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AIP Realty Trust Announces Third Quarter 2022 Results

VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) — AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) today announced its financial results for the three and nine-month periods ended September 30, 2022. All dollar amounts are stated in U.S. dollars.

Q3 2022 Highlights

  • Entered into forward purchase agreements providing the Trust with the option to acquire up to seven additional properties being developed in the Dallas-Fort Worth (“DFW”) area by AllTrades Industrial Properties, Inc. (“AllTrades”), the Trust’s exclusive development partner, and a related party of the Trust. Including previously announced agreements relating to another five properties, the Trust has now entered into agreements to acquire a total of 12 light industrial flex properties totaling 841,109 square feet of leasable space.1
  • Announced that the first of these 12 properties, a 49,713 square foot facility in Mesquite, TX, was completed in August and 100% leased by the end of September for a NNN rental average of $15.04 per square foot. Subsequent to the end of the quarter, an 82,280 square foot AllTrades facility in Plano, TX was completed and fully leased at a NNN rental average of $15.20 per square foot.
  • Generated rental revenue of $124,309 from a multi-tenant light industrial flex facility located on Eagle Court in Lewisville, TX, comprised of tenant rental revenue and revenue from contracts with customers, specifically common area maintenance. The Eagle Court facility has been 100% leased since substantial completion in June 2020. Additionally, the quality of the facility is reflected by 22% of the tenant base being the US headquarters for global companies and 40% of the tenant base being the Texas headquarters for US national companies.
  • Incurred property operating expenses of $31,431, resulting in net rental income of $92,878.
  • Declared a quarterly distribution of $0.04 per unit on September 23, 2022, which was paid to unitholders subsequent to the end of the quarter.

“Our development partner AllTrades continues to execute on its robust development portfolio, while at the same time making solid progress lining up its next group of sites on which to build its unique brand of light industrial flex facilities. These projects represent a tremendous pipeline of potential acquisitions for the Trust to evaluate and grow our business,” said Les Wulf, Executive Chairman, AIP Realty Trust. “Recent transactions demonstrate a high degree of interest and healthy fundamentals in the industrial real estate sector, and this has been further validated by strong leasing performance among the AllTrades facilities.”

Selected Financial Information

(unaudited)   Three months ended

September 30
  Nine months ended

September 30
      2022     2021       2022     2021  
Rental revenue   $124,309         $227,952      
Property operating expenses   ($31,431 )       ($56,938 )    
Net rental income   $92,878         $171,014      
Other expenses   ($350,874 ) ($3,628 )   ($2,687,348 ) ($209,712 )
Fair value adjustment to investment property             $9,628      
Net loss and total comprehensive loss   ($257,996 ) ($3,628 )   ($2,506,706 ) ($209,712 )
As at September 30 (unaudited) and December 31 (audited)     2022     2021
Investment property   $5,750,000    
Cash   $1,097,323   $315,308
Secured bank indebtedness (net of debt discount)   $3,123,338    
Subscription receipt liability       $5,505,000
Units outstanding     3,417,861     72,861

The foregoing is a summary of selected information for the three and nine-month periods ended September 30, 2022 and is qualified in its entirety by, and should be read in conjunction with, the Trust’s condensed interim consolidated financial statements and management discussion and analysis for the three and nine months ended September 30, 2022.

Readers should note that results for the three and nine-month periods ended September 30, 2022 reflect operations that commenced with the acquisition of the Eagle Court Property on April 14, 2022 upon completion of the Qualifying Transaction. Furthermore, while figures are provided for the comparable prior year periods, the Trust did not yet own any real property assets in 2021.

Related party disclosures

The executive management team of the Trust is the same executive management team as AllTrades.

Outlook

The Trust intends to finance the construction, acquisition and management of light industrial flex multi-tenant properties. Through its agreement with AllTrades, the Trust has been granted an exclusive right to purchase all AllTrades completed and leased facilities, as well as any facilities in development. The Trust will also provide AllTrades with a percentage of the required funding for the development of its national rollout.

The 12 properties mentioned above and subject to forward purchase agreements include five DFW-area facilities already completed or nearing completion, and seven additional facilities on which development is expected to commence by late 2022 or early 2023. Development on these facilities is being fully funded with equity capital from AllTrades and Trinity Investors, a $6 billion Dallas-based real estate private equity investor. In addition, AllTrades is actively planning the next tranche of facilities in DFW, Austin, and Houston TX.

AIP Realty’s condensed interim consolidated financial statements and management discussion and analysis for the period ended September 30, 2022 are available on SEDAR at www.sedar.com, and on the Trust’s website at www.aiprealtytust.com.

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 Wulf

Executive Chairman

(214) 679-5263

les.wulf@aiprealtytrust.com

Or

Greg Vorwaller

Chief Executive Officer

(778) 918-8262

Greg.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, 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 the commencement of development on certain of the AllTrades facilities, 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. These forward-looking statements are made as of the date hereof and are expressly qualified in their entirety by this cautionary statement. 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.

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.

Source: AIP Realty Trust

1 The acquisition of each of the Properties is subject to certain conditions, including but not limited to completion of the construction of each facility, receipt of audited financial statements for each facility, receipt of a satisfactory third-party appraisal supporting the purchase price for each facility, receipt of regulatory approvals, including the approval of the TSXV, approval of the independent trustees of AIP and customary closing date and post-closing adjustments.

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