TORONTO - Strength in the multi-residential apartment and townhouse sector helped propel InterRent Real Estate Investment Trust (TSX:IIP.UN) to solid third-quarter gains in operating revenues, net operating profits and other financial measures.
Operating revenues climbed to $8.6 million from $7.7 million a year ago, while net operating profits rose 17.4 per cent to $4.8 million, the trust reported Wednesday.
Distributable income for the quarter was $1.3 million or seven cents per unit compared with $900,000 or six cents per unit during the same period last year.
The trust said occupancy levels during the quarter rose to 97.9 per cent from 96.9 per cent.
"Our goal for the second half of 2008 was to continue improving the REIT's operating results," CEO Mike Newman said in a statement.
"The multi residential real estate sector continues to show signs of strength even in these uncertain economic times."
InterRent, a real estate investment trust, owns and operates 3,901 apartments across Ontario.
In Toronto, units in the trust traded up nine cents at $1.64, still down sharply from $4.20 a year ago.
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