Latest news with #BradCutsey
Cision Canada
4 days ago
- Business
- Cision Canada
INTERRENT REIT REPORTS SECOND QUARTER 2025 RESULTS AND RELEASES 2024 SUSTAINABILITY REPORT
OTTAWA, ON, Aug. 6, 2025 /CNW/ - InterRent Real Estate Investment Trust (TSX: (" InterRent" or the " REIT") today reported financial results for the second quarter ended June 30, 2025. Q2 2025 Highlights: Entered into an arrangement agreement ("Arrangement Agreement") under which InterRent will be acquired in an all-cash transaction valued at approximately $4 billion including net debt. Unitholders to receive $13.55 per unit in cash, representing a 35% premium to the REIT's unaffected unit price and a 29% premium to the 90-day volume-weighted average price ("VWAP"), subject to customary approvals. The Board unanimously recommends that unitholders vote in favour of the Transaction ahead of the proxy voting deadline of August 21, 2025. Achieved 4.0% year-over-year ("YoY") growth in average monthly rent ("AMR") to $1,732 for the same-property portfolio, and 4.6% to $1,736 for the total portfolio for June 2025. Same-property and total portfolio occupancy in June decreased by 90 basis points YoY to 95.3%, reflecting pressure in the rental market during the quarter. Post quarter-end, occupancy improved to 95.8% in August, the second highest August level in the past eight years, supported by strong leasing momentum and a 68% YoY increase in July same-property approved applications. Same-property proportionate Net Operating Income ("NOI") of $41.1 million, an increase of $1.0 million, or 2.4% compared to the same period of 2024. Total portfolio proportionate NOI of $41.5 million, a YoY decrease of 0.6%, reflecting the effect of $65.5 million in completed gross dispositions over the past 12 months. Same-property proportionate NOI margin was 66.9%, a decrease of 80 basis points from Q2 2024, driven by a combination of higher YoY vacancy and an 8.3% increase in property operating costs, partially due to increased turnover and higher marketing spend. Total portfolio proportionate NOI margin decreased by 90 basis points YoY to 66.6%. Funds from Operations ("FFO") of $16.8 million, or $0.120 per diluted unit, and Adjusted Funds from Operations ("AFFO") of $13.6 million, or $0.096 per diluted unit, reflecting $6.5 million in one-time transaction costs related to the Arrangement Agreement. Adjusting for $6.5 million transaction-related costs, Normalized FFO ("NFFO") per diluted unit increased by 5.7% to $0.166, with total NFFO of $23.3 million, up 1.0% YoY. Normalized AFFO ("NAFFO") of $20.1 million, a decrease of 1.5% YoY with NAFFO per diluted unit of $0.143, reflecting a YoY increase of 3.6%. The NCIB supported the per unit metric of both NFFO and NAFFO. Continued to advance the capital recycling program with the disposition of three communities totalling 222 suites, for gross proceeds of $55.9 million, achieving a premium to their IFRS value. As at June 30, 2025, the REIT's Debt-to-GBV was 41.7%, an increase of 80 basis points quarter-over-quarter ("QoQ"), reflecting fair value adjustments and the REIT's active NCIB program. Brad Cutsey, President & CEO of InterRent, commented on the results: "I'm proud of how the team delivered solid results in a more competitive market. We remained focused on what we can control and continued to invest in our communities. These efforts helped drive leasing momentum in July and have positioned us well for the fall move-in period. The Arrangement Agreement announced in May reflects the value we've built together. The Board unanimously recommends that unitholders carefully review the Management Information Circular issued August 1, 2025, and vote FOR the Transaction ahead of the proxy voting deadline of August 21, 2025. As we move through the transaction process, we remain focused on supporting our residents and delivering consistent performance." Financial Highlights: (1) Represents 11,121 (2024 - 11,356) suites fully owned by the REIT, 1,462 (2024 - 1,214) suites owned 50% by the REIT, and 605 (2024 - 605) suites owned 10% by the REIT. (2) Normalized FFO and AFFO remove the transaction costs associated with the Arrangement Agreement of $6.5 million (2024 - nil). Operational Performance As of June 30, 2025, InterRent had proportionate ownership of 11,913 suites, a decrease of 0.9% from June 30, 2024, reflecting the impact of recent dispositions, which had no or only partial contribution to Q2 2025 results and impacted year-over-year comparisons at the total portfolio level. As a result, this press release focuses primarily on same-property performance metrics. Same-property AMR increased 4.0% from the same period in 2024 to reach $1,732 in June. The REIT achieved consistent positive rent growth across all regional markets. Same-property portfolio occupancy in June was 95.3%, down 90 basis points year-over-year and 160 basis points quarter-over-quarter, partially driven by the seasonal increase in vacancy as suites become available in preparation for September move-ins. The Trust executed 719 new leases during the quarter for the total portfolio, an increase of 12.3% in leasing volume