InnVest REIT Reports Strong Growth and Solid Performance in 2015

TORONTO, March 29, 2016 /CNW/ - InnVest Real Estate Investment Trust ("InnVest" or the "REIT"); (TSX:INN.UN) today announced strong growth and solid operating performance for the three months and year ended December 31, 2015.  

"InnVest REIT had an active and positive 2015. We delivered on our plan to expand and enhance our hotel portfolio, leverage our newly internalized asset management team, and strengthen our financial position," commented Drew Coles, InnVest's President and Chief Executive Officer. "Looking ahead, we believe a higher quality hotel portfolio should generate high quality results, and therefore, we are excited about the future moving forward."

Fourth Quarter Strategic Highlights

  • Announced acquisition of the Ottawa Marriott hotel and finalized acquisition in February 2016 for $115 million;
  • Invested $13.2 million in hotel capital improvements to enhance portfolio;
  • Disposed of two non-core properties for $13.1 million in net proceeds;
  • Finalized a $23.3 million mortgage at 3.98% interest for a 5-year term on the Hotel Saskatchewan;
  • Reduced weighted average interest rate of mortgage debt to 5.0% from 5.5% and extended weighted average years term to maturity of mortgage debt to 4.7 years from 2.8 years;
  • Significant improvement in leverage ratio to 58.2% from 62.0% in prior year.

Fourth Quarter and Full Year 2015 Operating Highlights


  • Annual FFO and AFFO per diluted unit grew 4.2% and 10.9% to $0.598 and $0.489, respectively;
  • Fourth quarter 2015 RevPAR (1) growth of 2.7% with gains in room rates. Including two hotels in which InnVest has partial interests, RevPAR growth approximated 4.7%.;
  • Same-hotel(2) RevPAR decrease of 2.4% in the fourth quarter, with weak performance at Alberta hotels offsetting RevPAR growth of 4.1% and 3.4% in Ontario and Quebec, respectively;
  • Full year revenues grew 3.3% on hotel acquisitions, property renovations, and higher quality asset base;
  • 2015 GOP(1) margin rose to 26.3% from 24.1% in 2014 on acquisitions and renovations; 
  • 2015 same-hotel GOP growth of 4.4% to $127.7 million;
  • Same-hotel GOP margin for the full year up to 26.7% from 25.7% in the prior year;
  • Net loss of $14.3 million compares to a loss of $1.2 million in the prior year owing primarily to lower fourth quarter gains on asset sales realized in 2015 as compared to 2014. Excluding gains on sales, fourth quarter net loss would have improved to $13.6 million in 2015 as compared to a loss of $15.4 million in the prior year; and
  • Net loss, FFO and AFFO were each impacted by a non-cash year end adjustment to our Choice Hotels Canada joint venture income of $1.1 million, or $0.008 per diluted unit, to reflect changes to its loyalty program liability.

(1)

RevPAR is defined as the product of the average daily rate and the average daily occupancy. RevPAR measures room revenue and is a commonly used metric within the hotel industry to evaluate hotel operations. Gross operating profit ("GOP") measures property level results before debt service costs and facilitates comparisons between InnVest and its hotel competitors.  Adjusted FFO ("AFFO") per share is a non-IFRS financial measure which does not have a standardized meaning and may not be comparable to similar financial measures used by other organizations. This indicator measures profitability and cash flow after all internal funding requirements including debt service costs.    For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis" section of the REIT's filings on SEDAR.

(2)

Same-hotel information includes 105 hotel properties and does not include the results of operations for the 23 properties sold since January 1, 2014.  Additionally, it excludes hotels that the REIT did not own for the entirety of the periods presented. As a result, the recently acquired Hyatt Regency Vancouver and Hotel Saskatchewan Regina are excluded from this information. The results of the partial interests acquired in the Fairmont Royal York and Courtyard by Marriott Toronto are also excluded in the same-hotel information.

 

FINANCIAL AND OPERATING HIGHLIGHTS
InnVest's Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2015 and 2014 are available on InnVest's website at www.innvestreit.com.

