InterRent Real Estate Investment Trust
TSX : IIP.UN

InterRent Real Estate Investment Trust

April 21, 2008 08:25 ET

InterRent REIT Announces May Distributions

TORONTO, ONTARIO--(Marketwire - April 21, 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 May, 2008 is $0.0317, per unit, equal to $0.38 per unit on an annualized basis, representing an annual yield of approximately 12.25% based on the April 18, 2008 unit closing price of $3.10 per unit. Payment will be made on or about May 15, 2008 to Unit holders of record on April 30, 2008. At the close of business on April 18, 2008, InterRent had 18,070,004 units issued and outstanding, including class "B" units of InterRent Holdings Limited Partnership.

Tax Treatment of 2007 Distributions

InterRent would also like to remind unit holders and their tax advisors that its distributions for calendar 2007 are to be treated as 100% return of capital by Unit holders filing their 2007 tax returns with CRA.

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, 3.5% 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

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 4,007 apartment suites under ownership, and 264 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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