{"id":4792,"date":"2026-05-13T02:30:00","date_gmt":"2026-05-13T00:30:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=c833fcee55dce2909053baaa3f0ccf6e"},"modified":"2026-05-13T02:30:00","modified_gmt":"2026-05-13T00:30:00","slug":"inovalis-real-estate-investment-trust-announces-the-financial-results-for-q1-2026","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=4792","title":{"rendered":"Inovalis Real Estate Investment Trust Announces the Financial Results for Q1 2026"},"content":{"rendered":"

TORONTO--(BUSINESS WIRE)--Inovalis Real Estate Investment Trust (the \u201cREIT<\/b>\u201d) (TSX: INO.UN) today reported financial results for the quarter ended March 31, 2026. The unaudited Consolidated Financial Statements and Management\u2019s Discussion and Analysis (\"MD&A<\/b>\") for Q1 2026 and 2025 are available on the REIT\u2019s website at www.inovalisreit.com<\/a> and at www.sedarplus.ca<\/a>. All amounts except rental rates, square footage and per unit amounts are presented in thousands of Canadian dollars or Euros, or as otherwise stated.<\/p>

\nStephane Amine, CEO and President of the REIT, commented \u201cThe past year has brought into focus, structural changes in the REIT sector that have been building for years. We have taken decisive steps to simplify the portfolio and improve liquidity in response. The focus now shifts to leasing execution and operational stability, underpinned by a disciplined approach to capital.\u201d<\/i><\/p>

\nNet Rental Income<\/b><\/p>

\nFor the portfolio that includes assets owned entirely by the REIT (\"IP Portfolio\"), Q1 2026 Net Rental Income (\u201cNRI\u201d) was $739 (\u20ac460), compared to $155 (\u20ac103) NRI for Q1 2025. The decrease was primarily attributable to the sale of the Trio property in January 2026, which largely offset the positive contributions from the Sabliere and Baldi properties that were included in the IP portfolio during Q1 2025 prior to their dispositions in April and December, 2025, respectively.<\/p>

\nIn Q1 2026, Net Rental Income, adjusted for IFRIC 21 for the portfolio that includes the REIT's proportionate share in joint ventures (\"Total Portfolio\"), was $4,149 (\u20ac2,584), compared to $5,000 (\u20ac3,310) for Q1 2025, a decrease related to the same factors as for the IP Portfolio.<\/p>

\nLeasing Operations<\/b><\/p>

\nAs of March 31, 2026, following the disposition of the Trio property (73% occupancy) at the end of January, the REIT\u2019s IP Portfolio occupancy was 39.3%, compared to 57% for the REIT's Total Portfolio. Strategic vacancy has been maintained in the Arcueil and Delizy properties in support of the dispositions which, for Arcueil, is currently under exchange contract as outlined in the Asset Recycling Plan. Excluding Arcueil and Delizy, the Total Portfolio occupancy rate was 83% at March 31, 2026.<\/p>

\nDuring the fourth quarter of 2025, management signed a long-term extension of the main tenant\u2019s lease at the Metropolitain property bringing occupancy to 100%, effective February 2026. At the Gaia property, negotiations are advancing to secure a lease with a public hospital and medical center for approximately ten percent of the space in 2026.<\/p>

\nAsset Recycling Plan<\/b><\/p>

\nArcueil is the remaining property in the Asset Recycling Plan. Management is progressing toward closing the sale before the end of the year which is conditional to issuance of the building permit. The sale of 87.5% of the property for $60,345 (\u20ac37,540) is still evolving according to plans. Marketing efforts are ongoing for the remaining 12.5% interest in the property.<\/p>

\nSale of the Trio Property<\/b><\/p>

\nThe REIT closed the disposition of the Trio property on January 30, 2026 for $15,798 (\u20ac9,800). Concurrently with the closing of the sale, the senior lender agreed to waive the $17,020 (\u20ac10,600) portion of its loan that could not be repaid from the proceeds of the sale, strengthening the REIT\u2019s overall financial position. The REIT incurred a $517 (\u20ac322) loss on disposition representing sale costs, including $318 (\u20ac198) paid to related parties.<\/p>

