CORRECTION -- AIP Realty Trust Announces First Quarter 2025 Results

Core Viewpoint - AIP Realty Trust reported a decline in financial performance for Q1 2025, with significant decreases in investment property revenue and net rental income, while also highlighting ongoing developments and strategic financing initiatives [1][4][7]. Financial Performance - Investment property revenue for Q1 2025 was $124,232, down from $151,042 in Q1 2024, representing an 18% decrease [3][4]. - Investment property operating expenses increased to $64,742 in Q1 2025, up 33% from $48,602 in Q1 2024, primarily due to maintenance and repair expenses [3][4]. - Net rental income for Q1 2025 was $59,490, a decline of 42% from $102,440 in Q1 2024 [3][4]. Leasing and Market Conditions - The demand for light industrial flex facilities is driving rental rate increases, with new leases at the Eagle Court property showing an average increase of 19% in suite revenue per square foot [4]. - The decline in revenue was attributed to a lease expiration that included significant parking revenue and the scheduled vacancy of two units, which were subsequently leased at higher rates [4]. Financing and Capital Structure - AIP Realty Trust completed a fourth tranche of a non-brokered private placement, issuing 5,200,000 Preferred Units for gross proceeds of $2,600,000 [4]. - The Trust entered into a term sheet for a senior first mortgage credit facility totaling $300,000,000, with an initial amount of $100,000,000 and an accordion option for an additional $200,000,000 [4]. - The Trust is engaged in discussions with banks for financing related to the AllTrades Transaction, expected to close by Q3 2025 [8]. Strategic Developments - AIP Realty has exclusive rights to purchase completed and leased facilities from AllTrades, including 13 properties under forward purchase agreements [7]. - The Trust plans to roll out its property offerings nationally, initially focusing on the Dallas-Fort Worth market [9].