WPT Industrial REIT Announces New Canadian Dollar Listing on Toronto Stock Exchange
TORONTO, Jan. 15, 2020 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (OTCQX: WPTIF) (the “REIT”) announced today the introduction of a Canadian dollar listing of its units on the Toronto Stock Exchange (“TSX”).
Effective January 17, 2020, the units will commence trading on the TSX in Canadian dollars under the symbol “WIR.UN”. The units will continue to trade in U.S. dollars under the existing symbol “WIR.U”.The units to be traded under the symbol WIR.UN will have the same CUSIP number as the units trading under the symbol WIR.U. Accordingly, the number of issued and outstanding units will not change. The REIT currently has 64,379,496 units outstanding.The REIT’s distributions will continue to be paid to unitholders in U.S. dollars for both the WIR.U and WIR.UN listings.“In response to investor demand, we are pleased to introduce a Canadian dollar listing, offering Canadian investors the ability to transact in their domestic currency,” said Scott Frederiksen, the REIT’s Chief Executive Officer. “We expect this new listing to provide more flexibility for investors and facilitate increased trading activity in our units over time.”Unitholders should consult their financial advisors for more information regarding the dual currency listing, including their ability to exchange U.S. dollar denominated units for Canadian dollar denominated units.About WPT Industrial Real Estate Investment TrustWPT 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 industrial real estate. As at September 30, 2019, WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owned a portfolio of properties across 18 states in the United States consisting of approximately 23.1 million square feet of gross leasable area, comprised of 75 industrial properties and one office property. The REIT pays monthly cash distributions, currently at US$0.0633 per Unit, or approximately US$0.76 per Unit on an annualized basis.For further information, please contact:Forward-Looking StatementsThis press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking information” or “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. 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. Some of the specific forward-looking statements in this press release include, but are not limited to, statements regarding anticipated trading activity in the REIT’s units and the intended monthly distributions of the REIT. 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 the various assumptions set forth herein, including, but not limited to, the REIT’s and the property’s future growth potential, anticipated amounts of expenses, 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, and continued positive net absorption and declining vacancy rates in the markets in which the REIT’s properties are located.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 annual information form for the year ended December 31, 2018, which is 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.