INTERRENT REIT PROVIDES UPDATE ON ARRANGEMENT WITH CARRIAGE HILL PROPERTIES ACQUISITION CORP.
OTTAWA, ON, July 2, 2026 /CNW/ - InterRent Real Estate Investment Trust (TSX: IIP.UN) ("InterRent" or the "REIT") is pleased to announce that all closing conditions have been satisfied (other than conditions that by their nature are only capable of being satisfied on the closing date) with respect to the previously announced plan of arrangement (the "Arrangement"), pursuant to which Carriage Hill Properties Acquisition Corp. will acquire all of the units of the REIT (other than certain units of retained interest holders) for $13.55 per unit in cash by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario).
"The satisfaction of all closing conditions marks an important milestone in the Arrangement process," said Dave Nevins, Interim Chief Executive Officer of the REIT. "On behalf of InterRent, I would like to thank the Canada Mortgage and Housing Corporation for its collaboration throughout this process. We are excited to continue building on InterRent's legacy under its new ownership structure and look forward to the opportunities ahead."
The Arrangement is expected to close on or about July 9, 2026.
Following the closing of the Arrangement, the units of the REIT are expected to be delisted from the Toronto Stock Exchange (the "TSX") and an application will be made for the REIT to cease to be a reporting issuer.
The REIT also advises that its board of trustees has approved the termination of its distribution reinvestment plan (the "DRIP") in accordance with its terms. The REIT previously suspended the DRIP on December 16, 2024, and it has remained suspended since that date.
For additional details regarding the Arrangement, please see the Management Information Circular (the "Circular") available under InterRent's profile on www.sedarplus.ca.
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) grow both funds from operations per unit and net asset value per unit through investments in a diversified portfolio of multi-residential properties; (ii) provide unitholders with sustainable and growing cash distributions, payable monthly; and (iii) maintain a conservative payout ratio and balance sheet.
Cautionary Statement and Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements generally include, but are not limited to, statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning the Arrangement, the ability to complete the Arrangement and the other transactions contemplated by the arrangement agreement and the timing thereof, , delisting from the TSX and the timing thereof, InterRent's application to cease to be a reporting issuer and other statements that are not historical facts. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "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".
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of InterRent to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: the Arrangement and the terms thereof; the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, or that it may not be completed at all; the negative impact that the failure to complete the Arrangement for any reason could have on the price of InterRent's securities or on its business; the failure to realize the expected benefits of the Arrangement; the restrictions imposed on InterRent while the Arrangement is pending; the business of InterRent may experience significant disruptions, including loss of clients or employees due to Arrangement-related uncertainty; risks relating to employee retention; significant Arrangement costs or unknown liabilities; that the units of InterRent may not be delisted from the TSX, in a timely fashion or at all; that InterRent's application to cease to be a reporting issuer under applicable Canadian securities law may not be accepted or may be delayed; the timing of the payment of consideration to unitholders; industry conditions or other factors; the risk of regulatory changes that may materially impact the business or the operations of InterRent; the risk that legal proceedings may be instituted against InterRent; risks related to the diversion of management's attention from InterRent's ongoing business operations while the Arrangement is pending; and other risks and uncertainties affecting InterRent. For more information on the risks and uncertainties affecting InterRent, please refer to the "Forward-Looking Statements" section of InterRent's Management's Discussion and Analysis for the year ended December 31, 2025 and Annual Information Form for the financial year ended December 31, 2025 (the "AIF"), the "Cautionary Statement Regarding Forward-Looking Information" section of the Circular, as well as the "Risk Factors" section of the AIF and the Circular.
Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions as of the date hereof, there can be no assurance that actual results will be consistent with these forward-looking statements. InterRent has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements; however, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and should not rely upon these statements as of any other date. InterRent does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE InterRent Real Estate Investment Trust
For further information, please contact: Renee Wei, Director of Investor Relations & Sustainability, [email protected]
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