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Inovalis REIT Provides Rent Collection and Portfolio Update Related to COVID-19
Inovalis REIT Provides Rent Collection and Portfolio Update Related to COVID-19 ...
About this update from Inovalis Reit
[{"type":"text","content":"Inovalis-COVID-Update\n \n \n \n Inovalis REIT Provides Rent Collection and Portfolio Update Related to COVID-19\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 13, 2020\n \n \n \n \n \n \n \n TORONTO\n \n ,\n \n Oct. 13, 2020\n \n /CNW/ -\n \n Inovalis Real Estate Investment Trust (\"Inovalis\" or the \"REIT\")\n \n (TSX: INO.UN) today provided an update on the rent collection.\n \n \n The REIT announced today that rent collections for the month of September and for the quarter ended\n \n September 30, 2020\n \n are on normal terms which reflects the creditworthiness of the REIT's tenants and the enduring value offered by the REIT's assets.\n \n \n Khalil Hankach, CFO and CIO of the REIT commented: \"\n \n The quality of the REIT's tenants and continued demand for office space in our REIT property locations have positioned the REIT to perform well despite the challenges presented by the global pandemic conditions in 2020. As a result, the REIT has been able to maintain its cashflow during otherwise uncertain times.\"\n \n Mr. Hankach noted that\n \n \"Our team's strength has been its focus on tenant relationships, operational efficiency and organic growth\".\n \n \n \n To date, nearly 100% of Q3 rents on the German portfolio, and approximately 90% of rent on French portfolio have been collected. 94% of Q3 rent for French properties is expected to be collected by end  of October with 97% of rent due to the end of Q3 expected to be collected by early 2021.\n \n \n The REIT's occupancy rate over the total portfolio increased from 89.9% in Q2 to 90.1% in Q3 due to new leasing activity at the Metropolitain, Pantin and the Arrow properties. These new leases partially offset the change in the total portfolio weighted average lease term which decreased from 4.1 years in Q2 to 3.9 years in Q3.\n \n \n \n ABOUT INOVALIS REAL ESTATE INVESTMENT TRUST\n \n \n Inovalis Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of th...