Core Viewpoint - AIP Realty Trust has successfully completed the second tranche of a non-brokered private placement, issuing 2,584,000 Preferred Units for gross proceeds of US$1,292,000, with plans for a total issuance of up to 14,000,000 Preferred Units for up to US$7,000,000 in total proceeds [1]. Financing Details - The first tranche of the Financing closed on October 29, 2025, with 7,260,000 Preferred Units issued for gross proceeds of US$3,630,000 [1]. - A third tranche is expected to close in the coming weeks to issue the remaining Preferred Units [1]. - The net proceeds from the Financing will fund costs associated with AIP's proposed business combination with AllTrades Industrial Properties, LLC, including audit fees, legal fees, and due diligence costs [4]. Preferred Units Characteristics - Each Preferred Unit grants the holder voting rights and a preference in distributions over Class A Trust Units [2]. - Preferred Units can be converted into one Unit at no additional cost under specific conditions, including a notice of intent to convert or upon certain corporate transactions [2]. - The second tranche of Preferred Units is subject to a four-month and one-day hold period from the issuance date [5]. Company Overview - AIP Realty Trust is a real estate unit investment trust focusing on light industrial flex facilities for small businesses in the U.S., particularly in the Dallas-Fort Worth market [6]. - The properties cater to a diverse range of small space users, offering low tenant turnover, stable cash flow, and significant growth opportunities [6].

Core Viewpoint - AIP Realty Trust is amending its agreement to acquire AllTrades Industrial Properties, LLC for a total consideration of up to US$78.7 million, with changes in financing structure and terms of payment [2][3][4]. Group 1: Transaction Details - The acquisition involves the purchase of all issued and outstanding membership interests of AllTrades for an aggregate consideration of up to US$78,700,000 [2]. - The payment structure includes cash consideration for AllTrades' indebtedness and transaction expenses, along with the issuance of OP Units at a price of US$0.50 per unit [6]. - The remaining purchase price will be contingent on the number of Building Starts approved by the Board, with a payment structure based on the volume-weighted average price of the Trust's units [6]. Group 2: Approval and Governance - The transaction is subject to customary closing conditions, including approvals from the TSX Venture Exchange and Trust unitholders [4][10]. - Independent trustees have reviewed and approved the transaction, with certain trustees recusing themselves due to potential conflicts of interest [5][8]. - The Trust will seek unitholder approval requiring a two-thirds affirmative vote from disinterested unitholders [10]. Group 3: Company Overview - AIP Realty Trust focuses on light industrial flex facilities catering to small businesses in the U.S., with plans for national expansion [12]. - The Trust holds exclusive rights to finance and purchase properties developed by AllTrades Industrial Properties, Inc. [12].

Core Viewpoint - AIP Realty Trust reported its financial results for Q3 and the first nine months of 2025, showing mixed performance with increased revenue but a net loss due to high trust expenses and fair value adjustments on investment properties [1][4]. Financial Performance - Investment property revenue for Q3 2025 was $122,118, up from $116,741 in Q3 2024, reflecting a 5% increase driven by higher suite rents and parking rents [3][4]. - Investment property operating expenses decreased to $43,678 in Q3 2025 from $49,769 in Q3 2024, a reduction of 12% attributed to lower maintenance and repair costs [3][4]. - Net rental income for Q3 2025 was $78,440, an increase of 17% from $66,972 in Q3 2024 [3][4]. - Total trust expenses for Q3 2025 were $653,692, down 4% from $681,575 in Q3 2024, mainly due to reduced trustee fees and professional fees [3][4]. Investment and Financing Activities - The Trust initiated a fifth tranche of a non-brokered private placement, issuing 1,070,000 Preferred Units for gross proceeds of $535,000, with plans to continue this financing into Q4 2025 [4][8]. - Cumulatively, the fifth tranche has resulted in the issuance of 9,894,000 Preferred Units for total gross proceeds of $4,947,000 [9]. Assets and Liabilities - As of September 30, 2025, total investment property was valued at $6,105,637, compared to $5,992,598 at the end of 2024 [5]. - Cash reserves decreased significantly to $54,506 from $569,601 at the end of 2024 [5]. - Project debt net of discounts was $2,848,940, slightly down from $2,920,352 at the end of 2024 [5]. Strategic Outlook - The Trust has secured exclusive rights to purchase AllTrades' completed and leased facilities, including 11 properties in development, funded by equity capital from AllTrades and Trinity Investors [7]. - The Trust anticipates closing the AllTrades Transaction by the end of Q1 2026, which is expected to enhance its portfolio and operational capabilities [10].

