Technology Demonstrates Exceptional TSS and Total Phosphorus Removal in TAPE Field Study

TORONTO–(BUSINESS WIRE)–#ISO–Imbrium® Systems announced the receipt of a new ISO 14034 ETV Verification for its Jellyfish® Filter stormwater treatment technology. This latest verification is for exceptional Total Suspended Solids (TSS) and Total Phosphorus treatment performance demonstrated in field testing conducted in accordance with the Washington State Department of Ecology TAPE protocol. This is the second ISO 14034 ETV verification for Jellyfish Filter field testing performance, with the earlier verification based on treatment demonstrated in field monitoring conducted in accordance with the TARP Tier II protocol.

“We’re pleased to receive this latest third-party verification for our updated Jellyfish Filter technology,” noted Imbrium Regulatory Manager Joel Garbon. “We’ve made improvements to the technology over the years since the first field test verification, and this is reflected in the treatment performance for TSS and Total Phosphorus, with median removal values of 90% and 77%, respectively.” Garbon continued, “Lab testing alone is insufficient when it comes to stormwater filtration technologies. Real-world stormwater runoff contains a complex mixture of inorganic and organic pollutants and continuously varying water chemistry. Lab testing is typically performed with clean water and clean sand-like test sediment and does not mimic the dynamic and challenging pollutant characteristics and environmental conditions that will confront the technology in field conditions. We believe it is critical to demonstrate performance in the real world, and feedback from consultants and regulators consistently shows that they have more confidence in the technology that has performed well under the rigors of actual urban installation sites.”

The Jellyfish Filter combines gravitational pretreatment (sedimentation and floatation) and high flow rate membrane filtration in a single compact structure. When maintenance is required, the membrane filter cartridges are typically rinsed and re-commissioned, unlike filter systems that use granular media that must be disposed of after each maintenance.

GLOBE Performance Solutions conducted the ISO 14034 ETV verification in collaboration with the Centre for Advancement of Water and Wastewater Technologies, which provided the technical expertise. The Verification Statement is posted on the Canadian ETV website https://etvcanada.ca/home/verify-your-technology/current-verified-technologies/

Information about Imbrium Systems portfolio of stormwater treatment technologies, including Jellyfish® Filter, Stormceptor®, and Filterra®, can be found at Imbrium’s website https://www.imbriumsystems.com/

About Imbrium Systems

Imbrium Systems is a company that designs and manufactures engineered stormwater treatment solutions for the protection of water resources from harmful pollutants. By developing technologies to address the long-term impact of urban runoff, Imbrium ensures its clients’ projects are compliant with government water quality regulations. Imbrium’s Stormceptor® and Jellyfish® Filter technologies are sold through a network of value-added licensees, providing the highest level of service at every stage of your project.

Contacts

Media Contact:

David Corr

Marketing Director
Imbrium Systems
513-645-7130
dcorr@imbriumsystems.com

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (DIR.UN-TSX) (“Dream Industrial REIT” or the “Trust”) announced today the closing of its previously announced equity offering of units of the Trust (“Units”) at a price of $16.30 per Unit (the “Offering”). The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 14,110,500 Units being issued today for total gross proceeds of approximately $230 million.

The Trust intends to use the net proceeds from the Offering, together with cash on hand and the Trust’s credit facility to fund the closing of acquisitions, the Trust’s commitment to a private U.S. industrial fund, as well as development and value-add capital initiatives, and for general trust purposes.

This press release is not an offer of securities for sale in the United States (“U.S.”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About Dream Industrial REIT

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2021, Dream Industrial REIT owns, manages and operates a portfolio of 239 industrial assets (351 buildings) comprising approximately 43 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

Forward looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements regarding the intended use of proceeds of the Offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; the uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, war, terrorism or other acts of violence, international sanctions and the disruption of the free movement and provision of goods and services across jurisdictions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, historically low rates and rising replacement costs in the Trust’s operating markets remain steady, geopolitical events will not disrupt global economies, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca.

