InterRent REIT Un (TSE:IIP.UN)
TSX:IIP.UN
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InterRent REIT Un
(TSX:IIP.UN)
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Select Model
Rating:60Neutral
Price Target:
C$14.00
▲(5.50% Upside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by mixed financial performance (recent revenue decline and volatile profitability despite positive cash flows). Technical signals are mildly positive with price above key moving averages, but the overall score is capped by very elevated valuation (high P/E) despite a moderate dividend yield.
Positive Factors
Business model & value-add strategy
InterRent's business is centered on residential rental income plus targeted value-add repositioning (renovations, suite upgrades and building improvements). That model creates durable rental cash flows and the ability to lift net operating income over time through capital improvements, supporting long-term growth in owned assets.
Negative Factors
Recent revenue decline
A near 9.5% revenue decline in 2025 after multi-year growth is a durable concern: it signals demand or pricing pressures that can slow FFO and cash available for distributions. If sustained, slower top-line momentum limits capacity to fund renovations, acquisitions and dividend stability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model & value-add strategy
InterRent's business is centered on residential rental income plus targeted value-add repositioning (renovations, suite upgrades and building improvements). That model creates durable rental cash flows and the ability to lift net operating income over time through capital improvements, supporting long-term growth in owned assets.
Read all positive factors
InterRent REIT Un (IIP.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.86B
Dividend Yield3.01%
Average Volume (3M)477.63K
Price to Earnings (P/E)27.5
Beta (1Y)0.52
Revenue Growth1.55%
EPS Growth-401.05%
CountryCA
Employees482
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.12
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 Upside2.11% Upside
Rating ConsensusHold
Number of Analyst Covering1
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 generates revenue primarily through rental income derived from its residential properties. The company leases apartment units to tenants, and the rental income forms the core of its revenue model. Additionally, InterRent may earn in...
InterRent REIT Un Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:May 12, 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
58
Neutral
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 249.11M | 246.25M | 237.13M | 216.40M | 185.15M |
| Gross Profit | 162.94M | 181.79M | 173.63M | 157.39M | 132.44M |
| EBITDA | 80.82M | -96.41M | 153.60M | 144.11M | 88.14M |
| Net Income | 18.50M | -155.65M | 92.24M | 103.96M | 369.69M |
Balance Sheet | |||||
| Total Assets | 4.12B | 4.20B | 4.44B | 4.32B | 4.12B |
| Cash, Cash Equivalents and Short-Term Investments | 3.68M | 4.52M | 2.55M | 4.27M | 2.06M |
| Total Debt | 1.69B | 1.69B | 1.69B | 1.66B | 1.51B |
| Total Liabilities | 1.85B | 1.80B | 1.86B | 1.82B | 1.70B |
| Stockholders Equity | 2.28B | 2.39B | 2.57B | 2.50B | 2.42B |
Cash Flow | |||||
| Free Cash Flow | 86.01M | 67.48M | 89.62M | 91.18M | 96.02M |
| Operating Cash Flow | 86.01M | 67.48M | 89.62M | 91.18M | 96.02M |
| Investing Cash Flow | 31.80M | 14.45M | -111.86M | -197.55M | -605.72M |
| Financing Cash Flow | -118.66M | -79.96M | 20.52M | 108.57M | 460.12M |
InterRent REIT Un Technical Analysis
Positive
13.27
Price Trends
13.28
Negative
13.21
Positive
13.17
Positive
Market Momentum
>-0.01
Negative
51.93
Neutral
44.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IIP.UN, the sentiment is Positive. The current price of 13.27 is above the 20-day moving average (MA) of 13.25, below the 50-day MA of 13.28, and above the 200-day MA of 13.17, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.93 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | C$3.40B | 16.05 | 3.97% | 2.46% | 6.52% | -54.45% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$5.66B | 29.80 | 2.22% | 4.20% | -6.51% | -81.28% | |
61 Neutral | C$2.00B | 69.28 | 0.93% | 4.42% | 6.19% | 79.98% | |
60 Neutral | C$1.86B | 27.54 | 0.81% | 3.01% | 1.55% | -401.05% | |
57 Neutral | C$643.64M | -3.53 | 7.26% | 3.87% | -1.21% | ― | |
53 Neutral | C$2.62B | -3.39 | -17.10% | 7.05% | -0.83% | -56.21% |
* Real Estate Sector Average
TSE:IIP.UN
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13.27
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34.50%
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InterRent REIT Un Corporate Events
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...
Business Operations and StrategyDividends
InterRent REIT Declares January 2026 Monthly Distribution
Positive
Jan 16, 2026
InterRent REIT has declared a cash distribution of $0.033075 per trust unit for January 2026, equivalent to $0.3969 per unit on an annualized basis, payable on or about February 16, 2026 to unitholders of record as of January 31, 2026. The announc...
Business Operations and StrategyDividends
InterRent REIT Declares December 2025 Distribution
Positive
Dec 16, 2025
InterRent REIT announced a distribution of $0.033075 per Trust unit for December 2025, payable on January 15, 2026, to unitholders recorded by December 31, 2025. This announcement reflects the company’s commitment to providing sustainable an...
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.