compared to the same period last year and achieving an average gain-on-lease of 3.7%. Turnover, excluding disposed properties, increased to 25.8% and the market rent gap narrowed to approximately 20%. Market conditions during the second quarter remained mixed. Slower population growth, particularly among non-permanent residents, alongside elevated levels of new supply across a number of communities, contributed to a more competitive leasing environment. During the quarter, market rents were selectively adjusted, including for units previously leased at peak pandemic-era rates, to align with local market dynamics and support leasing activity. Leasing momentum improved following quarter-end, with same-property approved applications in July increasing 68% year-over-year. August occupancy improved to 95.8%, marking the second highest August level in the past eight years, trailing only August 2024. Student-oriented communities have shown no signs of deterioration with solid leasing performance continuing through the summer. Revenue and Net Operating Income InterRent's total portfolio proportionate operating revenues increased by 0.9% in Q2 as growth was partially offset by lost revenue from dispositions completed over the past 12 months. Same-property proportionate operating revenues increased by 3.7% to reach $61.5 million. For the same-property portfolio, operating expenses increased by 6.3% year-over-year and are up 80 basis points as a percentage of operating revenues. Property taxes increased 6.6% year-over-year, primarily due to the timing of annual assessment increases. On a normalized basis, year-over-year increases in property taxes are anticipated to be in the 4% to 5% range. Utility costs increased by 0.4%, supported by the elimination of carbon taxes in April. Property operating costs increased by 8.3%, impacted by timing differences of certain expenses between Q2 2024 and Q2 2025. This increase was driven primarily by higher marketing spend aimed at supporting leasing activity in a more competitive environment, and in part by increased turnover driving higher cleaning and in-suite costs during the quarter. These efforts accounted for approximately two thirds of the year-over-year increase in property operating costs and contributed to stronger leasing momentum in July and helped position the portfolio well for the upcoming fall move-in period. The REIT delivered a 2.4% year-over-year increase in same-property proportionate NOI during the quarter. Proportionate NOI margin for the same property portfolio decreased by 80 basis points year-over-year to 66.9%, driven by a combination of higher year-over-year vacancy and increased operating expenses. NFFO Performance The year-over-year decline in Q2 FFO primarily reflects $6.5 million in transaction costs related to the Arrangement Agreement announced in May. Excluding this one-time cost, NFFO increased by 1.0% to $23.3 million, with NFFO per diluted unit rising 5.7% to $0.166. The increase in NFFO was driven by higher same-property NOI, lower financing costs, and the impact of the NCIB, which contributed to the year-over-year increase in NFFO on a per unit basis, despite the impact of completed dispositions and a more competitive rental environment. Resilient Balance Sheet As at June 30, 2025, InterRent's Debt-to-GBV stood at 41.7%, an increase of 80 basis points from the prior quarter, reflecting fair value adjustments to investment properties and continued deployment of capital through the NCIB. The REIT maintained ample liquidity through its credit facilities, with $77 million drawn, and $210 million of available liquidity as of August 6, 2025. The REIT's weighted average interest rate on mortgage debt was 3.33%, with an average term to maturity of 4.1 years. Interest coverage and debt service coverage ratios remained strong at 2.61x and 1.70x, respectively. 2024 Sustainability Report InterRent is concurrently publishing its 2024 Sustainability Report, highlighting meaningful progress across its environmental, social, and governance priorities. Key achievements included a 6.2% year-over-year reduction in like-for-like Scope 1 and 2 GHG emissions, the certification of 100% of multi-family suites under CRBP or BOMA BEST, and completion of the REIT's first climate scenario analysis. The report also outlines outcomes from InterRent's first formal Double Materiality Assessment and advances in resident engagement, team member development, and community impact. The full report is available at Arrangement Agreement to Acquire the REIT On May 27, 2025, the REIT entered into an Arrangement Agreement with Carriage Hill Properties Acquisition Corp. (the "Purchaser"), a newly formed entity owned by CLV Group and GIC, pursuant to which the Purchaser will acquire InterRent in an all-cash transaction valued at approximately $4 billion (the "Transaction"), including the assumption of net debt. InterRent unitholders will receive $13.55 per unit in cash, which represents a 35% premium to InterRent's unaffected closing unit price on the TSX as of March 7, 2025, and a 29% premium to InterRent's 90-day VWAP on the TSX as of May 26, 