/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
OTTAWA,
ON, June 26, 2024 /CNW/ - InterRent Real
Estate Investment Trust (TSX: IIP.UN) ("InterRent" or "REIT")
announced today that in connection with its previously announced
normal course issuer bid ("NCIB") to purchase up to 13,736,806
trust units ("Units"), it entered into an automatic unit purchase
plan ("AUPP") with a designated broker. The AUPP is intended to
allow for the purchase of Units under the NCIB at times when the
REIT would ordinarily not be permitted to purchase shares due to
regulatory restrictions and customary self-imposed blackout
periods.
Pursuant to the AUPP, InterRent has instructed the designated
broker to make purchases under the NCIB in accordance with the
terms of the AUPP. Such purchases will be determined by the
designated broker at its sole discretion based on purchasing
parameters set by InterRent in accordance with the rules of the
Toronto Stock Exchange ("TSX"), applicable securities laws and the
terms of the AUPP. The AUPP has been pre-cleared by the TSX and
will be implemented today.
Outside of pre-determined blackout periods, Units may be
purchased under the NCIB based on management's discretion, in
compliance with TSX rules and applicable securities laws. The NCIB
commenced on May 23, 2024 and ends on
May 22, 2025. All purchases made
under the AUPP will be included in computing the number of Units
purchased under the NCIB.
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