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Review of InterRent Real Estate Investment Trust

DEC 10, 2024 - IIP.UN is a growth-oriented REIT with the goal of increasing unitholder value and creating a growing sustainable distribution through the acquisition and ownership of multi-residential properties. Operationally, the Trust’s most recent quarterly results were decent highlighted by increasing FFO, NOI, and Occupancy. However, IIP.UN did miss on cash flow estimates for the quarter and the unit price declined further, now down almost 16% year-to-date. REITs continue to face a challenging operating environment and recent measures by the Canadian government to slow immigration will not help

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Q: InterRent (IIP.UN) announced today that they are stopping their DRIP and are going to ramp up their share buy backs because they feel the units are currently undervalued. The most recent results look pretty good, with growth in occupancy rates, average monthly rent, FFO and AFFO, as well as a dividend increase. Debt to GBV looks OK at about 38%. Yet the unit price has dropped from roughly $18 a few years ago to just over $10 now. The units are trading at about 18 - 19 times AFFO. How does that multiple of AFFO compare to historic levels? Just wondering if this is a good buying opportunity on a cheap stock of a business that is performing pretty well, and now has a yield of roughly 5.5%.
Read Answer Asked by Dan on December 17, 2024
Q: IIP today announced a stronger intention to buy back stock as they feel it is underpriced I assume they would be particularly interested if and when the stock price was below NAV. What is the NAV of interrent? Do you think they would buy stock even above NAV? Do you think this will be a meaningful number of shares purchased in 2005?
Read Answer Asked by arnold on December 17, 2024
Q: Im looking for a list of companies that might get a bump in January after tax loss season.

Thanks Steve
Read Answer Asked by Steve on December 03, 2024
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