InterRent REIT (IIP.UN.TO) Buy, Sell or Hold

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InterRent REIT (IIP.UN.TO)

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12.72

+0.04 (0.32%)

as of Jun 5, 2026, 8:00:00 pm Market Open.

139 watching

DON'T BUY

Sold because the apartment rental theme going into the pandemic had run its course. Higher utility costs, but lagging on increasing rents. Provincial rent control. Need large scale to counteract margin compression. Excellent managers. Valuation high.

BUY

In Ontario, Quebec, and now BC. Value and growth. Great management team. Usually trades at a premium, now at 52-week lows. Great chance to buy, as government's stifling supply has affected the public markets. Provides affordable housing for population growth in Canada and from immigration.

BUY

Bullish since recent sell-off of stock. Dynamic management team. It is in the Ottawa, Toronto and Montreal areas where there is population growth. This includes immigrants who are looking for reasonably priced housing.

TOP PICK

Multi-family apartment REITs in Montreal, Toronto, Ottawa. Set up for low double-digit growth next year. Trades at discount to NAV. Yield is 2.02%.

DON'T BUY

There are other ways to do real estate. He likes Tricon. He thinks there might be a continued setback for student residences. Tricon has housing in the US where there is demand for their houses.

BUY

They operate multi-family apartments in Toronto, Ottawa, Montreal and more so in Vancouver. They've been hurt by lack of foreign students, though, but resists lowering rents (which would be locked in) and is instead letting vacancy drop, a strategy he likes. IIP will benefit for the rebound when foreign students return. The next few quarters will be choppy in earnings, but the horizon looks sunny.

HOLD

Likes it. Stock's performed really well. Q3 results strong. Trading at a 5% discount to NAV. Still upside. Primarily in GTA, Hamilton, Ottawa, Montreal. Buy underperformers and renovate them to the advantage of shareholders. Strong recurring free cashflow, growing distribution. Yield is 2.3%.

BUY

Their collection rate? They reported yesterday. 99% rent collection rate for July-September. Rates are strong for all apartment REITs. He's pleased to see that. IIP's strategy is to sacrifice occupancy to preserve rent. They are concentrated in student housing in Montreal, which is a weakness, but this is short-term, he thinks. A rent freeze in Ontario in 2021 will effect revenues, but he sees long-term value here.

BUY ON WEAKNESS

He's bullish on apartments long-term, given supply and demand in many markets. But short-term there's an impact. IIP has a growing presence in Montreal and he likes their overall portfolio, but assets around McGill and Concordia have taken a hit because foreign students can't enter Canada. A blue chip trading cheaply. If you're a longer-term investor, now is the time to invest in this asset class.

BUY

They recently issued equity to take advantage of opportunities. Stock price is close to net asset value. They might be chopping in the short term because of downtown assets in Montreal. They are focused on the right geographies and have great management.

TOP PICK

It is one of the two sectors he really likes within real estate. Multi-unit residential properties in Toronto, Ottawa and Montreal. Housing affordability is very low. They buy properties in strategic locations – key jurisdictions in high demand. (Analysts’ price target is $16.02)

PARTIAL SELL

He really likes the company. They have strong management. They buy buildings and fix them up and then raise rents. He sees tremendous net asset value growth in the company; however it has definitely gone through its net asset value in stock price. Perhaps sell a bit into strength.

HOLD

They just released earnings and the market liked the results. He thinks they are getting overvalued. However, today's 50 point drop in interest rates helps them significantly as their earnings streams get more valuable. He sees better opportunities like energy infrastructure, telecoms and utility holdings as their values are less frothy.

STRONG BUY

Loves this. They're in Ottawa, Montreal, and the GTA, benefiting from strong population growth. They buy undermanaged apartments, invest capital and fix them up. So, they can increase rents. They've done this for a long time. A darling that he's long owned. They're developing land with Brookfield around Burlington.

BUY

It's fairly valued now. He likes IIP for renovating buildings well then capturing the upside in rent. Free cash flow yield of 3% and free cash flow growth of 15%. The stock will move and up from time to time, but if you buy it now you will make money.

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InterRent REIT (IIP.UN.TO)