AIP Realty Trust sees 10% revenue increase at Eagle Court Property in Texas

From GlobeNewswire: 2024-08-29 17:29:00

AIP Realty Trust announced its financial results for Q2 of 2024, highlighting a 10% increase in investment property revenue at the Eagle Court Property in Texas due to higher lease rates. The Trust issued Preferred Units under a private placement and completed an issuance of Class A Trust Units to satisfy debt in Q2.

In the first tranche of the private placement, the Trust issued 1,100,000 Preferred Units at $0.50 per unit, generating $550,000 in gross proceeds. Additionally, 1,500,000 Class A Trust Units were issued to repay a $750,000 debt owed to a related party, AllTrades Industrial Development LLC.

The Trust suspended Q1 and Q2 quarterly distributions to preserve capital to acquire properties. Financial information for Q2 shows net rental income of $99,008, while total comprehensive loss was $1,427,343. As of June 30, investment property stood at $5,822,000, with secured bank indebtedness at $2,968,541.

The Trust has exclusive agreements to acquire up to twelve Serviced Industrial Business Suites in the Dallas-Fort Worth area by AllTrades. The Board of Trustees is considering a potential transaction to acquire AllTrades. Raymond James Ltd. serves as the financial advisor in this regard.

In August 2024, the Trust completed the final tranche of the private placement, issuing 1,900,000 Preferred Units at $0.50, totaling $950,000 in gross proceeds. Financial projections indicate sufficient cash flows for operating expenses over the next twelve months.

AIP Realty Trust focuses on acquiring AllTrades branded SIBS light industrial flex facilities across North America, appealing to small businesses in various sectors. The Trust holds exclusive rights to finance and purchase AllTrades properties. For more information, visit www.aiprealtytrust.com.



Read more at GlobeNewswire:: AIP Realty Trust Announces Second Quarter 2024 Results