross rental revenue from stabilized operations for the third quarter of 2014 increased by $0.5 million, or 3.8%, over Q3 2013 while operating revenue increased by $0.3 million, or 2.0%.  \nEconomic vacancy decreased to 3.4% for September 2014 from 5.8% for June 2014, and was slightly lower than the 3.6% recorded in September 2013. The transition to a new rental operations methodology as well as continued repositioning efforts at the non-stabilized properties has resulted in an improvement of 2.4% in vacancy between June and September 2014. \nNOI increased to $10.2 million for the quarter, or 61.5% of operating revenues, compared to $9.8 million, or 61.2%, for Q3 2013. \nThe weighted average interest rate on mortgage debt at the end of the quarter was 3.25% with an average life to maturity of 4.1 years.  \nFunds from operations (FFO) for the quarter decreased by $0.2 million to $5.3 million (or $0.09 per unit) compared to $5.5 million (or $0.10 per unit) for Q3 2013. \nAdjusted funds from operations (AFFO) for the quarter decreased by $0.2 million.  AFFO was $0.08 per unit for the quarter which was the same as Q3 2013.  \nThe Trust...