InterRent REIT Un (TSE:IIP.UN)
TSX:IIP.UN
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InterRent REIT Un
(TSX:IIP.UN)
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Rating:59Neutral
Price Target:
C$14.00
▲(4.79% Upside)
Action:Reiterated
Date:05/09/26
The score is primarily held back by volatile and currently weak profitability (including a major 2024 loss and only slight TTM profitability) and negative TTM free cash flow growth, despite a generally stable leverage profile and consistently positive operating cash flow. Technically, the stock shows neutral momentum around its moving averages, and valuation support is mixed with a moderate dividend yield but a negative P/E.
Positive Factors
Manageable Leverage
Debt-to-equity near the 0.63–0.74 range is a durable strength for a residential REIT: it supports access to capital for acquisitions or renovations, reduces refinancing stress in normal cycles, and preserves financial flexibility to execute value-add strategies without forcing asset sales.
Negative Factors
Volatile Profitability
Large swings from multi-year profits to a significant loss and then only slight TTM profitability indicate earnings quality issues. Such volatility complicates dividend planning, reduces predictability for reinvestment, and heightens refinancing and capital-allocation risk over medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable Leverage
Debt-to-equity near the 0.63–0.74 range is a durable strength for a residential REIT: it supports access to capital for acquisitions or renovations, reduces refinancing stress in normal cycles, and preserves financial flexibility to execute value-add strategies without forcing asset sales.
Read all positive factors
InterRent REIT Un (IIP.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.82B
Dividend Yield3.01%
Average Volume (3M)477.63K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth>-0.01%
EPS GrowthN/A
CountryCA
Employees482
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.04
Shares Outstanding139,842,480
10 Day Avg. Volume300,923
30 Day Avg. Volume477,635
Financial Highlights & Ratios
PEG Ratio-0.90
Price to Book (P/B)0.82
Price to Sales (P/S)7.49
P/FCF Ratio21.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$13.55Price Target Upside1.42% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)0.68
Revenue Forecast (FY)C$251.69M
InterRent REIT Un Business Overview & Revenue Model
Company Description
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. InterRent's strategy...
How the Company Makes Money
InterRent REIT primarily makes money by generating rental income from tenants in its multi-residential properties. Its main revenue stream is monthly rent (and rent increases where permitted) collected across its apartment suites, supported by mai...
InterRent REIT Un Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The earnings call indicated a generally positive outlook, driven by strong occupancy rates, revenue growth, and successful execution of disposition and buyback strategies. However, increased operating costs due to weather and challenges in specific markets like Vancouver presented some concerns.Positive Updates
Strong Occupancy and Revenue Growth
Occupancy held steady at 96.8% for the total portfolio, improving by 10 basis points to 96.9% for the same property portfolio. Year-over-year AMR growth was 6.2% for the total portfolio and 5% for the same properties in March.
Negative Updates
Increased Operating Costs Due to Weather
Utility and snow removal expenses increased due to a colder winter, with heating degree days up 18% year-over-year. Operating costs were higher, impacting NOI margins.
Read all updates
Q1-2025 Updates
Positive
Negative
Strong Occupancy and Revenue Growth
Occupancy held steady at 96.8% for the total portfolio, improving by 10 basis points to 96.9% for the same property portfolio. Year-over-year AMR growth was 6.2% for the total portfolio and 5% for the same properties in March.
