Q3 2024 InterRent Real Estate Investment Trust Earnings Call Transcript
Key Points
- InterRent Real Estate Investment Trust (IIPZF) reported strong year-over-year increases in key operating numbers, leading to solid top-line growth.
- The company achieved a high occupancy rate of 96.4% in September, with 1,279 new leases signed during the quarter.
- Average monthly rent for the total portfolio increased by 7% year-over-year, with same property AMR growth of 5.6%.
- InterRent successfully reduced financing costs by 6.4% year-over-year, contributing to a 9.7% increase in FFO.
- The company maintains a strong balance sheet with a debt-to-gross book value ratio of 38.5% and significant available liquidity.
- The rental market is expected to experience more moderate growth due to changes in immigration policies, potentially impacting future revenue growth.
- InterRent recorded a fair value loss of $93.5 million on a proportionate basis due to cap rate adjustments in several regional markets.
- Operating expenses increased by 6.3% in the quarter, driven by higher marketing expenses and property tax increases.
- The company anticipates property tax increases of around 5% in 2025, which could impact future profitability.
- There is uncertainty regarding the impact of federal and provincial policy changes on student demand, particularly in Montreal.
Good morning, ladies and gentlemen and welcome the internet rate, third quarter earnings conference call and webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call, you require immediate assistance. Please press star zero for the operator.
I would now like to turn the conference over to a way. Please go ahead.
Good morning everyone. Thank you for joining Inter SQ3 2024 earnings call. My name is Renee Wei, Director of Investor Relations and Sustainability. You can find a presentation to a company today's call on the investor section of our website under events and presentations. We're pleased to have Brad cuts, President CEO Kurt Miller CFO and Dave Nevins CEO on the line today.
As usual, the team will present some prepared remarks and then we'll open it up to questions before we begin. I want to remind listeners that certain
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