Latest news with #NormalCourseIssuerBid
Yahoo
27-05-2025
- Business
- Yahoo
Pender Growth Fund Provides Financial Highlights and Company Updates
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the 'Company') today announced its financial and operational results for the three months ended March 31, 2025. Financial Highlights Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 – net income $12,262,927) due to negative investment performance during the year. Net loss per Class C common share ('Share') for the three months ended March 31, 2025 was $0.95 (March 31. 2024 – Net income per Share $1.67). The Company's total shareholders' equity decreased by $7,113,121, from $123,081,507 at December 31, 2024 to $115,968,386 as at March 31, 2025, due to net loss of $6,787,305 primarily a result of negative investment performance, offset by shares repurchased of $325,816 under the Company's Normal Course Issuer Bid ('NCIB'). Shareholders' equity was $16.33 per Share as at March 31, 2025 (December 31, 2024 – $17.25). 7,101,429 shares were outstanding as at March 31, 2025 (December 31, 2024 – 7,133,229), a decrease of 31,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025. At March 31, 2025, 59.6% of the investment portfolio was made up of public companies and 40.4% of private companies and Net Assets were 54.6% publicly listed companies, 37.0% private unlisted companies, and 8.4% cash and other assets net of liabilities. Management Expense Ratio ('MER') before performance fees was 2.44% for the quarter ended March 31, 2025, 0.69% lower compared to 3.13% in the first quarter of 2024. PERFORMANCE (Based on Shareholders' Equity) 3 Month 1 Year 3 Year 5 Year Since Inception Class C -5.4% 46.3% -5.4% 32.0% 20.5% Portfolio Highlights Public equity markets saw mixed performance in the first quarter of 2025, taking a breather following a year of impressive results. The S&P/TSX Composite Index gained 1.5% in the quarter, while the S&P/TSX Small Cap Index added 0.9%. Markets in the US slipped in the quarter, with the S&P 500 Index (CAD) down -4.2% and the small cap Russell 2000 Index (CAD) ending -9.4% lower in the quarter. Equity markets were mixed as investors grew concerned about the aggressive policy shifts of the Trump administration's second term. The rise of protectionism, deregulation and a more disruptive foreign policy stance fueled heightened uncertainty that resulted in lower expectations for economic growth. These uncertainties have raised the prospects of a recession amid weakening consumer sentiment, widespread job cuts and the impact of escalating tariffs. Against these headwinds, the Federal Reserve opted to hold interest rates steady during the quarter at 4.25% to 4.5%. This contrasted with the trend of continued interest rates cuts in Canada, As the Bank of Canada reduced rates by 25bp in January, followed by another 25bp reduction in March. This left the benchmark lending rate at 2.75% at quarter-end and highlighted the softening economic environment in Canada. We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year. Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company's control. While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives. As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies. Other Highlights We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company's public float on launch date, during the one-year period ending February 19, 2026. We encourage you to refer to the Company's MD&A and quarterly unaudited financial statements for March 31, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company's profile at for additional information. About the Company Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol 'PTF' and posts its NAV on its website, generally within five business days of each month end. Please visit For further information, please contact: Tony Rautava Corporate Secretary Pender Growth Fund Inc. (604) 653-9625Toll Free: (866) 377-4743Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as 'believe', 'anticipate', 'project', 'expect', 'intend', 'plan', 'will', 'may', 'estimate' and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading 'Risk Factors' in the Company's annual information form available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or in to access your portfolio
Business Wire
27-05-2025
- Business
- Business Wire
RioCan Advances the Monetization of its $1 billion RioCan Living Residential Rental Portfolio with $197.3M of Strategic Dispositions
