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NPRUF - InterRent REIT: Decent Growth But Suite Turnovers May Be Lower In 2019
Northview Apartment Real Estate Investment Trust Unit
Investment Thesis
InterRent REIT (IIP.UN) delivered good result in Q1 2019 with strong average monthly rent growth. Its net operating income margin expanded thanks to its healthy average rent growth and its ability to control growth in its expenses. Looking forward, the REIT should be able to continue to perform well with positive same property NOI growth driven by strong demand in Ontario. However, the number of suite turnovers in 2019 may be lower than last year and this will result in fewer units to be renovated. This means rental rate growth may