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INTERRENT REIT NEWS RELEASE OCCUPANCY GAINS AND RENTAL GROWTH IN Q3 2021 LEAD TO 10TH CONSECUTIVE YEAR OF DISTRIBUTION INCREASE FOR INTERRENT REIT NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ottawa , Ontario ( November 8 , 2021 ) – InterRent Real Estate Investment Trust ( TSX - IIP.UN ) ( " InterRent " or the " REIT " ) today reported financial results for the third quarter ended September 30 , 2021 . InterRent REIT reports sequential occupancy gains across all portfolio segments in Q3 2021 and continues to grow average monthly rent per suite across all regions ■ Total portfolio occupancy for September 2021 was 94.4 % , an increase of 290bps compared to June 2021 Same property occupancy for September 2021 was 94.9 % , an increase of 270bps compared to June 2021 Same property average monthly rent per suite at $ 1,367 as of September 2021 ; growth of 4.4 % over September 2020 ( $ 1,310 ) ■ ■ ■ ■ Same property NOI was $ 26.3 million for the quarter , an increase of 2.4 % compared to Q3 2020 Same property NOI margin in Q3 2021 was 65.3 % , an improvement of 60bps relative to Q2 2021 and down 50bps compared to Q3 2020 FFO increases to $ 19.3 million ( $ 0.135 per Unit – diluted ) in Q3 2021 ; growth of 12.3 % overall and 11.6 % on a per Unit basis compared to Q3 2020 Strong acquisition performance post quarter with closings on 285 suites in Toronto , 48 suites in Montréal and a 50 % interest in a 104 - suite LEED Gold property in Vancouver Board of Trustees has approved a 5.1 % increase to the distribution , from $ 0.3255 per unit to $ 0.3420 per unit , marking the 10th consecutive year that the REIT has grown its distribution by 5 % or more ESG performance reinforced with inaugural sustainability report , 25 % increase in 2021 GRESB score and " Green Star " rating Occupancy improvements , scale effects , and average rent growth lead to strong increase in operating revenues At 94.4 % in September 2021 , the occupancy rate in InterRent's portfolio has improved 290bps relative to June 2021 ( 91.5 % ) and 230bps compared to September 2020 ( 92.1 % ) . The REIT's same property portfolio saw consistent improvements , posting a quarter - over - quarter increase of 270bps and a year - over - year gain of 290bps as of September 2021. Strong leasing activity in Vancouver drove a sequential occupancy improvement of 430bps in the REIT's non - repositioned portfolio , with vacancy in the Greater Vancouver Area shrinking by 1,590bps over the quarter . As of September 30 , 2021 , InterRent has 100 % ownership in 11,897 suites . Including properties that the REIT ow in partnership with Crestpoint Real Estate Investments Ltd. ( Crestpoint ) , InterRent owned or managed 12,273 suites as of September 30 , 2021 , up 11.1 % from 11,046 as of September 30 , 2020. Operating revenues stood at $ 46.9 million in Q3 2021 , growing at 18.0 % from $ 39.7 million in Q3 2020 as occupancy gains , scale effects from acquisitions and improvements in average rent per suite ( + 5.0 % ) helped offset the burn - off of pandemic - related rebates and higher advertising expenses in select properties . 1