# InterRent Real Estate Investment Trust (IIP.UN)



## Hawkdog (Oct 26, 2012)

anyone else own this?

Highlights
Operating revenue for the quarter increased $2.7 million to $12.4 million, an increase of 28.2% over Q3 2011. 

The average monthly rent for the entire portfolio for September 2012 increased to $880 per suite from $850 in June 2012 and $829 in September 2011. This represents an increase of 3.5% from June 2012 and 6.2% from September 2011. 

The average monthly rent for stabilized properties for September 2012 increased to $880 per suite from $865 in June 2012 and $847 in September 2011. This represents an increase of 1.7% from June 2012 and 3.9% from September 2011. 

Occupancy increased to 98.6% (September 2012) from 96.6% (September 2011).

Net Operating Income (NOI) increased 39.0% to $7.7 million for the quarter, or 62.0% of operating revenues, compared to $5.6 million, or 57.2%, for Q3 2011. 

Funds From Operations (FFO) for the quarter increased by $2.5 million, or 150%, to $4.1 million (or $0.09 per unit) compared to $1.6 million (or $0.05 per unit) for Q3 2011.

Adjusted Funds From Operations (AFFO) for the quarter increased by $1.9 million, or 116%, to $3.6 million (or $0.08 per unit) compared to $1.7 million (or $0.05 per unit) for Q3 2011. 

Distributable Income (DI) for the quarter increased by $2.3 million, or 179%, to $3.6 million (or $0.08 per unit) compared to $1.3 million (or $0.04 per unit) for Q3 2011.


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## Mall Guy (Sep 14, 2011)

I don't hold this one. Pretty small at 64 properties, and 3900 doors. What is the same asset NOI increase ? 1.7% ? Also need to look at the markets they are in.


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## Ethan (Aug 8, 2010)

The financials of this company highlight some of the vagaries of dealing with IFRS statements.

Under old Canadian GAAP, interest expense was an operating activity. Under IFRS, interest expense can be operating, investing or financing cash flows, as long as you are consistent amongst all interest bearing securities (IAS 7.31) For the 9 months ending September 30, free cash flows were 19,816. Under GAAP, they would have been 11,958.

I'd be leary of IIP.un's net income number, as the majority of their net income comes from the revaluation of investment property. On a cash basis the performance is not stellar.


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## Hawkdog (Oct 26, 2012)

Not sure if anyone picked any up, but its up over a buck since the first post.


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