TORONTO, July 31, 2014 /CNW/ - WPT Industrial Real Estate Investment Trust (TSX:WIR.U – OTCQX: WPTIF) (the "REIT") announced today that it has renewed two major leases in their distribution property located at 6579 West 350 North in Indianapolis, Indiana. Leases were completed for approximately 288,943 square feet of distribution space to Formica Corporation and approximately 130,200 square feet of distribution space to Emerson Climate Technologies, a division of Emerson Electric Company. The REIT also successfully expanded a tenant in its 6766 Pontius Road facility located in Columbus, Ohio. The expansion of approximately 160,000 square feet was completed with Honeywell International, Inc., which is the sole tenant in the building and now occupies 100% of the approximately 754,000 square foot property.
6579 West 350 North is a multi-tenant, state-of-the-art Class A distribution facility totaling approximately 629,241 square feet of GLA. Built in 2002, the property features 32-foot clear ceiling height, ample dock doors, ESFR fire suppression and ample trailer and auto parking.
6766 Pontius Road is a single-tenant modern distribution facility, totaling approximately 754,000 square feet of GLA. Built in 2006, the property features 32- to 37-foot clear ceiling height, ample dock doors, ESFR sprinkler system, T-5 lighting and ample trailer and auto parking.
"We continue to see quality distribution tenants seeking out properties located in key distribution markets with state-of-the-art features that can enhance their supply chain operations. These recent lease renewals and this lease expansion underscore the continued benefits and competitive advantages of owning high-quality, functional real estate" commented Scott Frederiksen, Chief Executive Officer.
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 12.7 million square feet of gross leasable area, comprised of 40 industrial properties and two office properties located in 12 states within 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. The words" plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes" or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved" or "continue" and similar expressions identify forward-looking statements. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the preferences of tenants and the benefits and advantages of owning certain types of real estate. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT's and each property's future growth potential, results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital, the current economic conditions remaining unchanged, and continued positive net absorption and declining vacancy rates in the markets in which the REIT's properties are located.
When relying on forward-looking statements to make decisions, 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the REIT's annual information form for the period ended December 31, 2013, 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.
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