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.
OBJ360 (Sponsored)
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
The value of an Algonquin College degree: Experiential learning, taught by industry experts
Zaahra Mehsen was three years into a biology degree at a local university when she realized she wanted to take a different path. “I realized that it’s not my thing,”
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.
