Inovalis Real Estate Investment Trust : Reports Financial Results for the Fourth Quarter and the Year Ended December 31, 2018
/NOT FOR DISTRIBUTION TO
- Earnings for the year were
$22.3 million, representing a 15.1% increase over 2017;
- Funds from operations ("FFO") in 2018 were
$27.4 million, an increase of 40.2% over 2017;
- Adjusted funds from operations ("AFFO") were
$24.1 million, a 13.4% increase over 2017;
- FFO per unit for the year was
98 centsand increase of 18 cents, or 22.5%;
- FFO payout ratio was 84.3%; and
- AFFO payout ratio was 95.9%.
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. Some of the specific forward-looking information may include, among other things, the REIT's expectations regarding the Property, including the extent to which the Property is expected to be accretive to FFO and AFFO per unit. 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
"FFO" and "AFFO" are non-GAAP measures (see below).
The REIT's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). This press release contains references to financial measures, which may include "AFFO" and "FFO". These measures do not have a standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. The REIT has presented such non-GAAP measures as management believes they are relevant measures of the REIT's underlying operating performance. Non-GAAP measures should not be considered as alternatives to net income, total comprehensive income or cash generated from (utilized in) operating activities as indicators of the REIT's performance, liquidity, cash flow, and profitability. For a full description of these measures and a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to "Non-GAAP Measures and Other Disclosures" in the REIT's most recent Management's Discussion and Analysis.
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