\nCapital Market Considerations<\/b><\/p>

\nEuropean real estate markets remain compressed, weighed down by persistent inflation pressure, structurally higher financing costs, and continued geopolitical uncertainty.<\/p>

\nUnitholders\u2019 equity stood at $151,399 (\u20ac101,665) at March 31, 2026. Book value per Unit was $4.53 ($4.49 fully diluted). The TSX closing price of $0.86 per Unit reflects continued investor caution toward the office REIT sector and current capital market conditions.<\/p>

\nIn the current market, the REIT remains focused on balance sheet resilience. At March 31, 2026, debt to gross book value, net of cash, stood at 56.9% for the Total Portfolio and 46.4% for the IP Portfolio.<\/p>

\nManagement continues to evaluate capital allocation decisions through the lens of value per transaction and sustainable leverage reduction.<\/p>

\nLiquidity and Capital Position<\/b><\/p>

\nAs at March 31, 2026, REIT\u2019s cash position was $20.1 million, reflecting proceeds from recent asset dispositions. Available liquidity is expected to be used to support senior debt service, including interest and amortization, fund tenant improvements to advance leasing activity, and address tax-related obligations, subject to the outcome of an ongoing appeal.<\/p>

\nIn addition to this available cash, the REIT held $1,366 of restricted cash, which may be applied toward partial deleveraging in advance of loan extensions or upon property dispositions. The REIT also held $5,369 of cash within assets held in joint venture, including $2,616 of restricted cash established in connection with debt refinancing and intended to support lender requirements, capital expenditures and leasing incentives.<\/p>

\nFunds From Operations and Adjusted Funds From Operations1<\/sup><\/b><\/p>

\nManagement has excluded from the Q1\u201926 FFO calculation the $17,020 non-recurring finance income obtained in relation to the Trio disposition. FFO and AFFO per Unit for Q1 2026 were nil, in line with the current occupancy level and borrowing costs.<\/p>

\nFinancing Activity<\/b><\/p>

\nThe REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 1.9 years for the Total Portfolio (2.3 years for the IP Portfolio). In February 2026, Management obtained a six-month extension of the mortgage loans financing the Stuttgart, Neu-Isenburg and Kosching properties, held in joint-venture, now maturing in August 2026. Several maturities are expiring in the next 12 months following the reporting date, notably the Gaia, Delgado and Duisburg financing. Management is confident in obtaining an extension at maturity without massive deleverage.<\/p>

\nFor the three-month period ended March 31, 2026, the weighted average interest rate across the Total Portfolio was 3.30%. As at March 31, 2026, 63% of the REIT's Total Portfolio debt was subject to variable interest rates, primarily associated with short-term financing on properties currently being marketed for sale.<\/p>

\nEnvironmental, Social and Governance (ESG)<\/b><\/p>

\nIntegration of ESG objectives and strategies into the REIT's business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in \"human capital\" for the implementation and monitoring of all ESG initiatives.<\/p>

\nFORWARD-LOOKING INFORMATION<\/b><\/p>

\nCertain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT\u2019s future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cintend\u201d, \u201cestimate\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201ccontinue\u201d or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities.<\/p>

\nAlthough management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.<\/p>

\nCertain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following:<\/p>\n\n\n\n\n\n\n\n\n\n

\n(i)<\/p><\/td>

\u00a0<\/td>\n

\nthe ability to complete the sale of Arcueil;<\/p><\/td><\/tr>\n

\n(ii)<\/p><\/td>

\u00a0<\/td>\n

\nthe ability to continue to receive financing on acceptable terms;<\/p><\/td><\/tr>\n

\n(iii)<\/p><\/td>

\u00a0<\/td>\n

\nthe future level of indebtedness and the REIT\u2019s future growth potential will remain consistent with current expectations;<\/p><\/td><\/tr>\n

