Cash flow Inovalis Real Estate Investment Trust

Stocks

INO.UN

CA45780E1007

Commercial REITs

Market Closed - Toronto S.E. Other stock markets 19:34:23 17/07/2026 BST			5-day change	1st Jan Change
0.7100 ^CAD	-4.05%		-6.58%	-33.02%

05-12	Earnings Flash (INO-UN.TO) Inovalis REIT Reports Q1 Net Rental Income $4.149M Vs $5M a Year Earlier	MT
05-12	Inovalis Real Estate Investment Trust Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: INOVALIS REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	28.19M	25.38M	24.66M	18.64M	17.3M
Other Revenues, Total	4.2M	2.18M	-5.07M	-440K	141K
Total Revenues	32.4M	27.56M	19.58M	18.2M	17.44M
Property Expenses	10.27M	9.51M	10.35M	10.33M	11.89M
Selling General & Admin Expenses, Total	6.86M	6.97M	6.4M	5.99M	5.44M
Other Operating Expenses	3.35M	362K	-	-	-
Total Operating Expenses	20.47M	16.85M	16.76M	16.32M	17.33M
Operating Income (REIT / Utility Template)	11.92M	10.71M	2.83M	1.88M	113K
Interest Expense, Total	-7.58M	-6.17M	-7.37M	-9.4M	-7.99M
Interest and Investment Income	3.35M	2.75M	2.72M	2.83M	3.04M
Net Interest Expenses	-4.23M	-3.42M	-4.65M	-6.58M	-4.95M
Currency Exchange Gains (Loss)	-1.13M	250K	21K	-	-49K
Other Non Operating Income (Expenses)	1.42M	6.56M	-2.31M	-496K	-3.84M
EBT, Excl. Unusual Items	7.98M	14.1M	-4.11M	-5.2M	-8.73M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Investments	-989K	5.48M	1.94M	735K	-31K
Gain (Loss) on Sale of Assets	-3.99M	-946K	-	-	-704K
Asset Writedown	29.42M	-58.39M	-28.12M	-66.77M	-40.57M
Other Unusual Items	-1.53M	-	-	-	-
EBT, Incl. Unusual Items	30.89M	-39.76M	-30.28M	-71.24M	-50.04M
Income Tax Expense	590K	-2.78M	-328K	-1.21M	7.17M
Earnings From Continuing Operations	30.3M	-36.98M	-29.95M	-70.03M	-57.2M
Net Income to Company	30.3M	-36.98M	-29.95M	-70.03M	-57.2M
Minority Interest	34K	123K	263K	898K	1.23M
Net Income - (IS)	30.33M	-36.85M	-29.69M	-69.13M	-55.97M
Net Income to Common Incl Extra Items	30.33M	-36.85M	-29.69M	-69.13M	-55.97M
Net Income to Common Excl. Extra Items	30.33M	-36.85M	-29.69M	-69.13M	-55.97M
Per Share Items
Net EPS - Basic	0.94	-1.13	-0.91	-2.12	-1.68
Basic EPS - Continuing Operations	0.94	-1.13	-0.91	-2.12	-1.68
Basic Weighted Average Shares Outstanding	32.43M	32.67M	32.69M	-	33.3M
Net EPS - Diluted	0.94	-1.13	-0.91	-2.12	-1.68
Diluted EPS - Continuing Operations	0.94	-1.13	-0.91	-2.12	-1.68
Diluted Weighted Average Shares Outstanding	32.43M	32.67M	32.69M	-	33.3M
Normalized Basic EPS	0.15	0.27	-0.07	-0.07	-0.13
Normalized Diluted EPS	0.15	0.27	-0.07	-0.07	-0.13
Dividend Per Share	0.82	0.69	0.38	-	-
Payout Ratio	120.96	-60.7	-45.45	-	-
Supplemental Items
EBITA	11.92M	10.71M	2.83M	1.88M	113K
EBIT	11.92M	10.71M	2.83M	1.88M	113K
Effective Tax Rate - (Ratio)	1.91	6.99	1.08	1.69	-14.32
Total Current Taxes	8.09M	191K	229K	106K	7.17M
Total Deferred Taxes	-7.5M	-2.97M	-557K	-1.31M	-
Normalized Net Income	5.02M	8.94M	-2.3M	-2.35M	-4.23M
Interest on Long-Term Debt	5.07M	5.09M	8.72M	9.84M	7.99M
Supplemental Operating Expense Items
General and Administrative Expenses	6.86M	6.97M	6.4M	5.99M	5.44M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	-	-31K	-4K	94K	-
Total Stock-Based Compensation	-	-31K	-4K	94K	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Net Property Plant And Equipment	428M	437M	413M	328M	276M
Total Real Estate Assets	428M	437M	413M	328M	276M
Cash And Equivalents	76.63M	45.18M	12.49M	6.25M	25.06M
Accounts Receivable, Total	1.51M	2.39M	2.59M	2.69M	1.59M
Other Receivables	11.03M	8.83M	8.23M	8.56M	8.16M
Investment In Debt and Equity Securities	-	624K	333K	407K	460K
Notes Receivable (Collected)	-	-	-	-	-
Restricted Cash	52K	2.88M	196K	1.65M	373K
Other Current Assets, Total	1.1M	823K	526K	26.2M	15.97M
Trading Asset Securities, Total	-	2.32M	124K	-	-
Other Long-Term Assets, Total	69.29M	60.64M	46.6M	38.66M	35.86M
Total Assets	587M	561M	484M	412M	363M
Liabilities
Current Portion of Long-Term Debt	29.5M	41.58M	52.15M	60.96M	43.06M
Current Portion of Leases	7.7M	6.42M	6.82M	5.04M	13M
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	73.8M	96.5M	65.9M	54.15M	58.2M
Long-Term Leases	106M	102M	96.18M	95.75M	90.68M
Accounts Payable, Total	6.81M	7.03M	4.45M	6.32M	4.03M
Accrued Expenses, Total	1.05M	9.32M	2.43M	1.26M	1.29M
Current Income Taxes Payable	2.17M	2.04M	2.18M	2.24M	9.55M
Unearned Revenue, Current	4M	793K	1.18M	586K	248K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3.67M	2.91M	1.78M	1.59M	3.5M
Unearned Revenue Non Current	-	-	-	-	-
Deferred Tax Liability Non-Current	4.94M	1.84M	1.3M	-	-
Other Non Current Liabilities	1.17M	2.37M	2.33M	2.23M	2.18M
Total Liabilities	241M	273M	237M	230M	226M
Common Stock, Total	289M	290M	288M	296M	301M
Retained Earnings	46.98M	-12.33M	-53.23M	-130M	-192M
Comprehensive Income and Other	9.06M	9.37M	11.49M	15.67M	29.86M
Total Common Equity	345M	287M	246M	182M	139M
Minority Interest	1.3M	1.2M	947K	67K	-1.16M
Total Equity	346M	288M	247M	182M	138M
Total Liabilities And Equity	587M	561M	484M	412M	363M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	32.59M	32.78M	32.59M	33.21M	33.3M
ECS Total Common Shares Outstanding	32.59M	32.78M	32.59M	33.21M	33.3M
Book Value / Share	10.58	8.76	7.56	5.48	4.17
Tangible Book Value	345M	287M	246M	182M	139M
Tangible Book Value Per Share	10.58	8.76	7.56	5.48	4.17
Total Debt	217M	247M	221M	216M	205M
Net Debt	141M	199M	208M	210M	180M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	1.3M	1.2M	947K	67K	-1.16M
Equity Method Investments, Total	64.33M	55.69M	41.63M	37.05M	35.17M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	300	300	300	300	-
Accumulated Allowance for Doubtful Accounts (Supple)	579K	669K	858K	868K	2.62M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	30.33M	-36.85M	-29.69M	-69.13M	-55.97M
Amortization of Deferred Charges, Total	84K	293K	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	789K	-5.48M	-1.94M	-735K	31K
Total Asset Writedown	-29.42M	58.39M	28.12M	66.77M	40.57M
(Income) Loss On Equity Investments - (CF)	-676K	3M	10.76M	3.18M	1.5M
Net (Increase) Decrease in Loans Originated / Sold - Operating	2.74M	585K	3.22M	2.73M	3.5M
Change in Accounts Receivable	-1.72M	1.58M	1.64M	2.21M	-146K
Change in Accounts Payable	2.46M	5.5M	-10.2M	42K	-364K
Change in Other Net Operating Assets (Collected)	-1.02M	1.09M	-88K	2K	-552K
Other Operating Activities	-11.48M	-6.68M	2.14M	-4.16M	6.61M
Cash from Operations	-7.92M	21.43M	3.97M	913K	-4.83M
Acquisition of Real Estate Assets, Total	-958K	-102M	-561K	-729K	-1.41M
Sale of Real Estate Assets, Total	103M	39.39M	-	-	49.96M
Net Sale / Acquisition of Real Estate Assets	102M	-62.4M	-561K	-729K	48.54M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	1.74M	-312K	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	2.66M	2.24M	2.71M	1.43M	2.42M
Cash from Investing	107M	-60.47M	2.15M	701K	50.96M
Long-Term Debt Issued, Total	-	51.32M	-	58K	9.38M
Total Debt Issued	-	51.32M	-	58K	9.38M
Long-Term Debt Repaid, Total	-60.85M	-19.24M	-25.59M	-7.98M	-37.5M
Total Debt Repaid	-60.85M	-19.24M	-25.59M	-7.98M	-37.5M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-36.69M	-22.37M	-13.5M	-	-
Common & Preferred Stock Dividends Paid	-36.69M	-22.37M	-13.5M	-	-
Other Financing Activities, Total	-	-	-	-	1K
Cash from Financing	-97.54M	9.7M	-39.08M	-7.92M	-28.12M
Foreign Exchange Rate Adjustments	-4.91M	-2.11M	279K	65K	791K
Net Change in Cash	-3.75M	-31.45M	-32.69M	-6.24M	18.81M
Supplemental Items
Cash Interest Paid	7.49M	5.77M	7.01M	7.06M	8.37M
Cash Income Tax Paid (Refund)	9.9M	112K	48K	106K	76K
Net Debt Issued / Repaid	-60.85M	32.08M	-25.59M	-7.92M	-28.12M
Levered Free Cash Flow	-1.17M	6.27M	-9.53M	-32.22M	14.72M
Unlevered Free Cash Flow	3.49M	9.83M	-4.92M	-26.34M	19.72M
Change In Net Working Capital	3.96M	-3.17M	6.68M	27.61M	-19.64M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.15	1.17	0.34	0.26	0.02
Return on Total Capital	1.2	1.22	0.35	0.27	0.02
Return On Equity %	8.38	-11.66	-11.19	-32.61	-35.78
Return on Common Equity	8.43	-11.67	-11.13	-32.27	-34.89
Margin Analysis
Gross Profit Margin %	68.31	65.49	47.15	43.22	31.84
SG&A Margin	21.17	25.31	32.71	32.91	31.2
EBITA Margin %	36.8	38.87	14.44	10.3	0.65
EBIT Margin %	36.8	38.87	14.44	10.3	0.65
Income From Continuing Operations Margin %	93.53	-134.18	-152.97	-384.81	-327.89
Net Income Margin %	93.63	-133.73	-151.62	-379.87	-320.86
