INTERRENT REIT REPORTS FIRST QUARTER 2026 RESULTS

About this update from Interrent Real Estate Investment Trust

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ OTTAWA, ON, May 4, 2026 /CNW/ - InterRent Real Estate Investment Trust (TSX: IIP.UN) ("InterRent" or the "REIT") today reported financial results for the first quarter 2026 ended March 31, 2026. Q1 2026 Highlights: Dave Nevins, Interim Chief Executive Officer of InterRent, commented on the results: "Our focus in Q1 was on maintaining operational discipline and stability across the portfolio while navigating a more competitive operating environment and positioning the portfolio for the spring leasing season. We remain confident in the fundamentals of our markets and in our team's ability to execute long term portfolio performance. I would like to thank our team for their continued commitment to delivering consistent operations and resident service, as we advance toward the completion of the proposed transaction." Financial Highlights: Operational Performance As of March 31, 2026, InterRent had proportionate ownership of 11,449 suites, a decrease of 5.6% from March 31, 2025, reflecting the impact of recent dispositions, which had no or only partial contribution to Q1 2026 results and impacted year-over-year comparison at the total portfolio level. The REIT achieved positive rent growth across all regional markets in Q1 2026, with March AMR of $1,767, representing a 1.5% year-over-year increase for the same property portfolio and 2.6% for the total portfolio. March occupancy was 96.3% for both the total and same property portfolios, a decrease of 50 basis points compared to 2025. Gain-on-lease improved in the quarter, with new rents averaging 3.1% higher than expiring rents, generating $0.2 million in annualized rent upside. The REIT executed 414 new leases during the quarter, compared to 475 in Q1 2025. The REIT estimates the average market rental gap for the total portfolio decreased to approximately 17% as of March 31, 2026, compared to 23% in the prior year. Suite turnover for the trailing 12 months remained stable quarter-over-quarter at 27.2%, compared to 24.1% for the same period last year. Revenue and Net Operating Income Total portfolio proportionate operating revenue decreased by 3.0% year-over-year, as growth was partially offset by lost revenue from dispositions completed over the past 12 months, which reduced the ...

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