07:36 AM EST, 02/25/2025 (MT Newswires) -- InterRent Real Estate Investment Trust (IIP-UN.TO) overnight Monday reported higher adjusted funds from operations (AFFO) for its fourth quarter.

AFFO rose 14% to $20.6 million, or $0.14 per unit, from $18.1 million, or $0.12 per unit, in the prior year period. Same-property proportionate net operating income increased 7.6% to $41.4 million.

InterRent said it sealed 635 new leases in the fourth quarter and realized positive gain-on-lease in all its markets. Expiring rents rose 13% in the quarter.

"2024 brought both opportunities and challenges for our industry, yet multifamily housing fundamentals remained resilient," said Chief Executive Brad Cutsey. "Throughout the year, we maintained disciplined management and executed our strategy, delivering strong operational and financial performance, including record annual NOI margins, enabling us to increase our distribution by 5% or more for the 13th consecutive year."