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Inovalis Real Estate Investment Trust Announces Q3 2019 Financial Results
Inovalis Real Estate Investment Trust Announces Q3 2019 Financial Results Canada N...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust Announces Q3 2019 Financial Results\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 14, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, Nov. 14, 2019 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN)  \n\n \n \n\n \nFunds from Operations (\"FFO\"), Adjusted Funds from Operations (\"AFFO\") In Q3 2019, the REIT reported Funds from Operations (FFO) and Available Funds from Operations (AFFO) of CAD$0.23 and CAD$0.21 per unit respectively. This marks an improvement on FFO and AFFO over both Q2 2019 and Q3 2018. In line with these increases both the REIT's FFO and AFFO payout ratios improved, quarter to quarter, from 101.4% to 88.0% and the AFFO payout ratio improved from 98.6% to 97.3%.Leasing OperationsQ3 2019 saw the REIT benefit from Management's efforts to let several vacant spaces of the portfolio assets. A new lease was signed for the Stuttgart property (4,063 sq.ft.) while at the Jeuneurs property, an agreement was signed with the current single tenant to extend the in-place lease by 2 years and 8 months. Management continues to strive to lease the remaining vacant surfaces, selectively completing CAPEX improvements on vacant areas to attract tenants, maximize rents and, subsequently, sustain returns to Unitholders.Net Rental IncomeNet rental for Q3 2019 (adjusted for IFRIC 21) was CAD$6.10 million (EUR4.15 million), an increase over the adjusted net rental income for the same period in 2018 CAD$5.83 million (EUR3.84 million). The gain in adjusted net rental income is due to the contribution from the Trio property, partially offset by the sale of the Hanover asset.In Q3 2019, net rental income (adjusted for IFRIC 21) for our Total Portfolio was CAD$9.12 million (EUR6.21 million), compared to CAD$9.00 (EUR5.92 million) for the same period in the previous year, this increase CAD$0.12 million being due to the net contribution from the Trio asset.Financing ActivityThe REIT currently has a weighted aver...