Read all positive updates
Company Guidance
During the InterRent REIT Q1 2025 earnings call, management provided several key metrics reflecting the company's performance and strategy. Occupancy held steady at 96.8% for the total portfolio and improved by 10 basis points to 96.9% for the same property portfolio. The average monthly rent (AMR) grew by 6.2% year-over-year for the total portfolio and 5% for the same properties as of March. Revenue growth from the total portfolio increased by 1.7% year-over-year, while same property revenue growth was 4.7%. Same property net operating income (NOI) margin decreased by 110 basis points to 64.1%, but still showed a healthy same property NOI growth of 3.1%. The company reported funds from operations (FFO) of $21.8 million, a 3.3% year-over-year improvement, and an FFO per unit increase of 4.2% to $0.15. InterRent also executed a significant disposition strategy, generating $39 million in net proceeds and repurchasing 4.4% of outstanding units, all while maintaining a debt-to-gross book value of 40.9% and an interest coverage ratio of 2.6 times. Additionally, the company is benefiting from the removal of the consumer carbon tax, which is expected to save approximately $1 million for the remainder of 2025.InterRent REIT Un Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 247.25M | 249.11M | 246.25M | 237.13M | 216.40M | 185.15M |
| Gross Profit | 169.56M | 162.94M | 181.79M | 173.63M | 157.39M | 132.44M |
| EBITDA | 67.56M | 80.82M | -96.41M | 153.60M | 144.11M | 88.14M |
| Net Income | 4.64M | 18.50M | -155.65M | 92.24M | 103.96M | 369.69M |
Balance Sheet | ||||||
| Total Assets | 4.08B | 4.12B | 4.20B | 4.44B | 4.32B | 4.12B |
| Cash, Cash Equivalents and Short-Term Investments | 2.72M | 3.68M | 4.52M | 2.55M | 4.27M | 2.06M |
| Total Debt | 1.68B | 1.69B | 1.69B | 1.69B | 1.66B | 1.51B |
| Total Liabilities | 1.82B | 1.85B | 1.80B | 1.86B | 1.82B | 1.70B |
| Stockholders Equity | 2.26B | 2.28B | 2.39B | 2.57B | 2.50B | 2.42B |
Cash Flow | ||||||
| Free Cash Flow | 79.30M | 86.01M | 67.48M | 89.62M | 91.18M | 96.02M |
| Operating Cash Flow | 79.30M | 86.01M | 67.48M | 89.62M | 91.18M | 96.02M |
| Investing Cash Flow | 77.95M | 31.80M | 14.45M | -111.86M | -197.55M | -605.72M |
| Financing Cash Flow | -162.15M | -118.66M | -79.96M | 20.52M | 108.57M | 460.12M |
InterRent REIT Un Technical Analysis
Negative
13.36
Price Trends
13.21
Negative
13.23
Negative
13.16
Negative
Market Momentum
-0.04
Positive
29.00
Positive
73.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IIP.UN, the sentiment is Negative. The current price of 13.36 is above the 20-day moving average (MA) of 13.16, above the 50-day MA of 13.21, and above the 200-day MA of 13.16, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 29.00 is Positive, neither overbought nor oversold. The STOCH value of 73.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IIP.UN.
InterRent REIT Un Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$2.20B | 9.91 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | C$1.82B | -114.62 | 0.20% | 3.01% | >-0.01% | ― | |
54 Neutral | C$5.38B | -7.56 | 0.08% | 4.20% | -8.46% | -97.03% | |
54 Neutral | C$2.72B | -18.53 | -17.76% | 7.05% | -2.38% | -279.61% | |
52 Neutral | C$639.25M | -2.70 | -39.64% | 3.87% | -0.32% | -340.85% |
* Real Estate Sector Average
TSE:IIP.UN
InterRent REIT Un
13.00
1.51
13.12%
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InterRent REIT Un Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
InterRent REIT Names Interim CEO as It Advances Carriage Hill Transaction
Neutral
Mar 19, 2026
InterRent REIT announced a leadership change as it advances its proposed arrangement with Carriage Hill Properties Acquisition Corp., with most of the required work completed and remaining closing conditions, including CMHC consents, still in prog...
Business Operations and StrategyDividends
InterRent REIT Declares March 2026 Monthly Distribution
Positive
Mar 17, 2026
InterRent REIT, a multi-residential focused real estate investment trust, seeks to grow unitholder value by building a diversified portfolio of rental properties in stable Canadian markets, emphasizing sustainable monthly cash distributions and pr...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
InterRent REIT posts stable 2025 results as $4 billion take-private advances
Neutral
Mar 3, 2026
InterRent REIT reported modest growth in rents and stable occupancy in the fourth quarter of 2025, with average monthly rent rising 2.8% year over year to $1,749 and occupancy at 96.9%. Same-property NOI ticked up 1.0%, but overall NOI and margins...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
InterRent REIT posts steady 2025 operations as going-private deal advances
Neutral
Mar 3, 2026
InterRent REIT reported modest growth in rents and stable occupancy for the fourth quarter and full year 2025, but saw pressure on margins and cash flows amid a more competitive environment. Average monthly rent rose 2.8% year over year to $1,749 ...
Business Operations and StrategyDividends
InterRent REIT Declares February 2026 Monthly Distribution
Positive
Feb 18, 2026
InterRent REIT, a Canadian multi-residential-focused real estate investment trust, concentrates on building a diversified portfolio of rental properties in stable markets to drive sustainable, growing monthly cash distributions for unitholders. Th...
Business Operations and StrategyFinancial Disclosures
InterRent REIT Sets March 2 Date for Q4 2025 Results Release
Neutral
Feb 11, 2026
InterRent REIT, a Canadian multi-residential real estate investment trust, concentrates on building a diversified portfolio of rental properties in stable markets to enhance unitholder value. Its strategy emphasizes disciplined acquisitions, conse...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.