InterRent REIT Announces February Distribution and Application to the TSX

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES/

TORONTO, Feb. 20 /CNW/ - InterRent Real Estate Investment Trust (TSX-V:IIP.UN) ("InterRent") announced today that its distribution declared for the month of February 2007 is $0.0317, representing $0.38 per Unit on an annualized basis. Payment will be made on or about March 15, 2007 to Unitholders of record on February 28, 2007. The REIT also announced that holders of Class B limited partner units of InterRent Holdings Limited Partnership (a subsdiairy of the REIT) shall receive $0.0317 per limited partner unit for the month of February, payable on or about March 15, 2007.

At the close of business on February 19, 2007, InterRent had 14,378,156 units issued and outstanding, which together with 774,063 class B limited partner units of InterRent Holdings Limited Partnership outstanding, results in an aggregate of 15,152,219 equivalent trust units issued and outstanding based on the exchange provisions applicable with respect to limited partner units of InterRent Holdings Limited Partnership.

Holders of Units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the REIT.

TSX Listing

InterRent is also pleased to announce that it has recently applied to list its outstanding Units on the Toronto Stock Exchange ("TSX"). If approved, listing will be subject to InterRent fulfilling the listing requirements of the TSX.

About InterRent

InterRent is a rapidly expanding, growth-oriented real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 1,828 apartment suites under ownership and approximately 1,200 suites under contract, for a total of more than 3,000 apartment suites.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

The graduated listing application by InterRent to the TSX is at a preliminary stage and has not yet been reviewed by any approval committee. As such, there is no certainty that the application to the TSX will be accepted on achievable terms, or at all.

Neither the TSX Venture Exchange nor the Toronto Stock Exchange have

reviewed and do not accept responsibility for the adequacy or accuracy of

this release.

Contacts

about InterRent please contact G. Michael Newman
Chief Executive Officer
Tel: (905) 773-2435
Fax: (905) 773-2437
e-mail: mike@interrentproperties.com
web site: www.interrentproperties.com

Gary Traer
Chief Financial Officer
Tel: (416) 769-0769
Fax: (416) 769-9919
e-mail: gary@interrentproperties.com