TORONTO--(BUSINESS WIRE)--RioCan Real Estate Investment Trust ("RioCan" or the "Trust") (TSX: announced today that it has entered into firm agreements to sell its 50% interest in four RioCan Living residential rental properties. Upon closing, the Trust is expected to generate total gross sale proceeds of $197.3 million, inclusive of the Q4 2024 sale of Strada. Additional proceeds are anticipated from the sale of a Toronto residential rental property, which is in late-stage negotiations. These transactions are expected to close in Q3 2025 with the purchase prices in line with RioCan's IFRS values. As at Q1 2025, the RioCan Living residential rental portfolio included 13 income producing properties and two properties under development and was valued at approximately $1.0 billion. RioCan is maximizing the value of this portfolio through the sale of individual assets or subsets of the portfolio, and will focus on completing these sales in-line with IFRS values within the next 12 to 24 months. 'With RioCan Living, we've developed a portfolio of transit-oriented, mixed-use properties in Canada's major markets. Having achieved its intended scale, we are focused on generating maximum value from this one-of-a-kind portfolio. These strategic dispositions are a significant milestone in the RioCan Living asset monetization strategy, demonstrating the portfolio's immense value,' said Jonathan Gitlin, President and CEO of RioCan. 'Given the numerous attributes that differentiate our portfolio in this competitive market, we have full confidence in the Trust's ability to continue to unlock its intrinsic value. The outcome is increased financial flexibility for RioCan and a simplified business model focused on our core retail business.' Following the close of the firm agreements, the RioCan Living portfolio will consist of nine income producing properties and two properties under development with a total valuation of approximately $0.9 billion, based on the Trust's most recent IFRS values. There continues to be considerable interest in the remaining assets in the RioCan Living portfolio. These RioCan Living asset dispositions drive: Value Creation: These transactions crystallize the value created through past development efforts. Balanced and Accretive Capital Recycling: The net proceeds from these transactions will be used to reduce the Trust's debt and to support its Normal Course Issuer Bid (NCIB) program. RioCan has remained active under its NCIB program, buying back the Trust's Units that continue to trade at a significant discount to NAV. Since the start of 2025, the Trust has purchased and cancelled 5.5 million Units at a weighted average price of $17.99 per Unit for a total cost of $100.0 million, before equity buyback tax. RioCan's stated balance sheet objective of maintaining an Adjusted Debt to Adjusted EBITDA ratio within the 8.0x to 9.0x range remains unchanged. Value Validation: These transactions confirm the RioCan Living portfolio's IFRS values and demonstrate clear demand for RioCan Living's best-in-class portfolio. Business Simplification: By monetizing the RioCan Living portfolio, the Trust is simplifying its business, with a continued focus on its core, productive retail operations that generate reliable and resilient growing income. Improved Unsecured Debt to Total Contractual Debt Ratio: Upon completion of these transactions, the purchasers will assume the existing CMHC insured mortgages, which will further improve the Trust's Unsecured Debt to Total Contractual Debt ratio 1. Inclusive of the previously disclosed repayment of maturing mortgages in May 2025, this ratio is expected to improve from 57.3% as at Q1 2025 to approximately 60%. RioCan Living Asset Monetization Update: About RioCan RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit Forward-Looking Information This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'should', 'plan', 'continue', or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the ' Risks and Uncertainties ' section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Yahoo
27-05-2025
- Business
- Yahoo
RioCan Advances the Monetization of its $1 billion RioCan Living Residential Rental Portfolio with $197.3M of Strategic Dispositions
TORONTO, May 27, 2025--(BUSINESS WIRE)--RioCan Real Estate Investment Trust ("RioCan" or the "Trust") (TSX: announced today that it has entered into firm agreements to sell its 50% interest in four RioCan Living residential rental properties. Upon closing, the Trust is expected to generate total gross sale proceeds of $197.3 million, inclusive of the Q4 2024 sale of Strada. Additional proceeds are anticipated from the sale of a Toronto residential rental property, which is in late-stage negotiations. These transactions are expected to close in Q3 2025 with the purchase prices in line with RioCan's IFRS values. As at Q1 2025, the RioCan Living residential rental portfolio included 13 income producing properties and two