Core Viewpoint - AIP Realty Trust has successfully completed the first tranche of a non-brokered private placement, issuing 7,260,000 Preferred Units at a price of US$0.50 each, raising a total of US$3,630,000, with plans for a second tranche to follow [1]. Financing Details - The total amount that can be raised under the Financing is up to US$7,000,000 through the issuance of 14,000,000 Preferred Units [1]. - The net proceeds from the Financing will be allocated to cover costs associated with AIP's proposed business combination with AllTrades Industrial Properties, LLC, including audit and legal fees [4]. - A total of US$152,000 was paid in finders' fees to third parties involved in the placement of the first tranche [5]. Preferred Units Characteristics - Each Preferred Unit grants the holder voting rights and a preference in distributions over Class A Trust Units [2]. - Preferred Units can be converted into Class A Trust Units at no additional cost under specific conditions, including a notice of intent to convert or upon certain corporate actions [2]. - The first tranche of Preferred Units is subject to a hold period of four months and one day from the issuance date [5]. Related Party Transaction - DKAM Capital Ideas Fund LP, a significant holder of the Trust's voting securities, participated in the first tranche, classifying the Financing as a related party transaction under Canadian securities laws [6]. - The Trust did not file a material change report prior to the closing of the first tranche due to the timing of insider participation details [6]. Company Overview - AIP Realty Trust is a real estate unit investment trust focusing on light industrial flex facilities aimed at small businesses in the U.S., particularly in the Dallas-Fort Worth market [7][8]. - The properties managed by AIP are designed to cater to a diverse range of small space users, providing stable cash flow and growth opportunities [8].

Core Viewpoint - AIP Realty Trust reported its financial results for the three and six months ended June 30, 2025, showing a decline in investment property revenue but an increase in net rental income, alongside significant expenses related to trust operations and financing activities [1][5]. Financial Performance - Investment property revenue for Q2 2025 was $150,403, a decrease of $2,188 or 1% from $152,591 in Q2 2024, primarily due to reduced parking revenue and unit vacancy [3][5]. - Investment property operating expenses decreased to $46,316 in Q2 2025 from $53,583 in Q2 2024, a reduction of $7,267 or 14%, attributed to lower maintenance and repair costs [3][5]. - Net rental income for Q2 2025 increased to $104,087, up $5,079 or 5% from $99,008 in Q2 2024 [3][5]. - Trust expenses for Q2 2025 were $1,341,315, down $186,411 or 12% from $1,527,726 in Q2 2024, mainly due to a one-time fee in the previous year [3][5]. Financing Activities - AIP Realty Trust announced a non-brokered private placement to issue up to 14,000,000 Preferred Units at $0.50 each, aiming for gross proceeds of up to $7,000,000, pending TSXV approval [5]. - The Trust has completed four tranches of financing between April 2024 and February 2025, raising $4,445,000 through the issuance of 8,890,000 Preferred Units [5]. - An engagement letter was signed with Desjardins Capital Markets for a fully marketed offering of approximately $100,000,000 in securities, with proceeds intended for the AllTrades Transaction and general working capital [5]. Business Outlook - AIP Realty Trust has an exclusive right to purchase AllTrades' completed and leased facilities, including 13 properties under forward purchase agreements [8]. - The Trust anticipates closing the AllTrades Transaction by the end of Q3 2025, which involves acquiring six completed facilities [9]. Company Overview - AIP Realty Trust is focused on a growing portfolio of AllTrades branded light industrial flex facilities, targeting small businesses in the U.S. [10]. - The Trust aims to expand its operations nationally, starting with the Dallas-Fort Worth market, and holds exclusive rights to finance and purchase properties developed by AllTrades [10].

