Wed, Aug 14, 7:05 PM (153 days ago)
For the quarter ended June 30, 2024, IPC Alternative Real Estate Income Trust, Inc. reported a net loss of $82,000, reflecting a decrease from prior periods, with total assets increasing to $2,838,000 from $2,661,000 at year-end 2023. The loss from equity method investments in the Operating Partnership was $82,000 for the quarter. The company experienced a cash flow neutral position, with no net cash flows from operating activities due to offsetting losses. The Operating Partnership's total assets rose to $465.1 million, driven by the acquisition of four self-storage properties for $43.8 million. Revenue for the Operating Partnership increased to $8.2 million, up from $7.6 million year-over-year, but net loss expanded to $3.6 million from $1.7 million, attributable to rising operating expenses and interest costs. The weighted average interest rate on debt increased to 4.03% from 3.60%. Future operations may be impacted by ongoing market risks, particularly interest rate fluctuations, and uncertainties surrounding tax implications from property dispositions. The company continues to focus on diversifying its real estate portfolio while managing financial obligations and growth strategies through capital raises and strategic acquisitions.