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) (the “REIT”) is pleased to announce the voting results from its 2022 Annual and Special Meeting (the “Meeting”) of unitholders held on June 20, 2022. Each of the matters voted upon at the Meeting is discussed in detail in the REIT’s management information circular dated May 11, 2022 (the “Information Circular”) and is available on the REIT’s website at www.interrentreit.com/MIC2022. A total of 111,952,343 units representing approximately 77.70% of the REIT’s issued and outstanding units were voted in person and by proxy in connection with the Meeting. The voting results for each matter presented at the Meeting are provided below:
1. Election of Trustees
The following nominees listed in the Information Circular were elected as trustees of the REIT until the next annual meeting of the unitholders or until their successors are elected or appointed, and the voting results are as follows:
|
Nominee |
Votes in Favour |
Percentage of |
Votes Withheld |
Votes Withheld |
||||
|
Paul Amirault |
100,137,027 |
89.53% |
11,709,127 |
10.47% |
||||
|
Jean-Louis Bellemare |
110,783,741 |
99.05% |
1,062,413 |
0.95% |
||||
|
Brad Cutsey |
110,264,079 |
98.58% |
1,582,075 |
1.42% |
||||
|
Judy Hendriks |
110,842,333 |
99.10% |
1,003,821 |
0.89% |
||||
|
John Jussup |
89,968,224 |
80.44% |
21,877,930 |
19.56% |
||||
|
Ronald Leslie |
108,750,951 |
97.23% |
3,095,203 |
2.77% |
||||
|
Mike McGahan |
106,633,470 |
95.34% |
5,212,684 |
4.66% |
||||
|
Cheryl Pangborn |
105,091,878 |
93.96% |
6,754,276 |
6.04% |
2. Amendment of Deferred Unit Plan and Approval of Unallocated Units
The amendment to the deferred unit plan to reduce the maximum number of units of the REIT that may be issued under the new performance and restricted unit plan and the deferred unit plan combined, from 7% to 6% of the issued and outstanding Units; and to authorize all unallocated Units issuable pursuant to such plans as required by the Toronto Stock Exchange every three years, all as more fully described in the Information Circular, was approved by majority vote, and the voting results are as follows:
|
Votes in Favour |
Percentage of Votes |
Votes Against |
Votes Against as a |
|||
|
70,014,790 |
62.60% |
41,831,364 |
37.40% |
3. Approval of Performance and Restricted Unit Plan
The new Performance and Restricted Unit Plan, as more fully described in the information Circular, was approved by majority vote, and the voting results are as follows:
|
Votes in Favour |
Percentage of Votes |
Votes Against |
Votes Against as a |
|||
|
109,764,369 |
98.17% |
2,051,785 |
1.83% |
4. Other Matters
In addition to the foregoing, unitholders (i) approved and authorized the trustees of the REIT to elect the nominees listed in the Information Circular as trustees of InterRent Trust and as directors of InterRent Holdings General Partner Limited, in each case, until the next annual meeting of the unitholders or until their successors are elected or appointed; and (ii) reappointed RSM Canada LLP, Chartered Professional Accountants as auditors of the REIT until the next annual meeting of the unitholders at remuneration to be fixed by the trustees.
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) 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 TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
Contacts
Sandy Rose, CFA
Director – Investment Relations & Sustainability
(514)704-2459
sandy.rose@interrentreit.com
www.interrentreit.com