Inovalis says Sept., Q3 rent collections are "normal" 2020-10-13 10:22 ET - News Release
Mr. Khalil Hankach reports
INOVALIS REIT PROVIDES RENT COLLECTION AND PORTFOLIO UPDATE RELATED TO COVID-19
Inovalis Real Estate Investment Trust has provided an update on rent collection.
The REIT announced today that rent collections for the month of September and for the quarter ended Sept. 30, 2020, are on normal terms, reflecting the creditworthiness of the REIT's tenants and the enduring value offered by the REIT's assets.
Khalil Hankach, chief financial officer and chief investment officer of the REIT, commented: "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 cash flow during otherwise uncertain times. Our team's strength has been its focus on tenant relationships, operational efficiency and organic growth."
To date, nearly 100 per cent of third quarter rent on the German portfolio and approximately 90 per cent of rent on the French portfolio have been collected. In total, 94 per cent of Q3 rent for French properties is expected to be collected by end of October, with 97 per cent of rent due to the end of Q3 expected to be collected by early 2021.
The REIT's occupancy rate over the total portfolio increased from 89.9 per cent in Q2 to 90.1 per cent in Q3 due to new leasing activities at the Metropolitain, Pantin and 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.