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InnVest REIT Reports First Quarter Results and Agreement to Sell Two Properties

May 10, 2013

TORONTO, ONTARIO--(Marketwired - May 10, 2013) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN), today announced financial results for the three months ended March 31, 2013. All dollars are in thousands of Canadian dollars unless otherwise specified.

"We are making progress against our strategic plan to improve our portfolio quality and strengthen our balance sheet. So far this year, we have actively planned and rolled out several capital investment projects including the revitalization program of our Comfort Inns. In addition, we have sold or entered into firm commitments to sell over $80 million in sales of non-core assets," said Anthony Messina, InnVest's President and Chief Executive Officer. "First quarter performance saw a shift in demand to the second quarter owing to the timing of Easter this year. Looking ahead, fundamentals for our portfolio are positive, driven by a favourable industry outlook, upside from capital investments and our ability to accretively redeploy capital from asset sales to higher return alternatives."

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