21:55:43 EST Wed 06 Dec 2023
Enter Symbol
or Name

InterRent Real Estate Investment Trust
Symbol IIP
Shares Issued 141,132,908
Close 2023-03-09 C$ 13.77
Recent Sedar Documents

Globe says InterRent REIT lowered to "hold" from "buy"

2023-03-09 07:57 ET - In the News

The Globe and Mail reports in its Thursday edition that Canaccord Genuity analyst Mark Rothschild has downgraded InterRent REIT to "hold" from "buy." The Globe's David Leeder writes that Mr. Rothschild, however, modestly upgraded his unit target by 25 cents to $15.75. Analysts on average target the units at $15.19. Mr. Rothschild points out that rising interest rates are offsetting the REIT's "impressive" organic growth. He says he lowered his recommendation in response to recent share price appreciation and its valuation. Mr. Rothschild says in a note: "InterRent REIT reported another quarter of robust operating performance. ... Financial results were slightly below our expectations as a result of a greater-than-anticipated rise in financing costs given the move in interest rates. As the REIT's debt is now almost entirely secured at fixed rates, we expect healthy internal growth, largely from raising rental rates on turnover, to drive solid cash flow per unit growth over the next two years, only somewhat offset by the negative impact of higher interest rates." The Globe reported on Dec. 8 that Raymond James analyst Brad Sturges had boosted InterRent to "strong buy" from "outperform." It was then worth $12.55.

© 2023 Canjex Publishing Ltd. All rights reserved.