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VANCOUVER , Feb. 18, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (AAR-UN.TO) today announced the successful closing of a property located in Calgary, Alberta (the "Calgary Property") for $12.1 million , and a portfolio of five properties located in Bolton , Stoney Creek , Hamilton , Burlington and Woodstock, Ontario (the "First Ontario Portfolio") for $93.0 million as referred to in its Short Form Prospectus dated January 21, 2014 . PIRET also announces its February 2014 distribution and schedules its Q4 2013 and year end Financial Results Conference Call.
The Calgary Property consists of a single-tenant industrial property comprising an aggregate of 27,781 square feet of gross leasable area "GLA" on approximately 8.33 acres of land located in Calgary, Alberta . PIRET purchased the Calgary Property for a total purchase price of $12,140,000 , which represents a going-in capitalization rate of 7.25%. PIRET funded the acquisition with cash proceeds from the bought deal financing that closed on January 28, 2014 .
The First Ontario Portfolio consists of two multi-tenant and three single-tenant industrial properties comprising an aggregate of 1,229,150 square feet of GLA on approximately 68.9 acres of land located in Bolton , Hamilton , Stoney Creek , Burlington and Woodstock, Ontario . PIRET purchased the First Ontario Portfolio for an aggregate purchase price of $93,000,000 , which represents a going-in capitalization rate of 6.99%. PIRET financed the acquisition with cash proceeds from the bought deal financing that closed on January 28, 2014 and first mortgage financings representing 60% of the purchase price bearing a weighted average interest rate of approximately 3.57% per annum on five and seven year terms. The properties are 100% leased to quality international, national and regional tenants. The weighted average remaining lease term is approximately 5.0 years, and the leases are Triple Net leases to PIRET.
After completing the acquisition, PIRET's portfolio totals 161 properties and approximately 13.9 million square feet of GLA. PIRET's year-to-date acquisitions are summarized below:
|First Ontario Portfolio||Various, Ontario||5||1,229,150||$ 93.00||6.99%||100%|
|Calgary Portfolio||Calgary, Alberta||1||27,781||12.10||7.25%||100%|
PIRET today announced that its Board of Trustees has approved a cash distribution of $0.026 per trust unit for the month of February 2014 (equivalent to $0.312 per trust unit on an annualized basis). This distribution will be paid on March 17, 2014 to unitholders of record at the close of business on February 28, 2014 .
The policy of PIRET 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 units are listed on the TSX under the symbol AAR.UN. PIRET currently has 150,654,856 units issued and outstanding.
Scheduling of Conference Call
PIRET is pleased to announce the scheduling of its Q4 2013 Financial Results Conference Call for the three months and one year period ended December 31, 2013 .
Management will host the conference call at 4:30 pm (EST) , 1:30 pm (PST) , on Wednesday March 12, 2014 , to review the financial results and corporate developments for the three months and one year period ended December 31, 2013 .
To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the Pure Industrial Real Estate Trust Conference Call.
Dial in numbers:
|Toll free dial in number (from Canada and USA)||1-888-390-0605|
|International or Local Toronto||1-416-764-8609|
Conference Call Replay
If you cannot participate on March 12 , a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference 120 minutes after the meeting end time, and the replay will be available until March 19, 2014 .
Please enter the Replay ID# 412223, followed by the # key.
|Replay toll free dial in number (from Canada and USA)||1-888-390-0541|
|Replay international or local Toronto||1-416-764-8677|
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada . PIRET focuses exclusively on investing in industrial properties and is the largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
TSX - AAR.UN
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
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Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959