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Complaints pile up against only agency providing Indian consular services in Canada

Complaints pile up against only agency providing Indian consular services in Canada

CBC18-07-2025
Every time Prashant Vashista thinks of BLS International — the sole company sanctioned by the Indian consulate to handle services like visas and passport renewals in Canada — his mind goes back two years to his mother's death.
Grief-stricken, he drove an hour to BLS's Brampton location to arrange for emergency visas so he could see his family in India.
Even though he picked up the visas himself, Vashista said employees demanded he pay a $45 courier fee for himself, his daughter and his wife, totalling $135.
"I was in dire need. So I had to pay," he told CBC Toronto.
It wasn't the first or last time BLS allegedly pushed him to pay for services he didn't need — and his experience isn't unique.
CBC spoke with numerous people who described being pressured to pay extra charges at BLS, many of whom felt their ability to visit India or legally stay in Canada depended on it.
Former employees at one BLS branch say they're not surprised, saying staff were encouraged to charge clients as much as possible and find minor errors in their forms or photos to sell services or reduce the backlog of applications.
"I knew 100 per cent that we are wrong… and we are [over]charging the clients," said one former supervisor.
BLS says it has reputation for 'service excellence'
BLS has locations across the country that provide services like passport renewal, police criminal record checks, and Overseas Citizenship of India (OCI) cards, which function as lifelong visas.
A quick web search reveals a trove of public Facebook posts, Reddit threads and online petitions — one of which has more than 7,000 signatures — created by frustrated BLS clients. The company has also been awarded an "F" rating by the Better Business Bureau.
In response to CBC Toronto's questions about the complaints, BLS said the company has a "longstanding reputation for transparency, compliance, and service excellence."
"We remain fully aligned with the standards and expectations of the governments and authorities we work alongside," BLS communications manager Pooja Arora wrote.
"Where concerns are raised, we will always investigate them thoroughly and take appropriate steps to improve."
For its part, the Consulate General of India in Toronto says it is committed to "prompt, efficient" service, adding that BLS International was selected "through a competitive bidding process."
Client describes 'legalized plunder'
During a visit to the Mississauga location in April, one client says his OCI application ran aground when staff pressed him for extra documents not mentioned on the BLS website and found minor issues with his photos and application forms.
CBC Toronto has agreed to protect his identity because he fears repercussions from BLS during future visits.
In a complaint he later sent to the company, he says staff used "scare tactics" to push him to pay for extra fees, called his wife "dumb" and threatened to blacklist him when he asked to see an itemized receipt before paying.
Harpreet Hora, a lawyer based in Kenora, Ont., says he had similar experiences during two separate visits to Toronto BLS locations.
"They forced me to take a courier service… which I had never asked for," he said.
Though he later received refunds after complaining to both the company and the consulate, he described the ordeals as "obviously stressful" and "a sort of harassment."
"You see that this is legalized plunder from people," Hora said, pointing out that few people have the time or patience to pursue refunds.
Another client, Shivam Nehra of Oakville, says he was pressured to pay $100 for a "premium lounge service" to bypass the long lineups outside while he faced down a looming permanent residency application deadline.
"I went there three to four times to get my documents corrected and every time, these guys will point out any different mistake," he said.
The story on the inside
It appears the situation wasn't better on the other side of the counter.
Three former employees, all of whom worked in the Brampton location within the last five years, say they were kept on short-term contracts and felt pressured to find issues with applications or add extra charges.
CBC Toronto has agreed to protect their identities over concerns about impacts to their careers.
"You need to find a reason where you can take out money from a client," one said.
"If you're not selling, you will be kicked off," they continued, describing internal staff competitions over who could sell the most services, with gift baskets going to the winners.
With little guidance on official standards, reasons to reject applications could be as minor as a missing comma or writing "ave." instead of "avenue" on a form. They also said some mistakes were unavoidable because of how the company's own online application forms were formatted.
Two employees also said they would push unwilling clients to use their courier service and charge families multiple times, despite deliveries going to the same address.
'I know what you're doing'
The same employee who described looking for misplaced commas said they ultimately left the company because they were disturbed by having to lie to clients they often sympathized with.
"There are students who are doing their applications for their permanent residency, not having jobs… or getting minimum wage, but still BLS is charging them like two or three hundred dollars [for] a thing which could be done [for] $40."
All three also say they eventually found themselves returning to BLS for services, where they or their families were charged for add-ons they didn't want.
"I was like, 'Man, I have worked at this location and I know what you're doing,'" the same employee recalled telling a Brampton staff member, who charged them an unnecessary courier fee, which they say they had "no choice" but to pay.
The search for accountability
As a private company contracted by a non-Canadian consulate in Canada, BLS operates outside of the purview of any federal or provincial immigration ministry.
Global Affairs Canada says that while it authorizes "the establishment of consular posts," it has no authority over a company contracted by a foreign state, recommending instead that people with issues reach out to their local consumer protection office, or, in the event of a criminal complaint, the police.
Consumer Protection Ontario, meanwhile, says it has received just one complaint related to BLS International in the last three years, but declined to comment on the outcome.
The only body with authority to fire or discipline BLS is the Consulate General of India, who said in a statement to CBC Toronto that "every effort is being made — including through internal reviews, coordination with BLS, and process improvements — to ensure that service standards continuously improve."
Former client Harpreet Hora isn't so sure.
For the last three years, he's found himself researching BLS, including several right-to-information requests with the Indian government over how many complaints they've received about the company.
"Much to my surprise, the Indian consulate says they do not have data of this," he said. The consulate did not comment on Hora's claim that it had no data on complaints, when asked by CBC Toronto.
"I feel cheated by the Indian consulate," said Hora. "Reason being… I'm making complaints to you, and you're not taking action."
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Canacol Energy Ltd. Reports Net Income of $13.9 Million For The Second Quarter of 2025
Canacol Energy Ltd. Reports Net Income of $13.9 Million For The Second Quarter of 2025

