TORONTO, June 26, 2018 (GLOBE NEWSWIRE) -- WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX:WIR.U) (OTCQX:WPTIF) announced today the closing of a new US$300 million unsecured credit facility (the “Credit Facility”), comprised of a US$175 million unsecured revolving credit facility (the “Revolving Facility”) and a US$125 million unsecured delayed draw term loan (the “Delayed Draw Term Loan”). The Credit Facility also contains an accordion feature that allows the REIT to increase availability by an additional US$300 million.

The Revolving Facility will be available for acquisitions, development, debt repayment and general corporate purposes, and matures on June 26, 2022, with the option for two six-month extensions.  The Delayed Draw Term Loan has an initial draw availability period of one year and maturity date of June 26, 2023.  Interest rates under the Revolving Facility and Delayed Draw Term Loan are based on either LIBOR or base rate, plus an applicable margin based on leverage. 

At closing, the REIT drew US$75 million on the Delayed Draw Term Loan and US$13 million on the Revolving Facility, using the proceeds to pay closing costs and repay the REIT’s existing senior secured revolving facility balance of US$86 million in full. 

As an unsecured facility, availability under the Credit Facility is determined by a pool of the REIT’s unencumbered assets. As at June 26, 2018 the availability on the Revolving Facility was US$114 million, of which the REIT has drawn US$13 million.

A syndicate of lenders participated in the Credit Facility, including: Bank of Montreal; Royal Bank of Canada, CIBC, Inc.; The Toronto-Dominion Bank; National Bank of Canada; and Desjardins Capital Markets.  BMO Capital Markets Corp and RBC Capital Markets served as Joint Lead Arrangers and Book Runners.

“With this new unsecured credit facility, the REIT has enhanced liquidity at more favorable pricing, giving us more capacity and flexibility to fund our growth and operating initiatives,” commented Scott Frederiksen, Chief Executive Officer of the REIT. “We are also pleased to have commitments from new lenders and increased commitments from our existing lender group, both underscoring on-going confidence in the REIT’s strategy and operating platform.”

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 was formed for the purpose of acquiring, developing and owning primarily industrial investment properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. As of March 31, 2018, WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owned a portfolio of properties consisting of approximately 17.6 million square feet of gross leasable area, comprised of 52 industrial properties and one office property located in 15 states in the United States. 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
Fax: (612) 800-8535

Forward-Looking Statements
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”, “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 the various assumptions set forth herein, including, but not limited to, the REIT’s and the property’s future growth potential, anticipated amounts of expenses, 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, 2017, which is available under the REIT’s profile on SEDAR at www.sedar.com. 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.