Adventus Realty Trust Provides Leasing and COVID-19 Business Updates

September 28, 2021

The Trust announces an update on the impact of the novel coronavirus (COVID-19) pandemic on its business.

Leasing Activity

During our Adventus Investor call on September 9, 2021, we had disclosed the following 2021 leasing activity:

  • 34 leases concluded for 217,000 square feet;
  • 6 leases in negotiation for 90,000 square feet;
  • 24 proposals for 289,000 feet; and
  • tours for 20 tenants at 247,000 square feet.

Adventus is pleased to report that of the six leases that were under negotiation and noted above, we have since concluded two significant leases for 63,700 square feet. These leases are both new leases, not renewal leases, with one located in Columbia Center III, Chicago and the other in Milton Park, Atlanta. These two leases increase our year-to-date 2021 completed leasing to 280,700 square feet.

Rent Collections

The table below summarizes our Stress Test results, actual rent collections received to date, and revised estimate of rent collections for each respective month:


July 2021

August 2021

September 2021

Rent Collections – Original Stress Test (1)




Rent Collections – Actual to Date (2)




Rent Collections – Revised Estimate (2)




  1. as communicated in our April 14, 2020 News Release and April 23, 2020 Investor Conference Call
  2. as of September 28, 2021

All tenants that were granted rent deferrals are in the process of paying back those deferrals. The July and August 2021 Rent Collections - Revised Estimate section above indicates less than 1% of rents not collected, which is comprised of unpaid rents for amenity uses such as restaurants and a few small tenants.

While rent collections to date during the COVID-19 pandemic have been encouraging, the immediate future remains uncertain, and management continues with its comprehensive review of tenant rents to evaluate how changes in market conditions could adversely impact the Trust. Notwithstanding that our portfolio has a large percentage of Fortune 500 companies, we do anticipate some of our tenants will have financial challenges as the timeline for COVID-19 is extended.

US Unemployment Rates During COVID-19

The table below reflects the impact of COVID-19 on US employment on a monthly basis, with February 2020 being used as a base rate before COVID-19, April 2020 as the high point of US monthly unemployment rates to date during COVID-19, and August 2020 reflecting the first significant downward monthly movement in unemployment rates as US businesses have re-opened.

During COVID-19, and commencing August 2020, US job growth has been driven by re-hiring in sectors that had been hit hard by the pandemic such as: leisure and hospitality; restaurants, bars and other food and drink services; retail; and, gambling and recreation. The job improvements correlate with surveys showing consumer confidence, manufacturing and services industries stabilizing. Businesses have been reopening after shuttering in mid-March 2020 to slow the spread of COVID-19.

The significant employment gains reflected in Q3 2020 have continued to improve at a slower pace since August 2020; Atlanta’s unemployment rates continue to improve on a monthly basis at a much quicker rate than the U.S. or Chicago’s rates. It is important to note that Chicago’s unemployment rate has been above the U.S. rate for each month since April 2020. We will continue to monitor these monthly US unemployment rates and will provide additional communication as significant changes occur.






Unemployment rate - UNITED STATES






Unemployment rate - ILLINOIS (mainly Chicago)






Unemployment rate - GEORGIA (mainly Atlanta)






Source:  United States Department of Labor

About Adventus

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

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.


Per: Rodney B. Johnston, FCPA, FCA  
President and Chief Executive Officer

Investors News Releases Adventus Realty Trust Provides Leasing and COVID-19 Business Updates