InterRent Real Estate Investment Trust
TSX : IIP.UN

InterRent Real Estate Investment Trust

May 15, 2008 07:00 ET

InterRent REIT Announces June Distributions and Date of Annual Meeting of Unit Holders

TORONTO, ONTARIO--(Marketwire - May 15, 2008) -

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

InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent") announced today that its distribution declared for the month of June, 2008 is $0.0217, per trust unit, equal to $0.26 per trust unit on an annualized basis, representing an annual yield of approximately 9.81% based on the May 14, 2008 trust unit closing price of $2.65 per trust unit. Payment will be made on or about June 15, 2008 to trust unit holders of record on May 31, 2008. At the close of business on May 14, 2008, InterRent had 18,119,454 trust units issued and outstanding, including class "B" units of InterRent Holdings Limited Partnership.

A press release dated May 12, 2008 erroneously stated that the distributions for June 15, 2008 would be $0.217 per trust unit instead of the correct amount of $0.0217. InterRent regrets the error.

Dividend Reinvestment Program (DRIP)

InterRent also offers to its unit holders a Dividend Re Investment Plan (DRIP), whereby current unit holders can elect to receive their distributions in units instead of cash. Units purchased through reinvestment of distributions will be purchased at 96% of the Average Market Price of the Units for the 10 trading days preceding the distribution payment date. Units acquired under the DRIP will be issued directly from InterRent's treasury. As of the above date, 19.3% of all units outstanding, were participants in the DRIP. The full text of the DRIP and an enrolment form are available on InterRent's website at www.interrentreit.com.

Annual Meeting

InterRent also announced today, that it will hold its Annual Meeting of unitholders on June 27, 2008 at 11:00 a.m. ET. The meeting will be held at the Albany Club, 91 King Street East, Toronto, Ontario.

Following the formal part of the meeting, there will be a presentation by management and a question and answer session. A live audio webcast of the meeting will be available on the company's website at www.interrentreit.com.

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 4,038 apartment suites under ownership, and 233 under conditional purchase contract, for a total of 4,271 suites in the province of Ontario.

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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