InterRent REIT Announces February Distribution and Application to the TSX


    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TORONTO, Feb. 20 /CNW/ - InterRent Real Estate Investment Trust
(TSX-V:IIP.UN) ("InterRent") announced today that its distribution declared
for the month of February 2007 is $0.0317, representing $0.38 per Unit on an
annualized basis. Payment will be made on or about March 15, 2007 to
Unitholders of record on February 28, 2007. The REIT also announced that
holders of Class B limited partner units of InterRent Holdings Limited
Partnership (a subsdiairy of the REIT) shall receive $0.0317 per limited
partner unit for the month of February, payable on or about March 15, 2007.
    At the close of business on February 19, 2007, InterRent had 14,378,156
units issued and outstanding, which together with 774,063 class B limited
partner units of InterRent Holdings Limited Partnership outstanding, results
in an aggregate of 15,152,219 equivalent trust units issued and outstanding
based on the exchange provisions applicable with respect to limited partner
units of InterRent Holdings Limited Partnership.
    Holders of Units who are non-residents of Canada will be required to pay
all withholding taxes payable in respect of any distributions of income by the
REIT.

    TSX Listing

    InterRent is also pleased to announce that it has recently applied to
list its outstanding Units on the Toronto Stock Exchange ("TSX"). If approved,
listing will be subject to InterRent fulfilling the listing requirements of
the TSX.

    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 1,828 apartment suites under ownership and
approximately 1,200 suites under contract, for a total of more than 3,000
apartment suites.

    This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. The securities being offered have not, nor will they be
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not constitute an
offer for sale of securities in the United States.

    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.

    The graduated listing application by InterRent to the TSX is at a
preliminary stage and has not yet been reviewed by any approval committee. As
such, there is no certainty that the application to the TSX will be accepted
on achievable terms, or at all.

    Neither the TSX Venture Exchange nor the Toronto Stock Exchange have
    reviewed and do not accept responsibility for the adequacy or accuracy of
    this release.

    %SEDAR: 00024552E



For further information: about InterRent please contact G. Michael
Newman, Chief Executive Officer, Tel: (905) 773-2435, Fax: (905) 773-2437,
e-mail: mike@interrentproperties.com, web site: www.interrentproperties.com;
Gary Traer, Chief Financial Officer, Tel: (416) 769-0769, Fax: (416) 769-9919,
e-mail: gary@interrentproperties.com