07:05:08 EST Sat 09 Dec 2023
Enter Symbol
or Name

InterRent Real Estate Investment Trust
Symbol IIP
Shares Issued 141,132,908
Close 2023-05-10 C$ 13.54
Recent Sedar Documents

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

2023-05-11 07:45 ET - In the News

The Globe and Mail reports in its Thursday, May 11, edition that Canaccord Genuity analyst Mark Rothschild has raised his recommendation for InterRent REIT to "buy" from "hold." The Globe's David Leeder writes that Mr. Rothschild says InterRent now "presents a more attractive entry point." Mr. Rothschild continues to target the units at $15.75. Analysts on average target the units at $15.44. Mr. Rothschild says in a note: "Over the past two months, the REIT's units have generated a total return of negative 9.2 per cent, compared to the return of, on average, 1.5 per cent for its Canadian residential REIT peers. In particular, both CAP REIT and Boardwalk REIT have posted positive returns over this period. ... InterRent REIT reported robust operating results in Q1/23, as higher rental rates and improvements in occupancy drove internal growth of 11.4 per cent. However, cash flow growth in the quarter was offset by higher interest costs, given an increase in the REIT's weighted average interest rate and a modest uptick in leverage. Going forward, we expect the impact of further increases in interest rates to be relatively muted, as the REIT's outstanding debt is almost entirely secured at fixed rates."

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