InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

September 17, 2007 09:30 ET

InterRent REIT Announces October Distributions, and Closing of Purchase Transactions

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2007) - InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent") announced today that its distribution declared for the month of October 2007 is $0.0317, per unit, equal to $0.38 per unit on an annualized basis, representing an annual yield of approximately 9.13% based on the September 14, 2007 unit closing price of $4.16. Payment will be made on or about October 15, 2007 to Unit holders of record on September 30, 2007. At the close of business on September 14, 2007, InterRent had 16,214,931units issued and outstanding, including class B units of InterRent Holdings Limited Partnership.

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

InterRent at the same time disclosed, that it has now completed the previously announced acquisitions of two apartment buildings containing 65 suites in Timmins and Dresden, Ontario. The closing of the acquisitions brings to 3,860 the number of units owned by InterRent, and 147 under contract, for a total of 4,007 apartment suites.

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 3,860 apartment suites under ownership and 147 suites under contract, with all of them scheduled to close prior to the end of October 2007, for a total of 4,007 apartment suites.

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 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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