Inovalis Real Estate Investment Trust Announces Financial Results for the Second Quarter of 2020

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[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust Announces Financial Results for the Second Quarter of 2020\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 12, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Aug. 12, 2020 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported financial results for the quarter ended June 30, 2020.\nInovalis REIT is in a stable and advantageous position following the COVID-19 crisis of Q2, 2020.  Stéphane Amine, President of the REIT, commented \" Our strong operating platform together with a $58 million cash position at quarter end leaves management well-placed to focus on opportunistic growth in the latter half of 2020. Tenants of the REIT in both France and Germany are paying their rent in a timely way despite the onset of disruptions to business caused by the pandemic crisis since the end of Q1.\"  \nHIGHLIGHTS \nNet Rental Income\nFor the portfolio of properties wholly owned by the REIT (\"IP Portfolio\"), net rental income for Q2 2020, adjusted for IFRIC 21[1], was CAD$6.68 million (EUR4.38 million), an increase over the CAD$5.86 million (EUR3.90 million) adjusted net rental income for the same period in 2019. The gain of CAD$0.82 million (EUR0.48 million) in adjusted net rental income is mainly due to the income contribution following the acquisition of the Trio property and acquisition of the Arcueil property, partially offset by the sale of Vanves and the departure of the main tenant in Courbevoie.In Q2 2020, for the portfolio that includes the REIT's proportionate share in joint ventures (\"Total Portfolio\"), net rental income of CAD$8.96 million (EUR5.88 milli...

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