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

InterRent Real Estate Investment Trust

February 23, 2009 17:43 ET

InterRent REIT Announces Adoption of Unitholder Rights Plan

TORONTO, ONTARIO--(Marketwire - Feb. 23, 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") announced today that its Board of Trustees has approved the adoption of a Unitholder Rights Plan (the "Plan"), subject to acceptance by the Toronto Stock Exchange (the "TSX"). The Plan, which is to be filed with the TSX as soon as practicable, is designed to ensure the fair treatment of unitholders in the event of any take-over bid or any other attempt to acquire a controlling interest in InterRent and to give InterRent adequate time to identify alternative value enhancing transactions.

InterRent is not adopting the Plan in response to, or in anticipation of, any specific take-over bid for the outstanding units of InterRent. The Plan is similar to unitholder rights plans adopted by other Canadian listed issuers.

Under the terms of the Plan, one right ("Right") will be issued by InterRent in respect of each outstanding unit of InterRent ("Unit") to the unitholders of record, as well as one Right in respect of each Unit subsequently issued by InterRent. The Rights issued under the Plan will only become exercisable when a person, including any party related to it, acquires or announces its intention to acquire 20% or more of the outstanding Units of InterRent without complying with the Plan's "permitted bid" provisions. "Permitted Bids" must, among other requirements more fully described in the Plan, be made to all InterRent's unitholders and must remain open for acceptance for a minimum of 60 days.

The Plan is subject to acceptance by the TSX, and is subject to ratification by InterRent's unitholders at a special meeting to be held within six months. If confirmed by the unitholders at that meeting, the Plan will need to be reconfirmed at InterRent's annual meeting in 2012.

The Plan will also be made available for viewing on the SEDAR website at www.sedar.com, once it has been filed with the TSX.

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, with 4,027 apartment suites under ownership.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 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 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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