AIP Realty Trust (the “
Trust” or
“
AIP”) (TSXV: AIP.U) today announced that its
exclusive development and property management partner, Dallas-based
AllTrades Industrial Properties, Inc.
(“
AllTrades”), has completed construction, ready
for occupancy by tenants, of a new facility located in the east
central area of Dallas-Fort Worth, TX (the “
Plano
Property”). All dollar figures are stated in U.S dollars.
The Plano Property is a light industrial flex
facility comprised of approximately 82,280 rentable square feet
across 30 WorkSpace Shops™ and 51 WorkSpace Secured Parking™
spaces. As a result of AllTrades’ pre-leasing during construction,
the facility is 100% leased at the completion of construction at an
average blended NNN rental of $15.20 per sq foot.
Recently completed AllTrades property in Plano,
Texas.
“AllTrades continues to execute on its
development program with the opening of another high-quality
facility in Dallas-Fort Worth,” said Les Wulf, Executive Chairman.
“Like the previously completed facilities, the Plano Property is
experiencing strong demand from tenants as demonstrated by the high
initial occupancy rate. AIP is pleased to see ongoing progress on
its acquisition pipeline.”
The Plano Property is the second facility to be
completed among a group of five properties the Trust agreed to
acquire earlier this year. As announced on May 24, 2022, AIP
entered into membership interest purchase agreements (the
“Agreements”) with AllTrades Five Properties, LLC
(“AT5P”) providing the Trust with the exclusive
option to acquire up to five properties in final stages of
development in the Dallas-Fort Worth (“DFW”) area
of Texas, including the Plano Property. The Mesquite property was
the first of this group to be completed, as announced August 9,
2022, and is now 100% leased and generating NNN rental average of
$15.04 per square foot. The remaining three properties from that
group are expected to be completed by the end of the first quarter
of 2023.
On September 26, 2022, the Trust announced
similar forward purchase agreements to acquire up to seven
additional AllTrades-branded properties in the DFW area. To date,
AIP has now entered into forward purchase agreements to acquire a
total of 12 light industrial flex properties totaling 841,109
square feet of leasable space, comprised of 191 WorkSpace Shops™,
136 WorkSpace Studios™ and 339 WorkSpace Secured
Parking™ spaces. The aggregate projected purchase price
assuming that all of the properties are acquired by AIP would be
$205,500,000.
AllTrades facilities are targeted at the trades
and services sectors and small businesses which are often
underserved and relegated to older buildings with outdated
amenities. The facilities offer turnkey modern, appealing spaces
that can be readily adapted to multiple uses. The facilities are
intended to address the underserved needs for new generation,
high-quality light industrial flex space by the large, diverse, and
growing market of trades, services, and small businesses in the US
seeking locations close to their customer base, following the
growing trend of last mile service.
The Trust’s governance committee will begin the
process of evaluating whether to exercise the option based on its
review of the audited financial statements and the appraisal of the
Plano Property. The Trust will only move forward with the
acquisition of the Plano Property if the Trust’s governance
committee and independent trustees make a favorable recommendation,
and the Trust has secured the funds necessary to do so.
About AIP Realty Trust
AIP Realty Trust is a real estate investment
trust with a growing portfolio of light industrial flex facilities
focused on small businesses and the trades and services sectors in
the U.S. These properties appeal to a diverse range of small space
users, such as contractors, skilled trades, suppliers, repair
services, last-mile providers, small businesses and assembly and
distribution firms. They typically offer attractive fundamentals
including low tenant turnover, stable cash flow and low capex
intensity, as well as significant growth opportunities. With an
initial focus on the Dallas-Fort Worth market, AIP plans to roll
out this innovative property offering nationally. AIP holds the
exclusive rights to finance the development of and to purchase all
the completed and leased properties built across North America by
its development and property management partner, AllTrades
Industrial Properties, Inc. For more information, please visit
www.aiprealtytrust.com.
For further information from the Trust,
contact:Leslie WulfExecutive Chairman(214)
679-5263les.wulf@aiprealtytrust.com
Or
Greg VorwallerChief Executive Officer(778)
918-8262Greg.vorwaller@aiprealtytrust.com
Cautionary Statement on
Forward-Looking Information
This press release contains statements which
constitute “forward-looking information” within the meaning of
applicable securities laws, including statements regarding the
plans, intentions, beliefs and current expectations of AIP Realty
Trust with respect to future business activities and operating
performance. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and includes information regarding, the expected timing
and completion of the acquisition of the LLCs, the effect of the
acquisitions of the LLCs on AIP’s financial performance, the
ability to secure the funding required to complete the acquisition
of the LLCs, the satisfaction of the conditions precedent to
consummation of the acquisition of the LLCs, including the ability
to obtain required regulatory approvals, the ability of AIP to
execute its business and growth strategies, future acquisitions by
the Trust, the ability to obtain regulatory and unitholder
approvals and other factors. When or if used in this news release,
the words “anticipate”, “believe”, “estimate”, “expect”, “target”,
“plan”, “forecast”, “may”, “schedule” and similar words or
expressions identify forward-looking statements or information.
These forward-looking statements or information may relate to
proposed financing activity, proposed acquisitions, regulatory or
government requirements or approvals, the reliability of
third-party information and other factors or information. Such
statements represent the Trust’s current views with respect to
future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Trust, are inherently subject to significant business, economic,
competitive, political and social risks, contingencies and
uncertainties. Many factors, both known and unknown, could cause
results, performance or achievements to be materially different
from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to, the following: (i) AIP
will receive financing on favourable terms; (ii) the future level
of indebtedness of AIP and its future growth potential will remain
consistent with AIP’s current expectations; (iii) there will be no
changes to tax laws adversely affecting AIP’s financing capacity or
operations; (iv) the impact of the current economic climate and the
current global financial conditions on AIP’s operations, including
its financing capacity and asset value, will remain consistent with
AIP’s current expectations; (v) the performance of AIP’s
investments in Texas will proceed on a basis consistent with AIP’s
current expectations; and (vi) capital markets will provide AIP
with readily available access to equity and/or debt. The Trust does
not intend, and do not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events
affecting such statements and information other than as required by
applicable laws, rules and regulations.
The forward-looking statements contained in this
news release are expressly qualified in their entirety by this
cautionary statement. All forward-looking statements in this press
release are made as of the date of this press release. AIP does not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise, except as
required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release is not an offer of securities
for sale in the United States. The securities may not be offered or
sold in the United States absent registration or an exemption from
registration under U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”). The Trust has not registered and will not
register the securities under the U.S. Securities Act. The Trust
does not intend to engage in a public offering of their securities
in the United States.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/28a0277a-cf63-44c8-98e3-158833162134
https://www.globenewswire.com/NewsRoom/AttachmentNg/538b4dde-885f-4958-9b6f-2a922705f358
AIP Realty (TSXV:AIP.U)
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AIP Realty (TSXV:AIP.U)
過去 株価チャート
から 12 2023 まで 12 2024