In the news release, Inovalis REIT Announces Reliance on Financial Statement Filing Date Extension, issued
Inovalis REIT Announces Reliance on Financial Statement Filing Date Extension
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The REIT's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease
The only material developments of the REIT that have occurred since
- The appointment of Mr. Michael Missaghie to the
Board of Trustees , as set out in the news release of the REIT datedNovember 19, 2019 . Mr. Missaghie's appointment as an independent trustee brought the number of trustees from seven to eight. - The REIT's public offering of Units on a bought deal basis for total gross proceeds of
$51,493,921.50 , which closed onDecember 23, 2019 (the "December Bought Deal"), as set out in the news releases of the REIT datedDecember 4, 2019 andDecember 23, 2019 . - The REIT's purchase of its joint venture partner's 75% ownership interest in the office property located in Arcueil,
France , which was financed by the December Bought Deal, as set out in the news release of the REIT datedJanuary 23, 2020 . Prior to the acquisition, the REIT owned a 25% minority interest in Arcueil property. - The REIT's disposition of its Vanves property on
December 16, 2019 for net proceeds of €95 million ($138.4 million ), as set out in the news release of the REIT datedFebruary 20, 2020 .
The REIT is diligently monitoring the impact of the coronavirus or COVID-19 on its operations. To date the COVID-19 outbreak has not had a material adverse impact on our operations. However, the future impact of the outbreak is highly uncertain and cannot be predicted, and there is no assurance that the outbreak will not have a material adverse impact on the future results of the REIT. The extent of the impact, if any, will depend on future developments, including actions taken to contain COVID-19 in
The REIT is actively monitoring the rent payments from its tenants in both countries, and is in regular talks with its lenders. The REIT will provide further information regarding the issuance of its financial statements next week, if not earlier as required by applicable law should events warrant such additional disclosure.
ABOUT
Forward-Looking information
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Inovalis REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. The REIT's objectives and forward-looking statements are based on certain assumptions, including that the Canadian and European economies remain stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. In particular, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the REIT's operations, the demand for the REIT's properties and global supply chains and economic activity in general. All forward-looking information in this news release speaks as of the date of this news release. Inovalis REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators, including its latest annual information form and MD&A.
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