InterRent REIT

IIP.UN-T

Analysis and Opinions about IIP.UN-T

Signal
Opinion
Expert
TOP PICK
TOP PICK
March 19, 2015

Likes the apartment sector in Canada. Shorter leases and about 40% turnover so with inflation you can capture higher rates. Rock solid balance sheet and they just made a major accretive acquisition – a redevelopment play. You are buying at a discount and you will get dividend growth. They make improvements and get above guideline rent increases.

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Likes the apartment sector in Canada. Shorter leases and about 40% turnover so with inflation you can capture higher rates. Rock solid balance sheet and they just made a major accretive acquisition – a redevelopment play. You are buying at a discount and you will get dividend growth. They make improvements and get above guideline rent increases.

TOP PICK
TOP PICK
March 18, 2015

Apartment REIT. Has a management team that is well aligned with a history of creating value for shareholders. Trading well below its NAV. They recently raised equity at around $6.40, and he thinks that capital is going to be invested into acquisitions, development and re-development. The stock got hit because of a large repositioning effort on a property in Ottawa that needs to flow through in terms of driving free cash flow. Payout ratio is around 70%. Yield of 3.68%.

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Apartment REIT. Has a management team that is well aligned with a history of creating value for shareholders. Trading well below its NAV. They recently raised equity at around $6.40, and he thinks that capital is going to be invested into acquisitions, development and re-development. The stock got hit because of a large repositioning effort on a property in Ottawa that needs to flow through in terms of driving free cash flow. Payout ratio is around 70%. Yield of 3.68%.

TOP PICK
TOP PICK
November 13, 2014

A small apartment REIT focused in the Ottawa district. Thinks this is cheap because it doesn't scan so well, but they actually have 7% of their portfolio in one very large redevelopment position, where they have emptied the entire building. As they finish this renovation going on to Q1 and Q2 in 2015, and they start to lease up the building in 2015 and into 2016, there is a tremendous amount of cash flow that is going to come online. In the past had double-digit FFO growth. After a one-year pause, they will be able to continue that in the future. Yield of 3.4%.

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InterRent REIT (IIP.UN-T)
November 13, 2014

A small apartment REIT focused in the Ottawa district. Thinks this is cheap because it doesn't scan so well, but they actually have 7% of their portfolio in one very large redevelopment position, where they have emptied the entire building. As they finish this renovation going on to Q1 and Q2 in 2015, and they start to lease up the building in 2015 and into 2016, there is a tremendous amount of cash flow that is going to come online. In the past had double-digit FFO growth. After a one-year pause, they will be able to continue that in the future. Yield of 3.4%.

PAST TOP PICK
PAST TOP PICK
October 16, 2014

(Top Pick Nov 20/13, Up 5.27%) He is one of the largest shareholders. They are an owner operator and redeveloper of apartments. Thinks it should be a dollar higher. They got hurt with repositioning some assets. He is still confident in the management team. It is very compelling value.

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InterRent REIT (IIP.UN-T)
October 16, 2014

(Top Pick Nov 20/13, Up 5.27%) He is one of the largest shareholders. They are an owner operator and redeveloper of apartments. Thinks it should be a dollar higher. They got hurt with repositioning some assets. He is still confident in the management team. It is very compelling value.

HOLD
HOLD
September 10, 2014

He has looked at it for two years. Ottawa and Toronto apartment strategy, renovating apartments and renting them out at higher rent. It has come up so much so far. It is now trying to fit into its growth profile. Buy it in the low $5s.

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InterRent REIT (IIP.UN-T)
September 10, 2014

He has looked at it for two years. Ottawa and Toronto apartment strategy, renovating apartments and renting them out at higher rent. It has come up so much so far. It is now trying to fit into its growth profile. Buy it in the low $5s.

TOP PICK
TOP PICK
July 9, 2014

A smaller cap apartment REIT that trades well below NAV. Management team is well aligned. Stock was taken down by weather issues.

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A smaller cap apartment REIT that trades well below NAV. Management team is well aligned. Stock was taken down by weather issues.

COMMENT
COMMENT
March 19, 2014

An apartment REIT with majority of assets in south-western Ontario and Ottawa. Has a firm belief that management is going to drive value over time, both through acquisitions and redevelopment and repositioning of assets they have in their portfolio. Recent quarter was somewhat of a disappointment relative to the consensus numbers because of the repositioning of one of their key assets they purchased in Ottawa. With low leverage and a low payout ratio and a management team that is well aligned in the incremental growth you are going to get from redevelopment from some of the assets, he sees this as a core holding. Dividend yield of 3.6% and there is room for distribution increases from free cash flow growth.

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An apartment REIT with majority of assets in south-western Ontario and Ottawa. Has a firm belief that management is going to drive value over time, both through acquisitions and redevelopment and repositioning of assets they have in their portfolio. Recent quarter was somewhat of a disappointment relative to the consensus numbers because of the repositioning of one of their key assets they purchased in Ottawa. With low leverage and a low payout ratio and a management team that is well aligned in the incremental growth you are going to get from redevelopment from some of the assets, he sees this as a core holding. Dividend yield of 3.6% and there is room for distribution increases from free cash flow growth.

