Inovalis REIT announced the appointment of Tom Wenner as new Chief Financial Officer effective immediately. The former CFO was based in France where Inovalis, the management group overseeing Inovalis REIT, is headquartered. New CFO Tom Wenner will be based in Toronto where Inovalis REIT operates.
The President of Inovalis REIT, Stéphane Amine, addressed the new location for the CFO position stating, “The rationale of the move of the CFO role from France to Canada is also to get the CFO closer to our investors and the Canadian capital markets.”
Inovalis Real Estate Investment Trust (TSX:INO.UN) is an unincorporated, open-ended real estate investment trust “established pursuant to a declaration of trust under the laws of the Province of Ontario.” As an open-ended REIT, Inovalis REIT can issue new shares and is listed on the Toronto Stock Exchange. The REIT issues dividends monthly.
Paris-based Inovalis manages Innovalis REIT. Inovalis was founded in Paris in 1998. The company has offices in France, Germany, Canada, the U.S. and Singapore with over 500 employees.
Holdings of Inovalis REIT are centered in Germany and France. It currently holds interests in 11 office properties. It is also open to investing in property in other European countries when the property meets its investment criteria.
CFO Tom Wenner
With a listing on the TSE, it makes sense that Inovalis REIT now has a CFO based in Canada. New CFO Tom Wenner is an experienced CFO with almost 20 years in that role for REITs investing in shopping centers and urban workspaces. He is a Chartered Public Accountant and attended the University of Saskatchewan where he earned a Bachelor of Commerce.
Wenner has aided in the acquisition of over 100 properties and the sale of 60. Over the course of his career, he has helped raise $1.2 billion in financing from diverse sources. Responsibilities have included accounting, administration, finance, internal controls, investor relations, and public reporting.
Is Inovalis REIT a good investment?
So, with a seasoned CFO in place, is Inovalis REIT a good investment? A Motley Fool analyst thinks so and proposes it as a solid choice for retirees seeking dividend stocks. He maintains that Inovalis REIT is likely to offer sustainable dividend growth for those looking at a decade or more of returns.
In addition, this analyst considers the stock to have a certain level of safety in the form of long-term stability. As he points out, Inovalis REIT has a “higher-than-average yield at 8.3 percent, but the yield isn’t ‘artificially high’ as a result of a falling security price.”
For those looking at shorter term growth, recent research reports have been mixed. Desjardins investment analysts lowered their price target from $10.75 to $10.50 though that still left 5.53 percent potential upside as of the release of their report.
The analyst consensus price target as of November 22 for Inovalis REIT was $10.75 with a Moderate Buy rating. At that time the shares closed at $9.94.
Despite some questions about the target price, Inovalis REIT still appears to be worth considering though it does seem to be a stronger buy long-term than short.