InterRent Real Estate Investment Trust : 2023-Q3 MD&A

InterRent REIT

Management's Discussion & Analysis

For the Three and Nine Months Ended September 30, 2023

November 1, 2023

Rooftop Terrace

The Slayte, Ottawa

MANAGEMENT'S DISCUSSION & ANALYSIS
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS	3
INTERRENT REAL ESTATE INVESTMENT TRUST	4
DECLARATION OF TRUST	4
ACCOUNTING POLICIES	4
NON-GAAP MEASURES	4
OVERVIEW	6
BUSINESS OVERVIEW AND STRATEGY	6
OPERATIONS UPDATE	6
OUTLOOK	7
Q3 PERFORMANCE HIGHLIGHTS	8
PORTFOLIO SUMMARY	9
ANALYSIS OF PROPORTIONATE OPERATING RESULTS	12
REVENUE	12
PROPERTY OPERATING COSTS	14
PROPERTY TAXES	14
UTILITY COSTS	15
PROPORTIONATE NET OPERATING INCOME (NOI)	15
SAME PROPERTY PROPORTIONATE PORTFOLIO PERFORMANCE	16
REPOSITIONED PROPERTY PROPORTIONATE PORTFOLIO PERFORMANCE	17
PROPORTIONATE FINANCING AND ADMINISTRATIVE COSTS	18
FINANCING COSTS	18
ADMINISTRATIVE COSTS	20
PROPORTIONATE OTHER INCOME AND EXPENSES	20
OTHER INCOME AND FEES	20
FAIR VALUE ADJUSTMENTS OF INVESTMENT PROPERTIES	21
UNREALIZED FAIR VALUE GAIN/LOSS ON FINANCIAL LIABILITIES	21
DISTRIBUTION EXPENSE	22
INVESTMENT PROPERTIES	22
UNITHOLDERS' EQUITY	23
DISTRIBUTIONS	23
WEIGHTED AVERAGE NUMBER OF UNITS	24
NON-IFRS RECONCILIATIONS AND PERFORMANCE MEASURES	24
CASH FROM OPERATING ACTIVITIES AND CASH DISTRIBUTIONS	26
RECONCILIATION OF PROPORTIONATE INCOME STATEMENT	27
REPOSITIONED PROPERTY OPERATING RESULTS (GAAP BASIS)	29
RECONCILIATION OF PROPORTIONATE BALANCE SHEET	30
LIQUIDITY AND CAPITAL RESOURCES	30
INTEREST AND DEBT SERVICE COVERAGE	31
MORTGAGE AND DEBT SCHEDULE	31
ACCOUNTING	32
FUTURE ACCOUNTING CHANGES	32
RISKS AND UNCERTAINTIES	32
OFF-BALANCE SHEET ARRANGEMENTS	34
RELATED PARTY TRANSACTIONS	34
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING	34
OUTSTANDING SECURITIES DATA	35
COMPARATIVE INFORMATION	35
ADDITIONAL INFORMATION	35
InterRent REIT | 2023 Q3 Management's Discussion and Analysis	2

FORWARD-LOOKING STATEMENTS

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Management's Discussion and Analysis ("MD&A") of InterRent Real Estate Investment Trust ("InterRent REIT", the "REIT" or the "Trust") contains "forward-looking statements" within the meaning of applicable securities legislation. This document should be read in conjunction with material contained in the Trust's audited consolidated financial statements for the year ended December 31, 2022, along with InterRent REIT's other publicly filed documents. Forward-looking statements appear in this MD&A under the heading "Outlook" and generally include, but are not limited to, statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results circumstances, performance or expectations, including but not limited to financial performance and equity or debt offerings, new markets for growth, financial position, comparable multi-residential REITs and proposed acquisitions. Generally, these forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of InterRent REIT to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risks related to the market for InterRent REIT's securities, the general risks associated with real property ownership and acquisition, that future accretive acquisition opportunities will be identified and/or completed by InterRent REIT, risk management, liquidity, debt financing, credit risk, competition, general uninsured losses, interest rate fluctuations, environmental matters, restrictions on redemptions of outstanding InterRent REIT securities, lack of availability of growth opportunities, diversification, potential unitholder liability, potential conflicts of interest, the availability of sufficient cash flow, fluctuations in cash distributions, the market price of InterRent REIT's trust units, the failure to obtain additional financing, dilution, reliance on key personnel, changes in legislation, failure to obtain or maintain mutual fund trust status and delays in obtaining governmental approvals or financing as well as those additional factors discussed in the section entitled "Risks and Uncertainties" and in other sections of this Management's Discussion and Analysis.

In addition, certain material assumptions are applied by the Trust in making forward looking statements including, without limitation, factors and assumptions regarding:

• Overall national economic activity
• Regional economic and demographic factors, such as employment rates and immigration trends
• Inflationary/deflationary factors
• Long-,medium-, and short-term interest rates
• Availability of financing
• Housing starts
• Housing affordability
• Provincial government housing policies
• Canadian Mortgage and Housing Corporation (CMHC) policies

Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. InterRent REIT has attempted to identify important factors that could cause actual results to differ materially from those contained in

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forward-looking statements, however there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. InterRent REIT does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Certain statements included herein may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this MD&A.

INTERRENT REAL ESTATE INVESTMENT TRUST

InterRent Real Estate Investment Trust ("InterRent REIT", the "REIT" or the "Trust") is an unincorporated, open-ended real estate investment trust created pursuant to a Declaration of Trust, dated October 10, 2006, as most recently amended May 21, 2019, under the laws of the Province of Ontario. InterRent REIT was created to invest in income producing multi-family residential properties within Canada initially through the acquisition of InterRent International Properties Inc. (the "Corporation") and of the Silverstone Group by the way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario), which was completed on December 7, 2006.

InterRent REIT's principal objectives are to provide its unitholders ("Unitholders") with stable and growing monthly cash distributions, partially on a Canadian income tax-deferred basis, and to increase the value of its trust units (the "Units") through the effective management of its residential multi-family revenue producing properties, the acquisition of additional, accretive properties, and delivering new supply through intensification and development.

DECLARATION OF TRUST

The investment policies of the Trust are outlined in the Trust's Amended and Restated Declaration of Trust (the "DOT") dated as of May 21, 2019, and a copy of this document is available on SEDAR (www.sedar.com).

At September 30, 2023 the Trust was in material compliance with all investment guidelines and operating policies stipulated in the DOT.

ACCOUNTING POLICIES

InterRent REIT's accounting policies are described in note 3 of the audited consolidated financial statements for the year ended December 31, 2022, and note 2 of the condensed consolidated interim financial statements for September 30, 2023.

In applying these policies, in certain cases it is necessary to use estimates, which management determines using information available to the Trust at the time. Management reviews key estimates on a quarterly basis to determine their appropriateness and any change to these estimates is applied prospectively in compliance with IFRS. Significant estimates are made with respect to the fair values of investment properties and the fair values of financial instruments.

NON-GAAP MEASURES

Proportionate results represent financial information adjusted to reflect the Trust's equity accounted joint ventures on a proportionately consolidated basis at the Trust's ownership percentage of the related investment. Under IFRS (GAAP), the Trust's equity accounted joint ventures are presented on one line in the consolidated balance sheets and the consolidated statement of income (loss) in aggregate. In this MD&A the consolidated balance sheets and consolidated statement of income (loss) are presented as if the joint ventures were

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proportionately consolidated. The presentation of financial information at the Trust's proportionate interest provide a more detailed view of performance and reflect how Management operates the business. Reconciliations of the proportionate balance sheet and proportionate statement of income (loss) to those prepared on a GAAP basis are found in the non-IFRS reconciliations and performance measures section of this MD&A.

