InterRent REIT grows Ottawa portfolio in Q2

473 ALbert
InterRent REIT purchased 473 Albert Street for $21.8 million earlier this quarter. Photo via Google Maps

Hot housing markets in Ontario and Quebec fuelled growth for Ottawa-based InterRent REIT in its most recent quarter.

The real estate investment trust reported funds from operations – a key financial metric for REITs – of $13.4 million for the three months ended June 30. Those figures are up $2.5 million, or 22.9 per cent, compared to the same quarter last year.

As of June 2019, InterRent’s vacancy rate across its portfolio sat at 4.7 per cent, down from six per cent a year ago.

Mike McGahan, the REIT’s chief executive, said strong demand in Ontario and Quebec continues to drive rental growth for the firm.

Among the REIT’s quarterly highlights was the acquisition of 473 Albert St. The vacant office building just east of Bronson Avenue was bought for $21.8 million.