INTERRENT REIT ANNOUNCES VOTING RESULTS FROM THE 2022 ANNUAL AND SPECIAL MEETING

INTERRENT REIT ANNOUNCES VOTING RESULTS FROM THE 2022 ANNUAL AND SPECIAL MEETING


INTERRENT REIT ANNOUNCES VOTING RESULTS FROM THE 2022 ANNUAL AND SPECIAL MEETING

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INTERRENT REIT ANNOUNCES VOTING RESULTS FROM THE 2022 ANNUAL AND SPECIAL MEETING

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

 

Ottawa, Ontario (June 21, 2022) – 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 Cast in Favour

Votes Withheld

Votes Withheld as a Percentage of Votes Cast

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 Cast

Votes Against

Votes Against as a Percentage of Votes Cast

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 Cast

Votes Against

Votes Against as a Percentage of Votes Cast

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.

 

For further information, please contact:

Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

sandy.rose@interrentreit.com

www.interrentreit.com

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