2025. Pursuant to the Arrangement Agreement, the REIT completed a 40-day go-shop period, during which InterRent was permitted to actively solicit, facilitate and enter into negotiations with third parties that expressed an interest in acquiring the REIT. On July 7, 2025, the REIT announced the expiration of the go-shop period and advised that it did not receive an acquisition proposal. The Annual General Meeting and Special Meeting of Unitholders to consider and vote on the Transaction is scheduled for August 25, 2025. The management information circular and details regarding the meeting and voting process can be found at Subject to unitholder approvals and the satisfaction of customary conditions including key regulatory approvals and consents and approvals from CMHC and certain existing lenders, the REIT anticipates that the Transaction will close in late 2025 or early 2026. Following completion of the Transaction, the REIT's units will be delisted from the TSX. As a result of the Arrangement Agreement, and the filing on August 1, 2025 of the Management Information Circular for the meeting of unitholders to approve, among other things, the Arrangement Agreement, InterRent will not host a conference call to discuss the financial and operational results for the second quarter 2025. 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. *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, FFO, AFFO, NFFO, NAFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated August 6, 2025, which should be read in conjunction with this press release. Since Gross Rental Revenue, NOI, Same Property results, FFO, AFFO, NFFO, NAFFO, 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 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 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. T he Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cision Canada
27-05-2025
- Business
- Cision Canada
InterRent REIT to be Acquired by CLV Group in Partnership with GIC in $4 Billion All-Cash Transaction
Transaction Highlights InterRent unitholders to receive cash consideration of $13.55 per unit, representing a: 35% premium to InterRent's unaffected closing unit price on the TSX as of March 7, 2025, the last trading day prior to media speculation regarding the REIT, and a 29% premium to InterRent's 90-day VWAP on the TSX as of May 26, 2025 Board of Trustees of InterRent (the "Board") unanimously recommends that unitholders vote in favour of the Transaction The Board and the Special Committee have obtained fairness opinions from BMO Capital Markets and National Bank Financial Inc. ("NBF"), and the Special Committee has obtained a formal valuation from NBF Agreement includes a "Go-Shop" period of 40 days during which InterRent may actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring InterRent InterRent to issue a proxy circular, including full reasons for its voting recommendation and instructions for unitholders, in due course OTTAWA, ON, May 27, 2025 /CNW/ - InterRent Real Estate Investment Trust ("InterRent" or the "REIT") (TSX: announced today that it has entered into an arrangement agreement (the "Arrangement Agreement") with Carriage Hill Properties Acquisition Corp. (the "Purchaser"), a newly formed entity owned by CLV Group and GIC, pursuant to which the Purchaser will acquire InterRent in an all-cash transaction valued at approximately $4 billion, including the assumption of net debt (the "Transaction"). Under the terms of the Arrangement Agreement, InterRent unitholders (other than Retained Interest Holders, as such term is defined in the Arrangement Agreement and which, as of the date of the Arrangement Agreement included CLV Group and its affiliated entities) will receive $13.55 per unit in cash, which represents a 35% premium to InterRent's unaffected closing unit price on the TSX as of March 7, 2025 and a 29% premium to InterRent's 90-day VWAP on the TSX as of May 26, 2025. "We are pleased to provide immediate and certain premium value to our unitholders through this all-cash transaction with CLV Group and GIC, while also allowing InterRent to solicit superior proposals through a go-shop period of 40 days," said Brad Cutsey, Chief Executive Officer and Trustee of InterRent. "The entire Board of Trustees and management team are proud to have executed on our strategy to build a best-in-class operating platform and assemble a portfolio of well-located properties in some of Canada's strongest urban rental markets. Leveraging that platform, we have repositioned these assets into high-quality communities, generating industry-leading growth and creating significant value for all stakeholders." "We are delighted to partner together with GIC on this transformative transaction, combining our 50 years of operating experience and GIC's strong track record as a long-term investor in Canada and around the world," said Mike McGahan, President and Chief Executive Officer, CLV Group. "We look forward to continuing to deliver exceptional value to residents through the operational excellence of our combined CLV and InterRent teams." InterRent expects to continue to pay its regular monthly