InterRent Real Estate Investment Trust (IIP-UN) Q4 2025 earnings summary

Executive summary

• Achieved 2.8% year-over-year growth in average monthly rent to $1,749 for the total portfolio in Q4 2025, with same-property rent up 2.2% to $1,752.

• Executed 698 new leases in Q4, up 9.9% year-over-year; full-year new leases rose 14.1%.

• Entered into an arrangement agreement to be acquired in an all-cash transaction valued at $4.0 billion, expected to close in the first half of 2026.

Financial highlights

• Q4 2025 same-property NOI increased 1.0% year-over-year to $39.9 million; total portfolio NOI declined 1.3% to $41.5 million due to a 4.0% reduction in suite count.

• Q4 FFO was $19.6 million ($0.140 per diluted unit); AFFO was $16.3 million ($0.117 per diluted unit), both impacted by $1.9 million in one-time transaction costs.

• FY2025 same-property NOI reached $158.1 million, up 2.1%; total portfolio NOI was $165.8 million, nearly flat year-over-year.

• FY2025 FFO was $72.3 million ($0.511 per diluted unit); normalized FFO (excluding $17.1 million in transaction costs) was $89.4 million, down 1.4% year-over-year.

• FY2025 AFFO was $59.2 million ($0.418 per diluted unit); normalized AFFO was $76.3 million, down 5.3% year-over-year.

Outlook and guidance

• Transaction to be acquired by Carriage Hill Properties Acquisition Corp. is expected to close in the first half of 2026, pending remaining consents and approvals.

• Management remains focused on operational discipline and serving residents during the transition.