Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the "Trust" or the "Company") announces an update on the impact of the novel coronavirus (COVID-19) pandemic on its business.
The table below summarizes our Stress Test results, actual rent collections received to date, and revised estimate of rent collections for each respective month:
|April 2020||May 2020||June 2020|
Rent Collections – Original Stress Test (1)
Rent Collections – Actual to Date
Rent Collections – Revised Estimate
(1) as communicated in our April 14, 2020 News Release and April 23, 2020 Investor Conference Call
We are constantly monitoring these collections and are carrying out a comprehensive review of tenant rents to estimate the amount which may not be collected due to either requests for deferral or relief. We have been proactively managing collections to meet or exceed our 85% stress testing and will continue to update investors of our rent collections as we maintain our enhanced communication during this period of economic uncertainty.
Management continues with its comprehensive review of tenant rents to evaluate how changes in market conditions could adversely impact the Trust.
Thank you for your continued support during this tumultuous period.
Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "intend", "would", "could", "if", "may" and similar expressions. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer