Business
Inovalis Real Estate Investment Trust announces second quarter results with higher than forecasted FFO and AFFO per unit
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / ...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/\n\n\nTORONTO, Aug. 14, 2013 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported its quarterly financial results for the period ended June\n 30, 2013.\n\n\nHIGHLIGHTS\n\n\nThe units of Inovalis REIT were successfully listed on the Toronto Stock\n Exchange on April 10, 2013. Highlights of the REIT's initial quarter of\n operations include:\n\n\nListing on the Toronto Stock Exchange on April 10, 2013 under the ticker\n \"INO.UN\" with an initial public offering of units for gross proceeds of\n $105,000,000\n\n\nExercise of over-allotment option on May 10, 2013 by the underwriters of\n the initial public offering resulting in additional gross proceeds of\n $8,700,000\n\n\nThe proceeds of the offering were used to acquire four properties\n totalling 529,267 sq.ft of office space in France and in Germany on\n April 12 and 16, 2013\n\n\nUnderlying properties are 95.8% let under long-term leases (weighted\n average lease term of 8.1 years) to high quality tenants (81% of the\n gross rental income comes from French public agencies or is guaranteed\n by top-tier international banks)\n\n\nFunds from Operations (FFO) for the period of $2.0 million, $0.2 million\n higher than the forecasted $1.8 million and Adjusted Funds From\n Operations (AFFO) for the period of $2.4 million, $0.2 million higher\n than the forecasted $2.2 million (both FFO and AFFO on a pro-rated\n basis)\n\n\nDebt-to-book value of only 48.1% and strong interest coverage ratio of\n 3.9 x\n\n\n\n\n\n\"I am very pleased to announce our first quarterly financial report with\n FFO and AFFO figures ahead of our initial forecasts. The French and\n German real estate office markets, due to their maturity, depth and the\n recovery phase they have now entered in, are offering outstanding\n investment opportunities for which Inovalis REIT is ideally positioned\" said Stéphane Amine, Chairman of the Board of Inovalis REIT.\n\n\nOPERATING AND FINANCIAL SUMMARY \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n(in thousands of CAD$ unless otherwise expressed and except for per Unit\n amounts)\n\n\n \n\n\nFor the period from April 16, 2013 to June 30, 2013 \n\n\n \n\n\nFinancial forecast (pro-rated) (1)\n\n\n \n\n\n
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