Hey there,
While CAR.UN is what I would consider Best-in-Class as far as residential REITs are concerned, Inter-Rent is also among the top residential REITs along with KMP.UN. IIP has very good distribution coverage with an FFO payout ratio in the 70% range and while this is higher than some of its peers, still very well covered. It also has a strong debt profile with D/E and D/A ratios better than the average. On a D/EBITDA basis, they are middle of the pack and their interest coverage ratio is a little like compared to the likes of CAR.UN. THey also have an 11-year distribution growth streak (same as CAR) which ranks them second among all Canadian REITs.
In terms of valuation, they are certainly cheaper and are trading at a 30% discount to NAV compared to only 13% for CAR.UN. That said, they are trading at 24 times FFO, a premium to its peers (CAR is at 21.17). Overall, I'd say this is due to the fact their FFO profile is a little weaker than most.
All in all, they compare very well to CAR.UN and I'd say today are trading at a slight discount to CAR.UN - then again, CAR as mentioned is one I consider best-in-class.
Mat