CALGARY, Alberta, June 20, 2022 (GLOBE NEWSWIRE) -- AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) announced the results of voting at its special meeting of unitholders held Friday, June 17, 2022 (the "Meeting"). A total of 72.94% of the issued and outstanding units of the Trust were represented at the Meeting, and both of the resolutions put forward by Trustees were approved.
Amendments to the Declaration of Trust were approved by 96.791% of the votes represented at the Meeting. The amendments were made to (a) change the Trust from a closed-end trust to an open-ended trust and revising the investment criteria accordingly; (b) revise the investment guidelines to allow lending in respect of potential development targets; (c) permit a dividend re-investment plan; (d) remove the terms restricting redemption and transfer of Units prior to conversion; and (e) change the governing jurisdiction of the Trust from Alberta to British Columbia.
The Unit Option Plan was approved by 100% of the votes represented at the Meeting. The Unit Option Plan is designed to advance the interests of the Trust by encouraging its trustees, officers, employees and consultants to acquire units of the Trust, thereby increasing their proprietary interest in the Trust, encouraging them to remain associated with the Trust and furnishing them with additional incentive in their efforts on behalf of the Trust in the conduct of its affairs.
“Today’s voting results represent an important step in our growth strategy as we look to execute on a solid pipeline of light industrial flex real estate properties,” said Les Wulf, Executive Chairman, AIP Realty Trust. “We thank our unitholders for their continued support and look forward to mutual success.”
Each of the matters voted upon at the Meeting are described in greater detail in the Management Information Circular of the Trust dated May 16, 2022, and available at www.sedar.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 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. 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
