AIP Realty Trust Announces Third Quarter 2025 Results

VANCOUVER, British Columbia, Nov. 28, 2025 (GLOBE NEWSWIRE) — AIP Realty Trust (the “Trust” or “AIP Realty”) (TSXV:AIP.U) today announced its financial results for the three and nine months ended September 30, 2025. All dollar amounts are stated in U.S. dollars.

Q3 2025 Highlights

• Investment property revenue for the three ended September 30, 2025 was $122,118, compared to $116,741 in the same period in 2024, an increase of $5,377, or 5%. The increase in investment property revenue was mainly due to increased suite rents from higher rates on released units and increased parking rents from lower vacancy, partially offset by lower tenant upgrades from changing tenant mix.
• Investment property operating expense for the three months ended September 30, 2025 decreased to $43,678, compared to $49,769 in the same period in 2024, a decrease of $6,091, or 12%. The decrease in investment property operating expense was primarily driven by less maintenance and repair expense, as these expenditures are variable by nature.
• Overall investment property net rental income for the three months ended September 30, 2025 was $78,440, compared to $66,972 in the same period in 2024, an increase of $11,468, or 17%.
• Trust expenses for the three months ended September 30, 2025 were $653,692, compared to $681,575 in the same period in 2024, a decrease of $27,883, or 4%. The decrease in trust expense was primarily due to a decrease in trustee fees and management compensation of $17,500, related to the expiration of one trustee’s term, and a decrease in professional fees of $14,016, mainly related to lower consulting and investor relations costs.
• On June 9, 2025, the Trust announced the fifth tranche of a non-brokered private placement (the “Financing”), which announced the Trust’s intent to issue up to 14,000,000 Preferred Units – Series B Convertible (each, a “Preferred Unit”), at a price of US$0.50 per Preferred Unit for aggregate gross proceeds of up to US$7,000,000. Between September 19, 2025 and September 30, 2025, the fifth tranche of the Financing was initiated that resulted in the issuance of 1,070,000 Preferred Units for aggregate gross proceeds of $535,000. The fifth tranche of the financing continued into the fourth quarter of 2025.

Selected Financial Information

The foregoing is a summary of selected information for the three and nine months ended September 30, 2025 and 2024 and is qualified in its entirety by, and should be read in conjunction with, the Trust’s condensed interim consolidated financial statements and management discussion and analysis for the three and nine months ended September 30, 2025 and 2024. These documents are available on SEDAR+ at www.sedarplus.com, and on the Trust’s website at www.aiprealtytrust.com.

Related party disclosures

The executive management team of the Trust is the same executive management team as AllTrades.

Outlook and Subsequent Events

Through its agreement with AllTrades, the Trust has been granted an exclusive right to purchase all AllTrades’ completed and leased facilities, as well as any facilities in development. This includes 11 properties subject to forward purchase agreements, including six DFW-area facilities already completed or nearing completion, and five additional facilities on which development has commenced or is ready to commence. Development on these facilities was funded with equity capital from AllTrades and Trinity Investors, a $7 billion Dallas-based real estate private equity investor. In addition, AllTrades is actively planning the next tranche of facilities in DFW and Houston, TX.

From October 1, 2025 through November 21, 2025, the Company issued 8,824,000 Preferred Units at a price of $0.50 per Preferred Unit for aggregate gross proceeds of $4,412,000. This was related to a fifth tranche of Preferred Unit financing.

In total for the fifth tranche of Preferred Unit financing, the Trust has issued 9,894,000 Preferred Units under the Financing for aggregate gross proceeds of $4,947,000 and paid $152,000 in finder’s fees to a non-related third party. Each of the Preferred Units issued from the Financing will be subject to a four-month and one-day hold period from the date of issuance.

As previously disclosed in March 2024, the Board of Trustees continues to explore the execution of its business plan and relationship with AllTrades and currently anticipates closing the AllTrades Transaction by the end of the first quarter of 2026.

About AIP Realty Trust

AIP Realty Trust is an unincorporated, open ended mutual fund trust with a growing portfolio of AllTrades branded SIBS light industrial flex facilities focused on small businesses and the trades and services sectors in the U.S. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses and assembly and distribution firms. They typically offer attractive fundamentals including low tenant turnover, stable cash flow and low capex intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP plans to roll out this innovative property offering nationally. AIP holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, LLC. For more information, please visit www.aiprealtytrust.com.

For further information from the Trust, contact:
Leslie Wulf
Executive Chairman
(214) 679-5263
les.wulf@aiprealtytrust.com

Or

Greg Vorwaller
Chief Executive Officer
(778) 918-8262
greg.vorwaller@aiprealtytrust.com

Cautionary Statement on Forward-Looking Information

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of AIP Realty Trust with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding, future acquisitions by the Trust, the ability to obtain regulatory and unitholder approvals and other factors. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the commencement of development on certain of the AllTrades facilities, receipt of final approval from the TSXV for the Financing and the Unit Issuance, proposed financing activity, proposed acquisitions, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Trust’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Trust, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. These forward-looking statements are made as of the date hereof and are expressly qualified in their entirety by this cautionary statement. The Trust does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Trust has not registered and will not register the securities under the U.S. Securities Act. The Trust does not intend to engage in a public offering of their securities in the United States.

Source: AIP Realty Trust