\n(iv)<\/p><\/td>

\u00a0<\/td>\n

\nthere will be no changes to tax laws adversely affecting the REIT\u2019s financing capability, operations, activities or structure;<\/p><\/td><\/tr>\n

\n(v)<\/p><\/td>

\u00a0<\/td>\n

\nthe REIT will retain and continue to attract qualified and knowledgeable personnel to manage the portfolio and business;<\/p><\/td><\/tr>\n

\n(vi)<\/p><\/td>

\u00a0<\/td>\n

\nthe impact of the current economic and political climate and the current global financial conditions on operations, including the REIT\u2019s financing capability and asset value, will remain consistent with current expectations;<\/p><\/td><\/tr>\n

\n(vii)<\/p><\/td>

\u00a0<\/td>\n

\nthere will be no material changes to government and environmental regulations that could adversely affect operations;<\/p><\/td><\/tr>\n

\n(viii)<\/p><\/td>

\u00a0<\/td>\n

\nconditions in the international and, in particular, the French, German, Spanish and other European real estate markets, including competition for acquisitions and the market for dispositions, will be consistent with past conditions; and<\/p><\/td><\/tr>\n

\n(ix)<\/p><\/td>

\u00a0<\/td>\n

\nthe demand for the REIT\u2019s properties and global supply chains and economic activity in general.<\/p><\/td><\/tr>\n<\/table>

\nThe REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements.<\/p>

\nWhen relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to:<\/p>

    \n
  • \nthe REIT\u2019s ability to execute its asset recycling and capital deployment strategies;<\/li>\n
  • \nthe impact of changing conditions in the European office market;<\/li>\n
  • \nthe marketability and value of the REIT\u2019s portfolio;<\/li>\n
  • \nchanges in the attitudes, financial condition and demand in the REIT\u2019s demographic markets;<\/li>\n
  • \nthe political environment in the REIT\u2019s demographic markets;<\/li>\n
  • \nfluctuation in interest rates and volatility in financial markets;<\/li>\n
  • \nthe geopolitical conflict around the world on the REIT\u2019s business, operations and financial results;<\/li>\n
  • \ngeneral economic conditions, including any continuation or intensification of the current economic conditions;<\/li>\n
  • \ndevelopments and changes in applicable laws and regulations; and<\/li>\n
  • \nsuch other factors discussed under \u2018\u2018Risk and Uncertainties\u2019\u2019 in the MD&A).<\/li>\n<\/ul>

    \nIf any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under \u2018\u2018Risks and Uncertainties\u2019\u2019 in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements.<\/p>

    \nForward-looking statements are provided for the purpose of providing information about management\u2019s current expectations and plans relating to the future. Certain statements included in this press release may be considered a \u2018\u2018financial outlook\u2019\u2019 for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.<\/p>

    \nNon-GAAP Financial Measures and Other Measures<\/b><\/p>

    \nThere are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include funds from operations, adjusted funds from operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT\u2019s financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS.<\/p>

    \nUSE OF OPERATING METRICS<\/p>

    \nThe REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT\u2019s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the REIT.<\/p>

    \n\u201cAdjusted Funds From Operations<\/b>\u201d or \u201cAFFO<\/b>\u201d is a meaningful supplemental measure that can be used to determine the REIT\u2019s ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings.<\/p>

    \nAFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.<\/p>

    \nAFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans.<\/p>

    \n\u201cAdjusted<\/b> Funds From Operations \/ Unit<\/b>\u201d or \u201cAFFO \/ Unit<\/b>\u201d is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).<\/p>

    \n\u201cAFFO Payout Ratio<\/b>\u201d is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO.<\/p>

    \n\u201cAverage term to maturity<\/b>\u201d refers to the average number of years remaining in the lease term.<\/p>

    \n\u201cBook value per Unit<\/b>\u201d refers to the REIT\u2019s total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis).<\/p>

    \n\u201cDebt-service covenant ratio calculation\u201d or \u201cDSCR\u201d<\/b> refers to the rental income divided by the debt service, including interest and amortization.<\/p>

