InterRent Real Estate Investment Trust (IIP-UN) Q3 2025 earnings summary

Executive summary

• Received regulatory and court approvals for a $4 billion all-cash acquisition, with closing anticipated in the first half of 2026.

• Delivered solid operational results during a competitive fall leasing period, with strong leasing execution and portfolio performance.

Financial highlights

• Achieved 3.3% year-over-year growth in average monthly rent to $1,742 for the total portfolio and 2.6% for same-property.

• Same-property and total portfolio occupancy rates rose to 96.8%, up 30 and 40 basis points year-over-year, respectively.

• Proportionate operating revenues increased 2.5% year-over-year to $62.8 million; same-property revenues up 2.9%.

• Same-property NOI grew 1.9% to $41.1 million; total portfolio NOI up 1.6% to $42.4 million.

• Net income of $3.5 million, a significant improvement from a $74.2 million loss in Q3 2024.

• FFO of $14.1 million and AFFO of $10.8 million, both impacted by $8.5 million in one-time transaction costs.

• Normalized FFO (NFFO) decreased 3.5% to $22.6 million, but NFFO per diluted unit rose 1.9% to $0.162.

• Normalized AFFO (NAFFO) down 8.0% to $19.2 million, with NAFFO per diluted unit down 2.8% to $0.138.

• Distributions per unit increased 5.0% year-over-year to $0.0992.

Outlook and guidance

• Transaction closing expected in the first half of 2026, pending remaining regulatory and customary conditions.

• Management remains focused on consistent performance and service culture during the transition.