InterRent Real Estate Investment Trust (IIP-UN) Q1 2026 earnings summary

Executive summary

• Achieved 2.6% year-over-year growth in average monthly rent to $1,767; same-property AMR up 1.5%.

• Portfolio and same-property occupancy at 96.3%, down 50 bps year-over-year.

• Completed sale of two Montreal properties for $55.0 million and reached substantial completion at 360 Laurier development in Ottawa.

• Focused on operational discipline amid a competitive environment and preparing for a major transaction.

Financial highlights

• Total portfolio proportionate NOI declined 2.9% year-over-year to $39.3 million; same-property NOI increased 1.0% to $38.9 million.

• FFO was $7.0 million ($0.050 per diluted unit); AFFO was $3.8 million ($0.027 per diluted unit), both impacted by $13.3 million in one-time transaction costs.

• Normalized FFO (NFFO) decreased 6.9% to $20.3 million; NFFO per diluted unit down 3.3% to $0.145.

• Normalized AFFO (NAFFO) decreased 7.3% to $17.2 million; NAFFO per diluted unit down 3.1% to $0.123.

• Net loss of $4.0 million compared to net income of $9.8 million in Q1 2025.

Outlook and guidance

• Management remains confident in market fundamentals and long-term portfolio performance.

• Preparing for completion of the proposed acquisition transaction.