09:01 AM EST, 12/16/2024 (MT Newswires) -- InterRent Real Estate Investment Trust (IIP-UN) on Monday said it will pay a monthly distribution of $0.0331 per trust unit, the same amount as the prior month.

The payment will be made on or about Jan. 15, to unitholders of record on Dec. 31.

The company also said its plan to suspend the distribution reinvestment plan (DRIP) and increase the speed of the normal course issuer bid (NCIB) reflect the company's view that the REIT's units are currently undervalued.

InterRent said it would continue to evaluate the DRIP and consider reinstating it when appropriate, including when market conditions improve.

The NCIB began on May 23 and ends on May 22, 2025.

Shares of the company closed down $0.08 or 0.8%, to $10.31 on Friday on the Toronto Stock Exchange.