Gross Rental Revenue, Net Operating Income, Same Property results, Repositioned Property results, Funds from Operations, Adjusted Funds from Operations, Adjusted Cash Flows from Operations and EBITDA (or, in each case, substantially similar terms) are measures sometimes used by Canadian real estate investment trusts as indicators of financial performance, however they do not have standardized meanings prescribed by IFRS (GAAP). These measures may differ from similar computations as reported by other real estate investment trusts and, accordingly, may not be comparable to similarly termed measures reported by other such issuers.

Gross Rental Revenue is the total potential revenue from suite rentals before considering vacancy and rebates and excludes other revenue from ancillary sources.

Net Operating Income ("NOI") is a key measure of operating performance used in the real estate industry and includes all rental revenues generated at the property level, less related direct costs such as utilities, realty taxes, insurance and on-site maintenance wages and salaries. As one of the factors that may be considered relevant by readers, management believes that NOI is a useful supplemental measure that may assist prospective investors in assessing the Trust.

Same property results are revenues, expenses and NOI from properties owned by the Trust throughout the comparative periods, which removes the impact of situations that result in the comparative period to be less meaningful. Some examples include: acquisitions, dispositions, redevelopments or properties going through a lease-up period.

Repositioned property results are revenues, expenses and NOI from properties owned by the Trust prior to January 1, 2020.

Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") are financial measures commonly used by many Canadian real estate investment trusts which should not be considered as an alternative to net income, cash flow from operations, or any other operating or liquidity measure prescribed under GAAP. The Trust presents FFO and AFFO in accordance with the REALpac White Paper on Funds from Operations and Adjusted Funds from Operations for IFRS dated January 2022. Management considers FFO and AFFO a useful measure of recurring economic earnings.

Adjusted Cash Flows from Operations ("ACFO") is an additional financial measure of economic cash flow based on the operating cash flows of a business adjusted for specific items. The Trust presents ACFO in accordance with the REALpac White Paper dated February 2019. Management considers ACFO a useful measure of sustainable cash flow.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is calculated as earnings before interest, taxes, depreciation, amortization, and other adjustments including gain/loss on sale and fair value adjustments.

Readers are cautioned that Gross Rental Revenue, NOI, Same property, Repositioned property, FFO, AFFO, ACFO and EBITDA are not alternatives to measures under GAAP and should not, on their own, be construed as indicators of the Trust's performance or cash flows, measures of liquidity or as measures of actual return on Units of the Trust. These non-GAAP measures, as presented, should only be used in conjunction with the consolidated financial statements of the Trust.

As a result of the redeemable feature of the Trust Units, the Trust's Units are defined as a financial liability and not considered an equity instrument. Therefore, no denominator exists to calculate

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per unit calculations. Consequently, all per unit calculations are considered non-GAAP measures. Management feels that certain per unit calculations are an important method of measuring results from period to period and as such has determined basic and diluted weighted average number of units. Per unit calculations as computed by the Trust may differ from similar computations as reported by other real estate investment trusts and, accordingly, may not be comparable to other such issuers.

OVERVIEW

BUSINESS OVERVIEW AND STRATEGY

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, development, and ownership of multi-residential properties. The REIT generates revenues, cash flows and earnings from rental operations and from the sale of revenue producing properties. InterRent REIT's largest and most consistent source of income is its rental operations, which involves leasing individual suites to residents for lease terms generally ranging from month-to-month to twelve- months.

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) grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) maintain a conservative payout ratio and balance sheet.

In the first nine months of 2023, the Trust purchased a 10% ownership in two properties comprised of 605 suites in Brampton, Ontario for $18.6 million and purchased a 25% ownership in an office conversion project in Ottawa, Ontario for $4.4 million. The Trust also disposed of a 54-suite property in Ottawa, Ontario for proceeds of $11.5 million, or $213,000 per suite.

As at September 30, 2023, the Trust has 100% ownership interest in 12,060 suites, a 50% financial interest in 1,214 suites, and a 10% financial interest in 605 suites of which: a) 12,384 are included in same property suites, or 97.3% of the portfolio; and, b) 10,130 are included in repositioned property suites, or 79.6% of the portfolio.

