Mr. Brad Cutsey reports

INTERRENT REIT ANNOUNCES CHANGES TO SENIOR LEADERSHIP

InterRent Real Estate Investment Trust has made changes to its senior leadership and board of trustees. Effective May 1, 2022, Mike McGahan will step down from his current role as chief executive officer and become executive chairman of the board. At the same time, Brad Cutsey will succeed Mr. McGahan to become president and CEO of InterRent REIT and will join the REIT's board and the current chairman of the board, Paul Amirault, will become the lead trustee.

Mr. McGahan has been CEO of InterRent since 2009 and has successfully led the company through an initial period of portfolio rationalization, followed by tremendous growth in the REIT's core regions, including its recent entry into the Greater Vancouver Area in early 2021. Throughout his tenure, Mr. McGahan has embodied the entrepreneurial spirit that makes InterRent such a special place, ensuring that its unique culture remained intact as the company has grown and continues to mature. Under his leadership, the company has flourished to nearly 500 team members and now provides homes to more than 13,000 households across Canada. In his role as executive chairman, Mr. McGahan will provide continuing guidance to the REIT over the next several years and will continue to be intimately involved with the strategic planning and capital allocation decisions of the REIT, while taking a step back from the operational side of the business.

Mr. Cutsey has spent seven years honing his skillset with the REIT after being both an equities analyst and investment banker with prominent financial institutions. During his time with InterRent, Mr. Cutsey has explored all facets of the business and has spent a significant amount of time immersed in the operations of the REIT. Mr. Cutsey is uniquely positioned to hit the ground running and drive continued success across the company's strategic priorities. Mr. Cutsey will work closely with Mr. McGahan on strategic and growth initiatives and will focus on further enhancing InterRent's operational platform and will continue to develop and nurture the exceptional team that serves as its backbone. Mr. Cutsey's positive attitude and boundless energy are contagious and matched only by his unwavering integrity and competitive spirit, a combination that will propel the REIT and its talented team forward under his leadership.

Mr. Amirault has been an independent trustee since 2010 and, in addition to serving as the current chairman of the board, is a member of the audit committee and nominations and governance committee. Mr. Amirault brings extensive knowledge of capital markets and corporate governance to the role of independent lead trustee and will act as the effective leader of the board in circumstances where it is inappropriate for the executive chairman of the board to carry out the role due to an actual or perceived conflict of interest.

"I feel very fortunate to have been able to lead such a great team for the last 12 years and I will continue to stay connected to my InterRent family and to be a significant REIT unitholder. I believe that Brad has the vision, tools and a very deep bench of talent to deliver outsized returns and we are extremely lucky to have this talented individual lead the REIT into its next growth phase. On a personal note, I am looking forward to spending time with my sons and daughter in our private family real estate business, as well as on the development side with a very dynamic partner and exceptional team," commented Mr. McGahan, CEO.

"We always talk about our culture being our competitive advantage and Mike has been the heart and soul of InterRent for more than a decade. I've had the pleasure to work alongside a wonderful leader and friend and I could not be happier to see Mike make this decision to spend more time with his family after such an illustrious run with InterRent. Like Mike, I am passionate about the REIT's role in supporting our communities and I will continue to be a strong advocate for the need to increase the supply of housing in Canada. We are clear in our strategic aspirations and I am confident in our dedicated and talented team to execute as we move forward together," said Mr. Cutsey, president.

"In his 12 years of serving InterRent, Mike has displayed his passion for providing homes for Canadians and building stronger communities. In his tenure as CEO, we have all come to appreciate Mike's relentless work ethic and commitment to create a high-performing team that feels like a family and I personally look forward to working together with Mike in his new role as executive chairman. Since joining InterRent seven years ago, Brad has played an instrumental role in building the company to what it is today and has created strong personal relationships with the REIT's many stakeholders. Under his leadership, we look forward to a vibrant future for our organization and for the thousands of families who call an InterRent community home," commented chairman of the board of trustees Mr. Amirault. "Please join me in thanking Mike for his contributions to the REIT to date and in congratulating Brad on his new appointment."

About InterRent Real Estate Investment Trust

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 multiresidential 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.