InterRent underwent significant changes through 2010 as a result of the outsourcing of property management late in 2009 and the implementation of the repositioning strategy that management and the Board had adopted. Most of the operational staff were changed throughout the year as was all of the head office staff. As part of the transition, the head office of InterRent was moved from Toronto to Ottawa. In 2010 management of the Trust focused on spending a significant amount of time and capital on repositioning the properties. This included investment in the buildings (general structure and suites), hiring and training of new staff, and focusing on attracting a more desirable tenant base. In 2010 the Trust successfully raised $5.4 million through a private placement and $22.3 million through mortgage financing in order to settle the $5,517,000 debenture that matured in September 2010 and to fund the required capital investment in the portfolio. As part of the repositioning strategy, the Trust sold 4 properties (35 suites) in 2010 that were not core to the portfolio and were not in line with the growth strategy that the Trust is putting in place.
InterRent will continue the implementation of its repositioning strategy through 2011, continuing to focus on organic growth (through increasing rents and ancilliary revenues and reducing costs), selling properties that are not in targeted growth areas or that are non-core, building a sustainable acquisition pipeline for those markets that are being targeted for growth and, acquiring accretive properties in targeted regions.
Distribution Reinvestment Plan
As of March 31, 2011, unitholders have enrolled over 5.7 million units in the plan. The plan is viewed by many to be a good way to continue to grow their investment, take advantage of a reduced unit purchase price, and to do both in a hassle free manner. We believe this is an excellent program for both our unitholders and for the company.
Our Dividend Reinvestment Program provides unitholders with a way to continue to invest in the growth of InterRent as well as growing your investment portfolio. Units purchased through reinvestment of distributions will be purchased at 96% of the Average Market Price of the Units for the 10 trading days preceding the distribution payment date.
The Plan is simple to join and allows you to participate or stop participating in it at any point in time, so it is flexible if your situation changes.
Investor Relations Inquiries
In conjunction with having all of our company information available via SEDAR, we have attempted to make available on our website specific information that we believe is of most interest to investors. Please check both regularly for updates.
Please Click Here to subscribe to InterRent's e-newswire service or to ask shareholder questions.
SEDAR Public Filings
www.sedar.com is the official site that provides access to most public securities documents and information filed by public companies and investment funds with the Canadian Securities Administrators (CSA) in the SEDAR filing system.