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INTERRENT REIT NEWS RELEASE INTERRENT REIT REPORTS POSITIVE SAME PROPERTY NOI GROWTH FOR Q2 2021 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ottawa , Ontario ( August 9 , 2021 ) - InterRent Real Estate Investment Trust ( TSX - IIP.UN ) ( " InterRent " or the " REIT " ) today reported financial results for the second quarter ended June 30 , 2021 . InterRent REIT reports positive same property NOI growth for Q2 2021 and continues to grow average monthly rent per suite across all regions ■ ■ Same property NOI was $ 25.4 million for the quarter , an increase of 2.6 % compared to Q2 2020 Same property NOI margin in Q2 2021 was 64.7 % , an improvement of 70bps relative to Q2 2020 Same property average monthly rent per suite at $ 1,339 as of June 2021 ; growth of 3.7 % over June 2020 ( $ 1,291 ) Same property occupancy of 92.2 % as of June 2021 ; a 10bps improvement from March 2021 and down 80bps compared to June 2020 FFO increases to $ 17.8 million ( $ 0.124 per Unit - diluted ) in Q2 2021 ; growth of 16.5 % overall and 6.0 % on a per Unit basis compared to Q2 2020 Strong YTD acquisition performance ; closed on 358 suites in Ontario and a 50 % interest in 45 suites in Vancouver in Q2 2021 and acquired a 50 % interest in a 94 - suite property in Mississauga in July 2021 Higher suite count and growth in average rent lead to strong increase in funds from operations ( FFO ) As of June 30 , 2021 , InterRent has 100 % ownership in 11,850 suites , up 15.9 % from 10,226 as of June 30 , 2020 . Operating revenues stood at $ 45.0 million in Q2 2021 , growing at 15.3 % from $ 39.0 million in Q2 2020 as external growth and improvements in average rent per suite ( + 3.7 % ) helped offset pandemic - related occupancy pressure in select properties . At 91.5 % in June 2021 , the occupancy rate in InterRent's portfolio has improved 20bps relative to March 2021 ( 91.3 % ) , below the 93 % print in June 2020 when COVID - related pressures first became evident in the portfolio . Encouragingly , occupancy in several properties situated in urban cores , which had suffered an outflow of young professionals and students starting in the spring of 2020 , is seeing positive leasing momentum as those renters come back to city centres . As such , the REIT is reporting an increase in same property NOI of 2.6 % for Q2 2021 relative to Q2 2020 , driven by lower COVID - related costs and a 3.7 % increase in same property average rent per suite over the same period . With high proportion of fixed operating costs , these improvements translated into a same property NOI margin of 64.7 % in Q2 2021 , an improvement of 70bps compared to Q2 2020. Management continues to view remaining occupancy pressure as temporary in nature and is optimistic for improvements in the back half of 2021 , and to a greater degree in 2022 , as Canada's vaccination roll - out reaches critical mass , borders reopen to fully vaccinated travellers , schools reopen for in - person learning , and offices welcome back employees . Net income for the quarter was $ 61.1 million , an increase of $ 38.4 million compared to Q2 2020. This difference was due primarily to the $ 59.5 million fair value gain on investment properties and an increase in operating revenue to 1