properties under development and was valued at approximately $1.0 billion. RioCan is maximizing the value of this portfolio through the sale of individual assets or subsets of the portfolio, and will focus on completing these sales in-line with IFRS values within the next 12 to 24 months. "With RioCan Living, we've developed a portfolio of transit-oriented, mixed-use properties in Canada's major markets. Having achieved its intended scale, we are focused on generating maximum value from this one-of-a-kind portfolio. These strategic dispositions are a significant milestone in the RioCan Living asset monetization strategy, demonstrating the portfolio's immense value," said Jonathan Gitlin, President and CEO of RioCan. "Given the numerous attributes that differentiate our portfolio in this competitive market, we have full confidence in the Trust's ability to continue to unlock its intrinsic value. The outcome is increased financial flexibility for RioCan and a simplified business model focused on our core retail business." Following the close of the firm agreements, the RioCan Living portfolio will consist of nine income producing properties and two properties under development with a total valuation of approximately $0.9 billion, based on the Trust's most recent IFRS values. There continues to be considerable interest in the remaining assets in the RioCan Living portfolio. These RioCan Living asset dispositions drive: Value Creation: These transactions crystallize the value created through past development efforts. Balanced and Accretive Capital Recycling: The net proceeds from these transactions will be used to reduce the Trust's debt and to support its Normal Course Issuer Bid (NCIB) program. RioCan has remained active under its NCIB program, buying back the Trust's Units that continue to trade at a significant discount to NAV. Since the start of 2025, the Trust has purchased and cancelled 5.5 million Units at a weighted average price of $17.99 per Unit for a total cost of $100.0 million, before equity buyback tax. RioCan's stated balance sheet objective of maintaining an Adjusted Debt to Adjusted EBITDA ratio within the 8.0x to 9.0x range remains unchanged. Value Validation: These transactions confirm the RioCan Living portfolio's IFRS values and demonstrate clear demand for RioCan Living's best-in-class portfolio. Business Simplification: By monetizing the RioCan Living portfolio, the Trust is simplifying its business, with a continued focus on its core, productive retail operations that generate reliable and resilient growing income. Improved Unsecured Debt to Total Contractual Debt Ratio: Upon completion of these transactions, the purchasers will assume the existing CMHC insured mortgages, which will further improve the Trust's Unsecured Debt to Total Contractual Debt ratio1. Inclusive of the previously disclosed repayment of maturing mortgages in May 2025, this ratio is expected to improve from 57.3% as at Q1 2025 to approximately 60%. RioCan Living Asset Monetization Update: Status Properties Location Purchaser Closing Date Total Gross SaleProceeds (in $ millions) Closed Strada Toronto, Ontario CAP REIT Q4 2024 $23.9 Firm Brio Calgary, Alberta Boardwalk REIT Q3 2025 $37.4 Firm Frontier, Latitude & Luma Ottawa, Ontario Killam Apartment REIT Q3 2025 $136.0 TOTAL $197.32 About RioCan RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit Forward-Looking Information This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan's objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the "Risks and Uncertainties" section in RioCan's MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan's views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. ________________________________ 1 A non-GAAP measurement. For reconciliations and the basis of presentation of RioCan's non-GAAP measures, refer to the Non-GAAP Measures section of RioCan's Q1 2025 MD&A, which is available on RioCan's website at and through SEDAR+ at 2 The weighted average loan-to-value on closed and firm deals is approximately 58% based on total gross sale proceeds. View source version on Contacts RioCan Real Estate Investment TrustDennis BlasuttiChief Financial Officer416-866-3033 | Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
BioSyent Releases Financial Results for First Quarter 2025
MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) -- BioSyent Inc. ('BioSyent', TSX Venture: RX) released today its financial results for the first quarter (Q1) ended March 31, 2025. Key highlights include: (CAD) Q1 2025 % Change vs. Q1 2024 Trailing Twelve Months (TTM) Mar 31, 2025 % Change vs. TTM Mar 31, 2024 Canadian Pharma Sales 9,159,652 +21 % 34,544,657 +13 % International Pharma Sales 1,535,216 n/a 2,465,191 +135 % Legacy Business Sales 284,092 +52 % 1,266,373 +15 % Total Company Sales 10,978,960 +42 % 38,276,221 +17 % EBITDA1 3,201,647 +45 % 10,340,466 +20 % Net Income After Taxes (NIAT) 2,319,933 +31 % 7,821,310 +11 % Fully Diluted EPS 0.20 +35 % 0.67 +14 % Return on Average Equity for TTM March 31, 2025 was 22% as compared to 21% for TTM March 31, 2024 During Q1 2025, repurchased for cancellation a total of 19,500 common shares under Normal Course Issuer Bid (NCIB) Paid quarterly cash dividend of $0.05 per common share on March 14, 2025 Declared subsequent cash dividend of $0.05 per common share to be paid on June 13, 2025 Delivered first shipments of Tibelia® (tibolone) during Q1 2025 following acquisition of global product rights in September 2024 '2025 got off to a strong start with growth from each of our Canadian Pharma, International Pharma and Legacy businesses,' commented Mr. René Goehrum, President and CEO of BioSyent. 'FeraMAX® Pd sales, which included strong growth from the FeraMAX® Pd Maintenance 45 product (launched in 2023), grew by 18% over the comparative quarter. FeraMAX® Pd's position as Canada's leader in iron health was further bolstered by its recognition in April 2025 as the #1 recommended OTC oral iron supplement by Canadian physicians and pharmacists in an independent national survey for the tenth consecutive year. We continue to build on this leadership position by further developing and expanding the FeraMAX® Pd line of products.' 'Our Tibella® (tibolone) product also continued its sales momentum in Canada during the first quarter with 53% growth over the comparative period. Each Tibella® sale in Canada is now more profitable to BioSyent with improved gross margins following our September 2024 acquisition of the worldwide rights to Tibelia® (tibolone) and a direct source of supply. We also delivered our first international Tibelia® orders to several distributors around the world following the acquisition, generating new revenues of $0.8 million in the first quarter with further deliveries planned throughout the balance of 2025.' 'All of our businesses performed well during the first quarter in spite of the backdrop of uncertainty created by escalating tariffs, counter-measures and threats between international trading partners. The tariff situation is unpredictable and the resulting economic fallout continues to evolve. While there has been no direct impact to the performance of our business from the tariff situation to date, the broader impact of trade barriers on the Canadian economy and the Canadian consumer is uncertain. We continue to monitor this situation and to mitigate any potential risks to our customers, supply chains, and business operations. As always, we remain focused on patients and continuing to deliver on our strategic priorities of long-term, profitable growth and portfolio diversification.' 'In addition to these strong Q1 financial results, I am pleased to announce the election to the Board of Directors today of Mr. Prakash Gowd, who replaces Mr. Larry Andrews upon his retirement from the Board. Mr. Gowd is an accomplished business leader with extensive healthcare industry experience and expertise. He will be an asset to the Board through the next phase of BioSyent's continued growth. I would like to thank Mr. Andrews for his 7 years of service on the Board and his commitment and contributions to BioSyent's continued success during his tenure.' The CEO's presentation on the Q1 2025 Results is available at the following link: The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2025 and 2024 will be posted on on May 15, 2025. For a direct market quote for the TSX Venture Exchange and other Company financial information, please visit About BioSyent Inc. Listed on the TSX Venture Exchange under the trading symbol 'RX', BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, specialty and international business units. As of the date of this press release, the Company has 11,254,638 common shares outstanding. BioSyent Inc. Interim Unaudited Condensed Consolidated Statements of Comprehensive Income In Canadian Dollars Q1 2025 Q1 2024 % Change Net Revenues 10,978,960 7,733,636 42 % Cost of Goods Sold 2,641,768 1,589,762 66 % Gross Profit 8,337,192 6,143,874 36 % Operating Expenses and Finance Income/Costs 5,180,821 3,737,443 39 % Net Income Before Tax 3,156,371 2,406,431 31 % Tax (including Deferred Tax) 836,438 637,704 31 % Net Income After Taxes 2,319,933 1,768,727 31 % Net Income After Taxes % to Net Revenues 21 % 23 % EBITDA1 3,201,647 2,204,193 45 % EBITDA1 % to Net Revenues 29 % 29 % EBITDA – is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization. BioSyent Inc. Interim Unaudited Condensed