Period Ended December 31,

Three Months

Year ended


2015

2014

2015

2014

Consolidated Performance:





Number of hotel properties - end of the period

107

110

107

110

Number of rooms - end of the period

13,730

14,164

13,730

14,164

Occupancy (%)

59.5%

59.6%

65.0%

63.5%

ADR

$127.55

$123.89

$132.06

$124.14

RevPAR

$75.86

$73.86

$85.80

$78.86

Revenues

$130,177

$126,439

$553,388

$535,535

Gross operating profit (GOP) (1)

27,200

27,766

145,346

128,821

Gross operating margin

20.9%

22.0%

26.3%

24.1%

Net loss and comprehensive loss

(14,293)

(1,182)

(13,541)

(14,727)

Funds from operations (FFO) (1)

10,938

10,359

76,345

58,451

Adjusted funds from operations (AFFO)(1)

7,069

8,205

62,525

44,351

Distributions declared

13,339

10,910

50,751

39,222

Capital Expenditure

$13,246

$19,132

$41,895

$76,932






Same Hotel Performance:





Number of hotel properties

105

105

105

105

Occupancy (%)

59.2%

60.0%

64.6%

64.1%

ADR

$123.54

$124.73

$127.71

$126.11

RevPAR

$73.11

$74.87

$82.48

$80.77

Room Revenues

$84,573

$86,579

$379,459

$371,691

GOP

$24,207

$27,231

$127,706

$122,325

GOP margin

21.6%

23.2%

26.7%

25.7%






Per diluted unit:





Net loss and comprehensive loss

($0.107)

($0.011)

($0.107)

($0.152)

FFO

$0.082

$0.100

$0.598

$0.574

AFFO 

$0.053

$0.079

$0.489

$0.441

Distributions per unit

$0.0999

$0.0999

$0.3996

$0.3996

FFO and AFFO - Weighted average units outstanding - basic

133,403,868

103,154,099

126,370,774

96,598,100

FFO and AFFO - Weighted average units outstanding - diluted

133,766,995

103,623,213

148,729,970

119,734,543






As at:



December
31, 2015

December
31, 2014

Total assets



1,314,052

1,329,285

Gross mortgages and other debt



804,626

801,363

Convertible debentures



211,220

247,608

Weighted average term to maturity (2)



4.7 years

2.8 years

Weighted average interest rate (2)



5.0%

5.5%

Total debt to gross asset value (leverage ratio) (3)(4)



58.2%

62.0%

Total debt to total capitalization (3)(4)



59.7%

60.1%

Debt service coverage ratio (times) (3)(4)



1.9 x

1.6 x

Interest coverage ratio (times) (3)



2.6 x

2.0 x

Floating rate debt as % of total debt



12.5%

21.2%

Total potential liquidity (5)



92,308

121,292

Twelve-month trailing AFFO payout ratio



81.2%

88.4%

Twelve-month trailing AFFO payout ratio (including DRIP)



68.8%

81.2%






(1) Refer to Non-IFRS Financial Measures and Additional IFRS Financial Measures.

(2) Mortgages and other debt

(3) Calculated on a trailing 12 month basis.

(4) Total debt consists of mortgage, other debt and convertible debentures on a proportionate consolidated basis.

(5) Total potential liquidity is defined as cash on hand, the availablity under credit facilities and restricted cash.

The following table details RevPAR for the same-hotel portfolio (105 hotels) and excludes properties sold or acquired since January 1, 2014.




Three months ended December 31,


Year ended December 31,





2015

Var %



2015

Var %

Occupancy










Ontario



62.7%

0.9 pts



66.6%

1.1 pts


Quebec



60.2%

1.9 pts



66.2%

2.6 pts


Atlantic



50.0%

(1.4 pts)



58.5%

(1.4 pts)


Western



57.2%

(7.0 pts)



63.2%

(1.3 pts)


Total



59.2%

(0.8 pts)



64.6%

0.5 pts











ADR










Ontario



$114.92

2.5%



$116.23

3.4%


Quebec



$119.50

0.2%



$122.61

2.1%


Atlantic



$116.09

3.9%



$124.45

4.8%


Western



$152.35

(6.4%)



$160.67

(3.3%)


Total



$123.54

(1.0%)



