Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

WPT Industrial REIT Announces Acquisition of US$226 Million Infill Logistics Portfolio

TORONTO, April 05, 2019 (GLOBE NEWSWIRE) -- WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U - OTCQX: WPTIF) announced that it has closed on the previously announced acquisition of a portfolio of 13 industrial buildings and three land parcels located in multiple markets in the United States (the “Acquisition Portfolio”) totaling approximately 2.2 million square feet of gross leasable area for a purchase price of US$226 million, representing a going-in capitalization rate of 5.1% and a stabilized capitalization rate of 5.3%.  The Acquisition Portfolio purchase was funded with cash on hand and a draw from the REITs senior unsecured credit facility.

Building Overview

AddressCity (Market)StateGLA (sf)Number of
12932-58 Midway PlaceCerritos (Los Angeles)California  161,517  1100%6.91974 24'
2910 Pacific CommerceRancho Dominguez (Los Angeles)California  150,000  1100%2.61985 24'
200 Depot WayHaines City (Orlando)Florida  200,000  174%5.02008 30'
6870 First Park BoulevardLakeland  (Orlando)Florida  400,000  2100%5.92007 30'
10501 Commerce ParkwayMiramar (Miami)Florida  63,092  1100%3.71994 17'
1490 Chase AvenueElk Grove Village (Chicago)Illinois  51,964  1100%4.52008 28'
1500 Chase AvenueElk Grove Village (Chicago)Illinois  77,486  1100%0.62008 30'
2000 Arthur AvenueElk Grove Village (Chicago)Illinois  146,074  2100%4.92008 28'
400 Kimberly DriveCarol Stream (Chicago)Illinois  263,208  2100%7.61999 32'
2000 USG DriveLibertyville (Chicago)Illinois  242,200  1100%1.11999 28'
7420 S. Howell AvenueOak Creek (Milwaukee)Wisconsin  81,325  2100%2.62007 24'
305 E. Mahn CourtOak Creek (Milwaukee)Wisconsin  103,132  3100%6.72006 28'
9150 217th StreetLakeville (Minneapolis)Minnesota  282,100  1100%4.52008 32'
 Total/Weighted Average  2,222,098   19 97.6%4.72001 29'

Land Overview

AddressCity (Market)StateAcres
3 Woodland DriveHuron Township (Detroit)Michigan5.33
25 Commerce DriveHuron Township (Detroit)Michigan7.50
215th Street West & Dodd BoulevardLakeville (Minneapolis)Minnesota3.70

“We were pleased to quickly deploy the proceeds from our recent equity offering into a large portfolio that adds properties in some of the most desired logistics markets in the U.S. and enhances the overall diversification and quality of the REITs portfolio,” 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. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 21.1 million square feet of gross leasable area, comprised of 69 industrial properties and one office property located in 16 states in the United States.  The REIT’s objective is to acquire, develop, manage and own industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. The REIT pays monthly cash distributions, currently at $0.0633 per Unit, or approximately $0.76 per Unit on an annualized basis, in US funds.

For more information, please contact:

Scott Frederiksen, Chief Executive Officer 
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501

Forward-Looking Statements
This press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking information” or “forward-looking statements”), including with respect to the expected acquisition of the Acquisition Portfolio, the cost, timing and composition thereof and funding therefor, the expected impact of the Acquisition Portfolio on the REIT’s adjusted funds from operations and timing of such impact, as well as anticipated amendments to the Credit Facility.  Such statements 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”, “scheduled”, “estimates”, “intends”, “anticipates”, “projects”, “believes” or variations of such words and phrases (including negative variations) 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. 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. Such estimates, beliefs and assumptions include that the properties in the Acquisition Portfolio will be stabilized, that the Acquisition Portfolio’s projected operating expenses and recoveries align with  historical financial results, that projected capital expenditure reserves are in-line with estimates from third-party reports, as well as with respect to rent growth potential, occupancy levels, anticipated amounts of expenses, anticipated amounts of base rent, tenant creditworthiness, 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, if achieved at all. 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 or referenced under “Risk Factors” in the REIT’s annual information form for the year ended December 31, 2018, which is available under the REIT’s profile on SEDAR at These forward-looking statements have been approved by management to be 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.

Non-IFRS Measures

NOI” is used by industry analysts, investors and management to measure operating performance of real estate investment trusts. NOI represents investment properties revenue less investment properties operating expenses (adjusted for property taxes accounted for under IFRIC 21), as presented in the consolidated statements of net income and comprehensive income prepared in accordance with IFRS.

"capitalization rate" is defined as NOI divided by purchase price.

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).