NEWS RELEASE TRANSMITTED BY Marketwired
FOR: InterRent Real Estate Investment Trust
TSX SYMBOL: IIP.UN
FEBRUARY 24, 2014
InterRent-Update on Fire at Hamilton Property
OTTAWA, ONTARIO--(Marketwired - Feb. 24, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
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
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
The TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
InterRent Real Estate Investment Trust
Chief Executive Officer
Tel: (613) 569-5699 Ext 244
InterRent Real Estate Investment Trust
Curt Millar, CA
Chief Financial Officer
Tel: (613) 569-5699 Ext 233
INDUSTRY: Financial Services - Commercial and Investment Banking, Financial
Services - Venture Capital, Real Estate and Construction - Commercial Real
-0- Feb/24/2014 16:45 GMT
Press spacebar to pause and continue. Press esc to stop.