Bullboard - Stock Discussion Forum InterRent Real Estate Investment Trust T.IIP.UN

Alternate Symbol(s): IIPZF

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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TSX:IIP.UN - Post Discussion

InterRent Real Estate Investment Trust > RBC

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Post by retiredcf on Feb 29, 2024 9:29am

RBC

February 29, 2024

InterRent REIT Q4 solid and in line

TSX: IIP.UN | CAD 13.84 | Outperform | Price Target CAD 16.00

Sentiment: Neutral

First Look: InterRent REIT (“IIP”) reported FFO/unit of $0.142, +10% y/y, vs. RBC/consensus of $0.142/$0.141. With most of its peers having already reported solid results, it should be no surprise that underlying operating metrics remain strong. Occupancy rebounded sequentially (after slight downtick in Q3) to 97%. Leverage has gone in right direction and asset sales are occurring at above IFRS value. Overall, results were solid and in line with expectations.

Key points:

• SP NOI growth: +10.5% (SP-Rev +8.2%; SP-Exp +3.9%) • SP-AMR: $1,585, +1.2% q/q, +7.5% y/y
• SP-Occupancy: 97% +180 bps q/q, +20 bps y/y
• SP-NOI margin: 65.6%, +140 bps y/y

• Mark-to-market rent spread estimated at 30%+
• Leverage: D/GBV 38.1%, -50 bps q/q, -20 bps y/y
• Asset sale: 5 properties in Cote-Saint-Luc, QC for $46M ($205K/suite) – noted to be above IFRS value
• IFRS BV/unit: $17.71 (+0.5% q/q, +1.3% y/y) based on portfolio cap rate of 4.22% (flat q/q); FV gain of $15M on higher NOI.