Consolidated Statements of Financial Position AS AT March 31, 2025 December 31, 2024 % Change ASSETS Cash, cash equivalents and short-term investments $ 17,401,557 $ 15,940,971 9 % Trade and other receivables 5,426,657 2,906,829 87 % Inventory 5,277,242 5,328,086 -1 % Prepaid expenses and deposits 484,654 201,971 140 % Derivative asset - 5,790 - Loans receivable - current 52,004 87,433 -41 % CURRENT ASSETS 28,642,114 24,471,080 17 % Long term investments 7,497,025 10,103,571 -26 % Loans receivable - non current 123,170 141,140 -13 % Deferred tax asset 380,206 401,166 -5 % Property and equipment 1,153,985 1,200,992 -4 % Intangible assets 4,965,682 5,041,501 -2 % NON CURRENT ASSETS 14,120,068 16,888,370 -16 % TOTAL ASSETS $ 42,762,182 $ 41,359,450 3 % LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES $ 5,846,653 $ 5,405,106 8 % NON CURRENT LIABILITIES 903,733 951,159 -5 % Long term debt - - 0 % Total Equity 36,011,796 35,003,185 3 % TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 42,762,182 $ 41,359,450 3 % For further information please contact: Mr. René C. GoehrumPresident and CEOBioSyent Inc.E-Mail: investors@ 905-206-0013Web: This press release may contain information or statements that are forward-looking. The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Yahoo
15-05-2025
- Business
- Yahoo
INTERRENT REIT DELIVERS SOLID FINANCIAL AND OPERATING RESULTS IN Q1 2025
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ OTTAWA, ON, May 15, 2025 /CNW/ - InterRent Real Estate Investment Trust (TSX: ("InterRent" or the "REIT") today reported financial results for the first quarter ended March 31, 2025. Q1 2025 Highlights: Same-property portfolio occupancy increased by 10 basis points year-over-year ("YoY") to 96.9%, with total portfolio occupancy rate remaining unchanged at 96.8%. Achieved 5.0% YoY growth in average monthly rent ("AMR") to $1,722 for the same-property portfolio and 6.2% to $1,723 for the total portfolio for March 2025. Same-property proportionate Net Operating Income ("NOI") of $39.7 million, an increase of $1.2 million, or 3.1% compared to the same period of 2024. Total portfolio proportionate NOI of $40.5 million, with a moderated growth rate of 0.2% reflecting the effect of completed dispositions over the past 12 months. On a per weighted average suite basis, total portfolio proportionate NOI improved by 4.4% YoY to $3,334 in Q1. Same-property proportionate NOI margin was 64.1%, a decrease of 110 basis points from Q1 2024. Total portfolio proportionate NOI margin decreased by 90 basis points YoY to 64.1%. The 16.6% YoY increase in same-property utilities expenses that was driven by an 18.0% increase in heating degree days contributed to the decrease in NOI margins. Funds from Operations ("FFO") increased by 3.3% YoY to reach $21.8 million, with FFO per unit (diluted) growing by 4.2% to $0.150. Adjusted Funds from Operations ("AFFO") of $18.5 million, reflecting a slight decrease of 0.1% from the same period last year. AFFO per unit (diluted) of $0.127, up 0.8% YoY. Continued to advance the capital recycling program with the disposition of one community of 28 suites in Ottawa for a sale price of $9.5 million, or approximately $339,300 per suite, achieving a $0.4 million, or 4% premium to its fair market value. Subsequent to the quarter, completed the dispositions of three communities: one community of 104 suites in Montreal for a sale price of $26.5 million or $255,100 per suite; and two communities totalling 118 total suites in Hamilton, Ontario for a sale price of $29.4 million or $249,400 per suite. Both transactions were completed at prices above their respective IFRS values. During the quarter, the REIT repurchased 4,840,652 units under the Normal Course Issuer Bid ("NCIB") for $49.5 million, at a weighted average price of $10.23 per unit, representing a significant discount to IFRS NAV/unit at quarter end. All units were purchased for cancellation, with some cancellations completed following the end of the quarter. In April 2025, purchased 1,880,384 units under the Automatic Unit Purchase Plan ("AUPP") for an average price of $10.67 per unit. Repurchases continued in May and through the date of this press release. The Trust's current NCIB is in effect until May 22, 2025. The Trust intends to renew the NCIB subject to TSX approval. As at March 31, 2025, the REIT's total variable rate exposure remained unchanged at 4%, with Debt-to-GBV at 40.9%. Brad Cutsey, President & CEO of InterRent, commented on the results: "We delivered another quarter of solid performance, supported by our proven operating platform and the strength of our high-quality, well-located portfolio. Consistent growth in AMR and stable occupancy demonstrate