InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

September 15, 2009 07:30 ET

InterRent REIT Mails Management Information Circular

Annual and Special Meeting to be held on September 30, 2009

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2009) -


InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent" or the "REIT") today announced that it has mailed its Management Information Circular and scheduled its Annual and Special Meeting of Unitholders for Wednesday, September 30, 2009 at 10 a.m. at the Albany Club, 91 King Street East, Toronto, Ontario. A copy of the Management Information Circular may be obtained at

The Management Information Circular includes information concerning management's proposed nominees for election to the Board of Trustees, which includes four new members that have extensive real estate backgrounds including experience in multi-residential, construction and property management. It also includes a summary of the principal terms of the proposed property management agreement with CLV Group Inc., a proven property manager that already manages InterRent's Ottawa portfolio. Since becoming the sole property manager for the REIT in Ottawa, InterRent's Ottawa portfolio has generated the highest net operating income as a percentage of revenue across InterRent's portfolio.

"With the successful completion of the $14 million private placement, we have the financial resources and a significantly reduced debt leverage ratio that positions us well to take advantage of future market opportunities," said Michael Newman, Chief Executive Officer. "The strengthening of InterRent's financial position, election of a board of trustees together with the conclusion of a one year property management agreement with CLV Group Inc., are expected to be key factors in the profitable, long-term growth of the REIT for the foreseeable future."

InterRent's private placement was approved by the TSX on August 5, 2009. A subsequent challenge of that decision was dismissed by the Ontario Securities Commission on August 26, 2009. A further application for an interim injunction was heard in the Ontario Superior Court and was dismissed on September 3, 2009. These positive rulings in favour of InterRent were consistent with the Board's stated position that the completion of the private placement transaction and related arrangements with CLV Group Inc. were entirely appropriate and in the best interests of unitholders and were superior to any other available alternative. A full copy of the Ontario Securities Commission and Superior Court decisions are available for review on the REIT's website at

InterRent is also pleased to report that a majority of the participants in the recently completed private placement were institutional investors, each of whom placed their confidence in the REIT, its proposed new property management arrangements and renewed strategic focus as evidenced by its proposed reconstituted board of trustees.

InterRent would also like to express its thanks to its current Board of Trustees for their service and dedication to InterRent and its unitholders during the past three years, and in particular, the members of the Special Committee who have worked diligently and tirelessly over the past seven months to achieve a favourable outcome for all unitholders.


For further information about voting your WHITE proxy, please contact InterRent's Proxy Solicitation Agent, Kingsdale Shareholder Services Inc. at 1-866-581-0507 or 416-867-2272 (outside of North America).

Vote your WHITE Proxy in Support of Managements Proposals

Please take the time to vote FOR managements proposals. In order to make your vote count we need to receive your proxy by Monday, September 28th, 2009 at 10:00 a.m. Toronto Time. Time is of the essence

- Unitholders can vote by internet or via telephone, fax or mail. Please ensure that you sign and date the proxy. If your units are held in a brokerage account a WHITE Voting Instruction Form has been mailed to you.

Canadian Unitholders: Visit and enter your 12 digit control number or call 1-800-474-7493 or fax your WHITE Voting Instruction form to (905) 507-7793 or toll free at 1-866-623-5305 in order to ensure that it is received before the deadline.

U.S. Unitholders: Visit and enter your 12 digit control number or call 1-800-454-8683.

Registered Unitholders: Registered Unitholders should do the following: (i) complete the WHITE form of proxy which has been mailed to you by marking "FOR" with respect to the proposals outlined on the WHITE form of proxy; and (ii) sign and date the WHITE form of proxy and fax it back to the number indicated on the WHITE form of proxy. In order to ensure timely receipt before the deadline, InterRent recommends that all registered Unitholders who wish to vote FOR the Management proposals deliver their WHITE proxy via fax to Equity Transfer & Trust Company at 416-595-9593 rather than by mail or courier.

About InterRent

InterRent is a rapidly expanding, growth oriented real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,033 apartment suites under ownership.

Forward Looking Statements

This news release contains "forward-looking statements" under applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In particular, there is no assurance that the matters referred to in this release will be completed on the on the terms disclosed or at all. There is no assurance that the expected benefits of the CLV proposal specified herein will be achieved in whole or in part. There is no assurance that the anticipated benefits associated with externalization of property management will be achieved in whole or in part. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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