Inovalis REIT Q2 2023 MD&A


August 4, 2023

The management’s discussion and analysis (“MD&A”) of the financial condition and results of operations of Inovalis Real Estate Investment Trust (the “REIT”) should be read in conjunction with the REIT’s unaudited condensed interim consolidated financial statements as at June 30 2023 and for the three and six months ended June 30 2023 and 2022 and to the notes thereto. These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS “) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“and thus do not contain all of the disclosures applicable to the annual audited consolidated financial statements.

Dollar amounts in this MD&A are presented in thousands of Canadian dollars and Euros, except rental rates, per unit amounts or as otherwise stated. Historical results, including trends which might appear in this MD&A, should not be taken as indicative of future operations or results. See “Forward Looking Information” for further details. Information contained in this MD&A, including forward looking information, is based on information available to management as of August 4, 202 3 Additional information about Inovalis REIT has been filed with applicable Canadian securities regulatory authorities and is available at

Inovalis MDA Q2 2023 Inovalis MDA Q2 2023

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