    \n\u201cDebt-to-Gross-Book Value<\/b>\u201d refers to the REIT\u2019s apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners.<\/p>

    \n\u201cExchangeable Securities<\/b>\u201d means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital.<\/p>

    \n\u201cFully diluted basis<\/b>\u201d refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities.<\/p>

    \n\u201cFunds From Operations<\/b>\u201d or \u201cFFO\u201d1<\/sup><\/b> follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception.<\/p>

    \nManagement considers FFO to be a meaningful supplemental measure that can be used to determine the REIT\u2019s ability to service debt, fund capital expenditures, and provide distributions to Unitholders.<\/p>

    \nFFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.<\/p>

    \nFFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill \/ bargain purchase gains upon acquisition, (xv) income taxes on sale of investment properties and provision for tax reassessment and (xvi) non-recurring finance income related to bank debt waiver correlated with a sale.<\/p>

    \nExchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT\u2019s Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders.<\/p>

    \n\u201cFunds From Operations \/ Unit<\/b>\u201d or \u201cFFO \/ Unit<\/b>\u201d1<\/sup><\/b> is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).<\/p>

    \n\u201cGross book value<\/b>\u201d refers to the total consolidated assets for the IP Portfolio and Total Portfolio.<\/p>

    \n\u201cInterest Coverage Ratio\u201d<\/b> or \u201cICR\u201d covenant refers to a financial metric used to assess a REIT\u2019s ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT\u2019s interest expenses over a given period.<\/p>

    \n\u201cInvestments in Joint Ventures<\/b>\u201d refers to the REIT\u2019s proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT\u2019s ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT\u2019s ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management.<\/p>

    \nFor the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting.<\/p>

    \n\u201cInvestment Properties Portfolio<\/b>\u201d or \u201cIP Portfolio<\/b>\u201d refers to the six wholly owned properties of the REIT.<\/p>

    \n\u201cNet Rental Income Adjusted for IFRIC 21<\/b>\u201d refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules.<\/p>

    \n\u201cNet Rental Income<\/b>\u201d or \u201cNRI\u201d<\/b> refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs.<\/p>

    \n\u201cTotal Portfolio<\/b>\u201d refers to the six properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties.<\/p>

    \n\u201cWeighted average lease term\u201d <\/b>or \u201cWALT<\/b>\u201d is a metric used to measure a property portfolio\u2019s risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term.<\/p>

    \n\u201cWeighted Average number of Units<\/b>\u201d refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period.<\/p>

    \nFFO and AFFO Calculation1<\/sup><\/b><\/p>

    \nThe reconciliation of FFO and AFFO for the three-month periods ended March 31 2026 and 2025, based on proportionate consolidation figures including REIT\u2019s interest in joint ventures is as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n\u00a0<\/td>\nThree months ended March 31,<\/b><\/td>\n<\/tr>\n
    \n\u00a0<\/td>\n

    \n2026<\/b><\/p><\/td>

    		\u00a0<\/td>\n

    \n2025<\/b><\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income attributable to the Trust(including share of net earnings from investments in joint ventures)<\/b><\/td>\n\u00a0<\/td>\n

    \n12 768<\/p><\/td>

    		\u00a0<\/td>\n

    \n1 972<\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Add\/(Deduct):<\/i><\/b><\/td>\n\u00a0<\/td>\n\n\u00a0<\/td>\n\n<\/tr>\n
    Net change in fair value of investment properties<\/td>\n\u00a0<\/td>\n

