INTERRENT – UPDATE ON FIRE AT HAMILTON PROPERTY
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ottawa, Ontario (February 24, 2014) – InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”).
InterRent reported today that a fire occurred at an apartment building in Hamilton, Ontario. The property, known as Pasadena Apartments, consists of 17 suites and was a landmark building in the neighborhood. The cause of the fire is not known at this time. There were no reports of serious injuries to any residents, staff or emergency personnel. “Our principal focus at this time is to assist those affected by this fire. We would also like to thank the Fire Department, Police and the Red Cross for their quick response and their extreme professionalism in dealing with the fire and comforting our residents,” said Mike McGahan, CEO.
InterRent believes the loss to the REIT caused by the fire is covered by insurance and will not have a material effect on the Company’s financial condition or operating results.
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.
Forward Looking Statements
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.
For further information about InterRent please contact:
|Mike McGahan||Curt Millar, CA|
|Chief Executive Officer||Chief Financial Officer|
|Tel: (613) 569-5699 Ext 244||Tel: (613) 569-5699 Ext 233|
|Fax: (613) 569-5698||Fax:(613) 569-5698|
|web site: www.interrentreit.com|
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.