InterRent Real Estate Investment Trust (T:IIP.UN)
Business Focus: Residential REITs
| Sector: Real Estate | Industry: Residential REITs |
| Company Contact | |
| Address: | 485 Bank St Suite 207 OTTAWA ON K2P 1Z2 |
| Tel: | N/A |
| Website: | https://www.interrentreit.com |
| IR: | See website |
| Key People | ||
| Mike Darryl McGahan Executive Chairman of the Board of Trustees | Bradley Cutsey President, Chief Executive Officer, Trustee | Curt Millar Chief Financial Officer |
| Dave Nevins Chief Operating Officer | Asad Hanif Vice President - Acquisitions | Meghann O' Hara- Fraser Independent Treasurer |
| Business Overview |
| 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; to provide Unitholders with sustainable and growing cash distributions, payable monthly, and to maintain a conservative payout ratio and balance sheet. The Company's portfolio of properties is located across various locations, such as Ajax, Brossard, Gatineau, Hamilton, Mississauga, Montreal, Oakville, Ottawa, St. Catharines, Stratford, Toronto, Trenton, and Vancouver. Its properties include 10 - 14 REID DRIVE, 100 MAIN STREET, 1015 ORCHARD, 1170 FENNELL AVENUE, 1276 DORCHESTER AVENUE, and 15 DON STREET. It also owns a 605-suite apartment community at 2 & 4 Hanover Road in Brampton, Ontario. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Interrent Real Estate Investment Trust revenues increased 10% to C$237.1M. Net income decreased 11% to C$92.2M. Revenues reflect FFO per Share (Basic) increase of 4% to C$0.55, FFO per Share (Diluted) increase of 4% to C$0.55. Net income was offset by Other fair value gains/(losses) decrease from C$36.5M (income) to C$2.8M (expense), Mortgages payable increase of 31% to C$58.1M (expense). |
| Employees: | 474 as of Dec 31, 2023 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $3,436M as of Dec 31, 2023 |
| Annual revenue (TTM): | $237.14M as of Dec 31, 2023 |
| EBITDA (TTM): | $140.46M as of Dec 31, 2023 |
| Net annual income (TTM): | $92.24M as of Dec 31, 2023 |
| Free cash flow (TTM): | $58.55M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $1,719M as of Dec 31, 2023 |
| Shares outstanding: | 147,345,912 as of Apr 8, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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