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OTTAWA, ON, March 18, 2026 /CNW/ - InterRent Real Estate Investment Trust (TSX: IIP.UN) ("InterRent" or the "REIT") today announced a leadership transition.
As previously announced, InterRent continues to advance the proposed Arrangement Agreement with Carriage Hill Properties Acquisition Corp. (the "Arrangement"). While the transaction is advancing towards closing, the substantial work required to reach this stage has been completed and the REIT and the Purchaser continue to progress toward satisfying the remaining closing conditions, including CMHC consents.
After working closely with the Board and management team to advance the Arrangement and position the REIT for a smooth transition, Brad Cutsey has advised the Board of his decision to resign from his positions as Chief Executive Officer and President, effective March 23, 2026, to turn his attention to the next chapter of his career. He will also step down as a Trustee of the REIT.
"Leading InterRent has been a true privilege," said Mr. Cutsey. "I've been humbled to work alongside such an exceptional team and am grateful to the Board for their trust and confidence in me. It has been a meaningful journey, and knowing the REIT is well positioned for what lies ahead gives me great confidence as I look to what's next."
The Board thanks Mr. Cutsey for his leadership and commitment throughout this important period and for his contributions to advancing the REIT's strategic priorities over his ten-year tenure.
"It has been a pleasure to have worked with a leader of such professionalism and integrity," said Paul Amirault, Lead Trustee. "Brad has had a profound impact on the team and culture of InterRent, and he has moved the REIT forward in many meaningful ways. On behalf of the Board, we would like to thank Brad and wish him much success in his future endeavours."
Dave Nevins, currently Chief Operating Officer, has been appointed Interim Chief Executive Officer, effective March 23, 2026. Mr. Nevins brings over three decades of experience in the multi-family business and has served as COO of the REIT for the past eight years. He is widely respected as one of the top residential operators in the country, with a deep understanding of the portfolio and day-to-day operations. His appointment ensures continuity in leadership as the REIT continues to operate in the ordinary course and work toward completion of the Arrangement.
ABOUT INTERRENT
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.
InterRent's strategy is to expand its portfolio primarily within?markets that have exhibited stable market vacancies,?sufficient suites available to attain the critical mass necessary to implement?an efficient portfolio management structure, and?offer opportunities for accretive acquisitions.
InterRent's primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.
www.irent.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE InterRent Real Estate Investment Trust
For further information, please contact: Renee Wei, Director of Investor Relations & Sustainability, [email protected]
