Bullboard - Stock Discussion Forum InterRent Real Estate Investment Trust IIPZF

Primary Symbol: T.IIP.UN

InterRent Real Estate Investment Trust is a real estate investment trust. It is engaged in acquisition, ownership, management and repositioning of strategically located, income-producing, multi-residential properties. Its primary objectives are to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties;... see more

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InterRent Real Estate Investment Trust > Scotiabank

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Post by retiredcf on Jul 11, 2024 9:53am

Scotiabank

Scotiabank real estate analyst Mario Saric interpreted new data on rental costs,

“Rentals.ca released June Rental data on July 9, with flat month-over-month (m/m) national rent (+2.6% y/y) decelerating from +1% in May (vs. April rent), and masking regional discrepancies. Edmonton delivered the best m/m growth at 1%, with Toronto the worst at -2.6%; we think correlates with relative affordability driving continued intraprovincial migration into Alberta. We estimate KMP markets saw 0.7% m/m growth, leading the REITs, with MI the lowest at 1.7% m/m erosion, offsetting the 0.6% est. m/m gain in May … We cited concerns over market rent erosion (on potential immigration changes) and lower affordability as a near-term obstacle to more pronounced fund flows into CAD Apartment REITs. That said, we believe strong Q2 and Q3 results (including acceleration in FFOPU [funds from operations per unit] growth) should take unit prices higher, driving outperformance vs. CAD REIT sector … Top Picks remain IIP [Interrent REIT] and CAR [Canadian Apartment Properties REIT]”