InterRent Real Estate Investment Trust
TSX : IIP.UN
TSX : IIP.DB

InterRent Real Estate Investment Trust

September 30, 2009 17:41 ET

InterRent Real Estate Investment Trust Announces Election of Trustees, Appointment of New Chief Executive Officer and Entering into of Property Management Agreement with CLV Group Inc.

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

InterRent Real Estate Investment Trust (TSX:IIP.UN)(TSX:IIP.DB) ("InterRent" or the "REIT") announced today that at today's annual and special meeting, unitholders voted in favour of the election of all InterRent nominees to the board of trustees and the entering into a property management agreement with CLV Group Inc.

Unitholders voted to elect Paul Bouzanis, Maurice Kagan, Jacie Levinson, Mike McGahan, Michael Newman, David Nicholds and Victor Stone as trustees of the REIT. The newly elected trustees provide the REIT with a combination of real estate experience in multi-residential, construction and property management as well as public company expertise.

Following the annual and special meeting, Michael Newman resigned as Chief Executive Officer of InterRent and the board of trustees appointed Mike McGahan as the REIT's new Chief Executive Officer. "On behalf of the board of trustees, I want to thank Michael Newman for his outstanding service to the REIT over these past years and we look forward to working with him in his capacity as a trustee of the REIT", said Mike McGahan, incoming Chief Executive Officer.

Unitholders voted to approve the property management agreement (the "Property Management Agreement") with CLV Group Inc. and following the conclusion of the meeting, InterRent entered into the Property Management Agreement. A summary of the Property Management Agreement is set out in InterRent's management information circular dated September 4, 2009 and a copy of the agreement will be posted under InterRent's profile at www.sedar.com. In connection with the approval of the Property Management Agreement, 1,320,980 units of InterRent held by Mike McGahan, CLV Group Inc. and their related parties were not included in such vote (rather than 1,187,980 units that were to be excluded from such vote as was stated in InterRent's management information circular dated September 4, 2009).

"On behalf of InterRent's board of trustees and management, we thank all of our unitholders for their continued support and confidence and thank our outgoing trustees, Robert Coffey, Bryan Knebel, James McClintock and Sheldon Wiseman, for their hard work and dedication," said Michael Newman, trustee and outgoing Chief Executive Officer. "Today's vote demonstrates that InterRent unitholders believe that the trustees took the right steps with CLV Group Inc. to build value for all unitholders. We look forward to continuing to focus on profitable, long-term growth for the REIT."

Prior to the closing of the polls at the annual and special meeting, all proxy cards received were turned over to the scrutineer, Equity Transfer & Trust Company, for final tabulation and certification. Final results for each of the matters voted on at the meeting will be filed on SEDAR.

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" within the meaning of 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". 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 www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statement. InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

Contact Information

  • InterRent Real Estate Investment Trust
    Gary V. Traer, CMA
    Chief Financial Officer
    (416) 769-0769
    (416) 769-9919 (FAX)
    gtraer@interrentreit.com