With the current immigration targets there will be an increased demand for housing while supply issues in the market are persisting. The Trust is working with various levels of government to try and create policies to encourage more supply and currently over 4,000 suites under development with the potential for further intensification at various sites within its portfolio.

OPERATIONS UPDATE

• Total portfolio occupancy of 95.2% for September 2023 was down 20 basis points from 95.4% in June 2023, and represents a 40 basis point decrease from September 2022 occupancy of 95.6%. Robust leasing activity through October has increased this occupancy figure since the end of the quarter, and we are well on course to end the year with over 96% occupancy.
• Lease-upcontinues at The Slayte in Ottawa, which as of the end of October is over 84% leased.

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• The Trust continues to invest in its portfolio as a driver of future organic growth, spending $30.8 million during the quarter on a proportionate basis, of which $9.3 million was spent on improvements for non-repositioned properties, $3.7 million on properties under development, and $17.8 million on the repositioned portfolio.

OUTLOOK

1. Management remains committed to growing the REIT in a strategic and structured manner, although timing is being impacted by the current economic environment, however, future growth is still anticipated to come from:
2. 1. continuing to source properties in our core markets that allow us to build scale within these areas and apply our repositioning experience and expertise in a manner that continues to provide long term accretion for our Unitholders;
   2. continuously looking for new ways and opportunities to drive existing revenues, create new revenue streams and reduce operating costs within our portfolio;
   3. re-deployingcapital from areas where management believes that properties have reached their economic peak or that the area will not allow the REIT to reach the desired level of scale;
   4. developing purpose-built rental on existing sites that have the ability to add more density; and
   5. participating in joint ventures for mixed-use sites where the REIT can add value through its experience and expertise in owning and operating multi-family rentals.
3. The REIT continues to evaluate intensification opportunities within the portfolio and has completed a project in Montréal, where C-class office space in one of the REIT's existing buildings was converted into 36 new residential units. Occupancy commenced during Q2, and as of October, the units are over 60% leased.
4. In addition to the intensification projects, the REIT is continuing to make progress on its four active developments, for more information on our ongoing projects, see "Properties Under
   Development."
5. Liquidity Update:
6. • The Trust's current credit facilities total $223.0 million of available credit. There is approximately $21.8 million drawn on these facilities as at September 30, 2023.
   • At September 30, 2023, the Trust had approximately $133.3 million in unencumbered properties that do not have mortgages nor provide security for any credit facilities.
   • During the quarter, the Trust closed on one new mortgage for proceeds of $63.3 million, up-financed one mortgage for gross proceeds of $12.5 million (maturing loan of $9.7 million) and renewed three smaller mortgages totaling $17.5 million.
   • With a debt-to-GBV ratio of 38.6%, the REIT has significant liquidity available through both CMHC insured and conventional mortgage financing to finance future capital programs, development opportunities and acquisitions.

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Q3 PERFORMANCE HIGHLIGHTS

The following table presents a summary of InterRent's proportionate operating performance for the three months ended September 30, 2023 compared to the same period in 2022:

Selected Consolidated Information	3 Months Ended	3 Months Ended
In $000's, except per Unit amounts	September 30,	September 30,	Change
and other non-financial data		2023		2022
Total suites		12,728(1)		12,573(1)	+1.2%
Average rent per suite (September)	$	1,576	$	1,462	+7.8%
Occupancy rate (September)		95.2%		95.6%	-40 bps
Proportionate operating revenues	$	59,596	$	54,866	+8.6%
Proportionate net operating income (NOI)	$	40,291	$	36,309	+11.0%
NOI %		67.6%		66.2%	+140 bps
Same Property average rent per suite (September)	$	1,566	$	1,460	+7.3%
Same Property occupancy rate (September)		95.2%		95.6%	-40 bps
Same Property proportionate operating revenues	$	58,493	$	54,064	+8.2%
Same Property proportionate NOI	$	39,527	$	35,769	+10.5%
Same Property NOI %		67.6%		66.2%	+140 bps
Net Income (Loss)	$	(54,560)	$	32,670	-267.0%
Funds from Operations (FFO)	$	21,303	$	20,309	+4.9%
FFO per weighted average unit - diluted	$	0.146	$	0.140	+4.3%
Adjusted Funds from Operations (AFFO)	$	18,925	$	17,806	+6.3%
AFFO per weighted average unit - diluted	$	0.129	$	0.123	+4.9%
Distributions per unit	$	0.0900	$	0.0855	+5.3%
Adjusted Cash Flow from Operations (ACFO)	$	17,415	$	23,756	-26.7%
Debt-to-GBV		38.6%		37.4%	+120 bps
Interest coverage (rolling 12 months)		2.30x		2.96x	-0.66x
Debt service coverage (rolling 12 months)		1.52x		1.75x	-0.23x

1. Represents 12,060 (2022 - 11,965) suites fully owned by the REIT, 1,214 (2022 - 1,214) suites owned 50% by the REIT, and 605 (2022 - nil) suites owned 10% by the REIT.

• Overall Portfolio:
• 1. Proportionate operating revenues for the quarter rose by $4.7 million to $59.6 million, an increase of 8.6% over Q3 2022.
  2. Average monthly rent per suite increased to $1,576 (September 2023) from $1,462 (September 2022), an increase of 7.8%, and from $1,531 (June 2023) an increase of 2.9%.
  3. Occupancy for September 2023 was 95.2%, a decrease of 20 basis points compared to June 2023 and a decrease of 40 basis points when compared to September 2022.
  4. Proportionate NOI for the quarter was $40.3 million, an increase of $4.0 million, or 11.0%, over Q3 2022. NOI margin for the quarter was 67.6%, an increase of 140 basis points from Q3 2022.
• Same Property Portfolio:
• 1. Proportionate operating revenues for the quarter increased by $4.4 million to $58.5 million, an increase of 8.2% from Q3 2022.
  2. Average monthly rent per suite for the same property portfolio increased to $1,566 (September 2023) from $1,460 (September 2022), an increase of 7.3%.
  3. Occupancy for September 2023 was 95.2%, a decrease of 20 basis points when compared to June 2023 and a decrease of 40 basis points when compared to September 2022.

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• 1. Proportionate NOI for the quarter was $39.5 million, an increase of $3.8 million, or 10.5% from Q3 2022. Same property NOI margin for the quarter was 67.6%, an increase of 140 basis points from Q3 2022.
• Repositioned properties had an average monthly rent per suite of $1,550, occupancy of 95.6% for September 2023 and an NOI margin for the quarter of 67.8%.
• Net loss for the quarter was $54.6 million, a decrease of $87.2 million compared to Q3 2022. This difference was due primarily to the $77.2 million FV loss on investment properties in Q3 2023, compared to a $5.7 million FV gain in Q3 2022. Also contributing were a $5.7 million lower unrealized gain on financial instruments and a $2.2 million increase in financing costs; offset by $3.7m higher NOI (GAAP basis).
• FFO for the quarter increased by $1.0 million, or 4.9%, to $21.3 million compared to Q3 2022. FFO per Unit for the quarter increased by 4.3% to $0.146 per Unit compared to $.140 per Unit for Q3 2022.
• AFFO for the quarter increased by $1.1 million, or 6.3%, to $18.9 million compared to Q3 2022. AFFO per Unit for the quarter increased by 4.9% to $0.129 per Unit compared to $0.123 per Unit for Q3 2022.
• ACFO decreased by $6.3 million, or 26.7%, to $17.4 million compared to Q3 2022. Decrease was due primarily to changes in working capital.
• Debt-to-GBVat quarter end was 38.6%, an increase of 120 basis points and an increase of 90 basis points compared to September 2022 and June 2023, respectively.