Net Avail. For Common Margin %	93.63	-133.73	-151.62	-379.87	-320.86
Normalized Net Income Margin	15.5	32.43	-11.76	-12.92	-24.25
Levered Free Cash Flow Margin	-3.6	22.75	-48.65	-177.03	84.39
Unlevered Free Cash Flow Margin	10.77	35.67	-25.13	-144.73	113.02
Asset Turnover
Asset Turnover	0.05	0.05	0.04	0.04	0.04
Fixed Assets Turnover	0.07	0.06	0.05	0.05	0.06
Receivables Turnover (Average Receivables)	11.22	13	9.89	7.06	8.09
Short Term Liquidity
Current Ratio	1.65	0.89	0.34	0.58	0.68
Quick Ratio	1.62	0.84	0.33	0.22	0.47
Operating Cash Flow to Current Liabilities	-0.14	0.31	0.06	0.01	-0.06
Days Sales Outstanding (Average Receivables)	32.53	28.07	36.9	51.87	45.13
Average Days Payable Outstanding	198.59	265.56	202.5	190.77	158.85
Long Term Solvency
Total Debt/Equity	62.8	85.58	89.36	118.55	148.89
Total Debt / Total Capital	38.58	46.12	47.19	54.24	59.82
LT Debt/Equity	52.05	68.92	65.52	82.32	108.16
Long-Term Debt / Total Capital	31.97	37.14	34.6	37.66	43.46
Total Liabilities / Total Assets	41.07	48.64	48.9	55.82	62.12
EBIT / Interest Expense	1.57	1.74	0.38	0.2	0.01
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.78	-14.93	-28.94	-7.06	-4.14
Gross Profit, 1 Yr. Growth %	10.23	-18.44	-48.85	-14.81	-29.37
EBITA, 1 Yr. Growth %	-2.37	-10.15	-73.61	-33.68	-93.97
EBIT, 1 Yr. Growth %	-2.37	-10.15	-73.61	-33.68	-93.97
Earnings From Cont. Operations, 1 Yr. Growth %	66.36	-222.04	-18.99	133.8	-18.32
Net Income, 1 Yr. Growth %	66.7	-221.5	-19.44	132.84	-19.03
Diluted EPS Before Extra, 1 Yr. Growth %	49.98	-220.59	-19.47	133.15	-19.27
Normalized Net Income, 1 Yr. Growth %	-30.94	77.98	-125.77	2.09	79.92
Net Property, Plant and Equip., 1 Yr. Growth %	-20.99	2.29	-5.59	-20.63	-15.83
Accounts Receivable, 1 Yr. Growth %	-57.09	58.65	8.23	3.9	-41.05
Total Assets, 1 Yr. Growth %	-17.53	-4.45	-13.73	-14.84	-11.85
Common Equity, 1 Yr. Growth %	-8.12	-16.77	-14.13	-26.13	-23.75
Tangible Book Value, 1 Yr. Growth %	-8.12	-16.77	-14.13	-26.13	-23.75
Cash From Operations, 1 Yr. Growth %	197	-370.71	-81.47	-77.01	-628.81
Levered Free Cash Flow, 1 Yr. Growth %	-110.51	-703.27	-259.38	238.19	-145.56
Unlevered Free Cash Flow, 1 Yr. Growth %	-80.08	171.78	-150.06	435.25	-174.58
Dividend Per Share, 1 Yr. Growth %	0	-16.67	-45	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-15.82	-2.92	-22.25	-18.74	-5.61
Gross Profit, 2 Yr. CAGR %	-20.22	-5.19	-35.41	-33.99	-22.43
EBITA, 2 Yr. CAGR %	-35.01	-6.34	-51.3	-58.16	-80.01
EBIT, 2 Yr. CAGR %	-35.01	-6.34	-51.3	-58.16	-80.01
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.93	42.49	-0.57	37.62	38.19
Net Income, 2 Yr. CAGR %	-8.77	42.32	-1.06	36.96	37.3
Diluted EPS Before Extra, 2 Yr. CAGR %	-14.12	34.49	-1.46	37.02	36.03
Normalized Net Income, 2 Yr. CAGR %	-45.3	10.87	-32.27	-48.71	35.53
