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 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 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].