    \n220<\/p><\/td>

    		\u00a0<\/td>\n

    \n(4 743)<\/p><\/td><\/tr>\n

    Loss on sale of investment properties<\/td>\n\u00a0<\/td>\n

    \n517<\/p><\/td>

    		\u00a0<\/td>\n

    \n-<\/p><\/td><\/tr>\n

    Adjustment for property taxes accounted for under IFRIC 21<\/td>\n\u00a0<\/td>\n

    \n2 588<\/p><\/td>

    		\u00a0<\/td>\n

    \n3 043<\/p><\/td><\/tr>\n

    Net change in fair value of Exchangeable securities<\/td>\n\u00a0<\/td>\n

    \n(49)<\/p><\/td>

    		\u00a0<\/td>\n

    \n(4)<\/p><\/td><\/tr>\n

    Foreign exchange (gain)<\/td>\n\u00a0<\/td>\n

    \n-<\/p><\/td>

    		\u00a0<\/td>\n

    \n(65)<\/p><\/td><\/tr>\n

    Non-recurring finance income from bank debt waiver<\/td>\n\u00a0<\/td>\n

    \n(17 020)<\/p><\/td>

    		\u00a0<\/td>\n

    \n-<\/p><\/td><\/tr>\n

    Deferred income tax recoveries<\/td>\n\u00a0<\/td>\n

    \n-<\/p><\/td>

    		\u00a0<\/td>\n

    \n(40)<\/p><\/td><\/tr>\n

    Non-controlling interest<\/td>\n\u00a0<\/td>\n

    \n818<\/p><\/td>

    		\u00a0<\/td>\n

    \n10<\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    FFO<\/b><\/td>\n\u00a0<\/td>\n

    \n(158)<\/b><\/p><\/td>

    		\u00a0<\/td>\n

    \n173<\/b><\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Add\/(Deduct):<\/i><\/b><\/td>\n\u00a0<\/td>\n\n\u00a0<\/td>\n\n<\/tr>\n
    Non-cash effect of straight line rents<\/td>\n\u00a0<\/td>\n

    \n200<\/p><\/td>

    		\u00a0<\/td>\n

    \n192<\/p><\/td><\/tr>\n

    Cash effect of the rental guarantee<\/td>\n\u00a0<\/td>\n

    \n-<\/p><\/td>

    		\u00a0<\/td>\n

    \n184<\/p><\/td><\/tr>\n

    Amortization of transaction costs on mortgage loans<\/td>\n\u00a0<\/td>\n

    \n70<\/p><\/td>

    		\u00a0<\/td>\n

    \n72<\/p><\/td><\/tr>\n

    Capex<\/td>\n\u00a0<\/td>\n

    \n(151)<\/p><\/td>

    		\u00a0<\/td>\n

    \n-<\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    AFFO<\/b><\/td>\n\u00a0<\/td>\n

    \n(39)<\/b><\/p><\/td>

    		\u00a0<\/td>\n

    \n621<\/b><\/p><\/td><\/tr>\n

    \n\u00a0<\/td>\n\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    FFO \/ Units (diluted) ($)<\/i><\/td>\n\u00a0<\/td>\n

    \n(0,00)<\/b><\/p><\/td>

    		\u00a0<\/td>\n

    \n0,01<\/b><\/p><\/td><\/tr>\n

    AFFO \/ Units (diluted) ($)<\/i><\/td>\n\u00a0<\/td>\n

    \n(0,00)<\/b><\/p><\/td>

    		\u00a0<\/td>\n

    \n0,02<\/b><\/p><\/td><\/tr>\n<\/table> Contacts<\/b>

    \nStephane Amine, President and Chief Executive Officer<\/b>Inovalis Real Estate Investment Trust\nTel: +33 1 5643 3315\nstephane.amine@inovalis.com<\/a><\/p>

    \nKhalil Hankach, Chief Financial Officer<\/b>Inovalis Real Estate Investment Trust\nTel: +33 1 5643 3313\nkhalil.hankach@inovalis.com<\/a><\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"

    TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the \u201cREIT\u201d) (TSX: INO.UN) today reported financial results for the quarter ended March 31, 2026. The unaudited Consolidated Financial Statements and Management\u2019s Discussion and Analysis (…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4792","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4792"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4792\/revisions"}],"predecessor-version":[{"id":4793,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4792\/revisions\/4793"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}