Contacts

Dream Industrial REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca

Alexander Sannikov
Chief Operating Officer

(416) 365-4106

asannikov@dream.ca

TORONTO–(BUSINESS WIRE)–Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart buildings and cities through IoT, Cloud and SaaS technology, has been awarded a $9.7 Million HVAC and Automation project, through its wholly owned subsidiary Global HVAC and Automation (“Global”) for a new high rise building in the Greater Toronto Area.

As described in the Company’s press release dated December 28, 2021, the Company has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities. Following the award of the project to Global a binding Letter of Intent (“LOI”) has been signed and a contract is in process of being drafted, with completion of that contract expected to take place in Q2, 2022. The project is anticipated to commence in Q3, 2022, with estimated completion in Q4, 2023.

“We are pleased that we are able to win these larger opportunities with our Global team,” says Paul Ghezzi, CEO of Kontrol Technologies. “Global provides us with a larger project footprint and capability that we seek to expand while we also focus on adding recurring revenues through an integrated building technology and service platform.”

Vertical Integration

Following the acquisition of Global in August of 2021, the Company has been focused on vertically integrating in-house capabilities around the inclusion of more energy efficient solutions such as heat pumps and VRV technology. Further, Global now offers ongoing service and asset management capabilities which the Company seeks to grow over time.

“We seek to lead the building efficiency market by offering our customers advanced solutions as part of our overall building integration and service platform,” continues Ghezzi. “Now more than ever, energy savings in buildings and the corresponding reduction in GHG emissions is critical to lower operating costs and improved sustainability.”

The customer for the project described above is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development. For industry competitive purposes the customer will not be named.

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.

Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking statements in this press release include, but are not limited to, statements with respect to the following: entering into of the CDCC contract described in the press release and the timing of completion thereof; completion of the activities contemplated in the LOI and the timing thereof; and the Company’s future business plans and operations.

Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation: that sufficient capital will be available to the Company and that technology will be as effective as anticipated; that the Company will be able to enter into the CDCC contract described in this press release on the terms and in the timeframe as currently anticipated; that the activities contemplated in the LOI will be completed on the timeframe as currently anticipated; and that the Company’s customers will continue to utilize the Company’s products as currently anticipated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking

statements. Such risks include, but are not limited to the following: that the Company will not enter into the CDCC contract described in this press release on such terms as are currently anticipated, or at all; that the Company may encounter delays in carrying out the activities contemplated in the LOI; that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that the Company’s technologies will not prove as effective as expected; that customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Contacts

Kontrol Technologies Corp.

Paul Ghezzi

CEO

info@kontrolcorp.com
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8

Tel: (905) 766.0400

Investor Relations:

Brooks Hamilton

MZ Group – MZ North America

KNRLF@mzgroup.us
Tel: +1 (949) 546.6326

Investments from Luge Capital, IDEA Fund Partners, The Social Entrepreneurs’ Fund, the US National Association of Realtors, and others will support making real estate a source of prosperity and freedom for everyone

TORONTO–(BUSINESS WIRE)–Key, a Toronto-based real estate technology company, announced today that it raised $11M CAD ($8.5M USD) in seed funding. The funding round was supported by Plazacorp, N49P Ventures, Red Jar Capital, TSV Capital, Moderne Ventures, and other notable investors.

“The lack of accessibility to homeownership is a growing global crisis that needs innovation to solve. The support given, and the amount of funding raised in our first round further affirms our belief that homeownership should be, and can be, accessible to everyone,” shared Daniel Dubois, co-founder and president of Key. “We’re funded and excited to grow the Key community across North America, and then globally as we raise growth capital.”

Launched first in Toronto in November 2021, Key’s co-ownership model makes homeownership accessible without needing to qualify for a mortgage or save for the typical 20 percent down payment. Key provides the opportunity to co-own a home to live in and build equity from day one, with a small down payment of 2.5 percent of the home’s value, without having to take on a mortgage. Key aligns real estate investor capital with resident capital to underwrite the cost of homeownership, making it more affordable for residents.

