Interrent REIT 4th Quarter Results 2012


Interrent Real Estate Investment Trust is firing on all cylinders.  It's had a nice run up to these results and is a favourite REIT for those looking for growth.

Fourth quarter results show operating revenue increased 2.1% from Q3 2012 and 28.3% over Q4 2011. Operating revenue for the year increased by $9.1 million, or 23.5%, over 2011.

The average monthly rent for the entire portfolio for December 2012 increased to $888 per suite from $843 in December 2011, an increase of 5.3%.

Net Operating Income (NOI) increased by $2.1 million, or 38.2%, for the quarter compared to Q4 2011. NOI increased by $7.4 million, or 36.3%, for the year compared to 2011.

Funds From Operations (FFO) for the quarter increased by $2.5 million, or 190%, to $3.8 million (or $0.09 per unit). Year over year, FFO increased by $9.2 million, or 214%, to $13.5 million (or $0.31 per unit) compared to $4.3 million (or $0.13 per unit) for 2011.

Adjusted Funds From Operations (AFFO) for the quarter increased by $1.9 million, or 142%, to $3.3 million (or $0.07 per unit). Year over year, AFFO increased by $7.4 million, or 171%, to $11.7 million (or $0.27 per unit) compared to $4.3 million (or $0.13 per unit) for 2011.

Distributable Income (DI) for the quarter increased by $2.5 million, or 443%, to $3.1 million (or $0.07 per unit) compared to $0.6 million (or $0.02 per unit) for Q4 2011. Year over year, DI increased by $7.7 million, or 185%, to $11.9 million (of $0.27 per unit).