Globe and Mail

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  • Globe and Mail

Canacol Energy Ltd. Reports Net Income of $13.9 Million For The Second Quarter of 2025

CALGARY, Alberta, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ('Canacol' or the 'Corporation') (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. Dollar amounts are expressed in United States dollars, with the exception of Canadian dollar unit prices ('C$') where indicated and otherwise noted. Highlights for the three and six months ended June 30, 2025. The Corporation's natural gas and liquefied natural gas ('LNG') operating netback decreased 4% to $5.11 per Mcf for the three months ended June 30, 2025, compared to $5.34 per Mcf for the same period in 2024. The decrease is mainly due to an increase in operating expenses on a per Mcf basis as a result of fixed operating expenses over lower sales volume. The Corporation's natural gas and LNG operating netback increased 4% to $5.30 per Mcf for the six months ended June 30, 2025, compared to $5.12 per Mcf for the same period in 2024. The increase is due to an increase in average sales prices, offset by an increase in operating expenses on a per Mcf basis. Adjusted EBITDAX decreased 35% and 23% to $47.4 million and $103.6 million for the three and six months ended June 30, 2025, respectively, compared to $73.2 million and $134.2 million for the same periods in 2024, respectively. The decrease is mainly due to a decrease in realized contractual natural gas and LNG sales volumes. Adjusted funds from operations decreased 35% and 23% to $36.9 million and $76.2 million for the three and six months ended June 30, 2025, respectively, compared to $57.1 million and $99.3 million for the same periods in 2024, respectively, mainly due to a decrease in EBITDAX. Total revenues, net of royalties and transportation expenses for the three and six months ended June 30, 2025 decreased 27% and 17% to $64.8 million and $137.5 million, respectively, compared to $88.3 million and $166.0 million for the same periods in 2024, respectively, mainly due to a decrease in realized natural gas and LNG sales volumes. Realized contractual natural gas sales volume decreased 25% and 20% to 119.0 MMcfpd and 123.8 MMcfpd for the three and six months ended June 30, 2025, respectively, compared to 158.5 MMcfpd and 154.5 MMcfpd for the same periods in 2024, respectively. The Corporation realized net income of $13.9 million and $45.7 million for the three and six months ended June 30, 2025, respectively, compared to a net loss of $21.3 million and $17.6 million for the same periods in 2024, respectively. The increase in net income is the result of recognizing a non-cash deferred income tax recovery of $14.1 million and $33.6 million for the three and six months ended June 30, 2025, respectively, compared to a non-cash deferred income tax expense of $42.6 million and $43.1 million for the same periods in 2024, respectively. Net cash capital expenditures for the three and six months ended June 30, 2025 were $57.1 million and $107.5 million, respectively, compared to $33.9 million and $69.7 million for the same periods in 2024, respectively. The increase is mainly related to the cost of drilling the Natilla-2 exploration well. As at June 30, 2025, the Corporation had $37.0 million in cash and cash equivalents and $20.9 million in working capital deficit. Outlook The Corporation remains focused on completing its exploration and development drilling and workover programs, and the installation of additional compression, for the remainder of 2025. 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Detailed information in respect of monthly production in the fields operated by the Corporation in Colombia is provided by the Corporation to the Ministry of Mines and Energy of Colombia and is published by the Ministry on its website; a direct link to this information is provided on the Corporation's website. References to 'net' production refer to the Corporation's working-interest production before royalties. Use of Non-IFRS Financia l Measures - Such supplemental measures should not be considered as an alternative to, or more meaningful than, the measures as determined in accordance with IFRS as an indicator of the Corporation's performance, and such measures may not be comparable to that reported by other companies. This press release also provides information on adjusted funds from operations. Adjusted funds from operations is a measure not defined in IFRS. 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Inovalis Real Estate Investment Trust Announces the Financial Results for Q2 2025
Inovalis Real Estate Investment Trust Announces the Financial Results for Q2 2025

National Post

time20 minutes ago

  • National Post

Inovalis Real Estate Investment Trust Announces the Financial Results for Q2 2025

