TORONTO, ON--(Marketwired - March 16, 2017) - WPT Industrial Real Estate Investment Trust (the "REIT") (TSX: WIR.U) (OTCQX: WPTIF) announced today that it has renewed a key lease set to expire in May 2017.
3051 Creekside Parkway Property
The REIT renewed a 737,471 square foot lease with Zulily, LLC, a division of Liberty Interactive Corporation (NASDAQ: QVCA) and currently the REIT's fifth largest tenant by gross leasable area, at the REIT's distribution property located at 3051 Creekside Parkway, Obetz (Columbus), Ohio. The original lease, set to expire on May 31, 2017, was renewed for a period of 60 months, expiring May 31, 2022. The lease extension includes a 12.4% base rent increase with 2.0% annual increases thereafter.
Built in 2006, the 737,471 square foot single-tenant modern distribution facility features 32- to 34-foot clear ceiling height, ample dock doors, an ESFR sprinkler system, T-8 lighting and ample trailer and auto parking.
"With the renewal of Zulily, we have now renewed 83% of the 3.2 million square feet of leased space expiring in 2017 and we look forward to continuing our track record of strong internal growth through competitive lease renewals," noted Scott Frederiksen, Chief Executive Officer of the REIT.
About WPT Industrial Real Estate Investment Trust:
WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate an institutional-quality portfolio of primarily industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. WPT Industrial, LP (the REIT's operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 15.6 million square feet of gross leasable area comprised of 47 industrial properties and two office properties located in twelve states within the United States. The REIT pays monthly cash distributions, currently at $0.0633 per Unit, or approximately $0.76 per Unit on an annualized basis, in US funds.
This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements") which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words" plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes" or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved" or "continue" and similar expressions identify forward-looking statements. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to: financing proceeds for the acquisition, expectations regarding accretion to the REIT's AFFO per unit and the effect of the acquisition on the REIT's payout ratio; and the expected capitalization rate for the acquired properties. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT's and each property's future growth potential, results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital, the current economic conditions remaining unchanged, and continued positive net absorption and declining vacancy rates in the markets in which the REIT's properties are located.
When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the REIT's annual information form for the year ended December 31, 2015, which is available under the REIT's profile on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.