TORONTO, Dec. 1, 2015 /CNW/ - WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (the "REIT") announced today that it has been advised by Welsh Property Trust, LLC, the external asset manager and property manager of the REIT ("Welsh"), that the note issued by Welsh to Almanac Realty Investors, LLC previously maturing on November 30, 2015 (the "Almanac Note") has been amended and extended. The maturity date of the Almanac Note has been extended to January 29, 2016 and, subject to Welsh's satisfaction of certain additional conditions, Welsh is granted further options to extend the maturity date for additional periods totalling up to twelve months.
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 15.1 million square feet of gross leasable area, comprised of 46 industrial properties and two office properties located in 13 states within the United States.
About Welsh Property Trust, LLC:
Welsh Property Trust, LLC, a privately held real estate investment management company, is the external asset manager and property manager of the REIT. The Welsh organization was founded in 1977 and has extensive experience in the acquisition, management and disposition of industrial and office real estate assets in attractive markets throughout 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. Forward-looking statements are typically based on a number of beliefs and assumptions that, while considered reasonable by management of the REIT, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's beliefs and assumptions may prove to be incorrect. 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. This press release is subject to the factors discussed under "Risk Factors" in the REIT's annual information form for the year ended December 31, 2014, 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.
SOURCE WPT Industrial Real Estate Investment Trust
For further information: Scott Frederiksen, Chair and Chief Executive Officer, WPT Industrial REIT, Tel: (952) 897-7737, Fax: (952) 842-7737