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The decrease is due to the same factors as for the IP Portfolio, and the non-recurring $1,720 indemnity placed on the Duisburg and Trio properties made necessary by the early departure of tenants in Q1 2024, that were partially offset by new leases at the Duisburg property on 18% building areas. Article content Leasing Operations Article content As of June 30, 2025, the occupancy rate of the REIT's IP Portfolio was 46.7% and the occupancy rate of the REIT's Total Portfolio was 58.9%. Strategic vacancies are being maintained in the Arcueil and Baldi properties in support of planned dispositions as outlined in the Asset Recycling Plan. Excluding properties designated for asset recycling, the Total Portfolio occupancy rate was 80.5% at June 30, 2025. Article content During the second quarter of 2025, Management negotiated a long-term lease for most of the vacant area of the Neu Isenburg property which, effective beginning in September. The lease execution requires significant capital expenditures and incentives but is expected to bring approximately $300 annual NRI over a 10-year term (with a potential break option in year five). Article content To support leasing activity, management continues to collaborate with on-site brokers and is selectively evaluating tenant improvement allowances as a means to enhance the competitiveness of key assets and optimize rental income. Article content Asset Recycling Plan Article content On April 30, 2025, the REIT completed the sale of the Sablière property, located in downtown Paris, for €18,200 ($28,625), as part of its Asset Recycling Plan. This transaction aligns with the REIT's strategic objectives of repositioning the portfolio and strengthening financial flexibility. Net proceeds of approximately $15,300 (€9,700) will be allocated toward debt reduction and reinvestment in value-enhancing initiatives across the portfolio. Article content An exchange contract confirming the sale of 87.5% of the Arcueil property for €37,540 ($58,420) was announced in January 2025 with closing expected in the second half of 2026. The long closing is required to satisfy the administrative, building permit and financing conditions. The remaining 12.5% of the Arcueil office property is being marketed for a new office tenant. Article content Capital Market Considerations Article content Since the end of 2023, net asset values for the REIT's Total Portfolio have been significantly pressured, primarily due to geopolitical tensions, high inflation, high interest rates and energy costs. The decline in net asset values significantly reduced Unitholders' equity which stood at $186,770 (€116,433) at June 30, 2025. The book value per Unit at June 30, 2025 was $5.62/Unit and $5.57/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the 'Units') for the period. 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Management intends to refinance the 12% mezzanine facility with conventional financing as leasing activity progresses. Article content Environmental, Social and Governance (ESG) Article content Integration of ESG objectives and strategies into the REIT's business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in 'human capital' for the implementation and monitoring of all ESG initiatives. Article content FORWARD-LOOKING INFORMATION Article content Certain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT's future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'predict', 'potential', 'continue' or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. Article content Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. Article content Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following: Article content (i) the ability to complete the sale of the Arcueil and Baldi properties; (ii) the ability to replace the departing tenants at the Trio and Gaia properties; (iii) the ability to continue to receive financing on acceptable terms; (iv) the future level of indebtedness and the REIT's future growth potential will remain consistent with current expectations; (v) there will be no changes to tax laws adversely affecting the REIT's financing capability, operations, activities, structure, or distributions; (vi) the REIT will retain and continue to attract qualified and knowledgeable personnel as the portfolio and business grow; (vii) the impact of the current economic climate and the current global financial conditions on operations, including the REIT's financing capability and asset value, will remain consistent with current expectations; (viii) there will be no material changes to government and environmental regulations that could adversely affect operations; (ix) conditions in the international and, in