PORTFOLIO SUMMARY

The Trust started the year with 12,610 suites. During the nine months ended September 30, 2023, the Trust acquired a 10% interest in 605 suites in the Greater Toronto & Hamilton Area, added three suites to existing properties, one each in the Greater Toronto & Hamilton Area, Other Ontario region, and Greater Montréal Area, brought 91 suites online at The Slayte development in the National Capital Region, added 17 units at the Montréal intensification project, and disposed of a 54-suite property in the National Capital Region. At September 30, 2023, the Trust owned 12,728 suites. Management continuously reviews the markets that the REIT operates in to determine if the portfolio mix remains suitable. Management believes that there are significant opportunities within the portfolio for organic rent growth, to reduce operating costs, and to further streamline operations. At September 30, 2023, 97.3% of the portfolio was included in same property suites and 79.6% of the portfolio was included in repositioned property suites. We continue to evaluate opportunities within our target markets, as well as other gateway cities in Canada. Given current market conditions, the Trust will remain judicious with its investment strategy in order to continue to grow the REIT in a fiscally prudent manner. The following chart shows our suite mix by region. InterRent's focus on recycling capital and growing its core markets of the Greater Toronto & Hamilton Area ("GTHA"), National Capital Region ("NCR"), Greater Montréal Area ("GMA"), and Greater Vancouver Area ("GVA") has resulted in approximately 84% of InterRent's suites being located in these core markets.

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• SUITES BY REGION AT SEPTEMBER 30, 2023

	Region						Total Portfolio						Same Property
				Suites - 100%		Suites -		% of				Suites - 100%		Suites -		% of
					basis		proportionate		Portfolio				basis		proportionate		Portfolio
	Greater Toronto &			4,748		4,157		32.7%				4,143		4,096		33.0%
	Hamilton Area
			3,033		3,033		23.8%				2,905		2,905		23.5%
	National Capital Region
	Other Ontario			2,004		2,004		15.7%				2,004		2,004		16.2%
	Greater Montreal Area			3,228		3,101		24.4%				2,974		2,974		24.0%
	Greater Vancouver Area			866		433		3.4%				809		405		3.3%
	Total			13,879		12,728		100.0%				12,835		12,384		100.0%

• ACQUISITIONS

During the quarter, the Trust completed the purchase of a 25% stake in an office conversion project in Ottawa, Ontario for $4.4 million.

• DISPOSITIONS

During the quarter, the Trust completed the sale of a 54-suite property in Ottawa, Ontario for a sale price of $11.5 million, or $213,000 per suite, against a carrying value of $10.8 million. Proceeds from the sale were used to fund the REIT's capital requirements, pay down debt, and for unit repurchases under the NCIB.

• PROPERTIES UNDER DEVELOPMENT

Development activity is another important way that the REIT surfaces value through accretive growth and contributes to housing supply. InterRent's development strategy is consistent with its broader goals: to expand its portfolio within its primary markets. Development opportunities are regularly reviewed by Management, and are selectively undertaken based on the expected contribution of the property to the REIT's portfolio.

The REIT currently has four ongoing development projects that, when complete, could provide over 4,000 additional suites and over 560,000 square feet of commercial and retail space.

Project	City	Suite Count	Commercial Sq. Ft.

OwnershipTarget

Interest Completion

Date

360 Laurier	Ottawa	139	1,736	25.0%	Q3 2025
Richmond & Churchill	Ottawa	177	11,591	100.0%	H2 2027
Burlington GO Lands	Burlington	1,526 (Phases 1-2)	20,081 (Phases 1-2)	25.0%	2032
989 (Phases 3-4)	19,779 (Phases 3-4)	(Phases 1-2)
900 Albert Street	Ottawa	1,241	511,608	50.0%	TBD

Transfers into the operating portfolio occur when the property is operating in the manner intended by Management. Generally this occurs upon completion of construction, as well as the receipt of all necessary permits.

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