The Globe and Mail reports in its Thursday, March 13, edition that activist investor Anson Funds has started a campaign for change at InterRent REIT, potentially putting the apartment owner up for sale as private equity funds value rental properties more than public markets. The Globe's Andrew Willis writes that Anson, which holds about 9 per cent of InterRent, aims to shift focus from property acquisitions to selling apartment buildings to reduce debt, according to an unnamed source. InterRent's unit price fell after the REIT acquired numerous apartment buildings over the past four years, and debt rose to $1.6-billion at the end of 2024. Over the past 12 months, InterRent's unit price fell by 28 per cent, and the Toronto-listed REIT now trades at a 30-per-cent discount to the value of its assets. Over the same period, the S&P/TSX capped REIT index declined by 5.3 per cent. Anson, a $3-billion fund manager with a record for successful activist campaigns at REITs, is pushing for change at InterRent at a time when private equity funds are targeting publicly traded residential property companies, on the theory that retail investors who own the bulk of REIT units are overly pessimistic about the outlook for the sector.