the resilience of InterRent's business despite near-term market fluctuations. Our assets with a healthy mark-to-market gap provide embedded value and a strong runway for long-term organic growth. The successful execution of our disposition program continued to substantiate the intrinsic value of our portfolio, and we are proud to have resurfaced that value for our Unitholders through accretive unit repurchases, with 4.4% of our public float bought back from the beginning of 2025 through the end of April. We remain focused on disciplined execution of our previously announced disposition pipeline to support value-enhancing unit repurchases, preserve balance sheet integrity and flexibility, while positioning the business for long-term growth." Financial Highlights: Selected Consolidated InformationIn $000's, except per Unit amounts and other non-financial data 3 Months Ended March 31, 2025 3 Months Ended March 31, 2024 Change Total suites 12,133(1) 12,544(1) -3.3 % Average rent per suite (March) $ 1,723 $ 1,622 +6.2 % Occupancy rate (March) 96.8 % 96.8 % no change Proportionate operating revenues $ 63,130 $ 62,104 +1.7 % Proportionate net operating income (NOI) $ 40,465 $ 40,396 +0.2 % NOI % 64.1 % 65.0 % -90 bps Same Property average rent per suite (March) $ 1,722 $ 1,640 +5.0 % Same Property occupancy rate (March) 96.9 % 96.8 % +10 bps Same Property proportionate operating revenues $ 61,886 $ 59,093 +4.7 % Same Property proportionate NOI $ 39,695 $ 38,501 +3.1 % Same Property proportionate NOI % 64.1 % 65.2 % -110 bps Net Income $ 9,814 $ 26,699 -63.2 % Funds from Operations (FFO) $ 21,819 $ 21,128 +3.3 % FFO per weighted average unit - diluted $ 0.150 $ 0.144 +4.2 % Adjusted Funds from Operations (AFFO) $ 18,512 $ 18,534 -0.1 % AFFO per weighted average unit - diluted $ 0.127 $ 0.126 +0.8 % Distributions per unit $ 0.0992 $ 0.0945 +5.0 % Weighted average units outstanding – diluted 145,575,696 147,192,388 -1.1 % Adjusted Cash Flow from Operations (ACFO) $ 19,346 $ 15,202 +27.3 % Debt-to-GBV 40.9 % 37.5 % +340 bps Interest coverage (rolling 12 months) 2.59x 2.35x +0.24x Debt service coverage (rolling 12 months) 1.69x 1.58x +0.11x(1) Represents 11,341 (2024 - 11,876) suites fully owned by the REIT, 1,462 (2024 - 1,214) suites owned 50% by the REIT, and 605 (2024 - 605) suitesowned 10% by the REIT. Delivered strong operational results As of March 31, 2025, InterRent had proportionate ownership of 12,133 suites, a decrease of 3.3% from March 31, 2024. This change reflects the disposition of 10 properties, or 552 suites since Q1 2024, which had no or only partial contribution to Q1 2025 results and impacted year-over-year comparisons at the total portfolio level. Same-property AMR increased 5.0% from the same period in 2024, to reach $1,722 in March. Rent growth was consistent across all regional markets, with Greater Montreal Area and Greater Vancouver Area leading at above 6% in same-property AMR year-over-year growth. Same-property occupancy rate remained healthy in March, improving by 10 basis points year-over-year. Other Ontario led the year-over-year same-property occupancy improvement with a 90 basis point increase. In Greater Vancouver Area, same-property occupancy declined by 110 basis points year-over-year due to increased supply from short-term rentals and conventional new deliveries, but improved quarter-over-quarter by 10 basis points to reach 95.0%. The REIT executed 475 new leases during Q1 for the total portfolio, representing a 3% increase in leasing volume compared to the same period last year. Expiring rents in Q1 2025 were 13.8% higher than those in same period last year. Building on this, the REIT achieved an average gain-on-lease of 8.5%, with positive gains in all its markets. Annualized incremental revenue gain on lease was approximately $0.8 million during the first quarter. With market rent growth moderating across the country and steady in-place AMR growth continuing, the average market rental gap on the total portfolio has narrowed to approximately 23%, while turnover, excluding disposed properties, held steady at 24.1%. InterRent is closely monitoring market conditions in each region and strategically adjusts target occupancy levels as needed to optimize portfolio performance. Consistent growth in revenue and NOI InterRent's total portfolio proportionate operating revenues increased by 1.7% in Q1 as growth was partially offset by lost revenue from dispositions completed in 2024. Same-property proportionate operating revenues increased by 4.7% to reach $61.9 million. Same-property operating expenses increased by 7.8% year-over-year and are up 110 basis points as a percentage of operating revenues, primarily due to higher utility costs