Business
Inovalis Real Estate Investment Trust reports strong financial results for the first quarter of 2014
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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, May 7, 2014 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported its financial results for the first quarter of 2014.\n Inovalis REIT's management team will be holding a conference call on\n Monday May 12, 2014 at 10:00 am EST to discuss the results. The dial-in\n numbers for the conference call are: in Toronto 1-416-764-8688; outside\n Toronto (toll free, within North America) 1-888-390-0546.\n\n\nHIGHLIGHTS\n\n\n\nFunds from Operations (FFO) for the quarter ended March 31, 2014 of $2.9\n million (or $0.23 per unit on a fully diluted basis), 13.7% higher than\n the FFO for the quarter ended December 31, 2013 of $2.6 million (or\n $0.20 per unit)\n\n\nAdjusted Funds from Operations (AFFO) for the quarter ended March 31,\n 2014 of $3.1 million (or $0.24 per unit on a fully diluted basis), 0.2%\n higher than the AFFO for the quarter ended December 31, 2013 of $3.1\n million (or $0.24 per unit)\n\n\nThe AFFO payout ratio stands at 84.9% for the quarter ended March 31,\n 2014\n\n\nActive acquisition pipeline with the recent announcement of the\n acquisition of a 217,400 square feet property located in Duisburg\n (Germany) on a 50-50 co-ownership arrangement basis with a global\n institutional investor\n\n\n\n\"I am very pleased to present our first quarterly report for 2014 with\n further improved FFO and AFFO results. With a strong financial\n position, promising opportunities for growth in our target markets and\n a dedicated team with local roots, we are excited about our future\n prospects. Looking ahead, we will focus on running our business\n efficiently, identifying growth opportunities in France and Germany in\n order to create long-term value for our Unitholders. The combination of\n office properties trading at attractive yields and of a historically\n low interest rate environment in these markets today is unique. We\n continue to believe that the French and German real estate office\n markets, due to their maturity, depth and the recovery phase they have\n entered in, 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 ...