$127.71

1.3%











RevPAR










Ontario



$72.11

4.1%



$77.35

5.1%


Quebec



$71.93

3.4%



$81.18

6.3%


Atlantic



$58.08

1.1%



$72.78

2.4%


Western



$87.12

(16.6%)



$101.48

(5.3%)


Total



$73.11

(2.4%)



$82.48

2.1%

OPERATIONS REVIEW

Three months ended December 31, 2015

RevPAR for the fourth quarter grew 2.7%, due primarily to a full quarter contribution from the Hyatt Regency Vancouver, acquired in December 2014. On a same-hotel basis, RevPAR decreased 2.4%, due to both lower occupancy and rate. The REIT's hotels in Alberta impacted the Western region performance. Softening demand from lower energy prices had adverse impact on both rate and occupancy in the fourth quarter.  The hotels in the Ontario and Quebec regions experienced RevPAR growth of 4.1% and 3.4% respectively, with growth across both regions largely driven by the renovations to the Comfort Inn portfolio completed in prior years.   

Revenues increased 3.0% for the quarter ended December 31, 2015, compared to the prior year, due to a full quarter contribution from the Hyatt Regency Vancouver. This was offset by softer performance at the hotels in Alberta and the loss of revenue related to the 23 hotels sold in 2014 and 2015. For the fourth quarter of 2015, the core Comfort Inn portfolio renovated in 2013 and 2014, experienced 5.4% growth in room revenues and 7.5% improvement in Hotel GOP as compared to the same quarter in prior year.   

Across the portfolio, GOP declined marginally by 2.0% to $27.2 million in the fourth quarter when compared to the same period in the prior year.  Contributions from the newly acquired hotels, were offset by the decline in operating performance at the hotels in Alberta. 

Corporate and administrative expenses for the fourth quarter increased $0.3 million over the same quarter in the prior year. This is primarily reflective of incremental expenses related to InnVest's business transition, inclusive of the internalization of asset management and other key corporate resources.  

Net loss of $14.3 million in 2015 compares to a net loss of $1.2 million in the fourth quarter of 2014. The fourth quarter of 2015, includes gains of $0.7 million realized on two assets sales compared to the same period in the prior year which had gains realized on asset sales of $14.2 million. For the three months ended December 31, 2015 FFO was $10.9 million ($0.082 per diluted unit) compared to $10.4 million ($0.100 per diluted unit) in the same prior year period. For the fourth quarter of 2015, AFFO was $7.1 million ($0.053 per diluted unit) compared to $8.2 million ($0.079 per diluted unit) in the same quarter last year. Per unit amounts have been impacted in the fourth quarter by the 29.1% increase in the weighted average number of units outstanding following the November 2014 and July 2015 equity offerings and the conversion of convertible debentures in the first quarter of 2015.

Year ended December 31, 2015
Revenues increased 3.3% for the year ended December 31, 2015, compared to the prior year. The Hyatt Regency Vancouver, acquired in December 2014 contributed to this improvement in addition to market driven strength across the portfolio and lift from renovation activity. Some of the revenue gains were offset by softer relative performance by the hotels in Alberta and associated revenue loss from dispositions. Same-hotel revenues rose 0.6% in 2015 due to increases in average daily room rates and occupancies.

Overall RevPAR for year ended December 31, 2015 increased 8.8%, compared to the prior year. RevPAR gains occurred through average daily room rates and occupancies from newly acquired hotels. RevPAR on a same-hotel basis rose 2.1% in 2015 driven by growth in both ADR and occupancies. Including the two hotels in which InnVest has partial interests, RevPAR growth approximated 10.0%.  

Hotel GOP margin improved 210 basis points to 26.3% in 2015 from 24.1% in the prior year, with same-hotel GOP margin rising to 26.7% from 25.7%. GOP rose 12.8% due primarily to the contribution from the Hyatt Regency Vancouver acquisition and strong same hotel performance. Same-hotel GOP rose 4.4% for the year driven by overall market strength and better competitive positioning from renovations.   

Corporate and administrative expenses increased in 2015 from the addition of a full-time executive function at the REIT and costs associated with the internalization of the REIT's asset management team and other corporate resources.  

