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InterRent REIT boosts Q1 income by 32%

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Published on May 7, 2012; Published on May 7, 2012
The Canadian Press ~ OBJ

InterRent Real Estate Investment Trust (TSX:IIP.UN) says its first-quarter net operating income increased almost 32 per cent to $5.7 million, up from $4.3 million in the same quarter last year.

Topics :: Mississauga

Operating revenue for the quarter was up $1.4 million to $10.8 million, or 14.7 per cent year over year, InterRent said Monday.

Distributable income for the quarter was $2.2 million, an increase of $1.2 million, or 118 per cent over the first quarter last year.

Two properties with a total of 720 suites were added to the portfolio in the quarter and two properties with 52 suites were sold resulting in a net addition of 668 suites through acquisitions.

Meanwhile, Ottawa-based InterRent said another acquisition already announced will add 184 suites in Mississauga, Ont., It is scheduled to close in June.

The average monthly rent for March 2012 increased to $850 per suite from $819 in March 2011, an increase of 3.8 per cent for the stabilized properties.

Occupancy increased to 97.3 per cent in March, up from 95.5 per cent in March 2011.

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