INTERRENT REIT ANNOUNCES UNITHOLDER APPROVAL OF THE ARRANGEMENT WITH CLV GROUP AND GIC AND THE VOTING RESULTS FROM THE 2025 ANNUAL AND SPECIAL MEETING

INTERRENT REIT ANNOUNCES UNITHOLDER APPROVAL OF THE ARRANGEMENT WITH CLV GROUP AND GIC AND THE VOTING RESULTS FROM THE 2025 ANNUAL AND SPECIAL MEETING

OTTAWA, ON, Aug. 25, 2025 /CNW/ - InterRent Real Estate Investment Trust ("InterRent" or the "REIT") (TSX: IIP.UN) announced today the results of its annual and special meeting of unitholders (the "Meeting") held on August 25, 2025.

At the Meeting, unitholders approved all items of business set forth in the management information circular dated July 24, 2025 (the "Circular"), including the special resolution approving the previously announced plan of arrangement (the "Arrangement"), pursuant to which Carriage Hill Properties Acquisition Corp. (the "Purchaser"), a newly formed entity owned by CLV Group and GIC, will acquire InterRent in an all-cash transaction valued at approximately $4 billion, including the assumption of net debt.

Approval of Arrangement Resolution

The Arrangement Resolution was approved by:

• 98% of the votes cast by unitholders present in person or represented by proxy at the Meeting, exceeding the required two-thirds (66⅔%) majority; and
• 98% of the votes cast by unitholders, excluding those required to be excluded under Multilateral Instrument 61-101 ("MI 61-101"), present in person or represented by proxy at the Meeting, exceeding the required simple majority.

All required unitholder approvals for the Arrangement have now been secured.

The Arrangement remains subject to final court approval and the satisfaction or waiver of certain other customary closing conditions, as further described in the Circular.

Election of Trustees

Unitholders elected each of the following individuals as trustees of the REIT to hold office until the next annual meeting of unitholders or until their successors are duly elected or appointed:

Elections of Trustees of InterRent Trust

The trustees of the REIT were directed to elect the nominees listed in the Circular as trustees of InterRent Trust, until the next annual meeting of the unitholders or until their successors are duly elected or appointed. The voting results are as follows:

Election of Directors of InterRent Holdings General Partner Limited

The trustees of the REIT were directed to elect the nominees listed in the Circular as directors of InterRent Holdings General Partner Limited, until the next annual meeting of the shareholders or until their successors are duly elected or appointed. The voting results are as follows:

Other Meeting Results

In addition to the approval of the Arrangement and election of trustees and directors, unitholders also:

• Appointed RSM Canada LLP as auditors of the REIT and authorized the trustees to fix their remuneration;

• Approved amendments to the REIT's deferred unit plan and performance and restricted unit plan to convert each plan from a rolling incentive plan to a fixed incentive plan, and to restrict eligibility under the existing deferred unit plan to non-executive employees and officers of the REIT only;

• Approved the new fixed deferred unit plan for non-employee trustees of the REIT; and

• Approved certain amendments to the REIT's amended and restated declaration of trust.

Full voting results for all resolutions will be filed under InterRent's profile on SEDAR+ at www.sedarplus.ca. Following the Meeting, Curt Millar resigned from his position as Chief Financial Officer. The REIT thanks Mr. Millar for his contribution and will provide an update regarding an Interim Chief Financial Officer in due course.

About InterRent

InterRent 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.

About CLV Group

Since 1969, CLV Group has been dedicated to building stronger, more resilient portfolios for its investors, partners, communities, and most importantly, our valued residents, through a fully integrated real estate management platform. By adeptly navigating the market, the CLV Group team has optimized a range of complimentary services spanning residential and mixed-use development, acquisitions, investment portfolios, construction, realty, and property management.

Firmly rooted in a commitment to fostering sustainable, inclusive communities, CLV Group offers solid risk-adjusted returns supported by a robust portfolio of real estate assets nationwide. With $3 billion in assets under management, over 5 million square feet of development in its pipeline, and a wide range of residential units, CLV Group's track record itself proudly speaks to its relentless pursuit of excellence.

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg or follow on LinkedIn.

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, including the parties' ability to satisfy the conditions to the consummation of the Arrangement, the hearing date of the application for the final order of the court, the receipt of the required regulatory approvals, consents and approvals of Canada Mortgage and Housing Corporation ("CMHC") and certain existing lenders and court approval and other customary closing conditions, the possibility of any termination of the arrangement agreement in accordance with its terms, and the expected benefits to InterRent and its unitholders and other stakeholders of the Arrangement, 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; regulatory, court, CMHC and lender approvals; 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, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, CMHC and certain existing lenders consent, court approvals and other conditions to the closing of the Arrangement or for other reasons; 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 Purchaser's failure to pay the consideration at closing of the Arrangement; 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, industry conditions or other factors; risks relating to employee retention; 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; significant Arrangement costs or unknown liabilities; and 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, 2024, and Annual Information Form for the financial year ended December 31, 2024 (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, 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. InterRent does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

SOURCE InterRent Real Estate Investment Trust