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InterRent Announces Voting Results from the 2020 Annual Meeting

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OTTAWA, Aug. 04, 2020 (GLOBE NEWSWIRE) -- InterRent Real Estate Investment Trust (TSX-IIP.UN) (the “REIT”) is pleased to announce the voting results from its 2020 Annual Meeting (the “Meeting”) of unitholders held online on August 4, 2020 via live webcast. Each of the matters voted upon at the Meeting is discussed in detail in the REIT’s management information circular dated June 22, 2020 (the “Information Circular”) and is available on the REIT’s website at www.interrentreit.com/MIC2020. A total of 100,140,168 units representing approximately 70.94% of the REIT’s issued and outstanding units were voted in person and by proxy in connection with the Meeting. The voting results for each matter presented at the Meeting are provided below:

1.         Election of Trustees

The following nominees listed in the Information Circular were elected as trustees of the REIT until the next annual meeting of the unitholders or until their successors are elected or appointed, and the voting results are as follows:

Nominee Votes in Favour Percentage of Votes
Cast
Votes Withheld Votes Withheld as
a Percentage of
Votes Cast
Paul Amirault 98,541,858 98.64% 1,357,542 1.36%
Paul Bouzanis 98,229,770 98.33% 1,669,630 1.67%
John Jussup 90,154,790 90.25% 9,744,610 9.75%
Ronald Leslie 85,922,237 86.00% 13,977,163 14.00%
Mike McGahan 99,889,011 99.99% 10,389 0.01%
Cheryl Pangborn 99,690,675 99.79% 280,725 0.21%

2.         Appointment of Auditors

RSM Canada LLP, Chartered Professional Accountants, were appointed as auditors of the REIT until the next annual meeting of the unitholders of at remuneration to be fixed by the trustees, and the voting results are as follows:

Votes in Favour Percentage of Votes Cast Votes Withheld Votes Withheld as a
Percentage of Votes Cast
90,813,032 90.69% 9,327,136  9.31%

3.         Election of Trustees of InterRent Trust

The trustees of the REIT were authorized to elect the nominees listed in the Information Circular as trustees of InterRent Trust, until the next annual meeting of the unitholders or until their successors are elected or appointed. The voting results for InterRent Trust are as follows:

Votes in Favour Percentage of Votes Cast Votes Against Percentage of Votes Cast
93,796,119 93.89% 6,103,281 6.11%

4.         Election of Directors of InterRent Holdings General Partner Limited

The trustees of the REIT were authorized to elect the nominees listed in the Information Circular as directors of InterRent Holdings General Partner Limited (“GP”), until the next annual meeting of the unitholders or until their successors are elected or appointed. The voting results for the GP are as follows:

Votes in Favour Percentage of Votes Cast Votes Against Percentage of Votes Cast
93,711,600 93.87% 6,127,800 6.13%

About InterRent

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 objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (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.

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: mmcgahan@interrentreit.com e-mail: bcutsey@interrentreit.com e-mail: cmillar@interrentreit.com

Website: www.interrentreit.com

The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.

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