InterRent

News Release

InterRent REIT Results for the Third Quarter of 2015

and a 5% Increase in the Monthly Distribution

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

Ottawa, Ontario(November 12, 2015) – InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) today reported financial results for the third quarter ended September 30, 2015. With InterRent’s portfolio demonstrating strong sustainable results and with the REIT applying its disciplined approach to growing the portfolio, the Board of Trustees has approved a 5% increase to the monthly per unit distributions. The increase will be effective for the November distribution that is to be paid in December 2015. Highlights

Monthly distribution has been increased by 5% effective with the November distribution that is to be paid in December 2015. On an annual basis, this represents a distribution of $0.231 per unit.
Gross rental revenue for the quarter increased by $5.1 million, or 30.1%, over Q3 2014.
Gross rental revenue from the stabilized portfolio was $16.7 million for the quarter, an increase of 4.4%, over Q3 2014.
Average monthly rent per suite for the entire portfolio increased to $1,006 (September 2015), or 6.1%, from $948 (September 2014). The stabilized portfolio increased to $999 (September 2015) from $957 (September 2014), an increase of 4.4%.
Economic vacancy for September was 5.5%, an increase from the 3.4% recorded in September of 2014. On a stabilized portfolio basis September’s vacancy was 4.7%, an increase from the 3.1% recorded in September 2014.
Other Revenue for the entire portfolio increased by $0.5 million, or 55.1%, and by $0.1 million, or 14.7% for the stabilized portfolio.
NOI for the quarter increased from $10.2 million for Q3 2014 to $13.3 million for Q3 2015, an increase of $3.1 million, or 30.7%.
For the stabilized portfolio, NOI for the quarter increased by $0.6 million, or 5.9%, going from $9.8 million for Q3 2014 to $10.4 million for Q3 2015. Stabilized NOI margin increased by 70 basis points in the quarter-over-quarter comparison, going from 61.9% to 62.6%.
The weighted average interest rate on mortgage debt at the end of the quarter was 2.81% with an average life to maturity of 4.8 years (2.90% and 3.5 years at the end of Q2 2015).
Funds from operations (FFO) for the quarter increased by 11.0% on a per unit basis, going from $5.3 million (or $0.091 per unit) for Q3 2014 to $7.2 million (or $0.101 per unit) for Q3 2015.
Adjusted funds from operations (AFFO) for the quarter increased by 12.5% on a per unit basis, going from $4.6 million (or $0.080 per unit) for Q3 2014 to $6.4 million (or $0.090 per unit) for Q3 2015.

Financial Highlights

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended September 30, 2015	3 Months Ended September 30, 2014	Change
Total suites	7,665	6,464	+18.6%
Occupancy rate (September)	94.5%	96.6%	-2.1%
Average rent per suite (September)	$1,006	$948	+6.1%
Operating revenues	$21,570	$16,518	+30.6%
Net operating income (NOI)	$13,278	$10,163	+30.7%
NOI %	61.6%	61.5%	+0.1%
Stabilized average rent per suite	$999	$957	+4.4%
Stabilized NOI	$10,351	$9,774	+5.9%
Stabilized NOI %	62.6%	61.9%	+1.2%
Funds from operations (FFO)	$7,183	$5,283	+36.0%
FFO per weighted average unit - basic	$0.101	$0.091	+11.0%
FFO per weighted average unit - diluted	$0.101	$0.091	+11.0%
Adjusted funds from operations (AFFO)	$6,355	$4,608	+37.9%
AFFO per weighted average unit - basic	$0.090	$0.080	+12.5%
AFFO per weighted average unit - diluted	$0.089	$0.079	+12.7%
Cash distributions per unit	$0.055	$0.050	+10.0%
AFFO payout ratio	61%	63%	-2.8%
Debt to GBV	51.1%	50.3%	+1.6%
Interest coverage (rolling 12 months)	2.55x	2.43x	+4.9%
Debt service coverage (rolling 12 months)	1.46x	1.41x	+3.0%

Gross rental revenue for the quarter was $21.8 million, an increase of $5.1 million, or 30.1%, compared to Q3 2014. Operating revenue for the quarter was up $5.1 million to $21.6 million, or 30.6% compared to Q3 2014. The average monthly rent across the entire portfolio for September 2015 increased to $1,006 per suite from $948 (September 2014), an increase of 6.1%. The September 2015 vacancy rate across the entire portfolio was 5.5%, an increase from 3.4% recorded in September of 2014. The 5.5% was comprised of 4.7% for stabilized properties and 7.9% for un-stabilized. On a stabilized portfolio basis (stabilized properties are those owned by the REIT continuously for 24 months), the average monthly rent per suite increased from $957 to $999 over the same period, an increase of 4.4%. Management expects to continue to grow revenues organically through moving to market rent on suite turnovers, guideline increases, continued roll-out of AGIs, as well as continuing to drive other ancillary revenue streams. NOI for the quarter was $13.3 million, or 61.6% of operating revenue, compared to $10.2 million, or 61.5% of operating revenue, for the three months ended September 30, 2014. NOI from the stabilized portfolio increased from $9.8 million for Q3 2014 to $10.4 million for Q3 2015, an increase of $0.6 million, or 5.9%. Stabilized NOI margin increased by 70 basis points in the quarter-over-quarter comparison going from 61.9% to 62.6% primarily as a result of increasing operating revenues by 4.6%. 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 objective is to use the proven industry experience of the Trustees, Management and Operational Team to: (i) provide Unitholders with stable and growing cash distributions from investments in a diversified portfolio of multi-residential properties; (ii) enhance the value of the assets and maximize long-term Unit value through the active management of such assets; and (iii) expand the asset base and increase Distributable Income through accretive acquisitions. *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 NOI, FFO, AFFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated November 12, 2015, which should be read in conjunction with this press release. Since NOI, FFO, AFFO 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. For further information about InterRent please contact:

Mike McGahan	Brad Cutsey	Curt Millar, CPA, CA
Chief Executive Officer	President	Chief Financial Officer
Tel: (613) 569-5699 Ext 244	Tel: (613) 569-5699 Ext 226	Tel: (613) 569-5699 Ext 233
Fax: (613) 569-5698	Fax: (613) 569-5698	Fax:(613) 569-5698
e-mail: mmcgahan@interrentreit.com	e-mail: bcutsey@interrentreit.com	e-mail:cmillar@interrentreit.com

web site: www.interrentreit.com