VANCOUVER, Feb. 22, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or "REIT") (TSXV: AAR.UN) today provides an update on recent
PIRET has refinanced $23 million of existing mortgages on eight
properties. The net result of the refinancing is a reduction in the
average interest rate on these mortgages of 180 basis points or 35%,
and a savings of approximately $243,000 per annum. The new mortgages
have a term of five years and an amortization of 25 years, with the
resultant portfolio effect of extending PIRET's weighted average
debt-to-maturity from 5.1 years to 5.5 years and decreasing the
weighted average interest rate from 4.80% to 4.63%.
PIRET also announces that it has finalized an early lease renewal with
Martin Brower of Canada Co., located in 36,728 square feet at 1725
Inkster Boulevard, a multi-tenant industrial warehouse in Winnipeg, MB
that PIRET acquired on July 14, 2011. The new lease commenced December
1, 2011 at net rental rates higher than the expiring term, with built
in contractual rent increases.
PIRET has also renewed the Shanahan's Limited Partnership leases,
totaling 68,405 square feet, in Calgary, AB and Winnipeg, MB. These new
leases have been renewed at rates 6% higher than the expiring rates,
with rent steps over the term.
"These refinancings and lease renewals are in keeping with PIRET's
active asset management strategy and further our goal of predictability
of cash flow through long term, net leases and debt maturities," said
Darren Latoski, Co-CEO of PIRET.
Finally, PIRET announces that for the second year in a row the TSX
Venture Exchange has ranked PIRET in the top ten listed companies in
the Diversified Industries category in the 2012 TSX Venture 50. The
2012 TSX Venture 50 is comprised of ten companies from each of five
sectors; Clean Technology, Mining, Oil & Gas, Diversified Industries,
and Technology & Life Sciences. The 2012 TSX Venture 50 companies were
chosen based on the following criteria, with equal weighting assigned
to each: share price appreciation, trading volume, market
capitalization growth and analyst coverage.
About Pure Industrial Real Estate Trust (PIRET)
PIRET is an unincorporated, open-ended investment trust established for
the purposes of acquiring, owning and operating a diversified portfolio
of income-producing industrial properties in primary markets across
Canada. PIRET focuses exclusively on investing in industrial properties
and is the only publicly traded vehicle in Canada that offers investors
exclusive exposure to Canada's industrial asset class.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
TSX Venture Exchange - AAR.UN
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information:
Director of Investor Relations
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959