OTTAWA, Ontario--(BUSINESS WIRE)--InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today that its distribution declared for the month of November 2022 is $0.0300 per Trust unit, equal to $0.3600 per Trust unit on an annualized basis. As previously announced, the Board of Trustees decided to increase the amount of future distributions as a result of InterRent’s portfolio demonstrating strong sustainable results. The November distribution represents a 5.3% increase over the previous 2022 monthly distributions. Payment will be made on or about December 15, 2022, to unitholders of record on November 30, 2022.
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.