Net Property, Plant and Equip., 2 Yr. CAGR %	-5.48	-10.1	-1.73	-13.43	-18.26
Accounts Receivable, 2 Yr. CAGR %	-6.74	-17.5	31.04	6.04	-21.74
Total Assets, 2 Yr. CAGR %	-9.07	-11.23	-9.21	-14.29	-13.36
Common Equity, 2 Yr. CAGR %	1.92	-12.55	-15.46	-20.36	-24.95
Tangible Book Value, 2 Yr. CAGR %	1.92	-12.55	-15.46	-20.36	-24.95
Cash From Operations, 2 Yr. CAGR %	-41.96	183.55	-29.17	-79.36	10.26
Levered Free Cash Flow, 2 Yr. CAGR %	-79.27	-24.88	202.75	132.17	24.31
Unlevered Free Cash Flow, 2 Yr. CAGR %	-67.79	-25.08	16.64	63.69	100.16
Dividend Per Share, 2 Yr. CAGR %	0	-8.71	-32.3	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-6.27	-15.53	-12.51	-17.49	-14.14
Gross Profit, 3 Yr. CAGR %	-9.01	-19.63	-22.81	-29.17	-32.48
EBITA, 3 Yr. CAGR %	-20.97	-27.6	-38.6	-46.02	-78.07
EBIT, 3 Yr. CAGR %	-20.97	-27.6	-38.6	-46.02	-78.07
Earnings From Cont. Operations, 3 Yr. CAGR %	24.75	0.41	18.04	32.22	15.65
Net Income, 3 Yr. CAGR %	25.19	0.37	17.73	31.6	14.95
Diluted EPS Before Extra, 3 Yr. CAGR %	11.46	-3.83	13.35	31.31	14.22
Normalized Net Income, 3 Yr. CAGR %	-31.41	-18.95	-31.83	-22.35	-22.07
Net Property, Plant and Equip., 3 Yr. CAGR %	0.45	-2.96	-8.62	-8.48	-14.24
Accounts Receivable, 3 Yr. CAGR %	-5.93	11.33	-9.68	21.28	-12.81
Total Assets, 3 Yr. CAGR %	-1.7	-7.55	-12.07	-11.13	-13.48
Common Equity, 3 Yr. CAGR %	6.59	-4.74	-13.08	-19.18	-21.5
Tangible Book Value, 3 Yr. CAGR %	6.59	-4.74	-13.08	-19.18	-21.5
Cash From Operations, 3 Yr. CAGR %	-25.78	-3.02	14.22	-51.32	-39.15
Levered Free Cash Flow, 3 Yr. CAGR %	-53.76	-38.65	-5	214.13	35.05
Unlevered Free Cash Flow, 3 Yr. CAGR %	-18.05	-33.63	-34.5	93.83	26.11
Dividend Per Share, 3 Yr. CAGR %	0	-5.9	-22.9	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.21	-4.73	-13.02	-16.83	-9.82
Gross Profit, 5 Yr. CAGR %	-0.88	-7.28	-20.67	-25.72	-22.66
EBITA, 5 Yr. CAGR %	-8.06	-12.64	-34.89	-41.86	-60.8
EBIT, 5 Yr. CAGR %	-8.06	-12.64	-34.89	-41.86	-60.8
Earnings From Cont. Operations, 5 Yr. CAGR %	5.3	13.81	13.93	13.9	25.72
Net Income, 5 Yr. CAGR %	5.43	13.97	13.94	13.66	25.2
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.98	4.95	6.1	10.8	21.93
Normalized Net Income, 5 Yr. CAGR %	-9.58	-6.2	-31.76	-32.5	-10.27
Net Property, Plant and Equip., 5 Yr. CAGR %	0.74	-0.15	-0.43	-7.29	-12.61
Accounts Receivable, 5 Yr. CAGR %	-10.79	-0.81	7.4	9.18	-14.71
Total Assets, 5 Yr. CAGR %	2.86	-0.55	-4.78	-10.31	-12.59
Common Equity, 5 Yr. CAGR %	7.42	1.61	-2.85	-11.32	-18.04
Tangible Book Value, 5 Yr. CAGR %	7.42	1.61	-2.85	-11.32	-18.04
Cash From Operations, 5 Yr. CAGR %	-14.93	-4.94	-27.16	-47.77	12.62
Levered Free Cash Flow, 5 Yr. CAGR %	-35.6	-3.64	-4.2	3.47	5.79
Unlevered Free Cash Flow, 5 Yr. CAGR %	-25.42	-3.77	-4.94	-4.76	2.39
Dividend Per Share, 5 Yr. CAGR %	0	-3.58	-14.45	-	-