/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA,
ON, May 21, 2024 /CNW/ - 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 May 23, 2024, up to and
including May 22, 2025.
Under the terms of the Bid, InterRent may purchase up to
13,736,806 trust units ("Units") (representing approximately 10% of
the REIT's public float of 137,368,069 Units as at May 10, 2024). For the previous Bid effective
May 22, 2023, the REIT sought and received approval to
purchase up to 13,582,032 Units of which 157,200 were
repurchased.
As at May 10, 2024, InterRent has
145,313,902 Units issued and outstanding. For the past six months,
the average daily trading volume of InterRent Units was 360,629. A
maximum of 90,157 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, other designated exchanges, and/or Canadian
alternative trading systems. 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 objectives are to use the proven industry
experience of the Trustees, Management and Operational Team to:
(i) to grow both funds from operations per Unit and net asset value
per Unit through investments in a diversified portfolio of
multi-residential properties; (ii) to provide Unitholders with
sustainable and growing cash distributions, payable monthly; and
(iii) to maintain a conservative payout ratio and balance
sheet.
www.irent.com
The Toronto Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this
release.
SOURCE InterRent Real Estate Investment Trust
