TORONTO, July 7 /CNW/ - InterRent Real Estate Investment Trust (TSX:IIP.UN) ("InterRent") announced today that the Toronto Stock Exchange (the "TSX") has accepted its normal course issuer bid (the "Bid") to purchase, subject to regulatory approval, up to 874,552 units (the "Units") of InterRent, representing approximately 5.0% of the Units issued and outstanding.
As of June 30, 2008, there were 17,491,040 Units issued and outstanding. Purchases under the Bid may begin on July 9, 2008 and will end no later than July 8, 2009. The Units will be purchased for cancellation through the facilities of the TSX in accordance with its policies and at market price. The average daily trading volume for the Units for the six months ended June 30, 2008 was 31,351.
In the opinion of management of InterRent, the Units have been trading at current market prices that do not reflect the underlying value of InterRent. As a result, management of InterRent believes that the Bid will contribute to enhancing unitholder value.
About InterRent
---------------
InterRent is a rapidly expanding, growth oriented real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,012 apartment suites under ownership and 191 suites under contract, for a total of 4,203 apartment suites in Ontario.
Forward-Looking Statements
--------------------------
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable 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 publicly filed information which may be 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.