![]() ![]() FFO on a per Unit (diluted) basis for the three months ended Mashrunk by 2.3% to $0.130 per Unit (diluted) compared to Q1 2022. This difference was due primarily to a $16.0 million difference in the unrealized gain/(loss) on the revaluation of financial liabilities (moving from a $10.0 million gain to a $6.0 million loss) and a $4.2 million increase in financing costs, offset by the increase in NOI and a $4.3 million increase in fair value gain on investment properties.Īs a result of seasonality, FFO and AFFO typically decrease from Q4 to Q1 but both are up from $0.129 and $0.110 per Unit (diluted) recorded for Q4 2022. Net income for the quarter was $82.8 million, a decrease of $11.9 million compared to Q1 2022. With the changes CMHC’s recently announced to their insurance programs (including MLI Select), the proactive management of renewals and up-financings will minimize the impact of the change in premiums for 2023. The REIT has the majority of its remaining 2023 maturing mortgages at various stages of the review/approval process with CMHC. Financing costs in Q1 2023 were consistent with Q4 2022 and came in at $13.9 million relative to $9.7 million in Q1 2022. Financing activities during the quarter and changes to variable rates have resulted in the weighted average cost of mortgage debt increasing to 3.38% (+16bps from December 2022). Despite a large rate swap maturing during the quarter, the REIT’s variable rate exposure ended the quarter at 4%, a decrease from the 16% exposure at the end of Q1 2022. The average term to maturity for the mortgages sits at 5.1 years, a marginal decrease from 5.2 years at December 2022 and up from 4.5 years at March 2022. In the quarter, the REIT increased its share of CMHC insured mortgages to 83%, from 82% at December 2022 and 71% at March 2022, providing added protection against any liquidity risks in the market. ![]() NOI margin for the overall and same property portfolios were 62.9% for the quarter, a 90-basis points expansion over the same period last year. Within the same property portfolio, these same factors have grown operating revenues by 9.8% compared to Q1 2022. With record setting immigration in 2022 and continuing ambitious federal targets for 2023, strong leasing demand continues to drive AMR growth and strong occupancy numbers, resulting in total portfolio operating revenue growth of 11.3% over Q1 2022. AMR growth across the total portfolio was 7.1% for March 2023 as compared to March 2022, while same property AMR increased by an impressive 6.7% for the same period. Within the same property portfolio, March 2023 occupancy was 96.9%, an increase of 140bps from March 2022 and a 10bps decrease from December 2022. At 96.8%, the March 2023 occupancy rate in InterRent’s portfolio improved 130bps over March 2022 and is flat from December 2022. ![]() Including properties that the REIT owns in its joint ventures, InterRent owned or managed 13,840 suites at March 31, 2023. Strong revenue and NOI growth helps offset new norm of higher financing costsĪs of March 31, 2023, InterRent had proportionate ownership in 12,689 suites, up 2.0% from 12,445 as of March 2022. Reported on 2022 sustainability objectives and goals with the concurrent release of the 3 rd annual InterRent sustainability report, sharing the progress made as the REIT continues to execute on its sustainability strategy. Strong demand continued through the quarter, resulting in Average Monthly Rent (AMR) growth in March 2023 of 7.1% for the total portfolio and 6.7% for the same property portfolio, as compared to March 2022.įunds from Operations (FFO) of $18.9 million ($0.130 per Unit – diluted) in Q1 2023 is down 0.8% overall and 2.3% on a per Unit basis compared to Q1 2022 as a result of interest rate increases through 2022 and into the first quarter of 2023. Total portfolio and same property NOI margin of 62.9% for the quarter is a 90bps expansion over Q1 2022. Total occupancy for March 2023 was 96.8%, an increase of 130 basis points when compared to March 2022, which helped push proportionate NOI for the quarter to $36.3 million, an increase of $4.2 million, or 12.9%, over Q1 2022. Same property occupancy for March 2023 was 96.9%, an increase of 140 basis points when compared to March 2022, inline with December 2022, helped drive same property NOI for the quarter to $35.8 million, an increase of $3.7 million, or 11.4%, over Q1 2022. ![]()
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