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Inovalis Real Estate Investment Trust Reports Financial Results for the Second Quarter of 2015
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About this update from Inovalis Reit
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Aug. 14, 2015 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported its financial results for the second quarter of 2015. Inovalis REIT's management team will be holding a conference call on August 18, 2015 at 10:00 am EST to discuss the results. The dial-in numbers for the conference call are: in Toronto 1-416-764-8688; outside Toronto (toll free, within North America) 1-888-390-0546.\n\nHIGHLIGHTS\n\n\nFunds from operations (\"FFO\") for the quarter ended June 30, 2015 was $3.7 million, up 31.2% from $2.8 million for the same quarter in 2014. On a per unit basis, FFO for the quarter ended June 30, 2015 amounted to $0.21, compared to $0.22 for the same period in 2014. FFO payout ratio was 96.8% for the period from January 1, 2015 to June 30, 2015.\nAdjusted funds from operations (\"AFFO\") for the quarter ended June 30, 2015 was $4.7 million, up 58.3% from $3.0 million for the same quarter in 2014. On a per unit basis, AFFO for the quarter ended June 30, 2015 amounted to $0.27, compared to $0.23 for the same period in 2014. AFFO payout ratio was 85.6% for the period from January 1, 2015 to June 30, 2015.\nDuring and subsequent to the quarter ended June 30, 2015, the REIT successfully deployed its capital available for investments and completed the acquisition of two office properties, in Bad Homburg (Germany) and in Arcueil (Paris' first Southern periphery), each on a partnership basis. Both transactions are expected to be AFFO accretive to the REIT.\nOccupancy rate on the REIT's portfolio was 90.1% as at June 30, 2015. Further to the Arcueil acquisition that was completed subsequent to the quarter, occupancy rate increases up to 90.9%.\nWeighted average lease term was 6.1 years as at June 30, 2015. Further to the Arcueil acquisition, weighted average lease term increases to 6.3 years.\nDebt to book value of the REIT was 50.7% as at June 30, 2015. Net of the cash available, debt to book value was 48.2%. Further to the Arcueil acquisition, the REIT's debt-to-book value remains below 55%.\nDuring the quarter ended June 30, 2015, the REIT and the vendor of the original IPO portfolio properties agreed to share the remaining amount ($2.5 million) standing on an escrow account set aside ...