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, and upcoming investor conference call.
To date, we have collected approximately 93% of April 2020 rents. We are constantly monitoring these collections and are carrying out a comprehensive review of tenant rents to estimate the amount collectable. We currently believe that between 5% and 7% of monthly rents for April may not be collected due to either requests for deferral or relief, which will equate to an approximate 10% reduction in net operating income once all building operating costs and taxes have been covered.
We do not necessarily expect April rent collections to be indicative of subsequent rent collections throughout the term of this pandemic environment, as the length of it will likely negatively impact rent collections after April 2020. Management continues with its comprehensive review of tenant rents to evaluate how changes in market conditions could adversely impact the Trust.
Investor Conference Call
The Trust will host a conference call on Thursday, April 23, 2020 at 10:00 a.m. PST / 1:00 p.m. EST to discuss recent results and provide an update on the impact of COVID-19. All unitholders are invited to listen to the live conference call by registering in advance of the call through the link provided in the email accompanying this news release. Registered unitholders will receive dial in numbers and a unique PIN to identify their line when they join the call.
Adventus will continue to provide enhanced regular investor communications during this period. We would like to assure our unitholders that we are doing our best to minimize the impact on our business.
We want to thank all our investors, stakeholders and partners for your support through this unprecedented time.
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