InnVest Real Estate Investment Trust
TSX : INN.UN
TSX : INN.DB.A
TSX : INN.DB.B

InnVest Real Estate Investment Trust

November 20, 2008 22:30 ET

InnVest Real Estate Investment Trust announces adjusted monthly distribution

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2008) - InnVest Real Estate Investment Trust ("InnVest" or the "Trust")(TSX:INN.UN) announced today that it has declared a distribution of $0.0625 per unit payable on December 15, 2008 to Unitholders of record as at the close of business December 1, 2008. The November distribution represents a one third reduction from monthly distributions of $0.09375 per unit that have been paid since the Trust's inception in 2002.

"InnVest has continued to generate stable results for Unitholders, as demonstrated by our third quarter financial and operating results. However, in light of current uncertain economic conditions, the Board of Trustees has determined to take a prudent approach to distributions in order to enhance InnVest's balance sheet and liquidity," said Kenneth Gibson, InnVest's Chief Executive Officer. "Our goal is to create long-term value for Unitholders. Managing our financial resources will further enhance our position enabling us to navigate through this challenging environment."

"InnVest has assembled a unique portfolio of hotel assets forming Canada's largest hospitality REIT. Our portfolio boasts diversified operations, by geography, by customer and by brand. This diversification contributes to the resiliency of the portfolio and supports the underlying value of our hotel real estate," Mr. Gibson said. "During these challenging times, our focus continues to be on maximizing operating results through the aggressive management of each of our assets. The quality of our portfolio, combined with a prudent approach to cash management, positions us to enhance unitholder value over the long term."

TRUST PROFILE

InnVest REIT holds Canada's largest hotel portfolio together with an interest in Choice Hotels Canada Inc. the largest franchisor of hotels in Canada. The hotel portfolio currently comprises 147 hotel properties, with over 19,000 guest rooms, operated under internationally recognized franchise brands such as Comfort Inn®, Holiday Inn®, Quality Suites/Inn®, Radisson®, Delta®, Travelodge®, Hilton® Staybridge Suites®, Fairmont Hotels®, Sheraton Suites® and Best Western®. InnVest's trust units and outstanding convertible debentures trade on the Toronto Stock Exchange under the symbols INN.UN, INN.DB.A, INN.DB.B and INN.DB.C, respectively.

Contact Information

  • InnVest Real Estate Investment Trust
    Kenneth Gibson
    President and Chief Executive Officer
    (905) 206-7100
    Fax: (905) 206-7114

    InnVest Real Estate Investment Trust
    Tamara Lawson
    Chief Financial Officer and Corporate Secretary
    (905) 206-7100
    Fax: (905) 206-7114
    Website: www.innvestreit.com