InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

April 30, 2009 19:07 ET

InterRent REIT Corporate Update

TORONTO, ONTARIO--(Marketwire - April 30, 2009) -


InterRent Real Estate Investment Trust (TSX:IIP.UN) (TSX:IIP.DB) ("InterRent") announced today that it has terminated the employment of James McClintock, the President and Chief Operating Officer, effective immediately. Mr. McClintock remains a member of the Board of Trustees of InterRent.

InterRent also announced that as part of its ongoing process to reduce its G&A expenses, certain administrative positions have been eliminated and others consolidated within its head office operations. Termination costs associated with such consolidation will result in a one time charge to InterRent in the second quarter of 2009. InterRent has also not renewed the lease for its executive office at 130 King Street W., The Exchange Tower, First Canadian Place as well as its contract with its investor relations provider. All investor communications will now be dealt with internally. These initiatives should result in additional G&A savings through the balance of fiscal 2009.

About InterRent

InterRent is a 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 4,027 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 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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