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INTERRENT REIT NEWS RELEASE INTERRENT REIT GROWTH STORY INTACT - REPORTS STRONG INCREASE IN FFO FOR Q1 2021 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ottawa , Ontario ( May 11 , 2021 ) - InterRent Real Estate Investment Trust ( TSX - IIP.UN ) ( " InterRent " or the " REIT " ) today reported financial results for the first quarter ended March 31 , 2021 . InterRent REIT reports strong increase in FFO for Q1 2021 ; announces year to date acquisitions of 1,125 suites for $ 444.2 million ( ¹ ) and enters Vancouver market FFO increases to $ 16.2 million in Q1 2021 after $ 14.5 million in Q1 2020 ; growth of 11.8 % year - over - year Average monthly rent per suite at $ 1,325 as of March 2021 ; growth of 4.3 % over March 2020 ( $ 1,270 ) March 2021 occupancy stable at 91.3 % ; no change compared to December 2020 and down 400bps compared to March 2020 Same property NOI was $ 24.2 million for the quarter , a decrease of 1.8 % compared to Q1 2020 InterRent continues to support tenants experiencing financial hardship as a result of the pandemic ; has entered into rent deferral agreements with approximately 0.5 % of residential residents Strong acquisition performance in the course of the financial year to date ; committed or completed contracts to acquire or manage more than 1,125 rental suites , with entrance in greater Vancouver market at scale . Higher suite count and growth in average rent lead to strong increase in funds from operations ( FFO ) As of March 31 , 2021 , InterRent owned 11,468 suites , up 12.1 % from 10,226 as of March 31 , 2020. Operating revenues stood at $ 43.1 million in Q1 2021 , growing at a slightly lower rate of 9.4 % from $ 39.4 million in Q1 2020 as external growth and improvements in average rent per suite ( + 4.3 % ) could not fully offset pandemic - related occupancy pressure in select properties . ■ The REIT continues to demonstrate the resiliency of its portfolio with Q1 2021 rent collection coming in at 99 % . As of March 31 , 2021 , the REIT was supporting approximately 0.5 % of residential tenants through rent deferral agreements and continues to work with any resident facing financial difficulty as a result of the pandemic . At 91.3 % in March 2021 , the occupancy rate in InterRent's portfolio has stabilized relative to December 2020 ( 91.3 % ) , although down 400bps from March 2020 ( 95.3 % ) . Occupancy in several properties in the REIT's portfolio with a typically high student base have been negatively impacted by immigration restrictions curtailing international students coupled with universities moving to online learning . Against this backdrop , the REIT is reporting a decrease in same property NOI of 1.8 % for Q1 2021 relative to Q1 2020 , despite growing same property average rent per suite by 4.6 % over the same period . Management continues to view this occupancy pressure as temporary in nature and is ( ¹ ) At 100 % share ; $ 228.5 million based on InterRent's ownership interest . 1