“We’re looking forward to supporting Key as they continue their mission of making homeownership accessible to all,” adds David Nault, general partner of Luge Capital. “Key’s growing waitlist clearly shows it is time for a new way to buy and sell real estate.”

“The rising costs of homeownership are being felt across North America,” acknowledges Christopher Langford, partner at IDEA Fund Partners. “Key has created a first-of-its-kind digital real estate platform that provides an accessible and future-forward solution to a massive market need. IDEA Fund Partners is looking forward to growing with Key in making this model accessible to many Americans.”

As Key continues to partner with new property owners and investors, the company will expand its growing portfolio to include single-family homes and townhomes.

“Key provides property owners with a better asset management alternative than straight rental,” explained Rob Richards, co-founder and CEO of Key. “Thousands of people have joined our waitlist, from frontline workers to software engineers, which speaks to the broad and unprecedented demand for a new pathway to ownership. Our tech-enabled co-ownership model makes the benefits of homeownership accessible for so many in the missing middle of our society.”

To learn more about Key, visit lifeatkey.com.

About Key

Key is a Toronto-based real estate technology company founded in 2018. Key has developed the world’s first all-digital, on-demand homeownership platform. With Key’s patent-pending model, renters can become homeowners many years sooner. The model is enabled by property owners allowing owner-residents to contribute as little as 2.5% of the value of their home, without needing to qualify for a mortgage. To learn more, visit lifeatkey.com.

Contacts

Media
Lisa Cimini

Edelman for Key

lisa.cimini@edelman.com

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

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“ InterRent” or the “ REIT”) today reported financial results for the fourth quarter and year ended December 31, 2021.

InterRent REIT reports another quarter of sequential occupancy gains in Q4 2021 and continues to grow average monthly rent per suite across all regions

• Total portfolio occupancy for December 2021 reached 95.6% and is now back in line with the REIT’s long-term run-rate.
• Same property occupancy for December 2021 was 96.2%, an increase of 130bps compared to September 2021 and 440bps compared to December 2020.
• As of December 2021, year-over-year growth in average rent per suite of 5.0% for total portfolio and 4.4% for same property portfolio.
• Same property NOI of $27.0 million for the quarter and $102.8 million for the year, an increase of 9.5% compared to Q4 2020 and 3.1% compared to full year 2020.
• Same property NOI margin in Q4 2021 of 64.7%, an improvement of 100bps relative to Q4 2020. On a full year basis, same property NOI margin of 64.3%, up 20bps compared to 2020.
• FFO increased to $19.6 million ($0.137 per Unit – diluted) in Q4 2021; growth of 22.7% overall and 22.3% on a per Unit basis compared to Q4 2020. For the full year 2021, FFO grew to $72.8 million ($0.510 per Unit – diluted), an increase of 15.8% overall and 9.4% on a per Unit basis compared to full year 2020.
• Record acquisition performance in 2021 and continued external growth in Vancouver in first months of 2022.
• The REIT continues to harness the spirit of innovation and collaboration to drive our communities forward.

Positive NOI trajectory accelerates in the fourth quarter, leading to robust FFO performance in 2021

At 95.6% in December 2021, the occupancy rate in InterRent’s portfolio improved 120bps relative to September 2021 (94.4%) and 430bps compared to December 2020 (91.3%). The REIT’s same property portfolio saw consistent improvements, posting a quarter-over-quarter increase of 130bps and a year-over-year gain of 440bps as of December 2021. On a regional level, strong leasing activity in the Greater Montréal and Greater Toronto & Hamilton Areas drove to a sequential occupancy improvement of 170 bps in the REIT’s repositioned portfolio in the quarter.

As of December 31, 2021, InterRent had 100% ownership in 12,426 suites. Including properties that the REIT owns in its joint operations, InterRent owned or managed 12,877 suites as of December 31, 2021, up 16.6% from 11,047 at year-end 2020. Operating revenues grew 20.1% in Q4 2021 to $50.3 million, finishing the year at $185.1 million. The 15.8% improvement over full year 2020 was driven by occupancy gains, improvements in average rent per suite (+5.0%), and successful acquisition activity across the REITs core regions throughout 2021.