Core Points - AIP Realty Trust held its annual general and special meeting on June 26, 2025, with 42.45% of Class A trust units and 39.37% of preferred units represented, resulting in the approval of all resolutions proposed by the trustees [1][2] Group 1: Election and Appointments - Six trustees were elected to serve until the next annual meeting: Greg Vorwaller, Leslie Wulf, Bruce Hall, Nathan Smith, Kobi Dorenbush, and Samantha Adams [2] - MNP LLP was re-appointed as auditors for the upcoming year, with remuneration to be determined by the trustees [2] Group 2: Unit Option Plan - The unit option plan was re-approved with significant support: 98.58% of Class A Units and 100% of Preferred Units voted in favor [3] - The Option Plan aims to align the interests of trustees, officers, employees, and consultants with those of the Trust by encouraging unit acquisition [3] Group 3: Company Overview - AIP Realty Trust is a real estate investment trust focusing on light industrial flex facilities, particularly targeting small businesses in the U.S. [5] - The Trust's properties cater to a diverse range of small space users, offering low tenant turnover, stable cash flow, and significant growth opportunities [5] - AIP Realty plans to expand its innovative property offerings nationally, starting with the Dallas-Fort Worth market [5]

Core Viewpoint - AIP Realty Trust has engaged Desjardins Capital Markets as the sole lead agent for a financing effort aimed at raising approximately US$100 million to support its business combination with AllTrades Industrial Properties, LLC and for general working capital purposes [1][2][3] Financing Details - The financing will involve a fully marketed offering of securities, with the final terms and structure still under negotiation [1] - The net proceeds from the financing will primarily support the acquisition of six completed AllTrades Serviced Industrial Business Suites facilities [2] Strategic Importance - The engagement with Desjardins Capital Markets is viewed as a significant milestone for AIP Realty Trust, enhancing its ability to raise capital effectively [3] - The partnership is expected to leverage Desjardins' industry relationships and track record to align with AIP's vision and commitment to excellence [3] Company Overview - AIP Realty Trust is a real estate unit investment trust focusing on a growing portfolio of AllTrades branded Service Industrial Business Suites, targeting small businesses in the U.S. [4] - The properties are designed to cater to a diverse range of small space users, offering low tenant turnover, stable cash flow, and significant growth opportunities [4] - The initial focus is on the Dallas-Fort Worth market, with plans for national rollout of the property offering [4]

Core Viewpoint - AIP Realty Trust is initiating a non-brokered private placement to issue up to 14,000,000 Preferred Units at a price of US$0.50 per unit, aiming for total gross proceeds of up to US$7,000,000 to support its business combination with AllTrades Industrial Properties, LLC [1][4]. Group 1: Financing Details - The Trust plans to issue Preferred Units with rights to vote and receive distributions, convertible into regular Units at no additional cost under specific conditions [2][3]. - The net proceeds from the Financing will be allocated to cover costs associated with the AllTrades Transaction, including audit and legal fees [4]. - The completion of the Financing is subject to approval from the TSX Venture Exchange, and the Trust may pay finder's fees as per regulatory compliance [5]. Group 2: AllTrades Transaction Update - AIP Realty Trust is progressing with the AllTrades Transaction, intending to acquire all membership interests of AllTrades through its subsidiary [6]. - To support this acquisition, the Trust is also planning a brokered private placement to raise up to US$100,000,000 for financing the purchase price and other related expenses [7]. - The Trust is in advanced discussions with banks to secure financing for the AllTrades Transaction, indicating strong interest from potential financial partners [8]. Group 3: Company Overview - AIP Realty Trust is a real estate unit investment trust focusing on a growing portfolio of Service Industrial Business Suites (SIBS) aimed at small businesses in the U.S., particularly in the Dallas-Fort Worth market [9]. - The properties are designed to cater to a diverse range of small space users, offering low tenant turnover, stable cash flow, and significant growth opportunities [9].

