VANCOUVER, May 19 /CNW/ - Pure Industrial Real Estate Trust ("PIRET")
(TSXV: AAR.UN) is pleased to announce the release of its financial results for
the three months ended March 31, 2009. The results, consisting of PIRET's
unaudited interim consolidated financial statements for the three months ended
March 31, 2009, and Management's Discussion and Analysis ("MD&A") dated May
12, 2009, are available on SEDAR (www.sedar.com).
Sale of Asset
PIRET has entered into an unconditional purchase and sale agreement for
225 Quebec Street, Regina Saskatchewan at a sale price of $558,000. The
transaction is scheduled to close on or around June 1st, 2009.
This sale will represent a cap rate of 7.2%, which is significantly lower
than the 8.2% going in cap rate from the December 2007 acquisition.
225 Quebec Street is PIRET's second asset sale, and along with 509 44th
Street East, Saskatoon Saskatchewan represents the sale of PIRET's two
smallest assets totaling 19,100 square feet or just under 2.4 percent of
PIRET's original 813,000 square foot portfolio.
The sale prices of these two assets are above their original December
2007 purchase prices, and further illustrate management's ability to purchase
a portfolio of high quality, undervalued real estate assets at excellent price
points. These two assets were sold at Net Asset Values that were higher than
when PIRET acquired the assets in conjunction with our last equity raise at
PIRET's Board of Trustees has approved a cash distribution of $0.025 per
trust unit for the period from May 1, 2009 to May 31, 2009 (equivalent to
$0.30 per trust unit on an annualized basis). This distribution will be paid
on June 15, 2009 to unitholders of record at the close of business on May 29,
The policy of Pure Industrial Real Estate Trust is to pay cash
distributions on or about the 15th day of each month to the unitholders of
record on the last business day of the preceding month.
PIRET's Units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca.
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 both primary and secondary 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
"NEITHER 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."
For further information:
For further information: Darren Latoski, Acting Chief Executive Officer;
Andrew Greig, 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, E-mail: firstname.lastname@example.org,