AIP Realty Trust Reports Second Quarter 2024 Financial Results
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AIP Realty Trust Reports Second Quarter Financial Results
AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) has announced its financial results for the three and six months ended June 30, 2024. This report details the Trust's ongoing performance and key highlights from the reported period, with all dollar amounts referenced in U.S. dollars.
2024 Performance Highlights
The Trust maintains a 100% leased multi-tenant light industrial flex facility, known as the Eagle Court Property, located in Lewisville, Texas. Since its substantial completion in June 2020, the property has achieved full occupancy. Despite anticipated normal tenant turnover, the Trust has experienced an approximate 10% increase in investment property revenue due to elevated lease rates.
Investment Revenue Overview
During the three and six months ending June 30, 2024, the Eagle Court Property generated investment property revenue of $152,591 and $303,633, respectively. This revenue comes from tenant rental income and contract revenues related to common area maintenance. Operating expenses for the same periods amounted to $53,583 and $102,186, resulting in net rental income figures of $99,008 and $201,447.
Recent Financing Actions
On April 19, 2024, the Trust successfully completed the first tranche of a non-brokered private placement, issuing 1,100,000 Preferred Units – Series B Convertible, at $0.50 per unit, for total gross proceeds of $550,000. The proceeds will support working capital and general corporate initiatives. These Preferred Units will undergo a hold period of four months and one day post-issuance.
Strategic Developments
On April 29, 2024, the Trust issued 1,500,000 Class A Trust Units at a deemed issue price of $0.50 per unit to settle an outstanding debt to a related party, AllTrades Industrial Development LLC, totaling $750,000. This transaction has been recorded as a one-time property exclusivity fee.
Future Acquisition Plans
The Trust has plans to acquire up to twelve Serviced Industrial Business Suites (SIBS) within the developing shallow bay light industrial flex space in the Dallas-Fort Worth market, facilitated through a partnership with AllTrades Industrial Properties, Inc. Future acquisitions are contingent upon successful agreements achieved with AllTrades, which also serves as the Trust's exclusive development partner.
Distribution Strategy
The Trust has temporarily suspended its quarterly distributions for Q1 and Q2 to reinforce its capital preservation strategy until the properties currently under consideration are acquired.
Financial Summary
The selected financial information showcases the Trust's growth over the recent quarters. In 2024, rental revenue is observed to increase compared to prior years despite the substantial operational landscape.
Outlook and Future Events
In partnership with AllTrades, the Trust has exclusive rights to purchase AllTrades’ facilities, including properties either completed or currently under development. This includes five completed facilities and seven that are underway. The exploration of a business plan and potential acquisition structure with AllTrades is a priority for the Board of Trustees.
Management and Contact Information
AIP Realty Trust is a mutual fund trust managing a portfolio of light industrial facilities aimed at small businesses across the U.S. For further inquiries regarding the Trust, please contact:
Leslie Wulf
Executive Chairman
(214) 679-5263
les.wulf@aiprealtytrust.com
Greg Vorwaller
Chief Executive Officer
(778) 918-8262
Greg.vorwaller@aiprealtytrust.com
Frequently Asked Questions
What are the highlights of AIP Realty Trust's Q2 2024 results?
The Trust reported increased rental revenues and successful financing efforts, alongside a strategic focus on acquisition plans for new properties.
What is the Eagle Court Property?
The Eagle Court Property is a fully leased multi-tenant light industrial facility that has been operational since June 2020, generating consistent revenue growth.
What are Preferred Units in the context of AIP Realty Trust?
Preferred Units refer to special equity units that provide certain benefits and are issued for funding purposes, helping facilitate the Trust’s financing strategies.
How does the Trust plan to support its capital requirements?
The Trust plans to utilize proceeds from its financing rounds to support working capital and strategic acquisitions of new properties.
How can one learn more about AIP Realty Trust?
For more information about AIP Realty Trust, visit their official website or contact their management directly via the provided contact details.
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