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Press release from Marketwire

InterRent Announces Normal Course Issuer Bid

Monday, July 29, 2013

InterRent Announces Normal Course Issuer Bid

17:30 EDT Monday, July 29, 2013

OTTAWA, ONTARIO--(Marketwired - July 29, 2013) -


InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent" or "REIT") announced today that is has received approval from the Toronto Stock Exchange ("TSX") for a Normal Course Issuer Bid (the "Bid") commencing on August 1, 2013 up to and including July 31, 2014.

Under the terms of the Bid, InterRent may purchase up to 4,596,134 trust units ("Units") (representing approximately 10% of the REIT's public float of 45,961,336 Units). As at July 19, 2013, InterRent has 57,141,017 Units issued and outstanding.

For the past six months, the average daily trading volume of InterRent Units was 116,845. A maximum of 29,211 Units (being 25% of the average daily trading volume) may be purchased by InterRent on any one day under the Bid, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. Purchases pursuant to the Bid will be made through the facilities of the Toronto Stock Exchange. InterRent will pay the market price at the time of acquisition for any Unit purchased through the facilities of the TSX and all Units acquired by the REIT under this Bid will be cancelled.

InterRent is pursuing the normal course issuer bid because it believes that, from time to time, the market price of its Units may not fully reflect the underlying value of its business and its future business prospects. The REIT believes that, in such circumstances, the purchase and cancellation of such Units represent an attractive investment for InterRent and its unitholders.

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions.

InterRent's primary objective is to use the proven industry experience of the Trustees, Management and Operational Team to: (i) provide Unitholders with stable and growing cash distributions from investments in a diversified portfolio of multi-residential properties; (ii) enhance the value of the assets and maximize long-term Unit value through the active management of such assets; and (iii) expand the asset base and increase Distributable Income through accretive acquisitions.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


Contact Information:
InterRent Real Estate Investment Trust
Mike McGahan
Chief Executive Officer
(613) 569-5699 Ext 244
(613) 569-5698 (FAX)

InterRent Real Estate Investment Trust
Curt Millar, CA
Chief Financial Officer
(613) 569-5699 Ext 233
(613) 569-5698 (FAX)

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