TORONTO, ONTARIO--(Marketwired - March 28, 2017) - WPT Industrial Real Estate Investment Trust (the "REIT") (TSX:WIR.U)(OTCQX:WPTIF) today announced that Dennis Heieie, Chief Financial Officer, intends to retire at the end of June 2017. Mr. Heieie has been the Chief Financial Officer of the REIT since its initial public offering in 2013, and has played a significant role in the growth and development of the REIT.
With Mr. Heieie's retirement, the REIT is pleased to announce that Judd Gilats has been hired to succeed Mr. Heieie as Chief Financial Officer of the REIT and the REIT's external asset and property manager, WPT Capital Advisors, LLC ("WPT Capital"), effective as of the date of Mr. Heieie's retirement. Mr. Heieie will remain with WPT Capital in an advisory capacity through the end of 2017 to ensure a seamless transition.
Mr. Gilats was previously Chief Financial Officer for U.S. Assets and Dislocated Industries at Castlelake, L.P., a global investment firm based in Minneapolis, MN. Before Castlelake, Mr. Gilats held various corporate finance and capital markets roles with Ares Management, Wrightwood Capital, Chiron Corporation and Deloitte & Touche LLP, where he earned his CPA designation. Mr. Gilats received his BBA in accounting from the University of Wisconsin - Madison and his MBA from the Hass School of Business at the University of California - Berkeley.
Scott Frederiksen, the REIT's Chief Executive Officer, commented, "I would like to thank Dennis for his years of dedicated service and leadership. He made significant contributions to the REIT's success during his time as CFO and we wish Dennis and his family well in his retirement." Mr. Frederiksen went on to say, "We are thrilled to have the opportunity to bring on a finance executive of Judd's caliber to succeed Dennis. Judd brings a wealth of knowledge and experience, and we look forward to his leadership and contributions as we continue building long-term value for our Unitholders."
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.
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: the timing and effective date of officer retirement, the contributions and experience of the REIT's executive officers, and the growth and long-term value of the REIT. 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.
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, 2016, 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.