'The REIT delivered another productive quarter and further proved our resilience in spite of COVID-19. We continue to work closely with our tenants, which has translated into successful lease renewals and rent collections.' stated
Q3 Highlights Collected on average approximately 99% of contractual rent in Q3 2020 Contractually leased and renewed approximately 53,000 square feet with an average increase of approximately 2% (YTD - 6.1%) over expiring rates Portfolio occupancy currently at 98% with an average remaining lease term of 4.8 years Revenue and NOI increased 32% and 40%, respectively compared to Q3 2019. The majority of which can be attributed to acquisitions totaling
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of
Forward-looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as 'may', 'might', 'will', 'could', 'should', 'would', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'seek', 'aim', 'estimate', 'target', 'goal', 'project', 'predict', 'forecast', 'potential', 'continue', 'likely', or the negative thereof or other similar expressions suggesting future outcomes or events. Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, risks and uncertainties related to the trust units of the REIT, risks related to the REIT and its business, and any risks related to the uncertainties surrounding the duration and the direct or indirect impacts of the COVID-19 pandemic on the business, operations and financial condition of the REIT and its tenants, as well as on consumer behaviours and the economy in general, including the ability to enforce leases, perform capital expenditure work, increase rent and obtain mortgage financings. The foregoing is not an exhaustive list of factors that may affect the REIT's forwardlooking statements. Other risks and uncertainties not presently know to the REIT could also cause actual results or events to differ materially from those expressed in its forward-looking statements. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. There can be no assurance regarding: (a) the breadth of impact of COVID-19 on the REIT's business, operations and performance, including performance of the Units; (b) the REIT's ability to mitigate any impacts related to COVID-19; (c) credit, market, operational, and liquidity risks generally; (d)
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