Narrowing to the same property portfolio, strong performance in the final quarter of 2021 led to full year NOI of $102.8 million (+3.1% over 2020) and NOI margin of 64.3% (+20bps compared to 2020), despite elevated promotional activity in select properties and higher costs in certain operating expense categories. Management expects the higher level of rebates granted during the pandemic to gradually normalize in the REIT’s financials over the next 12 months and remains confident that top line growth in 2022 should outpace inflationary pressure in operating costs.

Net income for 2021 was $369.7 million, an increase of $219.0 million compared to 2020. This difference was due primarily to the $327.2 million fair value gain on investment properties ($70.1 million in 2020) and increase in net operating income to $117.7 million ($102.1 million in 2020). These increases were offset by a net change in fair value on financial liabilities of $48.0 million (loss of $29.2 million in 2021 compared to a gain of $18.7 million in 2020).

The REIT posted another strong FFO result in the quarter. At $19.6 million ($0.137 per Unit – diluted), FFO increased by 22.7% compared to Q4 2020 ($16.0 million or $0.112 per Unit – diluted), resulting in 22.3% growth on a per Unit basis. AFFO likewise grew from $14.2 million ($0.100 per Unit – diluted) in Q4 2020 to $17.5 million ($0.122 per Unit – diluted) in Q4 2021, representing 23.2% and 22.0% growth on an absolute and per Unit basis, respectively. InterRent’s full year FFO of $72.8 million ($0.510 per Unit – diluted) translates to 15.8% growth compared to 2020 overall and +9.4% on a per Unit basis, capping off a solid set of financial results for the 2021.

Record acquisitions of 1,829 owned or managed suites in 2021 fuel repositioning opportunity

During 2021, InterRent acquired a total of 1,829 owned or managed rental suites at a total purchase price of $727.3 million⁽¹⁾. In the fourth quarter, the REIT closed on previously announced transactions in Vancouver and Montréal, and after the quarter end, InterRent acquired two properties in Vancouver with its partner for a combined purchase price of $25.6 million (of which InterRent’s interest is 50%). Comprising 57 suites, these two properties boast a weighted-average walk score of 92 and offer operational synergies with the REIT’s existing Vancouver portfolio.

Date	Property	City	Region	Ownership Interest	Suites	Price ($m)
Jan 21, 2021	388 Vine St	St. Catharines	Other Ontario	100%	114	22.0
Jan 28, 2021	Various	Vancouver	GVA	50%	614	292.5
Apr 13, 2021	2054 Comox St/8735 Selkirk St	Vancouver	GVA	50%	45	18.9
Apr 29, 2021	165 Ontario St	St. Catharines	Other Ontario	100%	158	31.4
May 13, 2021	150 Allan St	Oakville	GTHA	100%	55	26.4
May 13, 2021	265 Reynolds St	Oakville	GTHA	100%	45	20.3
Jun 1, 2021	920 Inverhouse Dr	Mississauga	GTHA	100%	95	32.7
Jun 9, 2021	774-778 Gladstone Ave, 174 Bell St N & Land	Ottawa	NCR	100%	5	4.0
Jul 26, 2021	2150 Roche Ct	Mississauga	GTHA	50%	94	30.1
Oct 18, 2021	30 Edith Dr/919 Dufferin St	Toronto	GTHA	100%	285	125.0
Oct 22, 2021	The Link (3583 Kingsway)	Vancouver	GVA	50%	104	52.0
Nov 8, 2021	418 Claremont Ave	Westmount	GMA	100%	48	18.5
Nov 26, 2021	2244 West 6th Ave	Vancouver	GVA	50%	46	19.5
Dec 2, 2021	3655 Papineau Ave	Montréal	GMA	100%	121	34.0
2021 Acquisitions					1,829	727.3(1)

¹ At 100% share; $520.8 million based on InterRent’s ownership interest.

