InterRent Announces Normal Course Issuer Bid
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ottawa, Ontario(August 27, 2015) – 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 September 1, 2015 up to and including August 31, 2016.
Under the terms of the Bid, InterRent may purchase up to 5,669,710 trust units (“Units”) (representing approximately 10% of the REIT’s public float of 56,698,359 Units). As at August 24, 2015, InterRent has 70,681,297 Units issued and outstanding.
For the past six months, the average daily trading volume of InterRent Units was 59,652. A maximum of 14,913 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 and other 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.
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.
For further information about InterRent please contact:
|Mike McGahan||Brad Cutsey||Curt Millar, CA|
|Chief Executive Officer||President||Chief Financial Officer|
|Tel: (613) 569-5699 Ext 244||Tel: (613) 569-5699 Ext 226||Tel: (613) 569-5699 Ext 233|
|Fax: (613) 569-5698||Fax: (613) 569-5698||Fax:(613) 569-5698|
|e-mail: email@example.com||e-mail: firstname.lastname@example.org||e-mail:email@example.com|
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.