distribution per unit through closing of the Transaction. Transaction Details Pursuant to the Arrangement Agreement, the Purchaser will acquire all of the units of the REIT (other than the units of Retained Interest Holders) for $13.55 per unit in cash by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario) (such plan of arrangement to include a transfer of all or substantially all of the assets of the REIT and/or its subsidiaries, on the terms and conditions set out in such plan of arrangement). The total equity value of the Transaction is approximately $2 billion on a fully diluted basis, and the total transaction value is approximately $4 billion including the assumption of net debt. To ensure the process remains fair, open and in the best interests of the unitholders, and pursuant to the Arrangement Agreement, InterRent has an initial 40-day go-shop period, beginning on May 28, 2025 and ending on July 6, 2025 (the "Go-Shop Period"), during which InterRent, with the assistance of its advisors, may actively solicit and consider superior proposals from third parties that express an interest in acquiring InterRent. InterRent has the option to extend the Go-Shop Period by up to 5 days (to July 11, 2025) in certain circumstances. The Purchaser will have the right to match any superior proposals received either during or after the Go-Shop Period, on the terms and conditions set forth in the Arrangement Agreement. The Arrangement Agreement also includes customary provisions, including non-solicitation by the REIT of alternative transactions following the conclusion of the Go-Shop Period, which is subject to customary "fiduciary out" provisions that enable InterRent to terminate the Arrangement Agreement and accept a superior proposal in certain circumstances. A termination fee of approximately $49 million or $79 million would be payable to the Purchaser under certain customary circumstances if the Arrangement Agreement is terminated during or after the Go-Shop Period, respectively. A reverse termination fee of approximately $89 million would be payable to the REIT if the Arrangement Agreement is terminated in certain circumstances. There can be no assurance that the go-shop process will result in a superior proposal. InterRent does not intend to disclose developments with respect to the go-shop process unless and until the Board of Trustees makes a determination requiring further disclosure. Completion of the Transaction requires approval of at least 66 2/3% of the votes cast by unitholders, as well as the approval by a simple majority of votes cast by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Transaction is also subject to court approval, regulatory approvals, consents and approvals from Canada Mortgage and Housing Corporation ("CMHC") and certain existing lenders (including in respect of the Purchaser's debt financing in connection with the Transaction and the security granted thereunder) and satisfaction of other customary closing conditions. A special meeting of unitholders to consider the Transaction is expected to be held in Q3 2025. Further details regarding the Transaction, including the rationale for the Board of Trustees' recommendation, will be provided in a management information circular to be mailed to unitholders in advance of the meeting. The TSX has approved the deferral of the REIT's annual general meeting, which will now be held concurrently with the special meeting to be called to consider the Transaction. Assuming the timely receipt of all required key regulatory approvals and consents and approvals from CMHC and certain existing lenders, the Transaction is expected to close in late 2025 or early 2026. In addition to CLV Group and its affiliates, InterRent's trustees and certain of its officers have entered into customary voting and support agreements pursuant to which they have agreed, subject to the terms thereof, to support and vote their units in favour of the Transaction. Consequently, holders of approximately 6.3% of the issued and outstanding trust units have agreed to vote their units in favour of the Transaction. Following closing, InterRent will be de-listed from the TSX and it is anticipated that InterRent will apply to cease to be a reporting issuer. The foregoing summary is qualified in its entirety by the provisions of the Arrangement Agreement, a copy of which will be filed under InterRent's profile on SEDAR+ at Special Committee and Board of Trustees Recommendation As Mr. Mike McGahan is the President and Chief Executive Officer and controlling shareholder of CLV Group, as well as the Executive Chair of the Board of InterRent, the Transaction, if consummated, will constitute a "business combination" for purposes of MI 61-101. Consistent with its fiduciary duties, the Board formed a special committee composed entirely of independent trustees of InterRent (the "Special Committee") to, among other things, review and evaluate the terms of the initial and subsequent proposals received from the Purchaser, make recommendations to the Board in respect of such proposals, negotiate the terms of any transaction and supervise the preparation of