particular, the French, German, Spanish and other European real estate markets, including competition for acquisitions, will be consistent with past conditions; and (x) the demand for the REIT's properties and global supply chains and economic activity in general. Article content The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Article content When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to: Article content the REIT's ability to execute its growth and capital deployment strategies; the impact of changing conditions in the European office market; the marketability and value of the REIT's portfolio; changes in the attitudes, financial condition and demand in the REIT's demographic markets; fluctuation in interest rates and volatility in financial markets; the geopolitical conflict around the world on the REIT's business, operations and financial results; general economic conditions, including any continuation or intensification of the current economic conditions; developments and changes in applicable laws and regulations; and such other factors discussed under ''Risk and Uncertainties'' in the MD&A dated June 30, 2025 ('the MD&A'). Article content If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under ''Risks and Uncertainties'' in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Article content Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Certain statements included in press release may be considered a ''financial outlook'' for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements. Article content Non-GAAP Financial Measures and Other Measures Article content There are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include Funds from Operations, Adjusted Funds from Operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT's financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. Article content USE OF OPERATING METRICS Article content The REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT's financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the REIT. Article content ' Adjusted Funds From Operations ' or ' AFFO ' is a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings. Article content AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. Article content AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans. Article content ' Adjusted Funds From Operations / Unit ' or ' AFFO / Unit ' is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). Article content ' AFFO Payout Ratio ' is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO. Article content ' Average term to maturity ' refers to the average number of years remaining in the lease term. Article content ' Book value per Unit ' refers to the REIT's total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis). Article content ' Debt-service covenant ratio calculation ' or ' DSCR ' refers to the rental income divided by the debt service, including interest and amortization. Article content ' Debt-to-Gross-Book Value ' refers to the REIT's apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners. Article content ' Exchangeable Securities ' means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital. Article content ' Fully diluted basis ' refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities. Article content ' Funds From Operations ' or ' FFO ' follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception. Article content Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund capital expenditures, and provide distributions to Unitholders. Article content FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. Article content FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment. Article content Exchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT's Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders. Article content ' Funds From Operations / Unit ' or ' FFO / Unit ' is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). Article content ' Gross book value ' refers to the total consolidated assets for the IP Portfolio and Total Portfolio. Article content ' Interest Coverage Ratio ' or ' ICR ' covenant refers to a financial metric used to assess a REIT's ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT's interest expenses over a given period. Article content ' Investments in Joint Ventures ' refers to the REIT's proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT's ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT's ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management. Article content For the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting. Article content ' Investment Properties Portfolio ' or ' IP Portfolio ' refers to the seven wholly owned properties of the REIT. Article content ' Net Rental Income