Adventus Realty Trust Refinances 1600 Parkwood Property (Atlanta) and Provides COVID-19 Business Update

April 16, 2021

1600 Parkwood Refinancing

On April 9, 2021, we completed a Loan Extension and Modification Agreement with Bank of America, N.A., realizing additional mortgage proceeds of $6,000,000 for 1600 Parkwood Circle, Atlanta. Recognizing that the market value of this property in suburban Atlanta had increased significantly from the original purchase price, the Trust took advantage of more receptive debt markets to increase this non-CMBS mortgage from $14,000,000 to $20,000,000, with the balance of terms not substantively changed. 

As previously disclosed in our investor communications, debt financing/refinancing proceeds are a key component of the cash inflows required to fund our business operations and to provide cash distributions to investors (cash outflows). Notwithstanding our excellent rent collections to date, the refinancing of 1600 Parkwood illustrates one of the first opportunities for debt refinancing which the Trust has successfully achieved throughout its portfolio since the onset of COVID-19.

Adventus Realty Trust Provides COVID-19 Business Update

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

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:


February 2021

March 2021

April 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 April 16, 2021

All tenants that were granted rent deferrals are in the process of paying back those deferrals. The March and April 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 if 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 Refinances 1600 Parkwood Property (Atlanta) and Provides COVID-19 Business Update