Higher mortgage interest expense in 2015 reflects debt extinguishment costs of $1.8 million related to early debt repayment in the year. InnVest has benefitted from a reduction in its debt and weighted average cost of debt since the beginning of 2014.  Interest expense for 2015 includes the new bridge loan associated with the Hyatt Regency acquisition in December 2014, the funding of a new 10-year mortgage in April 2015 and a new 5-year mortgage in November 2015 on the Hotel Saskatchewan. These increases were partially offset by the net repayment of mortgage debt from asset sales. Convertible debenture interest savings reflect the redemption of InnVest's $70.0 million Series C debentures in early June 2014, the purchase for cancellation of $28.8 million of its Series G debentures on July 31, 2014, and the early redemption of the $36.4 million Series D debentures on March 3, 2015.

For the year ended December 31, 2015, InnVest generated funds from operations ("FFO") of $76.3 million ($0.598 per diluted unit) compared to $58.5 million ($0.574 per diluted unit) in the prior year. Adjusted Funds from Operations ("AFFO") were $62.5 million ($0.489 per diluted unit) for the year ended December 31, 2015 compared to $44.4 million ($0.441 per diluted unit) in 2014.  Per unit amounts have been impacted for the year ended December 31, 2015 by the 24.2% increase in the weighted average number of units outstanding due to the November 2014 and July 2015 equity offerings, and the conversion of convertible debentures in the first quarter of 2015.

For the twelve months ended December 31, 2015 the REIT's AFFO payout strengthened to 81.2% compared to 88.4% for the twelve months ended December 31, 2014.

RECENT DEVELOPMENTS
On February 1, 2016, the REIT completed the acquisition of the Ottawa Marriott Hotel for a purchase price of $115.0 million or $235,000 per room.  The acquisition was financed with available cash on hand, capacity under the existing operating line facility and a new temporary loan facility to partially bridge long-term mortgage financing. Agreements related to the purchase include a limited income guarantee provided by the vendor for the period through to 2018. The Ottawa Marriott is a premier full-service, upper upscale hotel located in the centre of Ottawa's business and Parliament district with 489 guestrooms, and 35,000 square feet of function space in 22 rooms including a revolving rooftop function facility. Constructed in 1972, the property has undergone significant renovations and upgrades over the last five years.

PORTFOLIO REPOSITIONING PROGRAM
In the fourth quarter, the InnVest sold two non-core hotels for net proceeds of $13.1 million after debt repayment.  For the year ended December 31, 2015, the REIT sold four non-core hotels for gross proceeds of $30.8 million (net proceeds of $19.1 million). Since the beginning of 2014, the REIT has sold 23 non-core hotels in order to improve the quality of the portfolio and overall operating results. This activity supports the strategy that InnVest owns a well-diversified portfolio comprised of high quality and highly competitive assets in its target markets that are positioned to outperform through all economic cycles. Proceeds from asset sales were re-invested to improve the overall quality and diversification of the REIT's core portfolio, and to fund further growth.  Since December 2014, InnVest has acquired interests in five full-service hotels located in key city-centre markets.  Core hotels are typically defined as hotels with investment metrics that are accretive to InnVest's cost of capital, located in stable or growing long-term markets, achieve their fair market share or above and show favourable potential growth prospects through capital investment or repositioning. For 2016, InnVest has identified ten non-core hotels for sale and plans to divest of these hotels.   This sales activity would generate aggregate net proceeds, after the repayment of associated debt and selling costs of approximately $69 million.  The net proceeds will be used to reduce debt, including debt incurred to complete the Ottawa Marriott acquisition, and for investment in the REIT's core portfolio.

CAPITAL INVESTMENT PROGRAM
Capital investments in the REIT's core portfolio help to ensure performance is optimized and assets are competitive within their markets. The REIT has made significant investments in its core portfolio over the last three years, including renovations of InnVest's 58 Core Comfort Inn hotels. In 2015, the REIT invested $41.9 million in capital improvements to hotels, with an additional $5.9 million related to the REIT's portion of the capital expenditures at the Fairmont Royal York and Courtyard Marriott Toronto.   

Capital investments completed in 2015 include the completion of room renovations at Calgary's Fairmont Palliser, the Sheraton Suites Eau Claire, the first phase of room renovations at the Delta London Armouries, lobby renovations at Moncton's Delta Beausejour, and completed over 900 of the 1,363 rooms at the Toronto Fairmont Royal York.  In the fourth quarter, InnVest commenced capital projects at the Fairmont Macdonald and the Hotel Saskatchewan in Regina.

The following table summarizes operating results for the REIT's Core Portfolio and serves to highlight the profitability impact while renovations are underway, as well as the growth achieved-to-date following the completion of renovations. In aggregate, the renovated Comfort Inn portfolio experienced Hotel GOP growth of 19.8% in the year 2015 reflecting the significant operating leverage resulting from strong revenue growth and highlights the return opportunities provided by internal investments within the existing portfolio.









Hotel GOP











Three months ended December 31, 2015

Year ended December 31, 2015














Variance to prior year


Variance to prior year













Number of Hotels

Number of rooms

Hotel GOP

$

%

Hotel GOP

$

%

Core Comfort Inn Portfolio (1):









Renovated in 2013

31

2,503

$4,863

($409)

(7.8%)

$24,907

$2,329

10.3%










Q1 2014 renovations

4

295

626

(89)

(12.4%)

3,696

598

19.3%

Q2 2014 renovations

11

686

1,165

83

7.7%

6,570

1,815

38.2%

Q3 2014 renovations

1

146

187

64

52.0%

768

327

74.1%

Q4 2014 renovations

11

842

999

896

869.9%

6,218

1,892

43.7%

Renovated in 2014

27

1,969

2,977

954

47.2%

17,252

4,632

36.7%

Renovated Core Comfort Portfolio

58

4,472

7,840

545

7.5%

42,159

6,961

19.8%










Full service Core hotels under renovations:










2014 renovations (1)

2

604

1,099

192

21.2%

7,179

1,840

34.5%


2014 and 2015 renovations (1)(3)

2

728

3,040

(3,265)

(51.8%)

16,472

(4,413)

(21.1%)


2015 renovations (1)(4)

1

220

399

107

36.6%

700

(562)

(44.5%)

Other Core hotels (5)

32

5,370

11,058

(203)

(1.8%)

55,361

897

1.6%

Total Core Portfolio (2)

95

11,394

$23,436

($2,624)

(10.1%)

$121,871

$4,723

4.0%











(1) Based on the period in which substantial completion of renovations were completed.



(2) Excludes one hotel acquired during 2014, one hotel acquired in 2015 and four sold hotels in 2015 and 10 non-core hotels which have been identified for
divestiture.

(3)The full-service Core hotels under renovation in 2014 and 2015, are the REIT's two full-service hotels in Calgary, The Fairmont Palliser and Sheraton Eau
Claire.  Both hotels are being negatively impacted by the weakness in Alberta as a result of the energy sector. 

(4)The full-service Core hotel under renovation in 2015, relates to the Delta London Armouries that was impacted by revenue displacement caused by
renovations in 2015. 

(5)Room revenue for Other Core hotels was reflective of oil price-sensitive markets related declines, offset by improved performance in Quebec City owing
to higher group demand as compared to the prior year.   

FINANCIAL POSITION
In the fourth quarter, InnVest finalized a $23.3 million mortgage at 3.98% interest for a 5-year term on the Hotel Saskatchewan. At December 31, 2015 InnVest's leverage ratio was 58.2%, down from 62.0% at December 31, 2014. At December 31, 2015 InnVest had total potential liquidity of $92.3 million. Pro forma the Ottawa Marriott acquisition on February 1, 2016, liquidity was $35.8 million and a leverage ratio of 60.5%. Management believes the increase in the leverage ratio is temporary and will reduce with the proceeds from planned hotel sales and related debt repayments. Financing initiatives in 2015 and 2014 have diversified InnVest's funding and liquidity sources, lowered weighted average interest costs, extended the average term to maturity while reducing InnVest's overall leverage, including reducing its reliance on dilutive securities. Management continues to target a leverage ratio below 55% with further reduction to 50% over the longer term. The REIT's weighted average interest rate improved to 5.0% at December 31, 2015 from 5.5% at December 31, 2014, with the weighted average term to maturity extended to 4.7 years from 2.8 years at the prior year end.

QUARTERLY CONFERENCE CALL
Management will host a conference call on Tuesday, March 29, 2016, at 11.00 a.m. Eastern time to discuss the 2015 results. Investors are invited to access the call by dialing 416-764-8688 or toll free 1-888-390-0546. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available through to April 13, 2016. To access the recording please call 416-764-8677 or toll free 1-888-390-0541 and use the reservation number 004026#. A live audio webcast of the conference call will be accessible on InnVest's website at www.innvestreit.com. A replay will be available on InnVest's website for 90 days after the conference call.

ABOUT INNVEST REIT
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns interests in a portfolio of 110 hotels with over 14,500 rooms across Canada operated under internationally recognized brands. InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.

FORWARD-LOOKING STATEMENTS

In the interest of providing InnVest unitholders and potential investors with information regarding InnVest, certain statements contained in this press release constitute forward-looking statements within the meaning of applicable securities laws.  These statements include, but are not limited to, statements made concerning InnVest's investment approach, objectives, its strategies to achieve those objectives, assumptions and forecasts of future results from acquisitions and divestitures as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances and performance or expectations that are not historical facts.  Forward-looking information typically contains statements with words such as "outlook", "objective", "may", "could", "continue", "anticipate", "believe", "expect", "estimate", "plan", "intend", "forecast", "project" or similar expressions suggesting future outcomes or events.  Such forward-looking statements reflect management's current beliefs and are based on certain factors, assumptions and analyses made by InnVest in light of information currently available to management, management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances, including those factors set out below. 

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on InnVest's estimates and assumptions, which are subject to risks and uncertainties, including those described under "Risk Factors" in this press release and those detailed in InnVest's filings with applicable securities regulators, including InnVest's annual and interim financial statements and the notes thereto.  Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.  By its nature, InnVest's forward-looking information involves numerous assumptions, inherent risks and uncertainties, which may cause InnVest's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.  Factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the status of InnVest as a real estate investment trust for Canadian federal income tax purposes in any year; achievement of plans to develop an optimal asset portfolio through completion of acquisitions, divestitures, and reinvestments within the timeframes necessary to generate the desired return on investment; maintain adequate liquidity; extent of realized benefits from the internalization of asset management functions; ability to refinance debt maturities as planned; ability to achieve and maintain a lower debt leverage target; ability to reduce payout ratio; ability to sustain the current level of unit distributions; ability to fund acquisitions at a capital cost and equity/debt mix as desired; lender concentration; general global credit market conditions including currency and interest rate fluctuations; general global economic and business conditions; variable regional economic conditions including dependence on manufacturing, oil or other resource markets; failure to effectively understand and respond to changing guest demands and/or failure to meet guest needs; failure to effectively manage relationships with hotel brands including failure to comply with the appropriate standards and contractual requirements; failure to effectively manage relationships with operators including operator managed employee satisfaction, morale, and effectiveness; medical or terrorist concerns relating to travel and/or specific destinations; reliance on entities that provide management services to InnVest, including pursuant to the Master Hotel Management Agreement; the impact of lower oil or other commodity prices and the decline in the Canadian dollar compared to the U.S. dollar on travel; the effects of competition and pricing pressures from multiple bidders for acquisitions; development and opening of new hotel properties; aggressive marketing, and service or product quality improvements by competitors; extent of industry overcapacity; changes in the level of cross-border travel by Americans to Canada and other possible shifts in market demands; adverse changes in laws and regulations, including environmental and taxation; failure to leverage technological innovation to achieve or sustain financial and operational efficiency, competitive advantage, and deliver better quality services to guests; potential increases in maintenance and operating costs; possible variances in the amount and timing of completion for planned capital or maintenance projects; failure of planned capital projects to result in desired shift in business mix; uncertainties of litigation; labour disputes; various events which could disrupt operations;  reliance on information systems and associated security risks; the effect of a data breach or significant disruption of hotel information technology networks as a result of cyber attacks and technological changes including impact of direct internet reservation systems and potential impact of new disruptive hospitality offerings in the market.

Although InnVest believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release.

SOURCE InnVest Real Estate Investment Trust

For further information: Denise Achonu, Vice President, Finance, Tel: (416) 607-2333, Fax: (416) 607-2353, Website: www.innvestreit.com

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