Business
Inovalis Real Estate Investment Trust reports strong financial results for the fourth quarter and the year ended December 31, 2013.
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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, March 21, 2014 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) today reported its financial results for the fourth quarter and the year\n ended December 31, 2013. Inovalis REIT's management team will be\n holding a conference call on Monday March 24, 2014 at 10:00 am EST to\n discuss the results. The dial-in numbers for the conference call are:\n in Toronto 1-416-764-8688; outside Toronto (toll free, within North\n America) 1-888-390-0546.\n\n\nHIGHLIGHTS\n\n\n\nFinancial results ahead of forecast with Funds from Operations (FFO) for\n the fourth quarter of $2.6 million (or $0.20 per unit on a fully\n diluted basis), higher than the forecasted $2.1 million (or $0.18 per\n unit) and for the partial year ended December 31, 2013 of $7.1 million\n (or $0.56 per unit on a fully diluted basis), higher than the\n forecasted $6.0 million (or $0.51 per unit)\n\n\n\n\nAdjusted Funds From Operations (AFFO) for the fourth quarter of $3.1\n million (or $0.24 per unit on a fully diluted basis), higher than the\n forecasted $2.6 million (or $0.22 per unit) and for the partial year\n ended December 31, 2013 of $8.4 million (or $0.67 per unit on a fully\n diluted basis), higher than the forecasted $7.4 million (or $0.62 per\n unit)\n\n\n\n\nThe AFFO payout ratio stands at 84.7% for the quarter ended December 31,\n 2013 and at 89.1% for the partial year ended December 31, 2013\n\n\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 announce our first year end results with FFO and\n AFFO figures higher than our initial forecasts. Looking ahead, we will\n focus on running our business efficiently, identifying growth\n opportunities in order to create long-term value for our Unitholders.\n We 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, are and will continue to be sought-after investment\n markets. After a four years of suffering time, with a new rising era,\n we now foresee for the next five years numero...