Adjusted for IFRIC 21 ' refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules. Article content ' Net Rental Income ' or ' NRI ' refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs. Article content ' Total Portfolio ' refers to the seven properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties. Article content ' Weighted average lease term ' or ' WALT ' is a metric used to measure a property portfolio's risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term. Article content ' Weighted Average number of Units ' refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period. Article content Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net loss attributable to the Trust (including share of net earnings from investments in joint ventures) (11,251) (20,710) (9,329) (34,555) Add/(Deduct): Net change in fair value of investment properties 11,917 24,466 7,174 36,460 Net change in fair value of financial derivatives – 8 – 413 Loss on sale of investment properties 167 – 167 – Adjustment for property taxes accounted for under IFRIC 21 (1,112) (958) 1,931 1,954 Net change in fair value of Exchangeable securities (28) (394) (31) (779) Foreign exchange gain 19 – (46) – Deferred income tax recoveries 175 (1,231) 135 (1,231) Other adjustments 114 – 114 – Non-controlling interest (223) (454) (213) (492) FFO (222) 727 (98) 1,770 Add/(Deduct): Non-cash effect of straight line rents 37 98 229 289 Cash effect of the rental guarantee (184) 175 – 346 Amortization of transaction costs on mortgage loans (81) 64 (8) 127 Capex (64) (1,172) (64) (1,893) AFFO (514) (108) 59 639 FFO / Units (diluted) ($) (0.01) 0.02 0.00 0.05 AFFO / Units (diluted) ($) (0.02) 0.00 0.00 0.02 Article content Overview – GAAP and Non-GAAP Article content The REIT has identified specific key performance indicators to measure the progress of its long-term objectives. These are set out below: Article content June 30, 2025 December 31, 2024 Operating metrics IP Portfolio Total Portfolio IP Portfolio Total Portfolio Number of properties 7 12 8 13 Gross leasable area (sq. ft.) 1,076,787 1,500,425 1,117,830 1,541,469 Occupancy rate – end of period 46.7% 58.9% 47.7% 59.3% Weighted average lease term 3.9 years 3.7 years 4.0 years 4.0 years Average initial yield (1) 3.0% 3.9% 3.9% 4.7% Capital management metrics IP Portfolio Total Portfolio IP Portfolio Total Portfolio Available cash (3) $12,605 $14,385 $6,249 $7,572 Fair value of investment properties (3) $347,060 $477,788 $353,850 $476,579 Debt-to-gross book value (2) 51.4% 59.5% 52.3% 59.8% Debt-to-gross book value, net of cash (2) 49.9% 58.4% 51.5% 59.2% Weighted average loan term to maturity 2.6 years 2.2 years 3.0 years 2.7 years Weighted average interest rate (2) 3.83% 3.73% 4.00% 4.12% Interest coverage ratio (2) 0.6 x 0.9 x 0.8 x 1.1 x (1) Calculated on annualized Net Rental Income (based on Net Rental Income for the year-to-date period). (2) As defined in the section 'Non-GAAP Financial Measures and Other Financial Measures' in the Q1 MD&A. (3) See the section 'Capital Management' in the Q2 MD&A for further discussion on the composition and usefulness of this metric. Article content Three months ended June 30, Six months ended June 30, (thousands of $ except per Unit and other data) 2025 2024 2025 2024 Financial performance metrics Rental revenue 4,419 4,062 8,657 8,693 Rental revenue – Total Portfolio (1) 6,877 6,067 13,418 12,824 Net rental income 3,280 4,616 3,436 5,528 Net rental income – Total Portfolio (1) 5,401 6,799 7,358 10,435 Net income, attributable to the Trust (11,251) (20,140) (9,329) (33,718) Funds from Operations (FFO) (1) (2) (222) 727 (98) 1,770 Adjusted Funds from Operations (AFFO) (1) (2) (514) (108) 59 639 FFO per Unit (diluted) (1) (2) (0.01) 0.02 (0.00) 0.05 AFFO per Unit (diluted) (1) (2) (0.02) (0.00) 0.00 0.02 (1) See the section 'Non-GAAP Financial Measures ' in the Q1 MD&A for more information on the REIT's non-GAAP financial measures and reconciliations thereof. (2) The reconciliation of FFO and AFFO to Net Income can be found under the section 'Non-GAAP Reconciliation (FFO and AFFO)' in the Q2 MD&A. Article content About Inovalis REIT Article content Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 12 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A. Article content About Inovalis Group Article content Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets. Article content Inovalis Group ( founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services. Article content Article content Article content Article content Article content Inovalis Real Estate Investment Trust Article content Article content Tel: +33 1 5643 3315 Article content Article content Article content Article content Article content Article content

