Inovalis Real Estate Investment Trust Reports Financial Results for the First Quarter Ended March 31, 2019

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[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust Reports Financial Results for the First Quarter Ended March 31, 2019\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, May 15, 2019 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported financial results for the quarter ended March 31, 2019.\nHighlights include:\nAcquired the Trio property in late March, 2019 for $69.5million at a capitalization rate of approximately 5.25%, partially financed with mortgage debt of $47.4 million bearing interest at 1.56%, which is expected to contribute significantly to future operating performance;Refinanced the Métropolitian property with a $64.9 million 12-year finance lease bearing interest at 2.07% and retiring an existing finance lease of $51.3 million bearing interest at 2.43%;Refinanced the Courbevoie property with a $14.3 million 12-year mortgage loan bearing interest at 2.13% and retiring a maturing 5-year mortgage loan of $11.6 million bearing interest 1.75%.Completed the sale of the Hanover property in January 2019, net proceeds of which were utilized to fund the acquisition of the Trio Property, which is expected to be accretive to FFO and AFFO:Due to the timing of the sale of Hanover in early January 2019 and the redeployment of capital at the end of March 2019, net income or loss, funds from operations (\"FFO\") and adjusted funds from operations (\"AFFO\") for the three months ended March 31, 2019 was negatively impacted by approximately $300,000 ($0.01 cents per unit); Total assets increased to $641 million compared to $619 million three months ago;Net loss for the three months ended March 31, 2019 was $1.7 million compared to a loss of $0.6 million for the same period in 2018 due to net change in fair value of exchangeable securities and promissory notes; FFO for the three months ended March 31, 2019 was $4.9 million or 17 cents per unit;AFFO for the three mont...

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