Core Insights - AIP Realty Trust reported a significant decline in investment property revenue and net rental income for Q1 2025 compared to Q1 2024, primarily due to lease expirations and increased operating expenses [3][4]. 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, a rise of 33% from $48,602 in Q1 2024, largely due to maintenance and repair costs during scheduled vacancies [3][4]. - Net rental income fell to $59,490 in Q1 2025, down 42% from $102,440 in Q1 2024 [3][4]. Financing Activities - The Trust completed a fourth tranche of a non-brokered private placement, issuing 5,200,000 Preferred Units at $0.50 each, raising $2,600,000 [4]. - A senior first mortgage credit facility of $300,000,000 was arranged, with an initial draw of $100,000,000 and an accordion option for an additional $200,000,000 [4]. Strategic Partnerships and Developments - AIP Realty has an exclusive right to purchase AllTrades' completed and leased facilities, including 13 properties under forward purchase agreements [7]. - The Trust is engaged in advanced discussions for the AllTrades Transaction, expected to close by Q3 2025, with interest from leading banks for financing [8]. Market Outlook - The demand for light industrial flex facilities is driving rental rate increases, with new leases at Eagle Court showing a 19% increase in suite revenue per square foot [4]. - The Trust aims to minimize vacancies and capitalize on unit turnover to align revenue with current market conditions [4]. Asset Overview - As of March 31, 2025, total investment property was valued at $6,092,924, an increase from $5,992,598 at the end of 2024 [5]. - Cash reserves increased to $664,650 from $519,601, while project debt slightly decreased to $2,896,346 [5]. Management and Structure - The executive management team of AIP Realty Trust is the same as that of AllTrades, indicating a close operational relationship [6]. - The Trust focuses on small businesses and trades sectors, with plans for national rollout of its property offerings [9].

Financial Performance - AIP Realty Trust reported a decrease in investment property revenue to $552,699 in 2024, down approximately 7% from $595,793 in 2023, primarily due to lease expirations and unit vacancy [3][4] - The Trust's net rental income also fell to $347,523 in 2024 from $398,053 in 2023, while total comprehensive loss increased to $3,243,978 from $2,671,554 [3][4] - Operating expenses rose to $205,176 in 2024 compared to $197,740 in 2023, and Trust expenses significantly increased to $3,887,025 from $3,141,607 [3][4] Property and Investment Activities - The Trust owns a fully leased multi-tenant light industrial flex facility in Lewisville, Texas, which generated the reported investment property revenue [4] - AIP Realty Trust has entered into a securities purchase agreement to acquire AllTrades Industrial Properties, which focuses on developing and managing Serviced Industrial Business Suites [4][8] - The Trust completed a private placement, issuing 8,890,000 Preferred Units for gross proceeds of $4,445,000, which will be used for working capital and corporate purposes [4] Future Developments - AIP Realty has secured exclusive rights to purchase completed and leased facilities from AllTrades, including 13 properties in the Dallas-Fort Worth area [8] - The Trust announced a $300 million credit facility to finance the acquisition of AllTrades facilities, with an initial amount of $100 million [9][10] - A joint venture is being formed to develop new AllTrades SIBS facilities across the Sunbelt states, with the Trust having the option to purchase these facilities at a 10% discount post-completion [11][12] Management and Compensation - The executive management team of AIP Realty is the same as that of AllTrades, with no cash payments made to the management team during 2024 or 2023 [7] - Cash payments of $50,000 were made to each independent trustee in the fourth quarter of 2024, totaling $200,000 [7]