InterRent REIT Closes $230 Million Bought Deal Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ottawa, Ontario (June 4, 2020) – InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today the closing of its previously announced public offering of 15,709,000 trust units (the “Offered Units”) from treasury (the “Offering”), which includes the full exercise of the over-allotment option granted to the underwriters in connection with the Offering, at a price of $14.65 per Offered Unit for gross proceeds of $230,136,850.
The Offering was made on a bought deal basis pursuant to an underwriting agreement with a syndicate of underwriters with Scotia Capital Inc., BMO Nesbitt Burns Inc., and Desjardins Securities Inc., as co-lead underwriters, and which included RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., Echelon Wealth Partners Inc., National Bank Financial Inc., Raymond James Ltd., CIBC World Markets Inc., Industrial Alliance Securities Inc., and Laurentian Bank Securities Inc.
InterRent 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: (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.
The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management’s discussion and analysis for the same period. InterRent’s publicly filed information is located at www.sedar.com.
This news release contains “forward-looking statements” within the meaning applicable to 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 most recently publicly filed information located at www.sedar.com. 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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information about InterRent please contact:
|Mike McGahan||Brad Cutsey, CFA||Curt Millar, CPA, 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|
|web site: www.interrentreit.com|