Adventus Realty Trust Provides Leasing Update (July – September 2021)
Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the “Trust” or the “Company”) is pleased to report the completion of 21 leases for a total of 205,539 square feet of leasing during Q3 2021 in the midst of the fourth wave of COVID-19. This total for Q3 2021 equates to approximately 63% of leasing completed for the 2021 year to date, and illustrates what we believe is the beginning of a recovery of normalized leasing activity.
The exciting news is that of the 21 leases, 10 are new leases in our portfolio and an additional 5 are expansions of existing tenants. The new leasing and expansion leasing totals more than 101,000 square feet of the approximate 205,000 square feet of Q3 2021 leasing. The remainder of the leasing was completed as renewals of existing tenants and included two key renewals with tenants in excess of 30,000 square feet each in Chicago.
The increase in new and expansion leasing appears to be a significant positive trend and is the result, in part, of a successful Rent Ready Suite program and diligent leasing teams in both Chicago and Atlanta.
At the conclusion of Q3 2021, we have completed 325,000 square feet of leasing and we have the following current leasing activity to report:
- 7 leases that are under negotiation for approximately 37,000 square feet;
- 27 proposals that have been presented for 307,170 square feet; and
- 16 property tours for approximately 175,000 square feet.
As a result of the significant Q3 2021 leasing, we expect to have a strong finish to 2021 and are focused on achieving our 2021 leasing budget (433,404 square feet), subject to market conditions in Q4 2021. Adventus is excited with the positive leasing traction and looks forward to a robust finish to 2021 and continuing leasing success in 2022 and beyond.
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.
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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.
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ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer