TORONTO, June 16, 2020 (GLOBE NEWSWIRE) -- WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U; WIR.UN - OTCQX: WPTIF) announced today the results of voting for trustees at its annual meeting of unitholders held earlier today (the “Meeting”) and provided an operational update.
VOTING RESULTS
Each of the nominees listed in the management information circular dated May 13, 2020 was elected as a trustee of the REIT at the Meeting. On a vote conducted by ballot, the voting results were:
| Nominee | # of Votes For | % of Votes For | # of Votes Withheld | % of Votes Withheld |
| Milo D. Arkema | 49,893,249 | 97.64% | 1,203,932 | 2.36% |
| Louie DiNunzio | 49,454,007 | 96.78% | 1,643,174 | 3.22% |
| Scott T. Frederiksen | 48,803,576 | 95.51% | 2,293,605 | 4.49% |
| Sarah B. Kavanagh | 48,907,088 | 95.71% | 2,190,093 | 4.29% |
| Stuart H.B. Smith | 49,485,890 | 96.85% | 1,611,291 | 3.15% |
| Pamela J. Spackman | 49,939,593 | 97.73% | 1,157,588 | 2.27% |
| Robert T. Wolf | 49,884,364 | 97.63% | 1,212,817 | 2.37% |
Details of the voting results on all matters considered at the Meeting are available in the REIT’s report of voting results, which is available under the REIT’s profile on SEDAR at www.sedar.com.
OPERATIONAL UPDATE
The REIT continues to closely monitor developments regarding the COVID-19 pandemic and work proactively to provide tenants safe and continuous access to their buildings while maximizing rent collections.
As of June 16, 2020, the REIT has received over 99% of contractual rents for April and May 2020 and over 98% of contractual rents for June 2020. The REIT has received requests for some form of short-term rent deferment from tenants representing approximately 12% of annualized gross rents. However, the REIT has yet to agree to any deferral of tenant rent related to the COVID-19 pandemic and expects the actual number of any deferrals granted to be lower than the amount requested.
The REIT has also extended a 741,092 square foot lease with its tenth largest tenant at the property located at 3003 Reeves Road in Plainfield (Indianapolis), Indiana. The lease term, originally set to expire in August of 2021, has been extended for an additional period of sixty-six months. The lease extension includes a total of three months of free base rent (with one month credited in each of Q3 2020, Q1 2021 and Q2 2021) and cash and straight-line rent re-leasing spreads of 12% and 7%, respectively.
Further disclosure surrounding the impact of COVID-19 are included in the REIT’s management discussion and analysis for the three months ended March 31, 2020 under the REIT’s profile on SEDAR at www.sedar.com.
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 acquires, develops, manages and owns industrial properties located in the United States, with a particular focus on warehouse and distribution properties. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns a portfolio of 100 properties located across 20 states and consisting of approximately 31.8 million square feet of GLA.
For more information, please contact:
Scott Frederiksen, Chief Executive Officer
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501
Forward-Looking Statements
This press release contains “forward-looking information” as defined under applicable Canadian securities law (“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, including statements concerning (i) the impact on the REIT of the occurrence of and response to the coronavirus disease 2019 (COVID-2019) pandemic, and (ii) expectations regarding the granting of short-term rent deferrals. 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, but are not limited to, the REIT’s ability to complete due diligence and entitlements on private capital development pipeline opportunities, the REIT’s ability to complete development and investment transactions, the REIT’s ability to undertake capital recycling through asset sales, 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, continued positive net absorption and declining vacancy rates in the markets in which the REIT’s properties are located, and anticipated and potential adverse impacts resulting from the COVID-19 pandemic.
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 most recently filed annual information form and management’s discussion and analysis, each of which are 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.
The COVID-19 pandemic has cast additional uncertainty on the REIT’s prior expectations, future outlook, anticipated events and projections. There can be no assurance that they will continue to be valid. Given the rapid pace of change with respect to the impact of the COVID-19 pandemic, it is premature to make further assumptions about these matters. The duration, extent and severity of the impact the COVID-19 pandemic, including measures to prevent its spread, will have on the REIT’s business is highly uncertain and impossible to accurately predict at this time.