|By Marketwired .||
|January 29, 2013 05:19 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today the implementation of a strategic plan designed to strengthen InnVest's core operations, improve its balance sheet and increase long-term profitability. In addition, InnVest announced that it expects to qualify as a REIT for its 2012 taxation year based on substantively enacted amendments to Canadian federal income tax legislation.
"We are committed to creating long-term value for our unitholders. Following several months of intense analysis, we have developed a comprehensive strategic plan to position our portfolio for the long term. Our strategic plan positions us to achieve profitable, strategic growth and supports our objective to provide our unitholders with stable distributions," said Anthony Messina, President and Chief Executive Officer.
A copy of InnVest's investor presentation is available on InnVest's website at www.innvestreit.com.
InnVest has undertaken a comprehensive review of its portfolio to assess the performance, condition and outlook of each of its hotels. Based on the findings, management has developed a portfolio repositioning program to divest of non-core hotels and implement a focused profit-enhancing capital plan for InnVest's "core" portfolio of hotels which will deliver a stable stream of income. InnVest's strategic plan revolves around the following four initiatives:
1. Divestiture Program to Reposition Portfolio -- Sell 24 properties (3,143 rooms) over the next 2 years for estimated gross sale proceeds of $185 million. -- Generate net proceeds after debt repayment and selling costs of approximately $60 million. These sales are expected to be accretive to InnVest. -- Improve the overall quality and diversification of the portfolio by divesting of low-yielding non-core hotels where the potential for earnings growth is low, where the long-term capital needs do not support our investment return requirements or where InnVest can capitalize on embedded value. 2. Implement a Focused Capital Program -- Invest approximately $130 million over 2 years to renovate and reposition InnVest's core hotel portfolio. -- $45 million for the renovation and repositioning of its Comfort Inn portfolio -- Targeted ROI projects including repositioning select hotels in key markets -- Complete guestroom renovations at the Fairmont Palliser -- Invest in guestroom and public space renovation at the Sheraton Suites Eau Claire, Calgary -- Invest in guestroom renovations at Delta properties including Winnipeg, Halifax and PEI 3. Strengthen Balance Sheet -- Continue leverage reduction through asset sales and regular principal amortization; targeting below 60% debt to gross book value -- Use net sales proceeds to fund the capital program, further reduce indebtedness or build liquidity to deploy in select investments to grow the portfolio 4. Improve Operations -- Leverage renovated product to shift business to higher rated segments and capture greater market share amidst positive industry trends -- Implement operational best practices to maximize margins
Qualified REIT Status
Based on the substantive enactment of a Bill containing favourable proposed amendments to the tests for InnVest to qualify as a REIT for Canadian income tax purposes, and InnVest's valuation and measurement of its different categories of assets and revenues as required under these new tests, InnVest believes that it qualified as a REIT for such purposes during 2012. As a result, InnVest expects to reverse its previously accrued current income tax provision and substantially eliminate its deferred tax liability. There can be no assurances that InnVest will continue to qualify as a REIT for Canadian income tax purposes for subsequent taxation years.
Management will host a conference call on Wednesday January 30, 2013 at 8:30 a.m. Eastern time to discuss the details of today's announcement. Investors and analysts are invited to access the call by dialing (416) 340-2217 or 1(866)696-5910 and referencing the participant pass code 8900613. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available January 30th through to February 13, 2013. To access the recording please call (905) 694-9451 or (800)408-3053 and use the reservation number 7738140#.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 136 hotels across Canada representing approximately 18,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks, competition and the status of InnVest as a Qualified REIT for Canadian federal income tax purposes in any year. These and other factors are discussed in InnVest's annual information form for the year ended December 31, 2011, which is available at www.sedar.com. InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.
InnVest Real Estate Investment Trust
Executive Director, Investor Relations
(905) 206-7114 (FAX)
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 29, 2015 09:00 PM EDT Reads: 4,978
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
May. 29, 2015 06:15 PM EDT Reads: 1,000
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connected devices. In her session at @ThingsExpo, Sarah Cooper, VP Business of Development at M2Mi, will d...
May. 29, 2015 04:27 PM EDT Reads: 442
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
May. 29, 2015 03:45 PM EDT Reads: 4,804
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In this session, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, will describe how to revolutionize your architecture and...
May. 29, 2015 02:33 PM EDT Reads: 495
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
May. 29, 2015 02:00 PM EDT Reads: 6,442
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
May. 29, 2015 02:00 PM EDT Reads: 841
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 29, 2015 01:15 PM EDT Reads: 2,130
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
May. 29, 2015 01:00 PM EDT Reads: 6,934
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
May. 29, 2015 01:00 PM EDT Reads: 4,294
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 29, 2015 01:00 PM EDT Reads: 1,474
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud create greater value for the user? Why do connected features improve the overall experience? And why do...
May. 29, 2015 12:42 PM EDT Reads: 526
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
May. 29, 2015 12:30 PM EDT Reads: 819
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @ThingsExpo, Zack Bennett, Vice President of Customer Success at EVRYTHNG, will answer these questions a...
May. 29, 2015 12:13 PM EDT Reads: 503
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 29, 2015 12:00 PM EDT Reads: 1,776
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
May. 29, 2015 11:00 AM EDT Reads: 4,042
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
May. 29, 2015 11:00 AM EDT Reads: 5,727
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...
May. 29, 2015 10:50 AM EDT Reads: 572
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
May. 29, 2015 10:00 AM EDT Reads: 3,210
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
May. 29, 2015 10:00 AM EDT Reads: 5,481