On the back of a record acquisition year, the REIT closed 2021 with 4,112 suites in its non-repositioned property portfolio. These properties will undergo repositioning in the coming years, with individual suite upgrades following the cadence of natural resident turnover. InterRent’s approach of applying repositioning expertise to create beautiful, safe, and quality communities for residents to call home simultaneously extends the useful life of existing housing supply and creates value for Unitholders. The REIT believes this strategy is also a climate-conscious option, as the program extends the benefit of the embodied carbon in existing structures, while also loading up on energy-saving measures and fixtures.

Interactive 2021 annual report brings innovation to life for InterRent’s stakeholders

InterRent is publishing its 2021 annual report today alongside its Q4 2021 results in a new, media-rich HTML format. With this innovative approach, the REIT aims to bring its stakeholders into the conversation by sharing the personal stories and experiences that move us forward, together.

Commenting on the results published today, Mike McGahan, CEO of InterRent, said: “Innovation is not about technology. It’s about a collective desire on the part of our incredible Team to constantly strive to find new ways to improve the way we serve our residents and engage with our various stakeholders. Our strong financial results, both for the fourth quarter and the full year 2021, demonstrate just how powerful the combination of being back together and being bold can be as we move our communities forward. We thank all our stakeholders for their continued support of the REIT, and we are excited for what’s to come.”

Financial Highlights

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended December 31, 2021	3 Months Ended December 31, 2020	Change	12 Months Ended December 31, 2021	12 Months Ended December 31, 2020	Change
Total suites	–	–	–	12,426	11,047	+12.5%
Average rent per suite (December)	–	–	–	$1,381	$1,315	+5.0%
Occupancy rate (December)	–	–	–	95.6%	91.3%	+430bps
Operating revenues	$50,265	$41,864	+20.1%	$185,148	$159,955	+15.8%
Net operating income (NOI)	$32,155	$26,365	+22.0%	$117,658	$102,139	+15.2%
NOI %	64.0%	63.0%	+100bps	63.5%	63.9%	-40bps
Same Property average rent per suite (December)	–	–	–	$1,380	$1,322	+4.4%
Same Property occupancy rate (December)	–	–	–	96.2%	91.8%	+440bps
Same Property NOI	$26,968	$24,639	+9.5%	$102,834	$99,699	+3.1%
Same Property NOI %	64.7%	63.7%	+100bps	64.3%	64.1%	+20bps
Net Income	$99,399	$57,517	+72.8%	$369,686	$150,648	+145.4%
Funds from Operations (FFO)	$19,583	$15,964	+22.7%	$72,826	$62,868	+15.8%
FFO per weighted average unit – diluted	$0.137	$0.112	+22.3%	$0.510	$0.466	+9.4%
Adjusted Funds from Operations (AFFO)	$17,489	$14,193	+23.2%	$64,925	$55,577	+16.8%
AFFO per weighted average unit – diluted	$0.122	$0.100	+22.0%	$0.455	$0.412	+10.4%
Distributions per unit	$0.08413	$0.08008	+5.1%	$0.32825	$0.31258	+5.0%
Adjusted Cash Flow from Operations (ACFO)	$28,403	$20,177	+40.8%	$78,094	$62,780	+24.4%
Debt-to-GBV	–	–	–	36.7%	31.1%	+560bps
Interest coverage (rolling 12 months)	–	–	–	3.39x	3.45x	-0.06x
Debt service coverage (rolling 12 months)	–	–	–	1.84x	1.95x	-0.11x

Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Tuesday, March 8, 2022 at 10:00 AM EST. The webcast will be accessible at: https://www.interrentreit.com/2021-q4-results. A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-888-440-6928 (toll free) and 646-960-0328 (international). No access code required.

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.

*Non-GAAP Measures

InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated March 8, 2022, which should be read in conjunction with this press release. Since Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent’s performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent’s performance.

Cautionary Statements

The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management’s discussion and analysis for the same period. InterRent’s publicly filed information is located at www.sedar.com.

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 circumstances.

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

Contacts

For further information, please contact:

Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

sandy.rose@interrentreit.com
www.interrentreit.com