New apartment proposal in city's northwest could help meet housing and childcare demands
New apartment proposal in city's northwest could help meet housing and childcare demands

CTV News

time20 minutes ago

  • CTV News

New apartment proposal in city's northwest could help meet housing and childcare demands

A new apartment proposal for northwest London could help meet two major needs for the area – housing and childcare. And so far, the plan is getting positive reception from neighbours. 'I think it's fantastic, I think the area needs it, especially the businesses in Sherwood Forest Mall. It would really help the businesses, and help the community as a whole,' said John Paul, who lives in the Gainsborough Road and Limberlost Road area. Developer Heikal Group is proposing an eight-storey apartment building with 101 units for the southeast corner of Gainsborough and Limberlost, just west of Sherwood Forest Mall. 'It would be nice for this area to have a nice new apartment building, bringing more people. It would help the mall,' commented neighbour John Wilson. The building would include commercial space for a daycare centre, replacing what's being described as an under-utilized church with a daycare currently on the property. Ward 7 Coun. Corrine Rahman said it's a good fit for the neighbourhood. 590 Gainsborough Road Traffic on Gainsborough Road on Aug. 7, 2025. (Bryan Bicknell/CTV News London) 'The owner of the land is also the owner of the daycare. So, it's a really interesting proposal from that perspective. We all know that we need more childcare here in London. So, this meets those kinds of needs,' said Rahman. The building would also have 76 parking spaces. Anita Parker, who has lived in the neighbourhood for 46 years, said she supports the project, but does have some apprehension about added traffic and parking. 'We do need more housing. I would like it to be smart though. We really need to look at underground parking. We really need to look at lights so that traffic-flow can work effectively,' she said. 590 Gainsborough Road The property at 590 Gainsborough Rd. on Aug. 7, 2025. (Bryan Bicknell/CTV News London) With Gainsborough a major commuter route for many in the northwest part of the city, traffic can be heavy at times, particularly during the morning and afternoon rush hours. Gainsborough is scheduled for rehabilitation in 2026, just in time for development of the apartment to proceed, pending approval. However, the planned rehab does not include widening of the two-lane stretch. 'I know if you look historically at every time Gainsborough gets talked about, it gets waffled on, and it wins by a vote. We are a bottle-necked city, and we're hard to grow out of that,' said Parker. Rahman said there will be opportunities for the public to share their concerns about Gainsborough Road in the city's Mobility Master Plan. In the meantime, city councillors will consider the apartment proposal Oct 1.

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