Ottawa-based InterRent Real Estate Investment Trust on Tuesday reported increases in first-quarter gross rental revenue and overall operating revenue compared with the same period a year ago.
InterRent said gross rental revenues for the three-month period ending March 31 were $18.3 million, an increase of 15.5 per cent from a year earlier. Overall operating revenue for the quarter was up $2.4 million to $18.3 million, an increase of 15.3 per cent.
The company’s vacancy rate across its entire portfolio was 3.6 per cent in March, down from 3.9 per cent in December. Average monthly rents increased to $969 per suite in March from $938 a year earlier, a bump of 3.3 per cent.
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“Our new rental operations model continues to gain traction and momentum,” InterRent CEO Mike McGahan said in a statement. “We believe this approach better aligns rental operations to longer-term value creation.”
InterRent reported net operating income of $9.8 million, compared with $8.4 million in the first quarter of 2014. The company said it added to its portfolio and increased net revenues over the past year, while holding the line on operating expenses despite an overall rise in utility costs.
Among the company’s recent acquisitions is a Montreal high-rise consisting of 280 suites, which InterRent bought for $33 million in March. In January, InterRent purchased a group of 286 suites in the Britannia neighbourhood of west Ottawa for $27.8 million.