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

InterRent Real Estate Investment Trust

October 20, 2008 07:00 ET

InterRent REIT Announces November Distributions, and Timing of Conference Call, to Discuss Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2008) -

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 distribution declared for the month of November, 2008 is $0.0217, per REIT unit, equal to $0.26 per REIT unit on an annualized basis, representing an annual yield of approximately 15.38% based on the October 17, 2008 REIT unit closing price of $1.69 per REIT unit. Payment will be made on or about November 15, 2008 to REIT unit holders of record on October 30, 2008. At the close of business on October 17, 2008, InterRent had 18,275,982 REIT units issued and outstanding, including class "B" partnership units of InterRent Holdings Limited Partnership.

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. The full text of the DRIP and an enrolment form are available on InterRent's website at www.interrentreit.com

Third Quarter Conference Call

InterRent also announced today, that it will host a conference call and live audio webcast on Wednesday, November 12, 2008 at 10:30 a.m. ET.

Michael Newman, Chief Executive Officer and Gary Traer, Chief Financial Officer, will discuss results for the third quarter ended September 30, 2008. The results will be released earlier the same day.

The call can be accessed by dialing 416-915-5762 or 1-800-590-1817. The webcast will be accessible at www.interrentreit.com.

A replay of the call will be available until midnight on November 19, 2008. It can be accessed by dialing 416-640-1917 or 1-877-289-8525 and entering the pass code 21286825#.

About InterRent

InterRent is a rapidly expanding, growth oriented real estate investment trust engaged in building unit holder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,012 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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