InterRent Real Estate Investment Trust
TSX VENTURE : IIP.UN

InterRent Real Estate Investment Trust

March 19, 2007 09:00 ET

InterRent REIT Announces Closing of $60 Million of Property Purchase Transactions

TORONTO, ONTARIO--(CCNMatthews - March 19, 2007) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

InterRent Real Estate Investment Trust (TSX VENTURE:IIP.UN)("InterRent") announced today that it has completed the acquisition from arms length parties of 17 apartment buildings, with 701 suites, located in Toronto, Ottawa, Hamilton, Burlington, Brantford, Prescott and Sarnia, Ontario, for a total purchase price of $59.43 million ($84,776/suite). The acquisitions were part of a total of 22 buildings, containing 1,196 suites as more fully disclosed in Interrent REIT's short form prospectus, dated February 6, 2007.

The buildings were acquired through a combination of cash from a recently completed equity offering of REIT units, new and assumed, conventional, vendor take back (VTB), and CMHC insured first and second mortgages, and the issuance of REIT units. The average interest rate of the mortgages was 4.41%, the loan to value (LTV) ratio was 62.8%, and the weighted average term to maturity, 7 years.

With the closings of these transactions InterRent REIT now owns 62 buildings with 2,529 suites in Ontario with a total value of $165 million. A further 6 buildings, with 731 suites and a value of $51.15million ($69,972/suite) are under firm purchase contracts, and are expected to close by April 15, 2007. The buildings under contract are located in London, Stratford and St. Catherines, Ontario.

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 2,529 apartment suites under ownership and approximately 731 suites under contract, for a total of more than 3,250 apartment suites.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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.

There is no assurance that the specified acquisitions will be completed within the anticipated timeframes expressed above or at all. These transactions are all conditional upon financing.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information