a formal valuation of the fair market value of the units of InterRent in accordance with MI 61-101 (the "Formal Valuation"). The Board of Trustees (with the interested trustee abstaining from voting), acting on the unanimous recommendation of the Special Committee, composed entirely of independent trustees and advised by independent financial and legal advisors, has unanimously approved the Transaction and recommends that unitholders vote in favour of the Transaction. The Special Committee, after receiving advice from its financial and legal advisors, determined that the Transaction is in the best interests of InterRent and is fair, from a financial point of view, to the REIT's unitholders (other than Retained Interest Holders). BMO Capital Markets and NBF have each provided a fairness opinion to the Board and the Special Committee that, subject to the assumptions, limitations and qualifications set out in such opinions, the consideration to be received by unitholders pursuant to the Transaction is fair, from a financial point of view, to unitholders (other than the Purchaser and its affiliates). In addition, NBF has delivered the Formal Valuation to the Special Committee, which determined that as of May 26, 2025, and based on the assumptions, limitations and qualifications set forth in such Formal Valuation, the fair market value of the units is in the range of $12.75 to $14.00 per unit. Copies of each of the fairness opinions and the Formal Valuation, as well as additional details regarding the terms and conditions of the Transaction and the rationale for the recommendation made by the Special Committee and the Board will be set out in the management proxy circular to be sent in connection with the Transaction and filed by InterRent on its profile on SEDAR+ at BMO Capital Markets is acting as financial advisor to InterRent and has provided the Board of Trustees and Special Committee with a fairness opinion in respect of the Transaction. National Bank Financial provided an independent fairness opinion and the Formal Valuation to the Special Committee. Norton Rose Fulbright Canada LLP is acting as legal counsel to the Special Committee. Gowling WLG (Canada) LLP is acting as legal counsel to InterRent. Scotiabank is acting as financial advisor to the Purchaser and Goodmans LLP and Stikeman Elliott LLP are acting as legal counsel to CLV Group and GIC, respectively. LaBarge Weinstein LLP is counsel to CLV Group in connection with the joint venture arrangements and Skadden, Arps, Slate, Meagher & Flom LLP is counsel to GIC in connection with the joint venture arrangements. The Bank of Nova Scotia is acting as sole underwriter on the credit facilities in support of the acquisition. 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. 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, GI Chas 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 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 Transaction, the ability to complete the Transaction 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 Transaction, the receipt of the required shareholder approvals, regulatory approvals, consents and approvals of 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 Transaction, 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 possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and 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, shareholder and court approvals and other conditions to the closing of the Transaction or for other reasons; the negative impact that the failure to complete the Transaction 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 Transaction; the failure to realize the expected benefits of the Transaction; the restrictions imposed on InterRent while the Transaction is pending; the business of InterRent may experience significant disruptions, including loss of clients or employees due to Transaction-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 maybe instituted against InterRent; significant Transaction costs or unknown liabilities; and risks related to the diversion of management's attention from InterRent's ongoing business operations while the Transaction 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"), as well as the "Risk Factors" section of the AIF. 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. This press release shall not constitute an offer to purchase or a solicitation of an offer to sell any securities, or a solicitation of a proxy of any securityholder of any person in any jurisdiction. Any offers or solicitations will be made in accordance with the requirements under applicable law. Unitholders are advised to review any documents that may be filed with securities regulatory authorities and any subsequent announcements because they will contain important information regarding the Transaction and the terms and conditions thereof. The circulation of this press release and the Transaction may be subject to a specific regulation or restrictions in some countries. Consequently, persons in possession of this press release must familiarize themselves and comply with any restrictions that may apply to them.
