Business
Inovalis Real Estate Investment Trust Announces Third Quarter Results with Higher than Forecasted FFO and AFFO Per Unit
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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, Nov. 13, 2013 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported its quarterly financial results for the period ended\n September 30, 2013.\n\n\nTHIRD-QUARTER HIGHLIGHTS\n\n\n\nFunds from Operations (FFO) for the period of $2.5 million (or $0.20 per\n unit on a fully diluted basis), higher than the forecasted $2.1 million\n (or $0.18 per unit)\n\n\nAdjusted Funds From Operations (AFFO) for the period of $2.8 million (or\n $0.23 per unit on a fully diluted basis) higher than the forecasted\n $2.6 million (or $0.22 per unit). Payout ratio for the period stands at\n 90.9%\n\n\nImproved occupancy ending the quarter at 96.0%, up 20 bps from 95.8% as\n at June 30, 2013\n\n\nDebt-to-book value of only 44.2% and strong interest coverage ratio of\n 4.2 x\n\n\n\nPERIOD FROM APRIL 10, 2013 TO SEPTEMBER 30, 2013 HIGHLIGHTS\n\n\n\nFFO for the period of $4.4 million (or $0.35 per unit on a fully diluted\n basis), higher than the forecasted $3.9 million (or $0.33 per unit).\n\n\nAFFO for the period of $5.3 million (or $0.42 per unit on a fully\n diluted basis) higher than the forecasted $4.8 million (or $0.40 per\n unit). Payout ratio for the period stands at 93.1%\n\n\n\n\"I am very pleased to announce our second quarterly financial report\n with FFO and AFFO figures higher than our initial forecasts. Looking\n ahead, we will focus on running our business efficiently through an\n active leasing program and on identifying growth opportunities in order\n to create long-term value for our Unitholders. We continue to believe\n that the French and German real estate office markets, due to their\n maturity, depth and the recovery phase they have entered in, are and\n will continue to be sought-after investment markets.\" said Stéphane Amine, Chairman of the Board of Inovalis REIT.\n\n\nOPERATING AND FINANCIAL SUMMARY\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n3-month period ended \nSeptember 30, 2013\n\n\n \n\n\nPeriod from February 8, 2013\nto September 30, 2013\n\n\n\n\n(in thousands of CAD$ unless otherwise expressed and except for per\nUnit amounts)\n\n\n \n\n\nActual\n\n\nFinancial\nforecast(1)\n\n\n \n\n\nActual\n\n...