related to heating during a winter season that has been colder than what has been experienced over the past few years. Utilities costs on a same property basis rose by $0.9 million, or 16.6%, compared to the same period last year. As heating degree days were up 18.0%, this led to a $0.5 million increase in utility expenses. Higher average utility rates resulted in a $0.4 million increase, with $0.2 million from regular rate increases and $0.2 million from the increase in the Carbon Tax on natural gas. The REIT delivered a 3.1% year-over-year increase in same-property proportionate NOI during the quarter. Proportionate NOI margin for the same property portfolio decreased by 110 basis points year-over-year to 64.1%. Robust FFO performance despite disposition effects For the three months ended March 31, 2025, InterRent achieved a 3.3% increase in FFO and 4.2% increase in FFO per unit, reflecting year-over-year reduction in financing and administrative costs of 3.8% and 2.6%, respectively. Results also reflect the impact of dispositions over the past 12 months, which did not contribute or only partially contributed to Q1 2025 performance. Buyback momentum continued, supported by successful dispositions Based on the results of the portfolio review, and in line with the previously communicated strategy to dispose non-core assets, InterRent completed one disposition during Q1. The 28-suite community in Ottawa, Ontario met the REIT's disposition criteria and was sold for $9.5 million, or approximately $339,300 per suite, representing a $0.4 million, or 4% premium to its fair market value. In April 2025, the REIT completed two dispositions, including one community of 104 suites in Montreal, Quebec, for a sale price of $26.5 million or $255,100 per suite, and two communities with a total of 118 suites in Hamilton, Ontario, for a sale price of $29.4 million, or $249,400 per suite. Both dispositions were completed at sale prices above their respective IFRS values. The REIT continued to utilize the disposition proceeds to increase Unit buyback activity to address the disconnect between the intrinsic value of its Units and their trading price. During the three months ended March 31, 2025, the REIT purchased 4,840,652 Units for $49.5 million that were cancelled during Q1 or following the end of the quarter. Average price per Unit for purchases during the quarter was $10.23. In April 2025, the REIT continued to purchase and cancel 1,880,384 Units for $20.1 million, for an average price of $10.67 through its Automatic Unit Repurchase Plan. Maintaining resilient financial position As at March 31, 2025, InterRent had total mortgage debt outstanding of $1.7 billion, with weighted average effective rate of 3.31% and an average term to maturity of 4.6 years. Approximately 91% of the REIT's mortgage debt was backed by CMHC insurance, a historical high. Throughout the quarter, the REIT kept its variable rate exposure, including credit facilities, to 4%. Interest coverage and debt service coverage both strengthened year-over-year, reaching 2.59x and 1.69x, an improvement of 0.24x and 0.11x, respectively. With a debt-to-GBV ratio of 40.9% and $236 million of available liquidity, the REIT remains in a solid financial position to executive on its value-enhancing initiatives. Conference Call & Webcast Management will host a webcast and conference call to discuss these results and current business initiatives on Friday, May 16, 2025 at 10:00 am EDT. The webcast will be accessible at: A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-800-717-1738 (toll free) and (+1) 289-514-5100 (international). No access code required. ABOUT INTERRENT InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions. InterRent's primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet. *Non-GAAP Measures InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Gross Rental Revenue, NOI, Same Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated May 15, 2025, which should be read in conjunction with this press release. Since Gross Rental Revenue, NOI, Same Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent's performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent's performance. Cautionary Statements The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management's discussion and analysis for the same period. InterRent's publicly filed information is located at This news release contains "forward-looking statements" within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's most recently publicly filed information located at InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. SOURCE InterRent Real Estate Investment Trust View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
