Q2 2024 InterRent Real Estate Investment Trust Earnings Call Transcript
Key Points
- Occupancy rates increased year over year to 96.2%, indicating strong demand for high-quality communities.
- Rental rates showed strong growth with an 8.4% increase for the total portfolio and 6.8% for the same property portfolio.
- Total portfolio revenue growth for Q2 was 4.8%, with same-property revenue increasing by 7.6%.
- FFO increased by 17.9% to $23.1 million, and AFFO per unit increased by 19%, driven by increased NOI and reduced financing costs.
- Successful execution of refinancing strategy reduced the weighted average interest rate by six basis points to 3.37%, benefiting financing costs.
- Dispositions during the quarter negatively impacted revenue growth.
- Occupancy in the Greater Vancouver area saw a small increase in vacancy year over year.
- Fair value loss of $34.6 million due to an increase in cap rates, despite strong operational performance.
- Turnover rates remain high in certain regions, which could impact stability.
- CapEx spend has been lower than previous years, which might affect long-term value creation.
Good morning, ladies and gentlemen, and welcome to the InterRent REIT second quarter 2024 Earnings Conference Call and Webcast. (Operator Instructions) This call is being recorded on Wednesday, August 7, 2024.
And I would now like to turn the conference over to Renee Wei. Please go ahead.
Good morning, everyone, and thank you for joining interim reads Q2 2024 earnings call. My name is Renee Wei, Director of Investor Relations and Sustainability. You can find a presentation to accompany today's call on the Investor Relations section of our website under Events and Presentations. We're pleased to have Brad Cutsey, President and CEO, Curt Millar, CFO, and David Nevins, CEO, on the line today. As usual, the team will present some prepared remarks and then we'll open up to questions.
Before we begin, I want to remind listeners that certain statements about future events made on this conference call are forward-looking in nature. Any such information
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