BUY
BUY
February 26, 2014

(Market Call Minute) Great little company owning a lot of apartments in Ontario. Well managed and trading at a discount.

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InterRent REIT (IIP.UN-T)
February 26, 2014

(Market Call Minute) Great little company owning a lot of apartments in Ontario. Well managed and trading at a discount.

TOP PICK
TOP PICK
January 17, 2014

This is a value play. Has a low yield because it has a low payout. It is keeping a lot of money and using it very effectively. They are a redeveloper for apartments and know how to go into the market, buy a building that needs some TLC, work with the residents they want to keep and increase the value of other buildings around.

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InterRent REIT (IIP.UN-T)
January 17, 2014

This is a value play. Has a low yield because it has a low payout. It is keeping a lot of money and using it very effectively. They are a redeveloper for apartments and know how to go into the market, buy a building that needs some TLC, work with the residents they want to keep and increase the value of other buildings around.

TOP PICK
TOP PICK
November 20, 2013

Just reported Q3. From their perspective, growth wasn’t as high as the market would anticipate. That’s only because they are refurbishing a number of assets. They are seeing a greater number of their portfolio stabilize. Units have come off about 20% since the peak and is now trading close to 20% discount to the NAV. Management has a history of very strong capital allocation that has increased free cash flow per share. Yield of 3.75%.

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InterRent REIT (IIP.UN-T)
November 20, 2013

Just reported Q3. From their perspective, growth wasn’t as high as the market would anticipate. That’s only because they are refurbishing a number of assets. They are seeing a greater number of their portfolio stabilize. Units have come off about 20% since the peak and is now trading close to 20% discount to the NAV. Management has a history of very strong capital allocation that has increased free cash flow per share. Yield of 3.75%.

COMMENT
COMMENT
November 13, 2013

Has always been a growth REIT and the opportunities they have found to continue to expand is impressive. However, the last couple of quarters have slowed. If you have a timeline out to 2014, you will be rewarded for the amount of growth they are doing. A significant amount of their portfolio is under development and redevelopment. Have taken on some very interesting development projects in Ottawa. Feels they are stretched a little bit as one key property in Ottawa needs a lot of work. Thinks they can handle this and will be rewarded. 3.77% yield.

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InterRent REIT (IIP.UN-T)
November 13, 2013

Has always been a growth REIT and the opportunities they have found to continue to expand is impressive. However, the last couple of quarters have slowed. If you have a timeline out to 2014, you will be rewarded for the amount of growth they are doing. A significant amount of their portfolio is under development and redevelopment. Have taken on some very interesting development projects in Ottawa. Feels they are stretched a little bit as one key property in Ottawa needs a lot of work. Thinks they can handle this and will be rewarded. 3.77% yield.

BUY
BUY
August 30, 2013

Was a top pick. Has put money back to work. They take a rundown building and spend some money and then charge a lot more rent. Trusts management will continue to do this. It is a great acquisition candidate.

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Was a top pick. Has put money back to work. They take a rundown building and spend some money and then charge a lot more rent. Trusts management will continue to do this. It is a great acquisition candidate.

TOP PICK
TOP PICK
July 24, 2013

Debt to growth BV is well under 50% and payout ratio is about 60% so they have a lot of room to increase the 3.5% dividend. Recently completed some acquisitions. A lot of organic growth potential. Good balance sheet. Trades at a significant discount to NAV. $7 12 to 18 months out.

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Debt to growth BV is well under 50% and payout ratio is about 60% so they have a lot of room to increase the 3.5% dividend. Recently completed some acquisitions. A lot of organic growth potential. Good balance sheet. Trades at a significant discount to NAV. $7 12 to 18 months out.

HOLD
HOLD
January 31, 2013

Continues to see upside. Sees the NAV as $6.50 and if it doesn’t get there, it probably won’t be around in 12-18 months. Has shot up in the last couple of years because of the very good management team that has focused on redeveloping properties. Relatively low payout ratio. Taking cash that they are not paying out to unit holders and spending it on improving underlying properties and growing through acquisition.

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InterRent REIT (IIP.UN-T)
January 31, 2013

Continues to see upside. Sees the NAV as $6.50 and if it doesn’t get there, it probably won’t be around in 12-18 months. Has shot up in the last couple of years because of the very good management team that has focused on redeveloping properties. Relatively low payout ratio. Taking cash that they are not paying out to unit holders and spending it on improving underlying properties and growing through acquisition.

PAST TOP PICK
PAST TOP PICK
November 15, 2012

(Top Pick Nov 11/11, Up 80.90%) Don’t take profits. Bit of a turn-around story. Redevelopments drove up occupancy so the stock did very well. We will still get the benefit of the increased rents for another year. Good take-out candidate.

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InterRent REIT (IIP.UN-T)
November 15, 2012

(Top Pick Nov 11/11, Up 80.90%) Don’t take profits. Bit of a turn-around story. Redevelopments drove up occupancy so the stock did very well. We will still get the benefit of the increased rents for another year. Good take-out candidate.

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