InterRent Real Estate Investment Trust to Raise $45,000,000 Through Bought Deal Public Trust Unit Financing

OTTAWA, ONTARIO--(Marketwire - Dec. 5, 2011) -

NOT FOR DISTRUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

InterRent REIT ("The Trust") (TSX:IIP.UN) today announced that it has entered into a binding bought deal agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Dundee Securities Ltd. and including Canaccord Genuity Corp., Desjardins Securities Inc., and Scotia Capital Inc. pursuant to which the underwriters have agreed to purchase 8,473,733 trust units from treasury (the "Treasury Offering") and 6,526,267 trust units (collectively, the "Units") from NorthWest Value Partners Inc. ("the Secondary Offering", and together with the Treasury Offering, the "Offering"), at a price of $3.00 per Unit for gross proceeds of $25,421,199 for the Treasury Offering and $19,578,801 for the Secondary Offering.

In addition, the Underwriters have been granted an option to sell that number of additional Units as is equal to 15% of the size of the Offering, which may be exercised, in whole or in part, at any time prior to 30 days following the closing date.

The offering is scheduled to close on or about December 22, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Proceeds of the Treasury Offering will be used by the Trust to fund future acquisitions and/or pay down debt and for general trust purposes. The Trust will not receive any proceeds pursuant to the Secondary Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About InterRent

InterRent is a 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.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning applicable to Canadian securities legislation. More particularly, this news release contains statements concerning the anticipated date for the closing of the offering and the use of proceeds of the offering. The forward-looking statements contained in this document, including expectations and assumptions concerning the obtaining of the necessary regulatory approvals, the satisfaction of applicable conditions to the closing of the offering, and assumptions, opinions and views of the Trust or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. 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 most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and except as required by law, InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.